ELS
Equity LifeStyle Properties, Inc.
ELS's fundamentals are mixed, but it looks cheap: trading at 30x earnings, below its usual 43x. Analysts expect earnings growth.
ELS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
ELS's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like ELS.
ELS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 29x | $61.53 | — |
| Current | 30x | $61.53 | — |
| Cheap | 32x | $65.09 | +5.8% |
| Fair | 43x | $88.07 | +43% |
| Expensive | 52x | $106 | +72% |
Historical ranges are pointers, not guarantees.
ELS's PE is in its cheap range at 30x. If earnings grow as analysts expect, today's price would be 29x next year's earnings.
ELS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect ELS's earnings to grow and its profitability to improve, with its revenue holding steady.
ELS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.15 | +6% |
| Q3 2026 | $2.03 | +1.5% |
| Q2 2026 | $2.08 | +7.2% |
| Q1 2026 | $2.00 | +3.1% |
| Q4 2025 | $2.01 | +2.6% |
| Q3 2025 | $2.00 | +2.6% |
| Q2 2025 | $1.94 | +1% |
| Q1 2025 | $1.94 | +5.4% |
| Q4 2024 | $1.96 | +16% |
ELS's earnings per share have climbed steadily: $2.03 over the past year, up 1.5% from the year before, and higher year over year for 14 quarters in a row.
ELS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $409.9M | +4.2% |
| Q2 2026 | $397.8M | +5.6% |
| Q1 2026 | $397.6M | +2.7% |
| Q4 2025 | $373.9M | +0.4% |
| Q3 2025 | $393.3M | +1.6% |
| Q2 2025 | $376.9M | -0.8% |
| Q1 2025 | $387.3M | +0.2% |
| Q4 2024 | $372.3M | +3.2% |
ELS's revenue grew through 2023 and has held roughly level since: $410M last quarter, up 4.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | -0.5 points |
| Q2 2026 | 25% | +2.6 points |
| Q1 2026 | 28% | 0 points |
| Q4 2025 | 26% | -0.8 points |
| Q3 2025 | 25% | +3.7 points |
| Q2 2025 | 22% | +0.9 points |
| Q1 2025 | 28% | -1.4 points |
| Q4 2024 | 27% | +3.6 points |
ELS's operating margin was 25% last quarter, down 0.5 points from the same quarter a year ago.
ELS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $101.1M | +33% |
| Q2 2026 | $83.8M | +17% |
| Q1 2026 | $148.9M | +0.5% |
| Q4 2025 | $38.3M | -3.4% |
| Q3 2025 | $75.7M | -17% |
| Q2 2025 | $71.8M | -11% |
| Q1 2025 | $148.2M | +2.9% |
| Q4 2024 | $39.7M | -8.7% |
ELS's free cash flow was $372M over the past year, up 11% from the year before. Free cash flow isn't a meaningful measure for real estate companies like ELS.
ELS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +41K shares |
| 1 year | +0.1% | +124K shares |
| 3 years | +2.5% | +4.8M shares |
| 5 years | +3.9% | +7.5M shares |
| Available history | +4% | +7.8M shares |
ELS has 200M diluted shares, about the same as a year ago.
ELS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.2x | High |
| Q2 2026 | 5.3x | High |
| Q1 2026 | 5.4x | High |
| Q4 2025 | 5.5x | High |
| Q3 2025 | 5.4x | High |
| Q2 2025 | 5.5x | High |
| Q1 2025 | 5.4x | High |
| Q4 2024 | 5.4x | High |
ELS's net debt is about 5.2 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like ELS.
ELS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.3 | Neutral |
| Stochastic | 41.3 | Neutral |
ELS's weekly RSI is 48 (neutral) and its Stochastic is 41 (neutral).
ELS PE vs Real Estate Sector
| Metric | ELS | Sector median | Relative |
|---|---|---|---|
| PE | 30x | 24x | 27% above |
| PE % | 3 | 23 | 20 pts below |
ELS is trading at 30x earnings, a 27% premium to the Real Estate sector's median of 24x.
ELS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $60.3 | 2.1% above |
| 20 week MA | $62.6 | 1.7% below |
| 50 week MA | $63.2 | 2.7% below |
| 100 week MA | $63.4 | 3% below |
| 200 week MA | $65.5 | 6% below |
ELS has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 6% below its 200-week average.
ELS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $69.5 | $61.4 | -12% |
| 2021 | $61.4 | $84.9 | +38% |
| 2022 | $84.9 | $65.0 | -23% |
| 2023 | $65.0 | $70.5 | +8.5% |
| 2024 | $70.5 | $66.6 | -5.6% |
| 2025 | $66.6 | $61.2 | -8.1% |
| 2026 YTD | $61.2 | $61.5 | +0.5% |
ELS has finished lower in four of the last six years. It's up 0.5% so far in 2026.