Equity Lifestyle Properties
ELS NYSE Single-Family Residential REITs Financials FY2016–FY2025
Equity Lifestyle Properties' revenue rose 0.3% to $1.5 billion in fiscal 2025. Its operating margin was 25.6%, up from 24.9% a year earlier. Free cash flow was $334 million, down 6.0%. It paid out $388 million in dividends and buybacks, 116% of free cash flow. The diluted share count rose 1.8%.
Revenue
Total sales reported in the income statement.
$1.5B
0.3%
vs prior year
Operating margin
Operating income as a share of revenue.
25.6%
0.6 pts
Net income
Profit after all expenses, interest and tax.
$402M
4.5%
Free cash flow
Cash from operations minus capital spending.
$334M
6.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.7%
0.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$12.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
30.4x
On $2.00 EPS (TTM)
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.
What Equity Lifestyle Properties does
No business description yet.
- Legal name
- EQUITY LIFESTYLE PROPERTIES, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-008722
0000895417
Revenue and margins
Equity Lifestyle Properties had $1.5B of revenue in fiscal 2025, up 0.3% on the year before.
FY16
Revenue $870M
FY17
Revenue $925M
FY18
Revenue $987M
FY19
Revenue $1.0B
FY20
Revenue $1.1B
FY21
Revenue $1.3B
FY22
Revenue $1.4B
FY23
Revenue $1.5B
FY24
Revenue $1.5B
FY25
Revenue $1.5B
Q2 '23
Revenue $370M
Q3 '23
Revenue $389M
Q4 '23
Revenue $361M
Q1 '24
Revenue $387M
Q2 '24
Revenue $380M
Q3 '24
Revenue $387M
Q4 '24
Revenue $372M
Q1 '25
Revenue $387M
Q2 '25
Revenue $377M
Q3 '25
Revenue $393M
Q4 '25
Revenue $374M
Q1 '26
Revenue $398M
FY16
Gross —
Operating 36.2%
Net 21.5%
FCF 26.8%
FY17
Gross —
Operating 36.4%
Net 22.7%
FCF 25.5%
FY18
Gross —
Operating 36.0%
Net 22.9%
FCF 16.5%
FY19
Gross —
Operating —
Net 28.5%
FCF 37.1%
FY20
Gross —
Operating —
Net 21.6%
FCF 18.6%
FY21
Gross —
Operating 20.7%
Net 21.0%
FCF 8.4%
FY22
Gross —
Operating 20.4%
Net 20.7%
FCF 23.7%
FY23
Gross —
Operating 21.5%
Net 22.1%
FCF 15.5%
FY24
Gross —
Operating 24.9%
Net 25.2%
FCF 23.3%
FY25
Gross —
Operating 25.6%
Net 26.3%
FCF 21.8%
Gross
Operating
Net
FCF
Q2 '23
Gross —
Operating 17.6%
Net 17.9%
FCF 15.1%
Q3 '23
Gross —
Operating 20.8%
Net 20.8%
FCF 17.9%
Q4 '23
Gross —
Operating 23.7%
Net 26.7%
FCF 12.0%
Q1 '24
Gross —
Operating 29.8%
Net 29.8%
FCF 37.3%
Q2 '24
Gross —
Operating 21.5%
Net 21.6%
FCF 21.2%
Q3 '24
Gross —
Operating 21.4%
Net 22.4%
FCF 23.5%
Q4 '24
Gross —
Operating 27.2%
Net 27.0%
FCF 10.7%
Q1 '25
Gross —
Operating 28.3%
Net 29.5%
FCF 38.3%
Q2 '25
Gross —
Operating 22.4%
Net 22.2%
FCF 19.1%
Q3 '25
Gross —
Operating 25.1%
Net 25.5%
FCF 19.3%
Q4 '25
Gross —
Operating 26.5%
Net 27.8%
FCF 10.3%
Q1 '26
Gross —
Operating 28.3%
Net 28.0%
FCF 37.5%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 8.6% a year. Loss periods are shown in red.
