ESBA vs VNO vs CUZ Stock Comparison

Empire State Realty OP, Vornado Realty Trust and Cousins Properties Prices as of Nov 2, 2026 Peers: Industry group
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VNO Vornado Realty Trust
$34.99 +3.7% 1M -7.8% 1Y
Market cap
$6.53B
P/E
1,133x
Revenue (TTM)
$1.83B
Div. yield
2.11%
Office REITs Real Estate
3 wins
CUZ Cousins Properties Inc
$29.82 +6.5% 1M +15.0% 1Y
Market cap
$4.91B
P/E
330.9x
Revenue (TTM)
$1.05B
Div. yield
4.29%
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, Vornado Realty Trust 3, Empire State Realty OP 3). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionESBAVNOCUZLeader
Larger companyMarket capitalisation $1.32B $6.53B $4.91B VNO
Cheaper on earningsLower P/E, profitable companies only 261.1x 1,133x 330.9x ESBA
Cheaper on forward earningsLower price / next fiscal year consensus EPS — — 142.0x –
Faster revenue growthRevenue growth, trailing twelve months +2.0% +1.4% +8.5% CUZ
More profitableNet margin, trailing twelve months 0.6% 0.3% 1.4% CUZ
Better return on capitalReturn on invested capital -1.1% 2.3% — VNO
Less leveragedLower net debt / EBITDA 5.0x 7.1x 31.3x ESBA
Higher dividend yieldTrailing dividend yield 3.26% 2.11% 4.29% CUZ
Better 1-year returnPrice return, last 12 months -31.9% -7.8% +15.0% CUZ
Better 5-year returnAnnualised price return, 5 years -13.4%/yr -4.6%/yr -5.6%/yr VNO
Less volatileAnnualised volatility, 1 year 50.5% 32.6% 26.9% CUZ
Higher overall scoreMean of the five percentile scores vs peers 34/100 29/100 30/100 ESBA

Percentile Scorecard

ESBAVNOCUZ

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

AxisESBAVNOCUZ
Valuation 69 #46 of 145 28 #105 of 145 31 #101 of 145
Growth 2 #141 of 144 11 #128 of 144 30 #101 of 144
Profitability 28 #101 of 140 38 #87 of 140 32 #96 of 140
Financial Health 59 #60 of 146 33 #98 of 146 42 #85 of 146
Shareholder Returns 14 #114 of 132 37 #84 of 132 15 #112 of 132
Overall 34 29 30
  • ESBA ranked among 149 companies in Property REITs
  • VNO 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

PeriodESBAVNOCUZSPY
1 month +27.5%+3.7%+6.5% -2.3%
3 months +2.5%-12.4%-5.0% -0.7%
6 months -9.7%+17.9%+17.0% +4.8%
Year to date -22.1%+5.1%+15.7% +10.3%
1 year -31.9%-7.8%+15.0% +10.3%
3 years -46.4%+51.7%+50.0% +73.0%
3 years, per year -18.8%+14.9%+14.5% +20.1%
5 years -51.3%-21.2%-25.0% +61.9%
5 years, per year -13.4%-4.6%-5.6% +10.1%
10 years -74.3%-50.7%+1.8% +258.6%
10 years, per year -12.7%-6.8%+0.2% +13.6%

Risk

MeasureESBAVNOCUZSPY
Volatility, 1Y 50.5%32.6%26.9% 12.8%
Downside volatility, 1Y 58.4%33.3%28.5% 12.8%
Beta vs S&P 500, 1Y 0.330.980.56 1.00
Return / volatility, 1Y -0.63-0.240.56 0.80
Max drawdown, 5Y -66.4%-73.6%-58.2% -25.4%
From 52-week high -34.7%-14.5%-7.7% -3.5%
52-week high $7.52$40.91$32.30 $779.14
52-week low $3.85$24.71$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.

MultipleESBAVNOCUZ
P/E now vs peer median 261.1xmedian 26.3x 1,133xmedian 26.3x 330.9xmedian 26.3x
P/S now vs peer median 1.7xmedian 4.2x 3.6xmedian 4.2x 4.7xmedian 4.2x
EV/EBITDA now vs peer median 12.6xmedian 14.4x 14.0xmedian 14.4x 74.3xmedian 14.4x
P/FCF now vs peer median -3.0xmedian 23.9x -15.7xmedian 23.9x -21.4xmedian 23.9x
P/B now vs peer median 0.7xmedian 1.3x 1.1xmedian 1.3x 1.1xmedian 1.3x
PEG now vs peer median -4.37median 1.98 43.14median 1.98 -7.13median 1.98

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 monthsESBAVNOCUZ
Revenue $784.18M $1.83B $1.05B
Gross profit – – $715.60M
Operating income -$34.52M – -$314.84M
Net income $9.26M $49.20M $15.11M
Free cash flow -$437.31M -$416.33M -$229.86M
EPS (diluted) $0.02 $0.03 $0.09
Cash & equivalents $85.61M $675.35M $5.21M
Total debt $955.23M $7.44B $3.58B
Shares (diluted) 268.95M 194.20M 165.79M
Enterprise value $879.33M $3.66B $4.89B

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
MetricESBAVNOCUZ
P/E 261.1x 1,133x 330.9x
P/FCF -3.0x -15.7x -21.4x
P/Operating cash flow 5.8x 16.7x 11.6x
P/S 1.7x 3.6x 4.7x
P/B 0.7x 1.1x 1.1x
P/Tangible book 0.7x 1.1x 1.1x
EV/EBITDA 12.6x 14.0x 74.3x
EV/EBIT -63.5x 33.1x -26.9x
EV/Revenue 2.8x 7.3x 8.1x
EV/FCF -5.0x -32.0x -36.9x
EV/Operating cash flow 9.6x 34.0x 20.1x
PEG (3Y EPS CAGR) -4.37 43.14 -7.13

