SLG vs ESBA vs ARE Stock Comparison

Sl Green Realty, Empire State Realty OP and Alexandria Real Estate Equities Prices as of Oct 27, 2026 Peers: Industry group
SLG Sl Green Realty Corp
$49.47 -3.0% 1M -6.2% 1Y
Market cap
$3.51B
P/E
–
Revenue (TTM)
$1.07B
Div. yield
4.80%
Office REITs Real Estate
5 wins

Head to Head

8 decided of 12

Sl Green Realty leads on 5 of the 12 questions below (Sl Green Realty 5, Alexandria Real Estate Equities 2, Empire State Realty OP 1). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionSLGESBAARELeader
Larger companyMarket capitalisation $3.51B $1.31B $7.12B ARE
Cheaper on earningsLower P/E, profitable companies only -24.4x 259.5x -4.9x –
Cheaper on forward earningsLower price / next fiscal year consensus EPS — — 26.2x –
Faster revenue growthRevenue growth, trailing twelve months +9.7% +2.0% -9.9% SLG
More profitableNet margin, trailing twelve months — 0.6% -52.0% ESBA
Better return on capitalReturn on invested capital — -1.1% — –
Less leveragedLower net debt / EBITDA — 5.0x — –
Higher dividend yieldTrailing dividend yield 4.80% 3.28% 7.05% ARE
Better 1-year returnPrice return, last 12 months -6.2% -36.1% -47.5% SLG
Better 5-year returnAnnualised price return, 5 years -7.4%/yr -13.2%/yr -27.6%/yr SLG
Less volatileAnnualised volatility, 1 year 38.2% 51.7% 50.3% SLG
Higher overall scoreMean of the five percentile scores vs peers 49/100 33/100 39/100 SLG

Percentile Scorecard

SLGESBAARE

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

AxisSLGESBAARE
Valuation 49 #75 of 145 69 #46 of 145 74 #38 of 145
Growth 40 #85 of 141 2 #138 of 141 7 #131 of 141
Profitability – 27 #98 of 134 14 #115 of 134
Financial Health – 57 #60 of 138 72 #39 of 138
Shareholder Returns 59 #54 of 131 12 #116 of 131 29 #94 of 131
Overall 49 33 39
  • SLG ranked among 149 companies in Property REITs
  • ESBA ranked among 149 companies in Property REITs
  • 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

PeriodSLGESBAARESPY
1 month -3.0%+22.0%-18.1% -0.2%
3 months -6.8%-12.9%-24.3% +3.9%
6 months +12.8%-14.1%+1.1% +8.2%
Year to date +7.8%-22.5%-16.5% +12.9%
1 year -6.2%-36.1%-47.5% +12.3%
3 years +69.1%-38.1%-55.4% +87.4%
3 years, per year +19.2%-14.8%-23.6% +23.3%
5 years -31.7%-50.6%-80.2% +67.9%
5 years, per year -7.4%-13.2%-27.6% +10.9%
10 years -51.8%-74.7%-61.1% +261.1%
10 years, per year -7.0%-12.9%-9.0% +13.7%

Risk

MeasureSLGESBAARESPY
Volatility, 1Y 38.2%51.7%50.3% 12.7%
Downside volatility, 1Y 38.7%61.1%56.8% 12.7%
Beta vs S&P 500, 1Y 0.930.420.73 1.00
Return / volatility, 1Y -0.16-0.70-0.95 0.97
Max drawdown, 5Y -76.2%-66.4%-81.9% -25.4%
From 52-week high -17.3%-37.0%-47.5% -1.2%
52-week high $59.83$7.75$77.87 $779.14
52-week low $35.33$3.85$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.

MultipleSLGESBAARE
P/E now vs peer median -24.4xmedian 26.3x 259.5xmedian 26.3x -4.9xmedian 26.3x
P/S now vs peer median 3.3xmedian 4.0x 1.7xmedian 4.0x 2.6xmedian 4.0x
EV/EBITDA now vs peer median —median 14.4x 12.6xmedian 14.4x —median 14.4x
P/FCF now vs peer median -3.5xmedian 23.3x -3.0xmedian 23.3x -15.0xmedian 23.3x
P/B now vs peer median 0.9xmedian 1.3x 0.7xmedian 1.3x 0.4xmedian 1.3x
PEG now vs peer median -0.71median 1.91 -4.34median 1.91 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 monthsSLGESBAARE
Revenue $1.07B $784.18M $2.76B
Operating income – -$34.52M –
Net income – $9.26M -$1.39B
Free cash flow – -$437.31M -$473.23M
EPS (diluted) $-2.03 $0.02 $-8.40
Cash & equivalents $186.44M $85.61M $508.86M
Total debt – $4.54B $12.90B
Shares (diluted) 70.67M 268.95M 170.75M
Enterprise value $3.51B $871.27M $3.13B