FY16
Net income $187M
FY17
Net income $210M
FY18
Net income $226M
FY19
Net income $296M
FY20
Net income $241M
FY21
Net income $276M
FY22
Net income $299M
FY23
Net income $330M
FY24
Net income $385M
FY25
Net income $402M
Q2 '23
Net income $66.0M
Q3 '23
Net income $80.7M
Q4 '23
Net income $96.4M
Q1 '24
Net income $115M
Q2 '24
Net income $82.1M
Q3 '24
Net income $86.9M
Q4 '24
Net income $101M
Q1 '25
Net income $114M
Q2 '25
Net income $83.5M
Q3 '25
Net income $100M
Q4 '25
Net income $104M
Q1 '26
Net income $112M
FY16
Diluted EPS $0.96
FY17
Diluted EPS $1.08
FY18
Diluted EPS $1.19
FY19
Diluted EPS $1.54
FY20
Diluted EPS $1.25
FY21
Diluted EPS $1.43
FY22
Diluted EPS $1.53
FY23
Diluted EPS $1.69
FY24
Diluted EPS $1.96
FY25
Diluted EPS $2.01
Q2 '23
Diluted EPS $0.34
Q3 '23
Diluted EPS $0.41
Q4 '23
Diluted EPS $0.50
Q1 '24
Diluted EPS $0.59
Q2 '24
Diluted EPS $0.42
Q3 '24
Diluted EPS $0.44
Q4 '24
Diluted EPS $0.51
Q1 '25
Diluted EPS $0.57
Q2 '25
Diluted EPS $0.42
Q3 '25
Diluted EPS $0.50
Q4 '25
Diluted EPS $0.52
Q1 '26
Diluted EPS $0.56
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 8.1%
Return on equity 19.4%
Return on assets 5.4%
FY17
Return on capital 8.3%
Return on equity 20.6%
Return on assets 5.9%
FY18
Return on capital 8.3%
Return on equity 21.0%
Return on assets 6.0%
FY19
Return on capital 8.8%
Return on equity 25.0%
Return on assets 7.3%
FY20
Return on capital 7.4%
Return on equity 19.4%
Return on assets 5.6%
FY21
Return on capital 6.5%
Return on equity 20.8%
Return on assets 5.7%
FY22
Return on capital 6.2%
Return on equity 20.9%
Return on assets 5.5%
FY23
Return on capital 6.5%
Return on equity 22.9%
Return on assets 5.9%
FY24
Return on capital 7.6%
Return on equity 24.3%
Return on assets 6.8%
FY25
Return on capital 7.7%
Return on equity 23.0%
Return on assets 7.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $334M in fiscal 2025, 21.8% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $233M
FY17
Free cash flow $236M
FY18
Free cash flow $162M
FY19
Free cash flow $385M
FY20
Free cash flow $208M
FY21
Free cash flow $111M
FY22
Free cash flow $343M
FY23
Free cash flow $231M
FY24
Free cash flow $355M
FY25
Free cash flow $334M
Q2 '23
Free cash flow $55.9M
Q3 '23
Free cash flow $69.7M
Q4 '23
Free cash flow $43.4M
Q1 '24
Free cash flow $144M
Q2 '24
Free cash flow $80.6M
Q3 '24
Free cash flow $91.1M
Q4 '24
Free cash flow $39.7M
Q1 '25
Free cash flow $148M
Q2 '25
Free cash flow $71.8M
Q3 '25
Free cash flow $75.7M
Q4 '25
Free cash flow $38.3M
Q1 '26
Free cash flow $149M
FY16
Cash from operations $352M
Capital spending $119M
FY17
Cash from operations $378M
Capital spending $142M
FY18
Cash from operations $414M
Capital spending $252M
FY19
Cash from operations $444M
