Empire State Realty Trust Inc (ESRT) is undervalued and Safehold Inc (SAFE) is undervalued.
Against our estimates of intrinsic value, ESRT trades at the wider discount: a margin of safety of +62%, against +59% for SAFE.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 11.6% (average of 3 methods) values the shares at $12.06; the price of $4.61 is 62% below that value, and 67% of that value comes from beyond year five.
Leak Score 67/100 on 9 of 12 signals
Discounting its cash flows at 7.5% values the shares at $26.91; the price of $11.08 is 59% below that value, and 81% of that value comes from beyond year five.
Leak Score 48/100 on 10 of 12 signals
| Metric | ESRT | SAFE |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $4.61 | $11.08 |
| Intrinsic value | $12.06 | $26.91 |
| Margin of safety | +62% | +59% |
| Leak Score | 67/100 (9/12) | 48/100 (10/12) |
| Market cap | $815M | $796M |
| Revenue growth, 5 years | 4.8% | 3.6% |
| Operating margin | 16.8% | 75.8% |
| Net margin | 0.4% | 28.1% |
| Return on equity | 0.7% | 4.8% |
| Debt to equity | 2.18 | 1.94 |
| P/E | 261.7x | 7.0x |
| Forward P/E | — | 6.7x |
| P/B | 0.8x | 0.3x |
| Dividend yield | 3.0% | 6.4% |