Growth

14 metrics
MetricESBAVNOCUZ
Revenue growth (1Y) 2.0% 1.4% 8.5%
Revenue CAGR (3Y) 2.9% 0.1% 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% -94.6% -74.1%
Net income CAGR (3Y) -51.3% 28.4% -44.7%
EPS growth (1Y) -92.1% -99.3% -73.8%
EPS CAGR (3Y) -59.8% 26.3% -46.4%
Operating cash flow growth (1Y) -13.3% -71.9% 1.4%
Operating cash flow CAGR (3Y) -0.8% -19.3% 4.5%
Free cash flow growth (1Y) -169.4% -145.3% 75.0%
Free cash flow CAGR (3Y) -149.9% -66.0% -64.9%

Profitability

14 metrics
MetricESBAVNOCUZ
Gross margin – – 68.4%
EBITDA margin 22.1% 52.0% 10.9%
Operating margin -4.4% – -30.1%
Pretax margin 1.3% 2.9% -47.3%
Net margin 0.6% 0.3% 1.4%
FCF margin -55.8% -22.8% -22.0%
Operating cash flow margin 29.0% 21.4% 40.4%
Return on equity 0.5% 0.7% 0.3%
Return on assets 0.2% 0.3% 0.2%
Return on invested capital -1.1% 2.3% –
Return on capital employed – – –
Asset turnover 0.2x 0.1x 0.1x
Cash conversion (OCF / net income) 24.6x 7.9x 28.0x
Stock comp / revenue 3.9% 1.4% 1.6%

Financial Health

11 metrics
MetricESBAVNOCUZ
Debt / assets 22.4% 47.7% 40.3%
Debt / equity 0.5x 1.2x 0.8x
Net debt / EBITDA 5.0x 7.1x 31.3x
Debt / FCF -2.2x -17.9x -15.6x
Liabilities / assets 58.1% 61.8% 49.8%
Equity / assets 41.9% 38.2% 50.2%
Interest coverage -0.3x 1.2x -1.7x
Current ratio – – –
Quick ratio – – –
Cash ratio – – –
Altman Z-score – – –

Shareholder Returns

7 metrics
MetricESBAVNOCUZ
Dividend yield 3.3% 2.1% 4.3%
Net buyback yield – 2.0% -1.8%
Shareholder yield 3.3% 4.2% 2.5%
Payout ratio (earnings) – – 1,419%
Payout ratio (FCF) – – -93.3%
Dividend growth (1Y) – – 1.7%
Dividend CAGR (3Y) – – 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.

ConsensusESBAVNOCUZ
Forward P/E – – 142.0xFY2026
EPS, next fiscal year – $-0.40FY2026 $0.21FY2026
EPS growth, next FY – -109.5%FY2026 -12.5%FY2026
EPS growth, the year after – – +128.6%
Revenue, next fiscal year – $1.78BFY2026 $1.04BFY2026
Revenue growth, next FY – -1.9%FY2026 +5.6%FY2026
Revenue growth, the year after – +24.9% +10.4%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersESBAVNOCUZ
Held by institutions – 99.2% 100.0%
Institutions holding – 433 394
Change in shares held, QoQ – +14.6% +0.6%
Institutions buying – 233 201
Institutions selling – 126 139
Buyers to sellers – 1.85 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.

ESBAVNOCUZ
ESBA 1.00 0.28 0.24
VNO 0.28 1.00 0.72
CUZ 0.24 0.72 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, ESBA, VNO and CUZ?

Vornado Realty Trust (VNO) is the largest by market capitalisation: Empire State Realty OP (ESBA) $1.32B, Vornado Realty Trust (VNO) $6.53B, Cousins Properties (CUZ) $4.91B.

Which stock is cheaper, ESBA, VNO and CUZ?

Empire State Realty OP (ESBA) trades on the lowest price-to-earnings ratio (Empire State Realty OP (ESBA) 261.1x, Vornado Realty Trust (VNO) 1,133x, Cousins Properties (CUZ) 330.9x). 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%, Vornado Realty Trust (VNO) +1.4%, 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%, Vornado Realty Trust (VNO) 0.3%, Cousins Properties (CUZ) 1.4%). On return on invested capital, Vornado Realty Trust (VNO) leads (Empire State Realty OP (ESBA) -1.1%, Vornado Realty Trust (VNO) 2.3%).

Which stock has performed better?

Over the past year Cousins Properties (CUZ) returned the most: Empire State Realty OP (ESBA) -31.9%, Vornado Realty Trust (VNO) -7.8%, Cousins Properties (CUZ) +15.0%. Over five years, Vornado Realty Trust (VNO) compounded fastest (Empire State Realty OP (ESBA) -13.4%/yr, Vornado Realty Trust (VNO) -4.6%/yr, Cousins Properties (CUZ) -5.6%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Cousins Properties (CUZ) has the highest dividend yield: Empire State Realty OP (ESBA) 3.26%, Vornado Realty Trust (VNO) 2.11%, Cousins Properties (CUZ) 4.29%.

Which stock is riskier?

By one-year price volatility, Cousins Properties (CUZ) has been the steadiest (Empire State Realty OP (ESBA) 50.5%, Vornado Realty Trust (VNO) 32.6%, Cousins Properties (CUZ) 26.9%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, ESBA, VNO 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.