Capital spending $58.3M
FY20
Cash from operations $417M
Capital spending $209M
FY21
Cash from operations $509M
Capital spending $398M
FY22
Cash from operations $476M
Capital spending $133M
FY23
Cash from operations $548M
Capital spending $317M
FY24
Cash from operations $597M
Capital spending $241M
FY25
Cash from operations $571M
Capital spending $237M
Cash from operations
Capital spending
Q2 '23
Cash from operations $108M
Capital spending $51.9M
Q3 '23
Cash from operations $152M
Capital spending $82.2M
Q4 '23
Cash from operations $129M
Capital spending $85.9M
Q1 '24
Cash from operations $199M
Capital spending $54.7M
Q2 '24
Cash from operations $143M
Capital spending $62.5M
Q3 '24
Cash from operations $150M
Capital spending $58.4M
Q4 '24
Cash from operations $105M
Capital spending $65.6M
Q1 '25
Cash from operations $193M
Capital spending $45.2M
Q2 '25
Cash from operations $131M
Capital spending $59.5M
Q3 '25
Cash from operations $147M
Capital spending $71.3M
Q4 '25
Cash from operations $99.5M
Capital spending $61.2M
Q1 '26
Cash from operations $194M
Capital spending $45.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Equity Lifestyle Properties returned $388M to shareholders in fiscal 2025, 116% of free cash flow. The diluted share count rose 1.8%.
FY16
Dividends $140M
Buybacks $0.2M
FY17
Dividends $164M
Buybacks $0.0M
FY18
Dividends $190M
Buybacks $0.0M
FY19
Dividends $216M
Buybacks $0.0M
FY20
Dividends $243M
Buybacks $0.0M
FY21
Dividends $262M
Buybacks $0.0M
FY22
Dividends $296M
Buybacks $0.0M
FY23
Dividends $326M
Buybacks $0.0M
FY24
Dividends $351M
Buybacks $0.0M
FY25
Dividends $388M
Buybacks $0.0M
Dividends
Buybacks
Q2 '23
Dividends $83.3M
Buybacks $0.0M
Q3 '23
Dividends $83.4M
Buybacks $0.0M
Q4 '23
Dividends $83.4M
Buybacks $0.0M
Q1 '24
Dividends $83.4M
Buybacks $0.0M
Q2 '24
Dividends $89.0M
Buybacks $0.0M
Q3 '24
Dividends $89.1M
Buybacks $0.0M
Q4 '24
Dividends $89.1M
Buybacks $0.0M
Q1 '25
Dividends $91.2M
Buybacks $0.0M
Q2 '25
Dividends $98.4M
Buybacks $0.0M
Q3 '25
Dividends $98.5M
Buybacks $0.0M
Q4 '25
Dividends $99.8M
Buybacks $0.0M
Q1 '26
Dividends $99.8M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.19B
FY17
Diluted shares 0.19B
FY18
Diluted shares 0.19B
FY19
Diluted shares 0.19B
FY20
Diluted shares 0.19B
FY21
Diluted shares 0.19B
FY22
Diluted shares 0.20B
FY23
Diluted shares 0.20B
FY24
Diluted shares 0.20B
FY25
Diluted shares 0.20B
Value Equity Lifestyle Properties yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.3B and divides by 200.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 30.4x · peers 25.3x · sector 27.8x.
Balance sheet
Cash, debt and the ratios that show how comfortably Equity Lifestyle Properties can carry it.
