Equity Lifestyle Properties Inc. Common Stock (ELS)

FairStock Score: 55/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a veteran value investor, I look first at what the business owns and earns. Equity LifeStyle is a REIT with 453 properties and 173,419 sites across 35 states and British Columbia. That scale in site-based residential communities can create a durable moat: residents are sticky, and new supply is hard to build. The filed numbers show fiscal 2025 revenue of $1.5B and net income of $402.1M, or diluted EPS of $2.01, versus fiscal 2024 revenue of $1.5B, net income of $384.8M, and EPS of $1.96. In the quarter ended 2026-03-31, revenue was $397.6M, net income was $111.5M, and diluted EPS was $0.56; compared with the quarter ended 2025-03-31, revenue rose slightly but net income fell from $114.4M. That is steady, not exciting. As a REIT, EPS is distorted by depreciation, and the right measures—FFO and AFFO—are not in the data, so I lean on dividend yield, leverage, revenue trend, and price-to-book. At the 2026-10-13 close of $58.94, FairStock calculates a 3.59% dividend yield, a P/B of 6.51, a P/E of 28.47, EV/EBITDA of 19.73, and a 2.9% FCF yield. Debt-to-equity is 1.82 and ROCE is only 5.91%, while Altman Z is 1.71, so the balance sheet deserves attention. Piotroski is 8/9, which is a positive sign. FairStock scores it 55/100 and classifies it as a stalwart, citing 10.7% annual profit growth and 134.2% revenue growth over five years. The price is near the 52-week low but still not obviously cheap against reported earnings and book value.

In plain English: Equity LifeStyle Properties owns a large portfolio of residential properties — 453 properties with 173,419 sites — and earns rent from them. The business looks reasonably steady: revenue has been growing slowly, profits are positive, and the dividend payment is around 3.6%, but debt is high and the stock price looks full relative to earnings and accounting value. At the 2026-10-13 close of $58.94, the price looks fair-to-expensive against the company’s reported numbers, with the shares near the low end of their 52-week range.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer