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EQUITY LIFESTYLE PROPERTIES INC

ELS Clue Score49
United States Fiscal year ends December CIK 0000895417
$59.01 +0.87% Close, 9 Oct 2026
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Price $59.01 −27.89% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue870.4Operating income315.2Net income187.1EPS, diluted1.92Fiscal year 2017Revenue14.1 −98.4%Operating income336.7Net income210.4 +12.4%EPS, diluted1.08Fiscal year 2018Revenue15.2 +7.5%Operating income355.6Net income226.4 +7.6%EPS, diluted1.19Fiscal year 2019Revenue19.1 +25.8%Net income295.9 +30.7%EPS, diluted1.54Fiscal year 2020Revenue21.7 +13.8%Net income241.4 −18.4%EPS, diluted1.25Fiscal year 2021Revenue1,316.4 +5,955.5%Operating income272.2Net income276.0 +14.3%EPS, diluted1.43Fiscal year 2022Revenue1,447.1 +9.9%Operating income295.5Net income298.8 +8.3%EPS, diluted1.53Fiscal year 2023Revenue1,489.4 +2.9%Operating income320.1Net income329.7 +10.3%EPS, diluted1.69Fiscal year 2024Revenue1,526.2 +2.5%Operating income380.7Net income384.8 +16.7%EPS, diluted1.96Fiscal year 2025Revenue1,531.4 +0.3%Operating income391.3Net income402.1 +4.5%EPS, diluted2.01
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 870.4 14.1 15.2 19.1 21.7 1,316.4 1,447.1 1,489.4 1,526.2 1,531.4
Growth −98.4% +7.5% +25.8% +13.8% +5,955.5% +9.9% +2.9% +2.5% +0.3%
Operating income 315.2 336.7 355.6 n/a n/a 272.2 295.5 320.1 380.7 391.3
Net income 187.1 210.4 226.4 295.9 241.4 276.0 298.8 329.7 384.8 402.1
Growth +12.4% +7.6% +30.7% −18.4% +14.3% +8.3% +10.3% +16.7% +4.5%
EPS, diluted 1.92 1.08 1.19 1.54 1.25 1.43 1.53 1.69 1.96 2.01

