ESBA vs ARE vs CUZ Stock Comparison

Empire State Realty OP, Alexandria Real Estate Equities and Cousins Properties Prices as of Nov 3, 2026 Peers: Industry group
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CUZ Cousins Properties Inc
$29.26 +4.5% 1M +13.6% 1Y
Market cap
$4.99B
P/E
336.4x
Revenue (TTM)
$1.05B
Div. yield
0.04%
Office REITs Real Estate
5 wins

Head to Head

11 decided of 12

Cousins Properties leads on 5 of the 12 questions below (Cousins Properties 5, Alexandria Real Estate Equities 4, Empire State Realty OP 2). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionESBAARECUZLeader
Larger companyMarket capitalisation $1.35B $7.82B $4.99B ARE
Cheaper on earningsLower P/E, profitable companies only 267.8x -5.5x 336.4x ESBA
Cheaper on forward earningsLower price / next fiscal year consensus EPS — 27.1x 139.3x ARE
Faster revenue growthRevenue growth, trailing twelve months +2.0% -9.9% +8.5% CUZ
More profitableNet margin, trailing twelve months 0.6% -52.0% 1.4% CUZ
Better return on capitalReturn on invested capital -1.1% — — –
Less leveragedLower net debt / EBITDA 5.0x — 31.3x ESBA
Higher dividend yieldTrailing dividend yield 0.00% 0.08% 0.04% ARE
Better 1-year returnPrice return, last 12 months -32.4% -24.1% +13.6% CUZ
Better 5-year returnAnnualised price return, 5 years -12.9%/yr -27.2%/yr -5.7%/yr CUZ
Less volatileAnnualised volatility, 1 year 50.4% 45.0% 27.0% CUZ
Higher overall scoreMean of the five percentile scores vs peers 35/100 41/100 30/100 ARE

Percentile Scorecard

ESBAARECUZ

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisESBAARECUZ
Valuation 69 #46 of 146 74 #39 of 146 30 #102 of 146
Growth 3 #141 of 145 8 #134 of 145 31 #101 of 145
Profitability 28 #102 of 141 15 #120 of 141 32 #96 of 141
Financial Health 59 #60 of 146 75 #37 of 146 42 #85 of 146
Shareholder Returns 16 #115 of 136 31 #94 of 136 17 #113 of 136
Overall 35 41 30
  • ESBA ranked among 149 companies in Property REITs
  • ARE ranked among 149 companies in Property REITs
  • CUZ ranked among 149 companies in Property REITs

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodESBAARECUZSPY
1 month +28.1%-10.7%+4.5% -2.0%
3 months +4.7%-13.5%-5.4% -2.2%
6 months -9.4%-3.5%+12.3% +4.2%
Year to date -21.7%-13.6%+13.5% +10.6%
1 year -32.4%-24.1%+13.6% +10.4%
3 years -46.2%-58.7%+47.2% +73.6%
3 years, per year -18.7%-25.5%+13.8% +20.2%
5 years -49.9%-79.5%-25.6% +61.6%
5 years, per year -12.9%-27.2%-5.7% +10.1%
10 years -73.7%-58.8%+1.2% +261.3%
10 years, per year -12.5%-8.5%+0.1% +13.7%

Risk

MeasureESBAARECUZSPY
Volatility, 1Y 50.4%45.0%27.0% 12.8%
Downside volatility, 1Y 58.4%46.9%28.5% 12.8%
Beta vs S&P 500, 1Y 0.330.700.56 1.00
Return / volatility, 1Y -0.64-0.540.51 0.81
Max drawdown, 5Y -66.4%-82.1%-58.2% -25.4%
From 52-week high -34.4%-29.2%-9.4% -3.2%
52-week high $7.52$59.69$32.30 $779.14
52-week low $3.85$39.91$21.34 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleESBAARECUZ
P/E now vs peer median 262.2xmedian 26.1x -5.0xmedian 26.1x 324.7xmedian 26.1x
P/S now vs peer median 1.7xmedian 4.1x 2.7xmedian 4.1x 4.6xmedian 4.1x
EV/EBITDA now vs peer median 12.6xmedian 14.4x —median 14.4x 73.5xmedian 14.4x
P/FCF now vs peer median -3.0xmedian 21.6x -15.6xmedian 21.6x -21.0xmedian 21.6x
P/B now vs peer median 0.7xmedian 1.3x 0.4xmedian 1.3x 1.1xmedian 1.3x
PEG now vs peer median -4.39median 1.95 0.05median 1.95 -7.00median 1.95

