Equity LifeStyle Properties, Inc. (ELS)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· reit

$59.03▲ 0.31%

EOD close · as of 2026-10-30

Market Cap

$11.46B

Enterprise Value

$14.80B

P/E

29.4×

P/S

7.5×

Revenue (FY)

$1.53B

Rev. growth

6.5%/yr

Gross margin

—

Net margin

26%

ROIC

Net debt / EBITDA

n/a for a REIT

Revenue· FY2025$1.53B

Net Income· FY2025$402.1M

Free Cash Flow· FY2025$334.1M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 48th pct blended

P/E

28.5× now

17.3×51.3×

36th

cheap

EV/EBITDA

— now

11.8×19.5×

—th

P/S

7.5× now

2.9×10.8×

57th

mid

P/B

6.5× now

2.3×10.0×

50th

mid

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 1.4× net income

1.42×

✓

Capital intensity

Reinvests 42% of operating cash flow

light

Returns on capital

ROIC 8%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 22.9%

DuPont — the three levers

Net margin

26.3%

profit / rev

Asset turns

0.27×

rev / assets

Leverage

3.27×

assets / year-end equity

ROE

22.9%

on year-end equity

ROE 23% against ROIC 8% — 15% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$3.35B

Cash & Equivalents

—

Net Debt

$3.35B

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+0.3%

Op. income Δ

+2.8%

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SG&A	3.8	3.4	3.5	3.0	3.1	3.2	2.5	2.4
Operating Income	36.0	—	—	20.7	20.4	21.5	24.9	25.6
Income Tax	—	—	—	0.0	0.0	-0.7	-0.0	-0.2
Net Income	22.9	28.5	21.6	21.0	20.7	22.1	25.2	26.3

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

23%

FY2025 · latest

Net margin

26%

FY2025 · latest

ROIC

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

22%

FY2025 · latest

Free cash flow

$334.1M

FY2025 · latest

Institutional ownership: 100 holders · 2% of shares · 90th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on ELS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$59.03▲ 0.31%

EOD close · as of 2026-10-30

Market Cap

$11.46B

Enterprise Value

$14.80B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$1.53B 100.0%	$1.53B 100.0%	$1.49B 100.0%	$1.45B 100.0%	$1.32B 100.0%	$1.12B 100.0%	$1.04B 100.0%	$986.7M 100.0%	$925.3M 100.0%	$870.4M 100.0%
Selling, General & Admin	$37.5M 2.4%	$38.5M 2.5%	$47.3M 3.2%	$44.9M 3.1%	$39.6M 3.0%	$39.3M 3.5%	$35.7M 3.4%	$37.7M 3.8%	$31.7M 3.4%	$31.0M 3.6%
Total Operating Expenses	$1.14B 74.4%	$1.15B 75.1%	$1.17B 78.5%	$1.15B 79.6%	$1.04B 79.3%	$882.8M 78.9%	$802.6M 77.4%	$765.2M 77.6%	$718.7M 77.7%	$685.9M 78.8%
Operating Income	$391.3M 25.6%	$380.7M 24.9%	$320.1M 21.5%	$295.5M 20.4%	$272.2M 20.7%	—	—	$355.6M 36.0%	$336.7M 36.4%	$315.2M 36.2%
Interest Expense	$131.0M 8.6%	$137.7M 9.0%	$132.3M 8.9%	$116.6M 8.1%	$108.7M 8.3%	$102.8M 9.2%	$104.2M 10.0%	$105.0M 10.6%	$100.6M 10.9%	$102.0M 11.7%
Pretax Income	—	—	—	$295.5M 20.4%	$272.1M 20.7%	$236.0M 21.1%	$287.2M 27.7%	$221.4M 22.4%	$206.6M 22.3%	$184.5M 21.2%
Income Tax Expense	-$3.3M -0.2%	-$354K -0.0%	-$10.5M -0.7%	$0 0.0%	$0 0.0%	—	—	—	—	—
Net Income	$402.1M 26.3%	$384.8M 25.2%	$329.7M 22.1%	$298.8M 20.7%	$276.0M 21.0%	$241.4M 21.6%	$295.9M 28.5%	$226.4M 22.9%	$210.4M 22.7%	$187.1M 21.5%
Per Share
EPS (Basic)	$2.01	$1.96	$1.69	$1.53	$1.43	$1.26	$1.54	$1.19	$1.09	$1.93
EPS (Diluted)	$2.01	$1.96	$1.69	$1.53	$1.43	$1.25	$1.54	$1.19	$1.08	$1.92
Weighted Avg Shares (Basic)	192.1M	187.4M	186.1M	185.8M	182.9M	181.8M	180.8M	177.9M	174.0M	84.8M
Weighted Avg Shares (Diluted)	200.1M	196.6M	195.4M	195.3M	192.9M	192.6M	192.0M	190.1M	186.8M	92.6M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Can't say

Cost of capital cannot be computed, so the spread is unknown.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	not reported	36.2%	21.5%
FY2017	not reported	36.4%	22.7%
FY2018	not reported	36.0%	22.9%
FY2019	not reported	not reported	28.5%
FY2020	not reported	not reported	21.6%
FY2021	not reported	20.7%	21.0%
FY2022	not reported	20.4%	20.7%
FY2023	not reported	21.5%	22.1%
FY2024	not reported	24.9%	25.2%
FY2025	not reported	25.6%	26.3%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

ROE

23%

ROIC

Gap

+15pts

Leverage and buybacks account for 15 points of the 23% return on equity in FY2025. The business earns 8% on the capital it employs; the rest is balance sheet.

ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: wacc.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Adequate

Converts 0.80x of reported profit into cash — adequate, without much margin.

FCF / net income

0.80×↗ widening

5-year average; latest 0.83x

Sloan accruals

-2.9%

(net income − OCF) / assets · negative is better

Share count since FY2019

6.5%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

0.5%

benign

Cash conversion cycle

—

receivables, inventory or cost of revenue not reported

The other side

Shares outstanding are up 6% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a reit.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

Can the maturities be paid?

cumulative principal due

Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.

The other side

Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $59.03, free cash flow must compound 19.71%/yr for 10 years. It has done -2.35%/yr over 6 years.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	−45.9%	19.7%
FY2021	−46.7%	19.7%
FY2022	208.9%	19.7%
FY2023	−32.7%	19.7%
FY2024	53.9%	19.7%
FY2025	−6.0%	19.7%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 2 of 6 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

19.7%

for 10 years, discounted at 10.0% (published default — this company's cost of capital could not be computed)

Achieved FCF growth

-2.4%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

—

above 1 means the price asks for more than the record

Each multiple against its own 14-year history

P/E

28.5× FY · 28.4× TTM

17.3×51.3×

36th

14 yrs

EV/EBITDA

— FY

11.8×19.5×

—th

7 yrs

P/S

7.5× FY · 7.3× TTM

2.9×10.8×

57th

14 yrs

P/B

6.5× FY · 6.5× TTM

2.3×10.0×

50th

14 yrs

last fiscal year TTM medianshaded = middle half

The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.

P / E

29.4× · med 27.3× · 21.4×–37.0×

P / S

7.5× · med 7.1× · 5.1×–9.0×

EV / EBITDA

not reported for this company

P / B

6.5× · med 2.3× · 1.6×–3.0×

ELS cohort median p25–p7532 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.

Basis: FY2025Source: SEC EDGAR XBRL

Loading analysis...

ELS vs. Real Estate Investment Trusts peers

Ranked against 32 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

ELS 29.4× · med 27.3× · p25–p75 21.4×–37.0×

43rd pct

P / S

ELS 7.5× · med 7.1× · p25–p75 5.1×–9.0×

48th pct

EV / EBITDA

ELS — · med 14.5× · p25–p75 12.0×–19.9×

not enough peer data

—

P / B

ELS 6.5× · med 2.3× · p25–p75 1.6×–3.0×

10th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

ELS 0.3% · med 5.2% · p25–p75 2.5%–8.3%

12th pct

ProfitabilityMargins vs the sector

Gross margin

ELS — · med 63.1% · p25–p75 32.2%–72.1%

not enough peer data

—

Operating margin

ELS 25.6% · med 36.0% · p25–p75 17.0%–47.7%

42nd pct

Net margin

ELS 26.3% · med 29.2% · p25–p75 14.4%–40.9%

39th pct

FCF margin

ELS 21.8% · med 37.9% · p25–p75 18.3%–52.8%

33rd pct

Returns on capitalHow hard the capital works

Return on equity

ELS 22.9% · med 9.0% · p25–p75 3.9%–12.7%

94th pct

Return on invested capital

ELS 7.9% · med 6.4% · p25–p75 3.5%–10.7%

64th pct

LeverageLess debt scores higher

Net debt / EBITDA

ELS — · med 3.1× · p25–p75 -0.1×–5.2×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

