ESRT vs MANU vs ARE Stock Comparison

Empire State Realty Trust, Manchester United and Alexandria Real Estate Equities Prices as of Oct 27, 2026 Peers: Industry group
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MANU Manchester United plc
$20.68 +1.5% 1M +13.4% 1Y
Market cap
$3.59B
P/E
–
Revenue (TTM)
$909.31M
Div. yield
–
Entertainment Venues Consumer Discretionary
7 wins

Head to Head

10 decided of 12

Manchester United leads on 7 of the 12 questions below (Manchester United 7, Alexandria Real Estate Equities 2, Empire State Realty Trust 1). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionESRTMANUARELeader
Larger companyMarket capitalisation $850.92M $3.59B $6.76B ARE
Cheaper on earningsLower P/E, profitable companies only 276.9x -62.0x -4.7x –
Cheaper on forward earningsLower price / next fiscal year consensus EPS — — 26.2x –
Faster revenue growthRevenue growth, trailing twelve months +2.0% +5.5% -9.9% MANU
More profitableNet margin, trailing twelve months 0.4% -6.4% -52.0% ESRT
Better return on capitalReturn on invested capital -1.1% 2.6% — MANU
Less leveragedLower net debt / EBITDA 5.0x 2.4x — MANU
Higher dividend yieldTrailing dividend yield 0.03% 0.00% 0.09% ARE
Better 1-year returnPrice return, last 12 months -36.8% +13.4% -47.5% MANU
Better 5-year returnAnnualised price return, 5 years -12.8%/yr +4.9%/yr -27.6%/yr MANU
Less volatileAnnualised volatility, 1 year 36.6% 33.6% 50.3% MANU
Higher overall scoreMean of the five percentile scores vs peers 35/100 46/100 39/100 MANU

Percentile Scorecard

ESRTMANUARE

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

AxisESRTMANUARE
Valuation 78 #33 of 145 30 #31 of 44 74 #38 of 145
Growth 1 #139 of 141 76 #11 of 43 7 #131 of 141
Profitability 26 #99 of 134 53 #20 of 41 14 #115 of 134
Financial Health 57 #60 of 138 24 #36 of 47 72 #39 of 138
Shareholder Returns 13 #114 of 131 – 29 #94 of 131
Overall 35 46 39
  • ESRT ranked among 149 companies in Property REITs
  • MANU ranked among 48 companies in Gaming and Leisure
  • ARE ranked among 149 companies in Property REITs

Price Performance

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

Returns

PeriodESRTMANUARESPY
1 month +22.4%+1.5%-18.1% -0.2%
3 months -11.1%-11.5%-24.3% +3.9%
6 months -12.2%+18.3%+1.1% +8.2%
Year to date -22.9%+29.9%-16.5% +12.9%
1 year -36.8%+13.4%-47.5% +12.3%
3 years -37.3%+16.9%-55.4% +87.4%
3 years, per year -14.4%+5.3%-23.6% +23.3%
5 years -49.6%+26.9%-80.2% +67.9%
5 years, per year -12.8%+4.9%-27.6% +10.9%
10 years -74.0%+34.7%-61.1% +261.1%
10 years, per year -12.6%+3.0%-9.0% +13.7%

Risk

MeasureESRTMANUARESPY
Volatility, 1Y 36.6%33.6%50.3% 12.7%
Downside volatility, 1Y 41.8%32.0%56.8% 12.7%
Beta vs S&P 500, 1Y 0.320.670.73 1.00
Return / volatility, 1Y -1.010.40-0.95 0.97
Max drawdown, 5Y -65.6%-54.5%-81.9% -25.4%
From 52-week high -36.8%-14.5%-47.5% -1.2%
52-week high $7.96$24.19$77.87 $779.14
52-week low $3.93$15.20$40.41 $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.

MultipleESRTMANUARE
P/E now vs peer median 280.0xmedian 26.3x -61.6xmedian 17.0x -4.9xmedian 26.3x
P/S now vs peer median 1.1xmedian 4.0x 4.0xmedian 1.9x 2.6xmedian 4.0x
EV/EBITDA now vs peer median 10.0xmedian 14.4x 12.9xmedian 10.8x —median 14.4x
P/FCF now vs peer median -2.0xmedian 23.3x 9.9xmedian 11.2x -15.0xmedian 23.3x
P/B now vs peer median 0.5xmedian 1.3x 18.1xmedian 2.4x 0.4xmedian 1.3x
PEG now vs peer median -4.68median 1.91 3.64median 0.56 0.05median 1.91

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 monthsESRTMANUARE
Revenue $784.18M $909.31M $2.76B
Gross profit – -$21.12M –
Operating income -$34.52M $30.28M –
Net income $9.26M -$57.81M -$1.39B
Free cash flow -$437.31M $363.93M -$473.23M
EPS (diluted) $0.01 $-0.34 $-8.40
Cash & equivalents $85.61M $89.13M $508.86M
Total debt $4.54B $3.96B $12.90B
Shares (diluted) 268.95M 172.43M 170.75M
Enterprise value $409.72M $3.25B -$828.74M

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
MetricESRTMANUARE
P/E 280.0x -61.6x -4.9x
P/FCF -2.0x 9.9x -15.0x
P/Operating cash flow 3.8x 14.2x 6.0x
P/S 1.1x 4.0x 2.6x
P/B 0.5x 18.1x 0.4x
P/Tangible book 0.5x 18.1x 0.4x
EV/EBITDA 10.0x 12.9x –
EV/EBIT -50.2x 146.2x –
EV/Revenue 2.2x 4.9x 6.5x
EV/FCF -4.0x 12.2x -37.8x
EV/Operating cash flow 7.6x 17.5x 15.0x
PEG (3Y EPS CAGR) -4.68 3.64 0.05

