Equity LifeStyle Properties, Inc. (ELS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.44	$0.48	+9.1%	—	—	—
Q1 26	$0.54	$0.54	0.0%	—	$379.6M	—
Q4 25	$0.51	$0.5	-2.0%	—	$353.3M	—
Q3 25	$0.46	$0.5	+8.7%	—	$373.4M	—
Q2 25	$0.41	$0.4	-2.4%	—	$372.6M	—
Q1 25	$0.56	$0.57	+1.8%	—	$367.5M	—
Q4 24	$0.48	$0.48	0.0%	—	$341.5M	—
Q3 24	$0.44	$0.42	-4.5%	—	$366.2M	—
Q2 24	$0.35	$0.37	+5.7%	—	$375M	—
Q1 24	$0.49	$0.49	0.0%	—	$366.8M	—
Q4 23	$0.44	$0.47	+6.8%	—	$289M	—
Q3 23	$0.41	$0.41	0.0%	—	$368.5M	—
Q2 23	$0.35	$0.34	-2.9%	—	$365.3M	—
Q1 23	$0.51	$0.44	-13.7%	—	$348.1M	—
Q4 22	$0.3	$0.39	+30.0%	—	$336.9M	—
Q3 22	$0.37	$0.36	-2.7%	—	$376.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.01	—	—	$1.5B	—
FY24	—	$1.96	—	—	$1.4B	—
FY23	—	$1.69	—	—	$1.4B	—
FY22	—	$1.53	—	—	$1.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$856.3M	$911.9M	$968.3M	$1B	$1.1B	$1.3B	$1.4B	$1.4B	$1.4B	$1.5B
YoY change	+6.07%	+6.5%	+6.18%	+5.39%	+8.54%	+13.3%	+9.6%	+2.13%	+2.07%	+1.18%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	856.3M	911.9M	968.3M	1B	1.1B	1.3B	1.4B	1.4B	1.4B	1.5B
Cost of revenue	412.5M	443.5M	466.9M	487.5M	538.1M	658.3M	730.4M	731.7M	725.3M	719.7M
Gross profit	443.8M	468.4M	501.3M	533.1M	569.5M	596.3M	644.6M	672.5M	708M	730.6M
Gross margin	51.8%	51.4%	51.8%	52.2%	51.4%	47.5%	46.9%	47.9%	49.4%	50.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	45.6M	47.4M	54.3M	55.7M	73.4M	81.8M	92.5M	95.7M	88.2M	80.1M
Operating expenses	50.6M	47M	53.5M	54.4M	71.8M	76.7M	89.3M	95.7M	88.2M	80.1M
Operating income	277.4M	297.7M	310.6M	326.5M	341M	326.1M	349.7M	373.1M	415.9M	441.6M
Operating margin	32.4%	32.6%	32.1%	32%	30.8%	26%	25.4%	26.6%	29%	30.4%
Non-operating income, net	2.3M	1.9M	8.3M	57.7M	-9.3M	47.8M	54.9M	66.7M	97M	78.6M
Pretax income	184.5M	206.6M	221.4M	287.2M	236M	272.1M	295.5M	316.5M	384.5M	398.8M
Income tax	—	—	—	—	—	0	0	-10.5M	-354K	-3.3M
Net income	187.1M	210.4M	226.4M	295.9M	241.4M	276M	298.8M	329.7M	384.8M	402.1M
Net margin	21.9%	23.1%	23.4%	29%	21.8%	22%	21.7%	23.5%	26.8%	27.7%
EBITDA	401.1M	429.1M	455.4M	484.8M	503.3M	570.6M	611.7M	652.9M	710.6M	729.4M
EPS	0.96	1.09	1.2	1.54	1.25	1.43	1.53	1.69	1.96	2.01
Diluted EPS	0.96	1.08	1.19	1.54	0.35	1.43	1.53	1.69	1.96	2.01