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
MetricSLGESBAARE
P/E -24.4x 259.5x -4.9x
P/FCF -3.5x -3.0x -15.0x
P/Operating cash flow – 5.8x 6.0x
P/S 3.3x 1.7x 2.6x
P/B 0.9x 0.7x 0.4x
P/Tangible book 1.2x 0.7x 0.4x
EV/EBITDA – 12.6x –
EV/EBIT – -63.2x –
EV/Revenue 3.3x 2.8x 6.5x
EV/FCF – -5.0x -37.8x
EV/Operating cash flow – 9.6x 15.0x
PEG (3Y EPS CAGR) -0.71 -4.34 0.05

Growth

14 metrics
MetricSLGESBAARE
Revenue growth (1Y) 9.7% 2.0% -9.9%
Revenue CAGR (3Y) 1.5% 2.9% -0.5%
Gross profit growth (1Y) – – –
Gross profit CAGR (3Y) – – –
Operating income growth (1Y) – -123.1% –
Operating income CAGR (3Y) – -31.0% –
Net income growth (1Y) – -86.5% -339.2%
Net income CAGR (3Y) – -51.3% -74.6%
EPS growth (1Y) -7,085% -92.1% -239.7%
EPS CAGR (3Y) 34.3% -59.8% -100.7%
Operating cash flow growth (1Y) – -13.3% -13.7%
Operating cash flow CAGR (3Y) – -0.8% -9.5%
Free cash flow growth (1Y) – -169.4% 33.5%
Free cash flow CAGR (3Y) – -149.9% 43.5%

Profitability

14 metrics
MetricSLGESBAARE
Gross margin – – –
EBITDA margin – 22.1% –
Operating margin – -4.4% –
Pretax margin – 1.3% –
Net margin – 0.6% -52.0%
FCF margin – -55.8% -17.1%
Operating cash flow margin – 29.0% 43.0%
Return on equity -2.6% 0.5% -6.6%
Return on assets – 0.2% -3.6%
Return on invested capital – -1.1% –
Return on capital employed – – –
Asset turnover – 0.2x 0.1x
Cash conversion (OCF / net income) – 24.6x -0.9x
Stock comp / revenue – 3.9% 1.5%

Financial Health

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

Shareholder Returns

7 metrics
MetricSLGESBAARE
Dividend yield 4.8% 3.3% 7.0%
Net buyback yield – – –
Shareholder yield 4.8% 3.3% 7.0%
Payout ratio (earnings) – – -43.0%
Payout ratio (FCF) – – -126.5%
Dividend growth (1Y) – – -34.4%
Dividend CAGR (3Y) – – -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.

ConsensusSLGESBAARE
Forward P/E – – 26.2xFY2026
EPS, next fiscal year $-0.75FY2026 – $1.56FY2026
EPS growth, the year after – – -150.6%
Revenue, next fiscal year $640.65MFY2026 – $2.71BFY2026
Revenue growth, next FY +6.5%FY2026 – -8.2%FY2026
Revenue growth, the year after +6.4% – -13.7%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersSLGESBAARE
Held by institutions 99.3% – 97.2%
Institutions holding 355 – 595
Change in shares held, QoQ +0.0% – +14.1%
Institutions buying 185 – 336
Institutions selling 118 – 191
Buyers to sellers 1.57 – 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.

SLGESBAARE
SLG 1.00 0.21 0.50
ESBA 0.21 1.00 0.15
ARE 0.50 0.15 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, SLG, ESBA and ARE?

Alexandria Real Estate Equities (ARE) is the largest by market capitalisation: Sl Green Realty (SLG) $3.51B, Empire State Realty OP (ESBA) $1.31B, Alexandria Real Estate Equities (ARE) $7.12B.

Which company is growing faster?

Sl Green Realty (SLG) grew revenue fastest over the trailing twelve months: Sl Green Realty (SLG) +9.7%, Empire State Realty OP (ESBA) +2.0%, Alexandria Real Estate Equities (ARE) -9.9%.

Which company is more profitable?

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

Which stock has performed better?

Over the past year Sl Green Realty (SLG) returned the most: Sl Green Realty (SLG) -6.2%, Empire State Realty OP (ESBA) -36.1%, Alexandria Real Estate Equities (ARE) -47.5%. Over five years, Sl Green Realty (SLG) compounded fastest (Sl Green Realty (SLG) -7.4%/yr, Empire State Realty OP (ESBA) -13.2%/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: Sl Green Realty (SLG) 4.80%, Empire State Realty OP (ESBA) 3.28%, Alexandria Real Estate Equities (ARE) 7.05%.

Which stock is riskier?

By one-year price volatility, Sl Green Realty (SLG) has been the steadiest (Sl Green Realty (SLG) 38.2%, Empire State Realty OP (ESBA) 51.7%, 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, SLG, ESBA 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, Sl Green Realty (SLG) 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.