Empire State Realty OP, L.P. (FISK) Fair Value 2026

FISK · REIT - Office ·

By CirclFi Research Team · Data from SEC EDGAR, FRED & GDELT

Quality Score

7.3 /10

32 fundamental signals · 8 models active

Value Trap Risk

SAFE (6/100)

Quick Summary — As of 2026-08-27, Empire State Realty OP, L.P. (FISK) trades at $4.70, versus a $6.36 median fair value across its 8 active models — 35.4% above the current price. QOC: 7.3/10. Value Trap Risk: 6/100 (SAFE). 8/13 models active.

Key Facts

Ticker
FISK
Price
$4.70
Quality Score
7.3/10
Value Trap Risk
6/100
Models Active
8/13
Last Updated
Strength: 8 independent models provide multi-angle coverage
Risk: Majority of models suggest overvaluation

Is Empire State Realty OP, L.P. (FISK) Undervalued or Overvalued in 2026?

According to CirclFi’s 8-model valuation engine, Empire State Realty OP, L.P. (FISK) appears undervalued as of : the median of 8 independent fair value estimates is $6.36, 35.4% above the current price of $4.70. Estimates range from $0.36 to $13.42. FISK scores 7.3/10 on fundamental quality and 6/100 on value-trap risk.

For context, the median US equity CirclFi rates trades at an implied -23.7% versus its own 13-model consensus, across 3,801 rated companies as of 2026-08-27. FISK’s +35.4% gap is wider than that market norm, and the REIT - Office sector median is -3.1%. Full market index →

This verdict compares price to intrinsic value only — it is not a buy or sell rating. For the decision case (bull vs bear arguments, risk factors, peers), read Should You Buy Empire State Realty OP, L.P. Stock in 2026? →

What Fair Value Does Each Model Give FISK?

8 Intrinsic Value Models vs. Current Price ($4.70)

Core Models (Unlocked)
Model Fair Value Upside
Intrinsic · High Conviction
 $0.36 -92.2%
Ensemble · Low Conviction
 $4.60 -2.2%
Intrinsic · High Conviction
 $0.98 -79.1%
Intrinsic · High Conviction
 $0.52 -89.0%
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What Is FISK's Fair Value Range?

Spread across 8 independent models · $0.36 to $13.42

CirclFi's 8 active models place Empire State Realty OP, L.P. (FISK) between $0.36 and $13.42 per share, a spread of 205% of the median. The median of that range — $6.36 — is the fair value CirclFi publishes for FISK, against a current price of $4.70.

Low · EPVHigh · PWERM
$0.36median $6.36$13.42
Where the range comes from
Most bearish modelEarnings Power Value (EPV)$0.36
Most bullish modelPWERM$13.42
Model agreement4 bullish · 3 bearishwide

A band this wide is itself the finding. When independent methods land far apart, they are reading a business whose value depends heavily on which lens you apply — volatile earnings, heavy reinvestment, or an asset base that cash-flow and asset-based methods score differently. That disagreement is information: it says the choice of method matters more than usual for FISK. Treat the median as one reading among several and compare the individual models below before acting.

Every figure above is one model's standalone output on FISK, not a CirclFi price target. How each model works →

What Is Empire State Realty OP, L.P. (FISK) Worth in 2026?

According to the CirclFi Deep Alpha Valuation Engine, Empire State Realty OP, L.P.'s intrinsic value is estimated at $6.36, presenting a divided outlook at the current price of $4.70. With a median implied return of +35.4% across a split 4–3 (bull–bear) consensus, the model spread of +277.8% underscores analytical uncertainty. Notably, PWERM sees the most upside at +185.6% (fair value: $13.42), while EPV is the most conservative at -92.2% ($0.36). The spread between these extremes — +277.8% — reveals how different analytical frameworks can reach starkly different conclusions.

What Do the Models Say About FISK?

8 of 13 models are currently active for FISK. Of these, 4 models suggest upside while 4 models suggest overvaluation. Taken together, their median fair value for FISK is $6.36 — the figure CirclFi publishes as this stock's fair value. See which stocks rank higher →

How Does FISK Rank in REIT - Office?

Among 22 REIT - Office stocks, FISK ranks #6 by Quality of Company score. CirclFi's QOC score of 7.3/10 evaluates 32 fundamental signals. A score of 7.3 indicates above-average quality.

As a REIT, Empire State Realty OP, L.P. operates in a sector where weighted average lease term (WALT) is a critical driver of valuation. Investors evaluating FISK should weigh these sector-specific dynamics alongside our model-derived fair values.

Is FISK a Value Trap?

CirclFi's Value Trap algorithm assigns FISK a score of 6/100 (SAFE). This indicates minimal risk. Fundamentals are healthy. The score cross-references apparent undervaluation against fundamental deterioration signals. Browse lowest value-trap stocks →

Multi-Model Methodology

8 of 13 models are active for Empire State Realty OP, L.P.. Moderate coverage provides meaningful perspective. Each model applies a fundamentally different valuation philosophy. See the complete methodology →

According to the CirclFi 32-factor quality framework, Empire State Realty OP, L.P.'s fundamental quality profile registers 7.3/10. This respectable score captures the company's profitability depth, growth consistency, balance sheet resilience, and shareholder return track record.

The gap between the most bullish and bearish model spans +277.8% — demonstrating why single-model analysis is dangerous. Browse all stocks with 13-model coverage →

Data Sources & Confidence

Every FISK valuation is built from SEC EDGAR XBRL filings — 700+ standardized financial tags. Macroeconomic context from FRED calibrates discount rates, while GDELT news sentiment feeds into our Sentiment SOTP model. All pipelines run daily. Read the complete data methodology →

Across FISK's 8 active models, average confidence is 40%. Lower confidence may reflect limited history or high volatility.