Growth

14 metrics
MetricESRTMANUARE
Revenue growth (1Y) 2.0% 5.5% -9.9%
Revenue CAGR (3Y) 2.9% 5.2% -0.5%
Gross profit growth (1Y) – 24.6% –
Gross profit CAGR (3Y) – – –
Operating income growth (1Y) -123.1% 223.3% –
Operating income CAGR (3Y) -31.0% 62.2% –
Net income growth (1Y) -86.5% -36.0% -339.2%
Net income CAGR (3Y) -51.3% -19.1% -74.6%
EPS growth (1Y) -92.4% -35.3% -239.7%
EPS CAGR (3Y) -59.8% -16.9% -100.7%
Operating cash flow growth (1Y) -13.3% 128.3% -13.7%
Operating cash flow CAGR (3Y) -0.8% 22.8% -9.5%
Free cash flow growth (1Y) -169.4% 141.3% 33.5%
Free cash flow CAGR (3Y) -149.9% 34.6% 43.5%

Profitability

14 metrics
MetricESRTMANUARE
Gross margin – -2.3% –
EBITDA margin 22.1% 37.6% –
Operating margin -4.4% 3.3% –
Pretax margin 1.3% -7.0% –
Net margin 0.4% -6.4% -52.0%
FCF margin -55.8% 40.0% -17.1%
Operating cash flow margin 29.0% 27.8% 43.0%
Return on equity 0.5% -26.5% -6.6%
Return on assets 0.2% -2.8% -3.6%
Return on invested capital -1.1% 2.6% –
Return on capital employed – 2.5% –
Asset turnover 0.2x 0.4x 0.1x
Cash conversion (OCF / net income) 24.6x -4.4x -0.9x
Stock comp / revenue 3.9% 0.0% 1.5%

Financial Health

11 metrics
MetricESRTMANUARE
Debt / assets 22.4% 44.5% 37.9%
Debt / equity 0.5x 4.6x 0.7x
Net debt / EBITDA 5.0x 2.4x –
Debt / FCF -2.2x 2.5x -27.3x
Liabilities / assets 58.1% 90.3% 45.9%
Equity / assets 41.9% 9.7% 54.1%
Interest coverage -0.3x 0.5x –
Current ratio – 0.3x –
Quick ratio – 0.2x –
Cash ratio – 0.1x –
Altman Z-score – 0.97 –

Shareholder Returns

7 metrics
MetricESRTMANUARE
Dividend yield 3.1% – 7.0%
Net buyback yield – – –
Shareholder yield 3.1% 0.0% 7.0%
Payout ratio (earnings) 259.1% – -43.0%
Payout ratio (FCF) -5.5% – -126.5%
Dividend growth (1Y) 2.2% – -34.4%
Dividend CAGR (3Y) 1.9% – -10.2%

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.

ConsensusESRTMANUARE
Forward P/E – – 26.2xFY2026
EPS, next fiscal year $-0.35FY2027 $-0.18FY2027 $1.56FY2026
EPS growth, next FY -240.0%FY2027 – –
EPS growth, the year after – – -150.6%
Revenue, next fiscal year $758.24MFY2026 $1.07BFY2027 $2.71BFY2026
Revenue growth, next FY -1.3%FY2026 +19.6%FY2027 -8.2%FY2026
Revenue growth, the year after +4.5% -6.0% -13.7%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersESRTMANUARE
Held by institutions 83.6% 17.1% 97.2%
Institutions holding 228 125 595
Change in shares held, QoQ +0.4% +5.0% +14.1%
Institutions buying 141 63 336
Institutions selling 51 30 191
Buyers to sellers 2.76 2.10 1.76

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.

ESRTMANUARE
ESRT 1.00 0.21 0.34
MANU 0.21 1.00 0.20
ARE 0.34 0.20 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, ESRT, MANU and ARE?

Alexandria Real Estate Equities (ARE) is the largest by market capitalisation: Empire State Realty Trust (ESRT) $850.92M, Manchester United (MANU) $3.59B, Alexandria Real Estate Equities (ARE) $6.76B.

Which company is growing faster?

Manchester United (MANU) grew revenue fastest over the trailing twelve months: Empire State Realty Trust (ESRT) +2.0%, Manchester United (MANU) +5.5%, Alexandria Real Estate Equities (ARE) -9.9%.

Which company is more profitable?

Empire State Realty Trust (ESRT) has the highest net margin (Empire State Realty Trust (ESRT) 0.4%, Manchester United (MANU) -6.4%, Alexandria Real Estate Equities (ARE) -52.0%). On return on invested capital, Manchester United (MANU) leads (Empire State Realty Trust (ESRT) -1.1%, Manchester United (MANU) 2.6%).

Which stock has performed better?

Over the past year Manchester United (MANU) returned the most: Empire State Realty Trust (ESRT) -36.8%, Manchester United (MANU) +13.4%, Alexandria Real Estate Equities (ARE) -47.5%. Over five years, Manchester United (MANU) compounded fastest (Empire State Realty Trust (ESRT) -12.8%/yr, Manchester United (MANU) +4.9%/yr, Alexandria Real Estate Equities (ARE) -27.6%/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 Trust (ESRT) 0.03%, Manchester United (MANU) 0.00%, Alexandria Real Estate Equities (ARE) 0.09%. Manchester United (MANU) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Manchester United (MANU) has been the steadiest (Empire State Realty Trust (ESRT) 36.6%, Manchester United (MANU) 33.6%, Alexandria Real Estate Equities (ARE) 50.3%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, ESRT, MANU and ARE?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Manchester United (MANU) leads on 7. 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.