# Equity LifeStyle Properties, Inc. (ELS)

> Source: Nexqual · https://nexqual.com/ELS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Equity LifeStyle Properties, Inc. (ELS), nexqual.com/ELS" · informational, not investment advice.

**Price:** USD 61.17 (+3.40% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 59.16 · day 59.54–61.51 · 52w 57.46–69 · market cap $12.3B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.56B, net income $415M (26.6% margin), free cash flow $347M (SEC filings).
- Valuation: P/E 29.5x (avg 35.3x at the last 3 fiscal year-ends).
- Analysts: Buy (mean 2.26 on a 1–5 scale) (19 analysts), mean target USD 68.05 (range 59–78).
- Total return with dividends: 1Y +3.9% vs S&P 500 +14.9%; 5Y -18.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-20, EPS estimate USD 0.53, revenue estimate $391M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.32B | $1.45B | $1.49B | $1.53B | $1.53B | $1.56B |
| Operating income | $272M | $295M | $320M | $381M | $391M | $409M |
| Net income | $276M | $299M | $330M | $385M | $402M | $415M |
| EPS (diluted) | $1.43 | $1.53 | $1.69 | $1.96 | $2.01 | — |
| Free cash flow | $111M | $343M | $231M | $355M | $334M | $347M |
| Operating margin | 20.7% | 20.4% | 21.5% | 24.9% | 25.6% | 26.2% |
| Net margin | 21.0% | 20.7% | 22.1% | 25.2% | 26.3% | 26.6% |
| Revenue growth | +17.7% | +9.9% | +2.9% | +2.5% | +0.3% | — |
| Cash + short-term investments | $123M | $22.3M | $29.9M | $24.6M | $26.1M | — |
| Total debt | $3.27B | $3.39B | $3.52B | $3.20B | $3.35B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 29.5x · P/S 7.8x · P/FCF 35.4x · P/B 7.0x · FCF yield 2.83% · Earnings yield 3.39% · Dividend yield (paid, TTM) 3.29%
P/E at fiscal year-ends: Dec 2025 30.2x, Dec 2024 34.0x, Dec 2023 41.8x.

## Analysts
Consensus Buy (mean 2.26 on a 1–5 scale), 19 analysts; mean target USD 68.05 (low 59, high 78).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Baird | Target lowered | Outperform | $74 → $71 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $69 → $64 |
| 2026-10-14 | Barclays | Target lowered | Equal-Weight | $69 → $66 |
| 2026-10-13 | RBC Capital | Target lowered | Outperform | $71 → $68 |
| 2026-10-06 | UBS | Target lowered | Buy | $76 → $67 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $69 → $68 |
| 2026-09-21 | Mizuho | Downgrade | Outperform → Neutral | $72 → $65 |
| 2026-09-11 | Truist Securities | Target lowered | Hold | $67 → $64 |
| 2026-08-17 | Barclays | Target raised | Equal-Weight | $68 → $69 |
| 2026-08-12 | Morgan Stanley | Target lowered | Equal-Weight | $62.5 → $59 |
| 2026-07-23 | Evercore ISI Group | Target raised | In-Line | $67 → $69 |
| 2026-07-14 | Barclays | Downgrade | Overweight → Equal-Weight | $68 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.9% | -18.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.9% | -3.9% |
| Volatility (annualized) | 18.5% | 20.0% |
| Max drawdown | -14.0% (Jul 2026→Oct 2026) | -32.2% (Dec 2021→Oct 2022) |

## Peers (REIT - Residential)
CPT (Camden Property Trust) USD 102.74 +2.55% · AMH (American Homes 4 Rent) USD 31.9 +3.10% · UDR (UDR, Inc.) USD 36.18 +3.25% · MAA (Mid-America Apartment Communiti) USD 121.17 +2.97% · SUI (Sun Communities, Inc.) USD 119.86 +2.92% · INVH (Invitation Homes Inc.) USD 27.53 +2.69%

## More
Full page: https://nexqual.com/ELS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Property Operations | $376.2M | 96.4% | +5.0% |
| Home Sales and Rentals Operations | $14.2M | 3.6% | -0.1% |
| Total revenue | $390.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gross revenues from home sales, brokered resales and ancillary services | $22.8M | 5.8% | +0.0% |
| Annual membership subscriptions | $18.8M | 4.8% | +11.3% |
| Gross revenues from ancillary services | $12.5M | 3.2% | +3.1% |
| Home sales and brokered resales | $10.3M | 2.6% | -3.5% |
| Membership upgrade revenue | $3.1M | 0.8% | +0.0% |
| Total revenue | $390.4M | 100% | — |
The lines above cover 17.3% of total revenue.

## Company outlook (8-K filed 2026-10-21)

- "Update Fourth quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes."
- "Full year 2026 guidance ranges, including Core portfolio growth rate ranges, have been narrowed to reflect actual results for the nine months ended September 30, 2026, leaving only fourth quarter results subject to estimate."
- "See Forward-Looking Statements in this news release for factors impacting our 2026 guidance assumptions."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.53 | $0.52 | +2.0% | $390.9M | 5 |
| Next quarter (ends 2027-03-31) | $0.59 | $0.59 | +0.1% | $407.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $2.01 | $2.04 | -1.7% | $1.58B | 1 |
| Next fiscal year (ends 2027-12-31) | $2.18 | $2.18 | +0.3% | $1.64B | 6 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 19.2% | ±4.6% |
| 2027-02-19 | 119 | 23.5% | ±10.7% |
| 2027-05-21 | 210 | 20.8% | ±12.5% |