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Side-by-side financial comparison of Cannae Holdings, Inc. (CNNE) and Empire State Realty OP, L.P. (ESBA). Click either name above to swap in a different company.
Empire State Realty OP, L.P. is the larger business by last-quarter revenue ($199.2M vs $103.3M, roughly 1.9× Cannae Holdings, Inc.). Empire State Realty OP, L.P. runs the higher net margin — 16.1% vs -90.0%, a 106.2% gap on every dollar of revenue. On growth, Empire State Realty OP, L.P. posted the faster year-over-year revenue change (0.8% vs -6.0%). Empire State Realty OP, L.P. produced more free cash flow last quarter ($50.6M vs $12.0M). Over the past eight quarters, Empire State Realty OP, L.P.'s revenue compounded faster (4.9% CAGR vs -3.4%).
Cannae Holdings, Inc. is a diversified holding company that primarily invests in and operates businesses across multiple sectors including financial services, restaurant and hospitality, technology, and healthcare. Its core market is the United States, and it focuses on driving long-term stakeholder value through active portfolio management and strategic operational support for its portfolio companies.
Empire State Realty OP, L.P. is a real estate operating partnership focused on owning, managing, and leasing premium commercial and retail properties primarily in the New York City metropolitan area. Its portfolio includes iconic landmarks like the Empire State Building, serving corporate tenants, retail brands and tourism-related business segments.
CNNE vs ESBA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $103.3M | $199.2M |
| Net Profit | $-93.0M | $32.2M |
| Gross Margin | 15.2% | — |
| Operating Margin | -23.3% | 17.8% |
| Net Margin | -90.0% | 16.1% |
| Revenue YoY | -6.0% | 0.8% |
| Net Profit YoY | -101.7% | 71.2% |
| EPS (diluted) | $-2.09 | $0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $103.3M | $199.2M | ||
| Q3 25 | $106.9M | $197.7M | ||
| Q2 25 | $110.2M | $191.3M | ||
| Q1 25 | $103.2M | $180.1M | ||
| Q4 24 | $109.9M | $197.6M | ||
| Q3 24 | $113.9M | $199.6M | ||
| Q2 24 | $118.0M | $189.5M | ||
| Q1 24 | $110.7M | $181.2M |
| Q4 25 | $-93.0M | $32.2M | ||
| Q3 25 | $-68.4M | $13.6M | ||
| Q2 25 | $-238.8M | $11.4M | ||
| Q1 25 | $-113.0M | $15.8M | ||
| Q4 24 | $-46.1M | $18.8M | ||
| Q3 24 | $-13.6M | $22.8M | ||
| Q2 24 | $-155.0M | $28.6M | ||
| Q1 24 | $-89.9M | $10.2M |
| Q4 25 | 15.2% | — | ||
| Q3 25 | 17.1% | — | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | 18.3% | — | ||
| Q2 24 | 21.9% | — | ||
| Q1 24 | 14.9% | — |
| Q4 25 | -23.3% | 17.8% | ||
| Q3 25 | -12.3% | 19.9% | ||
| Q2 25 | -55.3% | 18.4% | ||
| Q1 25 | -20.7% | 14.3% | ||
| Q4 24 | -20.0% | 21.7% | ||
| Q3 24 | -15.9% | 22.7% | ||
| Q2 24 | -19.5% | 20.8% | ||
| Q1 24 | -36.7% | 17.1% |
| Q4 25 | -90.0% | 16.1% | ||
| Q3 25 | -64.0% | 6.9% | ||
| Q2 25 | -216.7% | 6.0% | ||
| Q1 25 | -109.5% | 8.8% | ||
| Q4 24 | -41.9% | 9.5% | ||
| Q3 24 | -11.9% | 11.4% | ||
| Q2 24 | -131.4% | 15.1% | ||
| Q1 24 | -81.2% | 5.6% |
| Q4 25 | $-2.09 | $0.11 | ||
