# Equity Lifestyle Properties, Inc. (ELS) — Stock CV

Equity Lifestyle Properties, Inc. 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.

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

## Identity

- **Ticker**: ELS
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: CHICAGO, IL
- **Employees**: 3 700
- **Website**: https://www.equitylifestyleproperties.com
- **Market cap**: $11.5B
- **Last price**: $59.25
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.56B
- **Net income**: $402M
- **Free cash flow**: $347M
- **Net debt**: $3.32B
- **P/E**: 28.5
- **Revenue growth (YoY)**: 2.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 61 |
| Growth | 51 |
| Profitability | 82 |
| Health | 10 |
| Quality | 62 |
| Moat | 95 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +2.6% YoY
- [x] Profitable — $402M TTM
- [x] Profit growing — +9.8% YoY
- [x] Generates cash — $347M TTM
- [ ] Debt under control — ~9.6y of cash flow to repay
- [x] Established company — $11.5B market cap
- [x] Not printing shares — +3.9% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 10/100
- [x] Pays a dividend — yield 3.65%
- [x] Valuation not extreme — P/E 28.5

## Experience (career milestones)

- **FY2025** — Best year on record: $386M net income
- **FY2019** — Revenue crossed $1B: $1.04B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.27B | $262M | $305M |
| FY2022 | $1.45B | $285M | $227M |
| FY2023 | $1.49B | $314M | $231M |
| FY2024 | $1.53B | $367M | $355M |
| FY2025 | $1.53B | $386M | $334M |

---

Source: https://stockcv.com/ELS — derived from company filings; may be delayed or incomplete. Information, not investment advice.