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin36.2%Net margin21.5%Fiscal year 2017Operating margin2,382.7%Net margin1,488.7%Free cash flow margin1,667.0%Fiscal year 2018Operating margin2,340.7%Net margin1,490.3%Free cash flow margin1,068.9%Fiscal year 2019Net margin1,548.4%Free cash flow margin2,015.7%Fiscal year 2020Net margin1,110.5%Free cash flow margin957.8%Fiscal year 2021Operating margin20.7%Net margin21.0%Free cash flow margin8.4%Fiscal year 2022Operating margin20.4%Net margin20.7%Free cash flow margin23.7%Fiscal year 2023Operating margin21.5%Net margin22.1%Fiscal year 2024Operating margin24.9%Net margin25.2%Fiscal year 2025Operating margin25.6%Net margin26.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 36.2% 2,382.7% 2,340.7% n/a n/a 20.7% 20.4% 21.5% 24.9% 25.6%
Net margin 21.5% 1,488.7% 1,490.3% 1,548.4% 1,110.5% 21.0% 20.7% 22.1% 25.2% 26.3%
Free cash flow margin n/a 1,667.0% 1,068.9% 2,015.7% 957.8% 8.4% 23.7% n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow352.4Buybacks−0.2Dividends paid−140.1Fiscal year 2017Operating cash flow378.0Capital expenditure−142.4Free cash flow235.6Buybacks0.0Dividends paid−163.8Fiscal year 2018Operating cash flow414.1Capital expenditure−251.7Free cash flow162.4 −31.1%Buybacks0.0Dividends paid−190.2Fiscal year 2019Operating cash flow443.5Capital expenditure−58.3Free cash flow385.2 +137.2%Dividends paid−216.1Fiscal year 2020Operating cash flow417.4Capital expenditure−209.2Free cash flow208.2 −45.9%Dividends paid−242.9Fiscal year 2021Operating cash flow509.0Capital expenditure−398.0Free cash flow111.0 −46.7%Dividends paid−261.7Fiscal year 2022Operating cash flow475.8Capital expenditure−132.8Free cash flow343.0 +208.9%Dividends paid−296.1Fiscal year 2023Operating cash flow548.0Dividends paid−326.4Fiscal year 2024Operating cash flow596.7Dividends paid−350.6Fiscal year 2025Operating cash flow571.1Dividends paid−388.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 352.4 378.0 414.1 443.5 417.4 509.0 475.8 548.0 596.7 571.1
Capital expenditure n/a −142.4 −251.7 −58.3 −209.2 −398.0 −132.8 n/a n/a n/a
Free cash flow n/a 235.6 162.4 385.2 208.2 111.0 343.0 n/a n/a n/a
Growth −31.1% +137.2% −45.9% −46.7% +208.9%
Buybacks −0.2 0.0 0.0 n/a n/a n/a n/a n/a n/a n/a
Dividends paid −140.1 −163.8 −190.2 −216.1 −242.9 −261.7 −296.1 −326.4 −350.6 −388.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash61.8Total debt2,091.3Net cash (debt)−2,029.5Shareholders’ equity1,008.5Debt to equity2.07Fiscal year 2017Cash35.6Total debt2,200.0Net cash (debt)−2,164.4Shareholders’ equity1,032.0Debt to equity2.13Fiscal year 2018Cash69.0Total debt2,359.5Net cash (debt)−2,290.6Shareholders’ equity1,121.6Debt to equity2.10Fiscal year 2019Cash28.9Total debt2,248.5Net cash (debt)−2,219.6Shareholders’ equity1,249.8Debt to equity1.80Fiscal year 2020Cash24.1Total debt2,444.9Net cash (debt)−2,420.9Shareholders’ equity1,233.7Debt to equity1.98Fiscal year 2021Cash123.4Total debt3,274.2Net cash (debt)−3,150.8Shareholders’ equity1,415.1Debt to equity2.31Fiscal year 2022Cash22.3Total debt3,388.0Net cash (debt)−3,365.6Shareholders’ equity1,445.4Debt to equity2.34Fiscal year 2023Cash29.9Total debt3,518.6Net cash (debt)−3,488.7Shareholders’ equity1,428.7Debt to equity2.46Fiscal year 2024Cash24.6Total debt3,204.7Net cash (debt)−3,180.1Shareholders’ equity1,740.7Debt to equity1.84Fiscal year 2025Cash26.1Total debt3,345.9Net cash (debt)−3,319.7Shareholders’ equity1,756.3Debt to equity1.91
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 61.8 35.6 69.0 28.9 24.1 123.4 22.3 29.9 24.6 26.1
Total debt 2,091.3 2,200.0 2,359.5 2,248.5 2,444.9 3,274.2 3,388.0 3,518.6 3,204.7 3,345.9
Net cash (debt) −2,029.5 −2,164.4 −2,290.6 −2,219.6 −2,420.9 −3,150.8 −3,365.6 −3,488.7 −3,180.1 −3,319.7
Shareholders’ equity 1,008.5 1,032.0 1,121.6 1,249.8 1,233.7 1,415.1 1,445.4 1,428.7 1,740.7 1,756.3
Debt to equity 2.07 2.13 2.10 1.80 1.98 2.31 2.34 2.46 1.84 1.91

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
36.2% 2,382.7% 2,340.7% n/a n/a 20.7% 20.4% 21.5% 24.9% 25.6%
21.2% 1,462.0% 1,457.8% 1,502.6% 1,085.7% 20.7% 20.4% n/a n/a n/a
21.5% 1,488.7% 1,490.3% 1,548.4% 1,110.5% 21.0% 20.7% 22.1% 25.2% 26.3%
n/a 1,667.0% 1,068.9% 2,015.7% 957.8% 8.4% 23.7% n/a n/a n/a
Spending
3.6% 224.6% 248.1% 186.7% 180.7% 3.0% 3.1% 3.2% 2.5% 2.4%
n/a 1,007.6% 1,656.9% 305.1% 962.3% 30.2% 9.2% n/a n/a n/a
n/a n/a n/a n/a n/a 0.0% 0.0% n/a n/a n/a
Returns
18.6% 20.4% 20.2% 23.7% 19.6% 19.5% 20.7% 23.1% 22.1% 22.9%
5.4% 5.8% 5.8% 7.1% 5.5% 5.2% 5.4% 5.9% 6.8% 7.0%
Balance and payout
2.07 2.13 2.10 1.80 1.98 2.31 2.34 2.46 1.84 1.91
68.9% 69.5% 69.6% 68.2% 70.5% 72.0% 72.4% 73.3% 67.7% 68.4%
74.8% 77.8% 84.0% 73.0% 100.6% 94.8% 99.1% 99.0% 91.1% 96.5%
n/a 69.5% 117.1% 56.1% 116.7% 235.8% 86.3% n/a n/a n/a