| Q3 25 | $-1.25 | $0.05 | ||
| Q2 25 | $-3.93 | $0.04 | ||
| Q1 25 | $-1.81 | $0.05 | ||
| Q4 24 | $-0.75 | $0.07 | ||
| Q3 24 | $-0.22 | $0.08 | ||
| Q2 24 | $-2.49 | $0.10 | ||
| Q1 24 | $-1.27 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $182.0M | $132.7M |
| Total DebtLower is stronger | $70.8M | — |
| Stockholders' EquityBook value | $1.0B | — |
| Total Assets | $1.3B | $4.5B |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $182.0M | $132.7M | ||
| Q3 25 | $233.8M | $154.1M | ||
| Q2 25 | $66.7M | $94.6M | ||
| Q1 25 | $126.2M | $187.8M | ||
| Q4 24 | $131.5M | $385.5M | ||
| Q3 24 | — | $421.9M | ||
| Q2 24 | — | $535.5M | ||
| Q1 24 | — | $333.6M |
| Q4 25 | $70.8M | — | ||
| Q3 25 | $68.6M | — | ||
| Q2 25 | $168.4M | — | ||
| Q1 25 | $170.6M | — | ||
| Q4 24 | $181.0M | — | ||
| Q3 24 | $181.2M | — | ||
| Q2 24 | $78.2M | — | ||
| Q1 24 | $79.3M | — |
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.3B | — |
| Q4 25 | $1.3B | $4.5B | ||
| Q3 25 | $1.5B | $4.1B | ||
| Q2 25 | $1.8B | $4.1B | ||
| Q1 25 | $2.1B | $4.1B | ||
| Q4 24 | $2.2B | $4.5B | ||
| Q3 24 | $2.3B | $4.4B | ||
| Q2 24 | $2.2B | $4.4B | ||
| Q1 24 | $2.6B | $4.2B |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | 0.10× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.03× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $16.0M | $249.1M |
| Free Cash FlowOCF − Capex | $12.0M | $50.6M |
| FCF MarginFCF / Revenue | 11.6% | 25.4% |
| Capex IntensityCapex / Revenue | 3.9% | 99.6% |
| Cash ConversionOCF / Net Profit | — | 7.74× |
| TTM Free Cash FlowTrailing 4 quarters | $-28.5M | $109.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.0M | $249.1M | ||
| Q3 25 | $-21.6M | $105.3M | ||
| Q2 25 | $-21.6M | $26.7M | ||
| Q1 25 | $9.1M | $83.1M | ||
| Q4 24 | $-12.0M | $260.9M | ||
| Q3 24 | $-31.9M | $102.8M | ||
| Q2 24 | $-10.2M | $37.1M | ||
| Q1 24 | $-36.0M | $70.9M |
| Q4 25 | $12.0M | $50.6M | ||
| Q3 25 | $-24.1M | $72.8M | ||
| Q2 25 | $-23.6M | $-55.1M | ||
| Q1 25 | $7.2M | $41.1M | ||
| Q4 24 | $-14.4M | $88.0M | ||
| Q3 24 | $-33.6M | $-65.1M | ||
| Q2 24 | $-11.8M | $19.5M | ||
| Q1 24 | $-37.3M | $23.2M |
| Q4 25 | 11.6% | 25.4% | ||
| Q3 25 | -22.5% | 36.8% | ||
| Q2 25 | -21.4% | -28.8% | ||
| Q1 25 | 7.0% | 22.8% | ||
| Q4 24 | -13.1% | 44.5% | ||
| Q3 24 | -29.5% | -32.6% | ||
| Q2 24 | -10.0% | 10.3% | ||
| Q1 24 | -33.7% | 12.8% |
| Q4 25 | 3.9% | 99.6% | ||
| Q3 25 | 2.3% | 16.5% | ||
| Q2 25 | 1.8% | 42.8% | ||
| Q1 25 | 1.8% | 23.4% | ||
| Q4 24 | 2.2% | 87.5% | ||
| Q3 24 | 1.5% | 84.1% | ||
| Q2 24 | 1.4% | 9.3% | ||
| Q1 24 | 1.2% | 26.3% |
| Q4 25 | — | 7.74× | ||
| Q3 25 | — | 7.72× | ||
| Q2 25 | — | 2.35× | ||
| Q1 25 | — | 5.27× | ||
| Q4 24 | — | 13.88× | ||
| Q3 24 | — | 4.51× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | — | 6.94× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNNE
| Reportable Segment Aggregation Before Other Operating Segment | $94.9M | 92% |
| Other Operating Revenue | $8.4M | 8% |
ESBA
| Real Estate Segment | $163.8M | 82% |
| Observatory Segment | $35.2M | 18% |