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsESBAARECUZ
Revenue $784.18M $2.76B $1.05B
Gross profit – – $715.60M
Operating income -$34.52M – -$314.84M
Net income $9.26M -$1.39B $15.11M
Free cash flow -$437.31M -$473.23M -$229.86M
EPS (diluted) $0.02 $-8.40 $0.09
Cash & equivalents $85.61M $508.86M $5.21M
Total debt $955.23M $12.90B $3.58B
Shares (diluted) 268.95M 170.75M 165.79M
Enterprise value $912.87M $232.48M $4.97B

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricESBAARECUZ
P/E 262.2x -5.0x 324.7x
P/FCF -3.0x -15.6x -21.0x
P/Operating cash flow 5.8x 6.2x 11.4x
P/S 1.7x 2.7x 4.6x
P/B 0.7x 0.4x 1.1x
P/Tangible book 0.7x 0.4x 1.1x
EV/EBITDA 12.6x – 73.5x
EV/EBIT -63.6x – -26.7x
EV/Revenue 2.8x 6.6x 8.0x
EV/FCF -5.0x -38.3x -36.5x
EV/Operating cash flow 9.6x 15.3x 19.8x
PEG (3Y EPS CAGR) -4.39 0.05 -7.00

Growth

14 metrics
MetricESBAARECUZ
Revenue growth (1Y) 2.0% -9.9% 8.5%
Revenue CAGR (3Y) 2.9% -0.5% 9.3%
Gross profit growth (1Y) – – 8.5%
Gross profit CAGR (3Y) – – 10.3%
Operating income growth (1Y) -123.1% – -32.4%
Operating income CAGR (3Y) -31.0% – -20.0%
Net income growth (1Y) -86.5% -339.2% -74.1%
Net income CAGR (3Y) -51.3% -74.6% -44.7%
EPS growth (1Y) -92.1% -239.7% -73.8%
EPS CAGR (3Y) -59.8% -100.7% -46.4%
Operating cash flow growth (1Y) -13.3% -13.7% 1.4%
Operating cash flow CAGR (3Y) -0.8% -9.5% 4.5%
Free cash flow growth (1Y) -169.4% 33.5% 75.0%
Free cash flow CAGR (3Y) -149.9% 43.5% -64.9%

Profitability

14 metrics
MetricESBAARECUZ
Gross margin – – 68.4%
EBITDA margin 22.1% – 10.9%
Operating margin -4.4% – -30.1%
Pretax margin 1.3% – -47.3%
Net margin 0.6% -52.0% 1.4%
FCF margin -55.8% -17.1% -22.0%
Operating cash flow margin 29.0% 43.0% 40.4%
Return on equity 0.5% -6.6% 0.3%
Return on assets 0.2% -3.6% 0.2%
Return on invested capital -1.1% – –
Return on capital employed – – –
Asset turnover 0.2x 0.1x 0.1x
Cash conversion (OCF / net income) 24.6x -0.9x 28.0x
Stock comp / revenue 3.9% 1.5% 1.6%

Financial Health

11 metrics
MetricESBAARECUZ
Debt / assets 22.4% 37.9% 40.3%
Debt / equity 0.5x 0.7x 0.8x
Net debt / EBITDA 5.0x – 31.3x
Debt / FCF -2.2x -27.3x -15.6x
Liabilities / assets 58.1% 45.9% 49.8%
Equity / assets 41.9% 54.1% 50.2%
Interest coverage -0.3x – -1.7x
Current ratio – – –
Quick ratio – – –
Cash ratio – – –
Altman Z-score – – –

