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Equity Lifestyle Pptys Inc Financials

ELS
Trailing 12 months to March 31, 2026
Revenue $1.5B +1.0% YoY
Net Income $399.2M +4.0% YoY
EPS (Diluted) $2.00 +3.1% YoY
Free Cash Flow Not reported for the trailing 12 months
Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

Equity Lifestyle Pptys Inc (ELS) reported $1.5B in revenue over the twelve months to Mar 31, 2026, up 1.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ELS FY2025

Profitability keeps widening despite nearly flat revenue, while debt and distributions absorb more of the operating cash stream.

In FY2025, net income improved while operating cash flow declined from FY2024, indicating weaker cash conversion despite better reported earnings. That matters because dividends rose to $388M while debt-to-equity moved from 1.8x to 1.9x, committing more of the cash stream to distributions within a debt-funded structure.

With revenue nearly flat, operating margin rose to 25.6% from 24.9% in FY2024, pointing to margin expansion rather than volume-led growth. Net margin also widened to 26.3% from 25.2%, showing the improvement reached the bottom line.

Total liabilities increased in FY2025 while debt-to-equity rose to 1.9x from 1.8x in FY2024, so the balance sheet remains materially debt-funded even with positive equity. Because 2025 free cash flow and capital expenditures are not reported, cash available after reinvestment cannot be assessed from these figures.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 60 / 100
Financial Health Score 60/100
Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Equity Lifestyle Pptys Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin
64
FFO Growth
54
Leverage
44
Interest Cov.
72
AFFO Margin
67
Dividend Cov.
58
Piotroski F-Score Partial
4/7

Equity Lifestyle Pptys Inc passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.42x

For every $1 of reported earnings, Equity Lifestyle Pptys Inc generates $1.42 in operating cash flow ($571.1M OCF vs $402.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.99x

Equity Lifestyle Pptys Inc earns $2.99 in operating income for every $1 of interest expense ($391.3M vs $131.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.5B
YoY+0.3%
5Y CAGR+6.5%
10Y CAGR+6.4%

Equity Lifestyle Pptys Inc generated $1.5B in revenue in fiscal year 2025. This represents an increase of 0.3% from the prior year.

EBITDA
$600.2M
YoY+2.7%

Equity Lifestyle Pptys Inc's EBITDA was $600.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.7% from the prior year.

Net Income
$402.1M
YoY+4.5%
5Y CAGR+10.7%
10Y CAGR+10.3%

Equity Lifestyle Pptys Inc reported $402.1M in net income in fiscal year 2025. This represents an increase of 4.5% from the prior year.

EPS (Diluted)
$2.01
YoY+2.6%
5Y CAGR+10.0%

Equity Lifestyle Pptys Inc earned $2.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 2.6% from the prior year.

Cash & Balance Sheet

Cash & Debt
$26.1M
YoY+6.3%
5Y CAGR+1.7%
10Y CAGR-11.3%

Equity Lifestyle Pptys Inc held $26.1M in cash against $3.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
$2.06
YoY+7.9%

Equity Lifestyle Pptys Inc paid $2.06 per share in dividends in fiscal year 2025. This represents an increase of 7.9% from the prior year.

Shares Outstanding
194M
YoY+1.5%
5Y CAGR+1.2%

Equity Lifestyle Pptys Inc had 194M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin
25.6%
YoY+0.6pp

Equity Lifestyle Pptys Inc's operating margin was 25.6% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.

Net Margin
26.3%
YoY+1.0pp
5Y CAGR+4.7pp
10Y CAGR+7.9pp

Equity Lifestyle Pptys Inc's net profit margin was 26.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.

Return on Equity
22.9%
YoY+0.8pp
5Y CAGR+3.3pp
10Y CAGR+6.6pp

Equity Lifestyle Pptys Inc's ROE was 22.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

ELS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ELS quarterly income statement
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Revenue$397.6M+6.4%$373.9M-4.9%$393.3M+4.4%$376.9M-2.7%$387.3M+4.0%$372.3M-3.9%$387.3M+1.9%$380.0M
SG&A Expenses$11.1M+23.0%$9.0M+2.7%$8.8M-15.9%$10.5M+13.2%$9.2M+12.2%$8.2M-11.2%$9.3M+3.2%$9.0M
Operating Income$112.4M+13.5%$99.0M+0.4%$98.6M+17.1%$84.2M-23.1%$109.5M+8.0%$101.4M+22.4%$82.8M+1.5%$81.5M
Interest Expense$33.6M-1.1%$34.0M+1.0%$33.7M+4.5%$32.2M+3.4%$31.1M-1.6%$31.6M-13.3%$36.5M+1.3%$36.0M
Income TaxN/AN/AN/AN/AN/A-$115K$0$0
Net Income$111.5M+7.4%$103.8M+3.4%$100.4M+20.2%$83.5M-27.0%$114.4M+13.8%$100.6M+15.8%$86.9M+5.8%$82.1M
EPS (Diluted)$0.56+7.7%$0.52+4.0%$0.50+19.0%$0.42-26.3%$0.57+11.8%$0.51+15.9%$0.44+4.8%$0.42

