| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 24 | 28.9x | 17.8x | Bottom tier | |
Growth | 46 | 2.5% | 7.1% | Around median | |
Quality | 72 | 9.0% | 4.5% | Top tier | |
Safety | 42 | 5.2x | 2.6x | Around median | |
Capital Return | 64 | 3.43% | 2.12% | Around median | |
Momentum | 45 | 8.5% | 2.9% | Around median | |
Sentiment | 72 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Equity LifeStyle Properties operates a portfolio of manufactured housing communities, recreational vehicle sites, and marinas, a significant proportion of which target customers over the age of 55. The core manufactured housing portfolio represents approximately 60% of total revenue and had 94% occupancy in fiscal Q2 2026, while 97% of residents in these communities own their homes. The company relies on recurring and stable revenue from residents, annual guests, and Thousand Trails members, with these annual streams accounting for more than 90% of core revenue, while annual rentals represent more than 70% of core recreational vehicle revenue.
In the latest available EDGAR filings, the company generated revenue of 397.6 million dollars and net income of 111.5 million dollars in fiscal Q1 2026, equivalent to a calculated net income margin of approximately 28.0% and earnings per share of 0.56 dollars. For the twelve months ended in fiscal 2026, revenue totaled 1.5 billion dollars, net income was 399.2 million dollars, and earnings per share were approximately 1.99 dollars. By comparison, fiscal 2025 recorded revenue of 1.5 billion dollars, net income of 402.1 million dollars, and earnings per share of 2.01 dollars.
Fiscal Q2 2026 results showed operational improvement, with core net operating income growing 6.5% year over year, 120 basis points above prior guidance, and normalized funds from operations per share increasing 7.7% to 0.74 dollars. Core property operating revenue rose 4.9%, compared with a 2.9% increase in core operating expenses, enabling faster net operating income growth. Within the recreational vehicle and marina mix, core annual rental income increased 5.4%, but seasonal and transient rentals came in 170 basis points below guidance.
The average analyst price target is 66.4 dollars, with a relatively wide range of 59 to 72 dollars and a consensus rating of “Buy.” The average is approximately 3.8% below the 52-week range high of 69 dollars, while the highest target exceeds that high and the lowest target is close to the low of 58.72 dollars, reflecting differing assessments of the impact of manufactured housing strength versus transient rental weakness. The absence of a stated price-to-earnings ratio in the data does not allow for a reliable comparison based on the earnings multiple.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
The manufactured housing business is driving growth, representing approximately 60% of total revenue and reaching 94% occupancy in fiscal Q2 2026. Management expects rental growth in this business of between 5.2% and 6.2% during fiscal 2026, after achieving rental rate growth of 5.8% in the quarter. Expense control also contributed to raising normalized funds from operations per share guidance to a range of 3.01 to 3.23 dollars.
Seasonal and transient rentals came in 170 basis points below guidance in fiscal Q2 2026 due to weakness in transient rentals, particularly in June. Management cited the impact of severe weather events and smoke from Canadian wildfires on booking trends during June and early July 2026. It therefore lowered its outlook for transient activity in Q3 and assumed no year-over-year growth in fiscal Q4 2026.
The Thousand Trails portfolio added approximately 800 members in fiscal Q2 2026, and subscription revenue increased 11%. Sales of new memberships exceeded 9 thousand since the launch of the updated products, including approximately 7 thousand during the twelve months preceding the July 23, 2026 call. The membership business's net contribution reached 17.1 million dollars for the quarter and 34.4 million dollars for the first half, with 9.6% year-over-year growth for the period.
Automated analysis for informational purposes only — not investment advice.
Occupancy reached 93.7% at the end of June 2026 after an increase of 67 occupied sites and the addition of 140 expansion sites during the first half of fiscal 2026. Management said occupancy increased by approximately 70 units over two quarters and that more than half of the properties maintain occupancy of 98%. However, the pace of reaching 95% depends on completing the recovery from the effects of the 2024 and 2025 storms and introducing home inventory into the communities.
ELS is working on four new manufactured housing projects in Florida comprising approximately 500 sites and has completed a 140-site expansion at an age-qualified property in the Tampa-St. Petersburg area. In fiscal Q2 2026, it added seven recreational vehicle communities comprising approximately 1,400 sites to the non-core portfolio, including two in California and Colorado and five in the Southeastern United States. Longer-term revenue streams represent approximately 40% of the revenue from these seven properties, and the company is seeking to increase this percentage.
The debt-to-adjusted earnings before interest, taxes, depreciation, and amortization ratio was 4.4 times, and interest coverage was 5.6 times in fiscal Q2 2026. The company has access to approximately 1.2 billion dollars of capital through its credit facility and at-the-market programs, while its variable-rate exposure is limited to balances drawn under the credit facility. Management stated that ten-year loans were being offered at yields of between 5.25% and 5.75%, with loan-to-value ratios of between 55% and 70%.