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	368.5M	289M	366.8M	375M	366.2M	341.5M	367.5M	372.6M	373.4M	353.3M	379.6M	—
Cost of revenue	199.2M	169.4M	177.2M	193.3M	192M	162.8M	174.3M	186.9M	191.6M	166.9M	175.4M	—
Gross profit	169.3M	119.6M	189.6M	181.7M	174.2M	178.7M	193.2M	185.7M	181.8M	186.4M	204.2M	—
Gross margin	45.9%	41.4%	51.7%	48.5%	47.6%	52.3%	52.6%	49.8%	48.7%	52.8%	53.8%	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	22.8M	20.2M	23.4M	22.6M	23.1M	19.1M	19.3M	21.5M	20.2M	19.1M	21.8M	—
Operating expenses	22.8M	20.2M	23.4M	22.6M	23.1M	19.1M	19.3M	21.5M	20.2M	19.1M	21.8M	—
Operating income	95.6M	48.5M	115M	107.8M	100.2M	109.1M	122.9M	111.5M	109.3M	114.3M	129.3M	—
Operating margin	25.9%	16.8%	31.4%	28.7%	27.4%	32%	33.4%	29.9%	29.3%	32.4%	34.1%	—
Non-operating income, net	15.6M	67.6M	31.1M	8M	20.7M	20.7M	20.4M	2M	22M	17.9M	13.7M	—
Pretax income	80.1M	85.4M	114.7M	82.1M	86.9M	100.4M	114.4M	83.5M	100.4M	100.5M	111.5M	—
Income tax	0	—	-239K	0	0	-115K	—	—	—	—	—	—
Net income	80.7M	96.4M	115.3M	82.1M	86.9M	100.6M	114.4M	83.5M	100.4M	103.8M	111.5M	—
Net margin	21.9%	33.4%	31.4%	21.9%	23.7%	29.4%	31.1%	22.4%	26.9%	29.4%	29.4%	—
EBITDA	164.5M	168.9M	183.8M	162.1M	175.9M	188.5M	195.9M	167.6M	181.8M	184M	197.7M	—
EPS	0.41	0.49	0.59	0.42	0.44	0.5	0.57	0.42	0.5	0.52	0.56	0.5
Diluted EPS	0.41	0.49	0.59	0.42	0.44	0.5	0.57	0.42	0.5	0.52	0.56	0.5

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.1B	7.7B	8.6B	12.7B	11.5B	16B	12B	13.1B	12.5B	11.6B	13B
Enterprise value	8.1B	9.9B	10.9B	15.1B	14.2B	19.2B	15.4B	16.6B	15.7B	14.9B	16B
Shares outstanding	169.6M	174M	177.9M	180.8M	182.2M	182.9M	185.8M	186.1M	187.4M	192.1M	192.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	32.7	36.8	38.2	43	47.8	58.1	40.2	39.8	32.4	29	31.4
P/S	7.14	8.49	8.92	12.5	10.4	12.8	8.73	9.35	8.71	8.03	8.31
P/B	5.65	7.04	7.24	9.63	8.85	10.8	7.91	8.76	6.84	6.42	7.17
EV/EBITDA	20.3	23.1	24	31.2	28.2	33.7	25.2	25.5	22.1	20.5	21
EV/Sales	9.51	10.9	11.3	14.8	12.8	15.3	11.2	11.8	10.9	10.3	10.2
Earnings yield	3.06%	2.72%	2.62%	2.33%	2.09%	1.72%	2.49%	2.51%	3.08%	3.45%	3.18%
FCF yield	3.81%	3.25%	2.69%	1.46%	2.16%	1.9%	1.89%	1.76%	2.85%	2.87%	4.66%
PEG	—	—	—	—	—	—	—	—	—	—	1.65