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

ELS Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ELS quarterly balance sheet
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Total Assets$5.7B+0.1%$5.7B0.0%$5.7B+0.5%$5.7B+1.4%$5.6B-0.1%$5.6B0.0%$5.6B0.0%$5.6B
Cash & Equivalents$39.2M+50.1%$26.1M-33.5%$39.3M+19.0%$33.0M-30.5%$47.5M+93.2%$24.6M-39.2%$40.4M+13.3%$35.7M
GoodwillN/A$17.6MN/AN/AN/A$17.6MN/AN/A
Total Liabilities$3.9B-0.1%$3.9B-0.1%$3.9B+0.7%$3.9B+2.6%$3.8B-0.3%$3.8B-7.9%$4.1B+0.3%$4.1B
Long-Term DebtN/A$3.3BN/AN/AN/A$3.2BN/AN/A
Total Equity$1.8B+0.3%$1.8B+0.2%$1.8B+1.3%$1.7B-1.1%$1.7B+0.5%$1.7B+22.1%$1.4B-1.0%$1.4B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Retained Earnings.

ELS Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ELS quarterly cash flow statement
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Operating Cash Flow$194.2M+95.3%$99.5M-32.3%$147.0M+12.0%$131.3M-32.1%$193.4M+83.6%$105.3M-29.6%$149.5M+4.5%$143.1M
Investing Cash Flow-$44.3M+17.0%-$53.4M+20.2%-$66.8M+41.6%-$114.6M-170.7%-$42.3M+35.8%-$65.9M-39.4%-$47.3M+11.3%-$53.3M
Financing Cash Flow-$136.8M-130.9%-$59.3M+19.8%-$73.9M-136.8%-$31.2M+75.7%-$128.2M-132.2%-$55.2M+43.4%-$97.5M+3.9%-$101.4M
Dividends Paid$99.8M0.0%$99.8M-3.2%$103.1M0.0%$103.1M+13.1%$91.2M+2.4%$89.1M-4.7%$93.4M0.0%$93.4M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

ELS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

ELS quarterly financial ratios
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Operating Margin28.3%+1.8pp26.5%+1.4pp25.1%+2.7pp22.4%-5.9pp28.3%+1.1pp27.2%+5.8pp21.4%-0.1pp21.5%
Net Margin28.0%+0.3pp27.8%+2.3pp25.5%+3.4pp22.1%-7.4pp29.5%+2.5pp27.0%+4.6pp22.4%+0.8pp21.6%
Return on Equity6.3%+0.4pp5.9%+0.2pp5.7%+0.9pp4.8%-1.7pp6.5%+0.8pp5.8%-0.3pp6.1%+0.4pp5.7%
Return on Assets1.9%+0.1pp1.8%+0.1pp1.8%+0.3pp1.5%-0.6pp2.0%+0.2pp1.8%+0.2pp1.5%+0.1pp1.5%
Debt-to-Equity2.23+0.3x1.91-0.3x2.240.0x2.26+0.1x2.18+0.3x1.84-1.1x2.910.0x2.87

Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.

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Frequently Asked Questions

What is Equity Lifestyle Pptys Inc's annual revenue?

Equity Lifestyle Pptys Inc (ELS) reported $1.5B in total revenue for fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Equity Lifestyle Pptys Inc's revenue growing?

Equity Lifestyle Pptys Inc (ELS) revenue grew by 0.3% year-over-year, from $1.5B to $1.5B in fiscal year 2025.

Is Equity Lifestyle Pptys Inc profitable?

Yes, Equity Lifestyle Pptys Inc (ELS) reported a net income of $402.1M in fiscal year 2025, with a net profit margin of 26.3%.

Equity Lifestyle Pptys Inc (ELS) reported diluted earnings per share of $2.01 for fiscal year 2025. This represents a 2.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Equity Lifestyle Pptys Inc (ELS) had EBITDA of $600.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Equity Lifestyle Pptys Inc (ELS) had $26.1M in cash and equivalents against $3.3B in long-term debt.

Equity Lifestyle Pptys Inc (ELS) had an operating margin of 25.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Equity Lifestyle Pptys Inc (ELS) had a net profit margin of 26.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Equity Lifestyle Pptys Inc (ELS) paid $2.06 per share in dividends during fiscal year 2025.

Equity Lifestyle Pptys Inc (ELS) has a return on equity of 22.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Equity Lifestyle Pptys Inc (ELS) generated $571.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Equity Lifestyle Pptys Inc (ELS) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Equity Lifestyle Pptys Inc (ELS) had 194M shares outstanding as of fiscal year 2025.

Equity Lifestyle Pptys Inc (ELS) had a debt-to-equity ratio of 1.91 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Equity Lifestyle Pptys Inc (ELS) had a return on assets of 7.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Equity Lifestyle Pptys Inc (ELS) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Equity Lifestyle Pptys Inc (ELS) has an earnings quality ratio of 1.42x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Equity Lifestyle Pptys Inc (ELS) has an interest coverage ratio of 2.99x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Equity Lifestyle Pptys Inc (ELS) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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