Equity Lifestyle Properties, Inc.

Real Estate Investment Trusts

ELSStrained9 of 11 basics passed

$59.25

+1.28%

Market cap $11.5B

$59.25

+1.28%

Market cap $11.5B

Equity Lifestyle Properties is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas.

It is a $11.5B real estate company. Revenue grew 2.6% over the last year, it keeps 26¢ of every dollar of sales as profit, and its net debt equals ~9.6 years of free cash flow. It trades at 28.5× earnings — near the lowest of its own history.

Website: equitylifestyleproperties.com
Location: Chicago, IL
Employees: 3 700
Sector: Real Estate

Share price · 3 years

$64.18 → $59.25-7.7%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.56B
Profit: keeps 26¢ of every $1 sold; $402M
Free cash flow: cash left after running the business; $347M
Net debt: debt minus cash on hand; $3.32B
P/E: years of profit in the price; 28.5
EPS: earnings per share, TTM; $2.01
Dividend: pays out 104% of profit · 121% of FCF; 3.65%
Shares: up 8% since 2016 — dilution; 200.1M
Volatility: beta vs the market — under 1 swings less; 0.62

Revenue, last 10 years

52-week range

Low $57.62$59.25High $68.37

Today's price is 15% of the way from the year's low to its high.

P/E vs its history5y

28.5×median 42.1×

Higher than 1% of past days — near the lowest of its own history.

Valuation vs own history

P/E

28.5×

99%

P/S

7.3×

99%

EV/EBITDA

37.7×

91%

P/B

6.3×

99%

FCF yield

3.1%

38%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Real Estate

Size$11.5Btop 64%
Revenue growth+2%top 87%
Net margin26%top 44%
Return on equity23%top 9%
P/E28.5×top 55%
Dividend yield3.65%top 72%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability and moat; Health lags behind.

Valuation61

P/E vs own history1th pct · 25/25
FCF yield3.0% · 12/25
P/S7.4x · 12/25
EV/EBITDA19.8x · 12/25

Growth51

Revenue CAGR4.8% · 6/25
Net income CAGR10.2% · 20/25
EPS CAGR ~5Y10.3% · 20/25
Fwd implied growth0.7% · 5/25

Profitability82

ROIC9.6% · 12/25
ROE22.9% · 20/25
Net margin25.7% · 25/25
Operating margin34.3% · 25/25

Health10

Altman Zn/a · 0/25
Current ratio0.04 · 0/25
Interest coverage4.2x · 10/25
Net cash / debtD/A 58% · 0/25

Quality62

Piotroski F5/9 · 15/25
Beneish M-2.64 · 25/25
FCF conversion86% · 22/25
Margin stabilityσ 31.8% · 0/25

Moat95

ROIC >12% years7/10 yrs · 20/25
Median gross margin87.5% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 18.8% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$386M net income
FY2019Financial
Revenue crossed $1B
$1.04B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$7 252 today — price return only

$1.5B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

3 700 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (53.1%)
Strongly profitable — 25.7% net margin
Strong cash conversion — FCF is 22.2% of revenue

Watch-outs

Net debt equals ~9.6 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+2.6% YoY
Profitable — makes more than it spends$402M TTM
Profit growing — earnings are higher than last year+9.8% YoY
Generates cash — cash left after running and investing$347M TTM
Debt under control — could handle its obligations~9.6y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$11.5B market cap
Not printing shares — share count not ballooning — you keep your slice+3.9% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 10/100
Pays a dividend — returns cash to shareholdersyield 3.65%
Valuation not extreme — price not wildly above earningsP/E 28.5

Peer comparisonEquity Lifestyle Properties, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ELS this company	$11.5B	28.5	+2.6%	25.7%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: ELS vs WELL · ELS vs PLD · ELS vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 7Hold 8

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.56B · net income $402M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.56B

YoY 2.6%

Net income (TTM)

$402M

Margin 25.7%

Gross margin

53.1%

Operating margin

34.3%

P/E ratio

28.5

Dividend yield

3.65%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.1	1.3	1.4	1.5	1.5	1.5
Gross profit	0.2	1.1	1.2	1.3	1.4	1.4
Operating income (EBIT)	0.2	1.1	1.2	0.3	0.4	0.4
Net income	0.2	0.3	0.3	0.3	0.4	0.4
EPS (diluted)	1.19	1.36	1.46	1.61	1.87	1.93

Cash flowFree cash flow $347M · operating cash flow $589M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$347M

Margin 22.2%

Operating cash flow (TTM)

$589M

FCF margin

22.2%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	0.6	0.6	0.5	0.6	0.6
Capital expenditure	-0.2	-0.3	-0.4	-0.3	-0.2	-0.2
Free cash flow	0.2	0.3	0.2	0.2	0.4	0.3
FCF margin	22.9%	24.0%	15.7%	15.5%	23.3%	21.8%

Balance sheetAssets $5.75B · net debt $3.32B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $5.75B of assets is financed

69%

31%

Liabilities $3.93B — borrowed moneyEquity $1.76B — owners' stake

Cash vs debt

Total debt $3.35B − cash $26.1M = net debt $3.32B

Cash on hand covers 1% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

4.2x

EBIT ÷ interest expense

ROE

22.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.0	0.1	0.0	0.0	0.0	0.0
Total assets	4.4	5.3	5.5	5.6	5.6	5.7
Total liabilities	3.1	3.8	4.0	4.1	3.8	3.9
Total debt	—	3.3	3.4	3.5	3.2	3.3
Equity	1.2	1.4	1.4	1.4	1.7	1.8
Net debt	—	3.2	3.4	3.5	3.2	3.3

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ELS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $59.25 · market cap $11.5B.