FY16
Cash $61.8M
Debt $2.1B
FY17
Cash $35.6M
Debt $2.2B
FY18
Cash $69.0M
Debt $2.4B
FY19
Cash $28.9M
Debt $2.2B
FY20
Cash $24.1M
Debt $2.4B
FY21
Cash $123M
Debt $3.3B
FY22
Cash $22.3M
Debt $3.4B
FY23
Cash $29.9M
Debt $3.5B
FY24
Cash $24.6M
Debt $3.2B
FY25
Cash $26.1M
Debt $3.3B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $123M | $22.3M | $29.9M | $24.6M | $26.1M |
| Debt incl. finance leases | $3.3B | $3.4B | $3.5B | $3.2B | $3.3B |
| Net debt / EBITDA | 6.8x | 6.8x | 6.7x | 5.4x | 5.5x |
| Debt / equity | 2.3x | 2.3x | 2.5x | 1.8x | 1.9x |
| Interest coverage | 2.5x | 2.5x | 2.4x | 2.8x | 3.0x |
| Total assets | $5.3B | $5.5B | $5.6B | $5.6B | $5.7B |
| Total liabilities | $3.8B | $4.0B | $4.1B | $3.8B | $3.9B |
| Shareholders' equity | $1.4B | $1.4B | $1.4B | $1.7B | $1.8B |
| Net debt (− = net cash) | $3.2B | $3.4B | $3.5B | $3.2B | $3.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.2M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 18, 2026 | David J ContisDirector | Sold | 3,000 | $67.22 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.9% | −3.8% | −3.0% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Equity Lifestyle Properties ELS | $12.2B | 0.3% | 25.6% | 21.8% | 7.7% | 30.4x | — | |
| American Homes 4 Rent AMH | $11.5B | 7.0% | — | 44.5% | — | 25.3x | — | Compare → |
| Sun Communities SUI | $15.1B | 2.0% | — | 17.7% | — | 10.9x | — | Compare → |
| Invitation Homes INVH | $16.3B | 4.2% | — | — | — | 25.3x | — | Compare → |
| Regency Centers REG | — | 6.9% | 72.3% | 25.3% | 7.7% | 25.4x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $870M | $925M | $987M | $1.0B | $1.1B | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B |
| Operating income | $315M | $337M | $356M | — | — | $272M | $296M | $320M | $381M | $391M |
| Interest expense | $102M | $101M | $105M | $104M | $103M | $109M | $117M | $132M | $138M | $131M |
| Pretax income | $185M | $207M | $221M | $287M | $236M | $272M | $296M | $319M | $385M | $399M |
| Income tax | — | — | — | — | — | $0.0M | $0.0M | −$10.5M | −$0.4M | −$3.3M |
| Net income | $187M | $210M | $226M | $296M | $241M | $276M | $299M | $330M | $385M | $402M |
| Diluted EPS | $0.96 | $1.08 | $1.19 | $1.54 | $1.25 | $1.43 | $1.53 | $1.69 | $1.96 | $2.01 |
| Diluted shares | 0.19B | 0.19B | 0.19B | 0.19B | 0.19B | 0.19B | 0.20B | 0.20B | 0.20B | 0.20B |
| Cash flow | ||||||||||
| Cash from operations | $352M | $378M | $414M | $444M | $417M | $509M | $476M | $548M | $597M | $571M |
| Capital expenditure | $119M | $142M | $252M | $58.3M | $209M | $398M | $133M | $317M | $241M | $237M |
| Free cash flow | $233M | $236M | $162M | $385M | $208M | $111M | $343M | $231M | $355M | $334M |
| Depreciation and amortization | $122M | $124M | $137M | $152M | $155M | $188M | $202M | $204M | $204M | $209M |