ELS 100 · med 131 · p25–p75 104–196

25th pct

Institutional ownership

ELS 1.7% · med 2.0% · p25–p75 1.3%–2.8%

46th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
IRMIRON MOUNTAIN INC	$34.7B	237.9×	23.3×	5.0×	12.2%	—	2.2%	-15.5%	1.0%	7.4×	348
EXRExtra Space Storage In…	$32.0B	33.0×	15.0×	9.5×	3.7%	72.8%	28.8%	7.3%	7.3%	-0.1×	204
AVBAVALONBAY COMMUNITIES …	$27.1B	25.6×	12.3×	8.9×	4.4%	—	34.7%	9.1%	5.0%	3.1×	1
VICIVICI PROPERTIES INC.	$26.9B	9.4×	—	6.7×	4.1%	99.3%	69.3%	10.0%	6.2%	—	233
SBACSBA COMMUNICATIONS COR…	$19.9B	19.1×	22.0×	7.0×	5.1%	75.5%	37.4%	-21.7%	13.1%	8.6×	151
HSTHOST HOTELS & RESORTS,…	$17.3B	23.0×	—	2.8×	7.6%	—	12.5%	11.7%	9.8%	—	196
ESSESSEX PROPERTY TRUST, …	$17.0B	25.4×	11.2×	9.0×	6.4%	69.9%	37.2%	12.7%	12.7%	-0.1×	148
KIMKIMCO REALTY CORP	$16.3B	—	17.0×	7.6×	5.1%	—	27.3%	5.6%	3.2%	5.4×	174
LAMRLAMAR ADVERTISING CO/N…	$16.0B	27.3×	—	7.1×	2.7%	67.0%	25.9%	57.3%	13.2%	—	205
WYWEYERHAEUSER CO	$14.7B	45.2×	15.9×	2.1×	-3.1%	14.8%	4.7%	3.4%	2.2%	4.1×	239
OHIOMEGA HEALTHCARE INVES…	$14.2B	24.2×	22.3×	12.0×	13.2%	—	49.6%	11.4%	6.3%	5.1×	219
SUISUN COMMUNITIES INC	$13.8B	10.4×	113.4×	6.0×	2.0%	—	61.3%	20.3%	20.3%	-4.9×	114
REGREGENCY CENTERS CORP	$13.7B	—	12.0×	8.8×	6.9%	—	34.0%	7.6%	4.5%	3.1×	—
MAAMID AMERICA APARTMENT …	$13.6B	31.0×	12.0×	6.2×	0.8%	—	20.2%	7.9%	7.9%	-0.1×	172
DOCHEALTHPEAK PROPERTIES,…	$13.1B	190.3×	—	4.7×	4.5%	—	2.5%	1.0%	0.4%	—	216
AHRAmerican Healthcare RE…	$11.7B	127.4×	19.2×	5.2×	9.1%	20.6%	3.1%	2.1%	2.1%	-0.2×	131
ELSEQUITY LIFESTYLE PROPE…	$11.5B	29.4×	—	7.5×	0.3%	—	26.3%	22.9%	7.9%	—	100
UDRUDR, Inc.	$11.4B	31.4×	14.0×	6.7×	2.4%	—	22.1%	11.5%	4.1%	4.7×	121
GLPIGaming & Leisure Prope…	$11.3B	13.2×	12.5×	7.1×	4.1%	—	51.7%	17.8%	7.0%	4.8×	138
EGPEASTGROUP PROPERTIES I…	$10.7B	40.8×	—	14.8×	12.7%	—	35.7%	7.4%	7.4%	—	126
BXPBXP, Inc.	$10.0B	36.1×	—	2.9×	2.2%	59.1%	7.9%	5.4%	5.4%	—	129
CUBECubeSmart	$9.6B	29.3×	—	8.6×	5.3%	68.7%	29.5%	12.2%	12.2%	—	107
FRTFEDERAL REALTY INVESTM…	$9.6B	23.5×	—	7.5×	6.4%	—	32.1%	12.7%	5.0%	—	138
RHPRyman Hospitality Prop…	$9.2B	35.3×	11.6×	3.6×	10.2%	44.1%	9.4%	32.5%	32.5%	-0.6×	93
BRXBrixmor Property Group…	$8.9B	23.3×	—	6.5×	6.7%	—	28.2%	12.8%	4.5%	—	94

Peers = companies sharing ELS's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$0 · 0 holders

Discretionary sales

$202k · 1 holder

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 29 filings

0 open-market purchases and 1 discretionary sale against the share price · hover a marker

2025-10-31$58.23 – $66.112026-10-23

Shares held by reporting insiders1 → 13 insiders reporting — no comparable change

2025-11-03 · 12,6712026-10-28 · 1,222,770 (13 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-10-28	2 co-filers Group filing	Gift	772	$0.00	$0
2026-10-28	2 co-filers Group filing	Giftindirect	772	$0.00	$0
2026-10-01	Freedman Constance Director	Grant	392	$49.58	$19k
2026-08-03	Freedman Constance Director	Grant	62	$55.26	$3k
2026-07-31

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2020

7.9%

not reported

FY2021

17.7%

not reported

FY2022

9.9%

not reported

FY2023

2.9%

not reported

FY2024

2.5%

not reported

FY2025

0.3%

not reported

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

-3.6 percent

FY2020

-4.0 percent

FY2021

-4.4 percent

FY2022

-3.2 percent

FY2023

-3.9 percent

FY2024

-3.8 percent

FY2025

-2.9 percent

Step	Amount	Running total
Net income	$402M	$402M
Share-based comp	$7M	$409M
Other non-cash & working capital	$162M	$571M
Operating cash flow	$571M	$571M
Capex	−$237M	$334M
Free cash flow	$334M	$334M
FCF after SBC	$327M	$327M

Equity LifeStyle Properties, Inc. (ELS)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 22.9%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $3.35B scheduled

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -27%

ELS vs. Real Estate Investment Trusts peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -27%

Reverse DCF — what growth does the price assume?

Ownership Map

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 22.9%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Debt & Leverage

When the debt comes due · $3.35B scheduled

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Financials

Revenue → Profit Flow