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	51.8%	51.4%	51.8%	52.2%	51.4%	47.5%	46.9%	47.9%	49.4%	50.4%	51.3%
Operating margin	32.4%	32.6%	32.1%	32%	30.8%	26%	25.4%	26.6%	29%	30.4%	32.1%
Net margin	21.9%	23.1%	23.4%	29%	21.8%	22%	21.7%	23.5%	26.8%	27.7%	25.6%
ROE	17.3%	19.1%	19%	22.4%	18.5%	18.6%	19.7%	22%	21.1%	22.2%	22.9%
ROA	5.38%	5.83%	5.77%	7.13%	5.46%	5.2%	5.44%	5.87%	6.82%	7%	5.91%
ROIC	—	—	—	—	—	6.99%	7.13%	7.44%	8.28%	8.64%	8.64%
Return on tangible assets	5.38%	5.83%	5.77%	7.13%	5.46%	5.2%	5.44%	5.87%	6.82%	7%	6.94%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.66	0.35	0.57	0.15	0.09	0.18	0.09	0.13	0.11	0.17	0.14
Quick ratio	0.66	0.35	0.57	0.15	0.09	0.18	0.09	0.13	0.11	0.17	0.18
Debt / equity	1.93	2	1.97	1.82	2.04	2.2	2.23	2.35	1.76	1.83	1.82
Debt / assets	0.6	0.61	0.6	0.58	0.6	0.62	0.62	0.63	0.57	0.58	0.57
Net debt / EBITDA	5.07	5.04	5.01	4.91	5.25	5.57	5.53	5.38	4.5	4.52	4.47
Interest coverage	2.81	3.05	3.11	3.76	3.3	3.5	3.53	3.39	3.79	4.04	3.97
Effective tax rate	—	—	—	—	—	0%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.05	5.24	5.44	5.64	6.08	6.86	7.4	7.55	7.65	7.55	8.1
EPS (basic)	0.96	1.09	1.2	1.54	1.25	1.43	1.53	1.69	1.96	2.01	2.01
EPS (diluted)	0.96	1.08	1.19	1.54	0.35	1.43	1.53	1.69	1.96	2.01	2.07
Book value per share	6.38	6.32	6.71	7.31	7.16	8.12	8.17	8.05	9.73	9.45	9.06
FCF per share	1.37	1.45	1.31	1.03	1.37	1.67	1.22	1.24	1.9	1.74	1.67
Cash per share	0.33	0.2	0.39	0.16	0.13	0.51	0.01	0.02	0.03	0.14	0.07
Capex per share	—	—	—	—	—	—	—	—	—	1.23	1.23

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	16.3%	16.3%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	41.5%	41.5%
Payout ratio	86.1%	86.7%	89.5%	77.5%	106.4%	99.9%	104.1%	103.9%	95.6%	100.7%	102.2%
Dividend yield	2.64%	2.35%	2.35%	1.8%	2.23%	1.72%	2.59%	2.61%	2.95%	3.48%	3.36%

Yield

3.36%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.543

ex-dividend Sep 25, 2026

Payout ratio

102%

of earnings

Dividend growth

20 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 25, 2026	$0.543
Jun 26, 2026	$0.543
Mar 27, 2026	$0.543