Shareholder Returns

7 metrics
MetricESBAARECUZ
Dividend yield 3.2% 6.8% 4.4%
Net buyback yield – – -1.8%
Shareholder yield 3.2% 6.8% 2.5%
Payout ratio (earnings) – -43.0% 1,419%
Payout ratio (FCF) – -126.5% -93.3%
Dividend growth (1Y) – -34.4% 1.7%
Dividend CAGR (3Y) – -10.2% 3.3%

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusESBAARECUZ
Forward P/E – 27.1xFY2026 139.3xFY2026
EPS, next fiscal year – $1.56FY2026 $0.21FY2026
EPS growth, next FY – – -12.5%FY2026
EPS growth, the year after – -150.6% +128.6%
Revenue, next fiscal year – $2.71BFY2026 $1.04BFY2026
Revenue growth, next FY – -8.2%FY2026 +5.6%FY2026
Revenue growth, the year after – -13.7% +10.4%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersESBAARECUZ
Held by institutions – 97.2% 100.0%
Institutions holding – 597 394
Change in shares held, QoQ – +14.1% +0.6%
Institutions buying – 336 201
Institutions selling – 192 139
Buyers to sellers – 1.75 1.45

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

ESBAARECUZ
ESBA 1.00 0.13 0.24
ARE 0.13 1.00 0.54
CUZ 0.24 0.54 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, ESBA, ARE and CUZ?

Alexandria Real Estate Equities (ARE) is the largest by market capitalisation: Empire State Realty OP (ESBA) $1.35B, Alexandria Real Estate Equities (ARE) $7.82B, Cousins Properties (CUZ) $4.99B.

Which stock is cheaper, ESBA, ARE and CUZ?

Empire State Realty OP (ESBA) trades on the lowest price-to-earnings ratio (Empire State Realty OP (ESBA) 267.8x, Alexandria Real Estate Equities (ARE) -5.5x, Cousins Properties (CUZ) 336.4x). On next year's consensus earnings, Alexandria Real Estate Equities (ARE) is cheapest (Alexandria Real Estate Equities (ARE) 27.1x, Cousins Properties (CUZ) 139.3x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Cousins Properties (CUZ) grew revenue fastest over the trailing twelve months: Empire State Realty OP (ESBA) +2.0%, Alexandria Real Estate Equities (ARE) -9.9%, Cousins Properties (CUZ) +8.5%.

Which company is more profitable?

Cousins Properties (CUZ) has the highest net margin (Empire State Realty OP (ESBA) 0.6%, Alexandria Real Estate Equities (ARE) -52.0%, Cousins Properties (CUZ) 1.4%).

Which stock has performed better?

Over the past year Cousins Properties (CUZ) returned the most: Empire State Realty OP (ESBA) -32.4%, Alexandria Real Estate Equities (ARE) -24.1%, Cousins Properties (CUZ) +13.6%. Over five years, Cousins Properties (CUZ) compounded fastest (Empire State Realty OP (ESBA) -12.9%/yr, Alexandria Real Estate Equities (ARE) -27.2%/yr, Cousins Properties (CUZ) -5.7%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Alexandria Real Estate Equities (ARE) has the highest dividend yield: Empire State Realty OP (ESBA) 0.00%, Alexandria Real Estate Equities (ARE) 0.08%, Cousins Properties (CUZ) 0.04%. Empire State Realty OP (ESBA) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Cousins Properties (CUZ) has been the steadiest (Empire State Realty OP (ESBA) 50.4%, Alexandria Real Estate Equities (ARE) 45.0%, Cousins Properties (CUZ) 27.0%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, ESBA, ARE and CUZ?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Cousins Properties (CUZ) leads on 5. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.