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Held by 467 of 5,944 reporting institutions (97th percentile) — extremely crowded.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $61.10 today, the market must believe free cash flow compounds 20.1%/yr for a decade (off $307M normalized FCF).
The market's 20.1% is more optimistic than its 9-yr track record.
2-stage DCF · 0.19B shares · net debt $3.3B
mean 26.5% · volatility σ 90% · implied rate exceeded in 3/9 yrs
Central path = implied 20.1%/yr growth; shaded band = ±1σ (90%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (116%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $388M dividends + $0 buybacks = $388M returned on $334M FCF.
9 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 8%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$67M of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~3.9% on $3.3B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
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.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $163.3B | 168.7× | — | 15.1× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.7B | — | — | 2546.6× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $124.3B | 37.6× | — | 14.1× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $99.8B | 73.8× | 25.5× | 10.8× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $82.3B | 32.7× | 14.2× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.2B | 14.3× | — | 10.4× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.4B | 48.9× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $51.7B | 32.7× | — | 10.7× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.9B | 163.3× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.0B | 36.0× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.2B | 228.9× | 22.6× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.8B | 29.7× | 13.5× | 8.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $26.2B | 9.4× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.0B | 18.4× | 21.5× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.1× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $16.0B | 20.7× | 11.9× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.7B | 48.5× | 16.8× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.0B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| LAMR | $15.0B | 25.6× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| HST | $15.0B | 19.8× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| ELS | $11.8B | 30.3× | — | 7.7× | 0.3% | — | 26.3% | 22.9% | 7.9% | — | 467 |
Peers = companies sharing ELS's sector (Real Estate) 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.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 14-yr range · 55th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
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.
The metrics that matter, over time
A 30-second read on ELS: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.