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$368.5M	$289M	$366.8M	$375M	$366.2M	$341.5M	$367.5M	$372.6M	$373.4M	$353.3M	$379.6M	—
YoY change	-2.17%	-14.2%	+5.39%	+2.65%	-0.64%	+18.2%	+0.19%	-0.64%	+1.95%	+3.44%	+3.28%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	56.3M	35.6M	69M	28.9M	24.1M	94.1M	2.6M	4.2M	5.6M	26.1M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	142.4M	85.1M	139.9M	66.4M	59.9M	163.4M	67.7M	79.9M	75.3M	119.5M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	3.5B	3.6B	3.9B	4.2B	4.4B	5.3B	5.5B	5.6B	5.6B	5.7B
Accounts payable	—	—	102.9M	124.7M	129.7M	172.3M	175.1M	151.6M	159.2M	152.5M
Short-term debt	—	30M	—	160M	222M	349M	198M	31M	77M	105M
Total current liabilities	214.6M	244.4M	245.3M	443.5M	669.3M	896.5M	785M	627.5M	694.2M	714M
Long-term debt	2.1B	2.2B	2.3B	2.2B	2.4B	2.9B	3.2B	3.5B	3.1B	3.2B
Total liabilities	2.4B	2.5B	2.7B	2.8B	3.1B	3.8B	4B	4.1B	3.8B	3.9B
Shareholders' equity	1.1B	1.1B	1.2B	1.3B	1.3B	1.5B	1.5B	1.5B	1.8B	1.8B
Total debt	2.1B	2.2B	2.3B	2.4B	2.7B	3.3B	3.4B	3.5B	3.2B	3.3B
Net debt	2B	2.2B	2.3B	2.4B	2.6B	3.2B	3.4B	3.5B	3.2B	3.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	7.4M	38.5M	4.2M	15.1M	13.3M	18.5M	5.6M	26.2M	9.9M	13.2M	26.1M	18.8M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	75.5M	109.4M	79.9M	96.6M	87.2M	95.4M	75.3M	95.2M	133.3M	136.1M	119.5M	129.5M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	5.6B	5.6B	5.6B	5.6B	5.6B	5.6B	5.6B	5.6B	5.7B	5.7B	5.7B	5.7B
Accounts payable	172.9M	189.1M	151.6M	171.1M	177.8M	207.6M	159.2M	161.8M	170.8M	197M	152.5M	169.7M
Short-term debt	205M	—	31M	6M	14M	32.5M	77M	63M	90M	45M	105M	89.5M
Total current liabilities	836.9M	626.8M	627.5M	637.9M	677.7M	706.7M	694.2M	697.4M	750.7M	703.4M	714M	727.5M
Long-term debt	3.2B	3.5B	3.5B	3.5B	3.5B	3.4B	3.1B	3.1B	3.2B	3.2B	3.2B	3.2B
Total liabilities	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B	3.8B	3.8B	3.9B	3.9B	3.9B	3.9B
Shareholders' equity	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B
Total debt	3.5B	3.5B	3.5B	3.5B	3.5B	3.5B	3.2B	3.2B	3.2B	3.3B	3.3B	3.3B
Net debt	3.4B	3.5B	3.5B	3.5B	3.5B	3.5B	3.2B	3.1B	3.2B	3.3B	3.3B	3.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	187.1M	210.4M	226.4M	295.9M	241.4M	276M	298.8M	329.7M	384.8M	402.1M
Depreciation & amortization	121.9M	125M	138.7M	154M	157.8M	191.4M	207.1M	209.1M	209.4M	213.7M
Stock-based compensation	6.3M	10.7M	11.2M	7.6M	13.1M	12.7M	8.8M	17.8M	9.4M	7.3M
Change in working capital	44.1M	39.2M	50.7M	52.8M	4.3M	33.8M	-404K	-32.3M	23.5M	-36M
Operating cash flow	342.6M	378.3M	415.5M	504.8M	411.9M	510M	468M	545.7M	593.3M	571.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	-237.1M
Investing cash flow	-4M	-43.5M	17.3M	7.2M	122K	-89.4M	-29.8M	-4M	9.4M	-293.5M
Dividends paid	-161.2M	-182.3M	-202.6M	-229.2M	-256.9M	-275.7M	-311M	-342.6M	-367.7M	-405M
Share repurchases	-229K	-136.3M	0	0	0	—	—	—	—	—
Financing cash flow	-171M	-105.7M	-272.5M	-289.5M	-413.5M	-16M	-734.5M	-905.6M	-386M	-294M
Net change in cash	167.6M	229.1M	160.3M	222.5M	-1.4M	404.6M	-296.3M	-363.9M	216.7M	-16.4M
Free cash flow	232.9M	251.9M	232.5M	185.5M	249.5M	304.8M	226.5M	230.9M	355.4M	334.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	66M	80.7M	96.4M	115.3M	82.1M	86.9M	100.6M	114.4M	83.5M	100.4M	103.8M	111.5M
Depreciation & amortization	52.8M	52.3M	52.1M	52.4M	52.7M	52.3M	51.9M	52.2M	53.9M	53.5M	54.2M	54.3M
Stock-based compensation	9.4M	2.6M	2.6M	2.5M	2.5M	2.2M	2.1M	2.3M	2.7M	2.5M	-298K	2.1M
Change in working capital	-26.1M	8.5M	-25.2M	42.8M	14.1M	13.6M	-46.5M	30.2M	-8.2M	-3.3M	-54.7M	26M
Operating cash flow	108M	151.3M	140.2M	198.8M	143.8M	152.9M	98.4M	198.2M	130.5M	147M	99.5M	194.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	-71.3M	-61.2M	-45.3M
Investing cash flow	-319K	-2.8M	-3.2M	1.8M	8.1M	-307K	-274K	-4.5M	-56.1M	-70.4M	-57.9M	-45.4M
Dividends paid	-87.5M	-87.5M	-87.5M	-87.5M	-93.4M	-93.4M	-93.4M	-95.6M	-103.1M	-103.1M	-103.2M	-103.1M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-218.7M	-343.1M	-155.2M	-288.5M	-182.8M	-240.9M	10.3M	-328.1M	-508.1M	-242.8M	602.9M	-344.2M
Net change in cash	-111.1M	-194.5M	-18.2M	-87.9M	-31M	-88.3M	108.4M	-134.4M	-433.7M	-166.2M	644.5M	-195.4M
Free cash flow	19.8M	69.7M	43.4M	144M	80.6M	91.1M	39.7M	148.2M	71.8M	75.7M	38.3M	148.9M

Date	Ratio
Oct 16, 2019	2:1
Jul 16, 2013	2:1
Apr 25, 1994	2:1

Equity LifeStyle Properties, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history