CirclFi's output is a research starting point, not a buy/sell signal. All data updates daily. Read the full methodology →

This analysis is produced by the CirclFi Valuation Engine using quantitative models applied to SEC EDGAR filings, public market feeds, and FRED macroeconomic indicators. It is not financial advice.

Read the full investment analysis: Should You Buy Empire State Realty OP, L.P. Stock in 2026? →

Bull case, bear case, risk factors & peer comparison — updated daily

Which Similar REIT - Office Stocks Should You Also Analyze?

11 related REIT - Office stocks with 13-model coverage

CUZCousins Properties IncorporatedQOC 7.5OGCPEmpire State Realty OP, L.P.QOC 7.3CDPCOPT Defense PropertiesQOC 7.8ESBAEmpire State Realty OP, L.P.QOC 7.3VNOVornado Realty TrustQOC 7.9HIWHighwoods Properties, Inc.QOC 7.3DEAEasterly Government Properties, Inc.QOC 6.8ONLOrion Properties Inc.QOC 5.8OPIOffice Properties Income TrustQOC 4.4PSTLPostal Realty Trust, Inc.QOC 8.3KRCKilroy Realty CorporationQOC 8.1

Read investment analysis: CUZ · OGCP · CDP · ESBA · VNO · HIW · DEA · ONL · OPI · PSTL · KRC

Which Other Stocks Have a Similar Quality Score to FISK?

6 companies across all industries closest to FISK’s Quality of Company score of 7.3/10.

QUADQuad/Graphics, Inc.QOC 7.3HCCWarrior Met Coal, Inc.QOC 7.3VGVenture Global, Inc.QOC 7.3RMRThe RMR Group Inc.QOC 7.3MRTNMarten Transport, Ltd.QOC 7.3NVDANVIDIA CorporationQOC 10.0

Read investment analysis: QUAD · HCC · VG · RMR · MRTN · NVDA

What Else Do Investors Ask About Empire State Realty OP, L.P.’s Valuation?

What is Empire State Realty OP, L.P.'s intrinsic value in 2026?

CirclFi puts Empire State Realty OP, L.P. (FISK)'s intrinsic value at $6.36 — the median of 8 independent model estimates as of 2026-08-27, ranging from $0.36 to $13.42. The Quality of Company score is 7.3/10 across 32 fundamental signals. All models use SEC EDGAR filings updated daily. See our methodology page for how each model works.

Is FISK overvalued or undervalued right now?

At $4.70, 4 of 8 active models suggest FISK may be undervalued, while 4 indicate potential overvaluation. The median of all 8 fair value estimates is $6.36, 35.4% above the current price of $4.70 — a consensus view that FISK is undervalued. The assessment depends on which methodology best fits Empire State Realty OP, L.P.'s business model in REIT - Office.

What does a Quality of Company score of 7.3 mean for FISK?

Empire State Realty OP, L.P.'s QOC of 7.3/10 reflects 32 fundamental signals: profitability margins, revenue growth consistency, balance sheet leverage, free cash flow generation, and capital allocation efficiency. Scores above 7 indicate strong fundamentals and disciplined management.

How many valuation models does CirclFi run on FISK?

CirclFi analyzes FISK with 13 institutional-grade models daily: Bayesian DCF (Monte Carlo + jump-diffusion), EPV (Greenwald zero-growth), EROIC Spread (McKinsey reinvestment), First Chicago (3-scenario), Markov DDM (regime-switching), ML-RIV (machine learning residual income), Dynamic NAV (asset-based), PWERM (option-theoretic), Regime Cross-Sectional (relative), Sentiment SOTP (hybrid), CUCE Ensemble (meta-model), FTNN Topology (neural network), and RCMH-DCF (conditional regime). Currently 8 of 13 are active for this stock. Read the full methodology →

Which valuation models are most bullish and most bearish on FISK?

Of the 8 models currently active on FISK, PWERM is the most bullish at $13.42 per share, and Earnings Power Value (EPV) is the most bearish at $0.36. CirclFi's published fair value for FISK is the median of that range, $6.36, not either extreme. The gap between the two ends equals 205% of the median — a wide spread, meaning the methods genuinely disagree and the median should carry less weight. Browse stocks by value-trap risk →

Is FISK a value trap in 2026?

Empire State Realty OP, L.P.'s Value Trap score is 6/100 (SAFE). This low score indicates the current valuation is not artificially depressed by fundamental deterioration, suggesting genuine opportunity rather than a trap.

Cite this analysis — “According to CirclFi’s 8-model valuation engine, Empire State Realty OP, L.P. (FISK) has a median fair value of $6.36 — 35.4% above the current price of $4.70 — as of 2026-08-27.” Source: circlfi.com/stock/FISK/ · Methodology
Primary sources for this FISK valuation
  • Financial statements: Empire State Realty OP, L.P. 10-K and 10-Q filings on SEC EDGAR (CIK 0001553079) — 700+ standardized XBRL tags, published by the U.S. Securities and Exchange Commission.
  • Discount-rate inputs: FRED, Federal Reserve Bank of St. Louis — risk-free rates, VIX, yield curve, inflation.
  • News sentiment: The GDELT Project — global media tone, input to the Sentiment SOTP model.
  • Model definitions: CirclFi methodology — the published specification for all 13 models, including the academic sources each one implements.

Market data for FISK as of ; valuations recomputed .

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