| Stock-based compensation | $9.2M | $9.4M | $10.0M | $10.5M | $11.5M | $12.7M | $8.8M | $17.8M | $9.4M | $7.3M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $41.8M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.2M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $140M | $164M | $190M | $216M | $243M | $262M | $296M | $326M | $351M | $388M |
| Dividends and buybacks | $140M | $164M | $190M | $216M | $243M | $262M | $296M | $326M | $351M | $388M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $61.8M | $35.6M | $69.0M | $28.9M | $24.1M | $123M | $22.3M | $29.9M | $24.6M | $26.1M |
| Total debt | $2.1B | $2.2B | $2.4B | $2.2B | $2.4B | $3.3B | $3.4B | $3.5B | $3.2B | $3.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $3.5B | $3.6B | $3.9B | $4.2B | $4.4B | $5.3B | $5.5B | $5.6B | $5.6B | $5.7B |
| Total liabilities | $2.4B | $2.5B | $2.7B | $2.8B | $3.1B | $3.8B | $4.0B | $4.1B | $3.8B | $3.9B |
| Shareholders' equity | $1.0B | $1.0B | $1.1B | $1.2B | $1.2B | $1.4B | $1.4B | $1.4B | $1.7B | $1.8B |
| Margins | ||||||||||
| Operating margin | 36.2% | 36.4% | 36.0% | — | — | 20.7% | 20.4% | 21.5% | 24.9% | 25.6% |
| EBITDA margin | 50.2% | 49.8% | 50.0% | 52.4% | 44.2% | 35.0% | 34.4% | 35.2% | 38.3% | 39.2% |
| Net margin | 21.5% | 22.7% | 22.9% | 28.5% | 21.6% | 21.0% | 20.7% | 22.1% | 25.2% | 26.3% |
| FCF margin | 26.8% | 25.5% | 16.5% | 37.1% | 18.6% | 8.4% | 23.7% | 15.5% | 23.3% | 21.8% |
| Returns | ||||||||||
| Return on capital | 8.1% | 8.3% | 8.3% | 8.8% | 7.4% | 6.5% | 6.2% | 6.5% | 7.6% | 7.7% |
| Return on equity | 19.4% | 20.6% | 21.0% | 25.0% | 19.4% | 20.8% | 20.9% | 22.9% | 24.3% | 23.0% |
| Return on assets | 5.4% | 5.9% | 6.0% | 7.3% | 5.6% | 5.7% | 5.5% | 5.9% | 6.8% | 7.1% |
| Growth | ||||||||||
| Revenue growth | 5.9% | 6.3% | 6.6% | 5.1% | 7.9% | 17.7% | 9.9% | 2.9% | 2.5% | 0.3% |
| Net income growth | 24.3% | 12.4% | 7.6% | 30.7% | −18.4% | 14.3% | 8.3% | 10.3% | 16.7% | 4.5% |
| EPS growth | 24.7% | 12.5% | 10.2% | 29.4% | −18.8% | 14.4% | 7.0% | 10.5% | 16.0% | 2.6% |
| FCF growth | −10.1% | 1.1% | −31.1% | 137.2% | −46.0% | −46.7% | 209.0% | −32.7% | 53.9% | −6.0% |
| Share count change | 0.7% | 0.9% | 1.7% | 1.0% | 0.3% | 0.2% | 1.2% | 0.1% | 0.6% | 1.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.6x | 4.7x | 4.7x | 4.1x | 4.9x | 6.8x | 6.8x | 6.7x | 5.4x | 5.5x |
| Debt / equity | 2.1x | 2.1x | 2.1x | 1.8x | 2.0x | 2.3x | 2.3x | 2.5x | 1.8x | 1.9x |
| Interest coverage | 3.1x | 3.4x | 3.4x | 3.8x | 3.3x | 2.5x | 2.5x | 2.4x | 2.8x | 3.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 13.7% | 15.4% | 25.5% | 5.6% | 18.7% | 30.2% | 9.2% | 21.3% | 15.8% | 15.5% |
| Stock comp / revenue | 1.1% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 0.6% | 1.2% | 0.6% | 0.5% |
| Payouts / FCF | 60.2% | 69.5% | 117.1% | 56.1% | 116.7% | 235.8% | 86.3% | 141.4% | 98.6% | 116.1% |
| Quality scores | ||||||||||
| Accruals ratio | −4.8% | −4.7% | −5.0% | −3.7% | −4.1% | −4.8% | −3.3% | −3.9% | −3.8% | −3.0% |
Source: SEC EDGAR XBRL filings (CIK 0000895417). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.