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Arphra AIPlain-English read on Equity LifeStyle Properties, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.32B | $1.37B | $1.4B | $1.43B | $1.53B | $1.57B | $1.64B | $1.71B | $1.86B |
| Cost of revenue | $1.05B | $730.4M | $731.74M | $725.29M | $955.09M | $840.7M | $922.9M | $942.07M | $1.04B |
| Gross profit | $262.05M | $644.56M | $672.53M | $708.01M | $576.3M | $718.93M | $747.45M | $785.89M | $821.93M |
| Gross margin | +19.92% | +46.88% | +47.89% | +49.40% | +37.63% | +45.79% | +45.58% | +45.91% | +44.26% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $81.78M | $92.5M | $95.71M | $88.19M | $53.58M | $87.67M | $89.97M | $94.59M | $103.97M |
| Total operating expenses | -$120.88M | $294.86M | $299.45M | $292.07M | $58.43M | $237.78M | $248.16M | $260.78M | $285.21M |
| Operating income | $382.93M | $349.7M | $373.09M | $415.94M | $517.87M | $457.62M | $490.97M | $504.34M | $558.52M |
| Operating margin | +29.11% | +25.43% | +26.57% | +29.02% | +33.82% | +29.15% | +29.94% | +29.47% | +30.08% |
| EBITDA | $572.42M | $622.44M | $660.63M | $731.57M | $607.68M | $705.15M | $740.57M | $787.9M | $859.78M |
| EBIT | $383.97M | $415.39M | $451.53M | $522.17M | $398.79M | $489.44M | $502.4M | $548.73M | $589.45M |
| Below the line | |||||||||
| Interest expense | $108.72M | $116.56M | $132.34M | $137.71M | $133.9M | $141.3M | $152.56M | $162.08M | $167.13M |
| Interest income | $7.02M | $7.43M | $9.04M | $9.24M | $18.34M | $13.12M | $13.64M | $14.44M | $15.48M |
| Other income / expense | -$106.93M | -$50.87M | -$53.9M | -$31.48M | -$119.08M | — | — | — | — |
| Pre-tax income | $276M | $298.83M | $319.19M | $384.46M | $398.79M | $394.7M | $420.25M | $424.99M | $478.51M |
| Income tax expense | $0 | $0 | -$10.49M | -$354K | -$3.27M | -$5.65M | -$5.65M | -$6.12M | -$6.61M |
| Earnings | |||||||||
| Net income | $262.48M | $284.63M | $314.21M | $367.01M | $386.51M | $385.62M | $405.06M | $421.55M | $457.43M |
| Net income · continuing ops | $276M | $298.83M | $329.68M | $384.82M | $402.06M | $403.3M | $422.42M | $424.32M | $484.16M |
| Net margin | +19.95% | +20.70% | +22.38% | +25.61% | +25.24% | +24.56% | +24.70% | +24.63% | +24.63% |
| EPS · basic | $1.43 | $1.53 | $1.69 | $1.96 | $1.93 | $2.01 | $2.20 | $2.40 | $2.48 |
| EPS · diluted | $1.43 | $1.53 | $1.69 | $1.96 | $1.93 | $2.03 | $2.19 | $2.38 | $2.45 |
| EPS · low estimate | — | — | — | — | — | $2.02 | $2.18 | $2.35 | $2.32 |
| EPS · high estimate | — | — | — | — | — | $2.03 | $2.20 | $2.40 | $2.52 |
| Shares · basic | 182.92M | 185.78M | 186.06M | 187.44M | 200.06M | 198.75M | 199.08M | 199.02M | 200.66M |
| Shares · diluted | 182.92M | 195.26M | 195.43M | 196.64M | 200.11M | 200.58M | 201.8M | 200.41M | 198.94M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 6 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 6 | 5 | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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