ELS vs VMRK: Equity Lifestyle Properties and VIVMARK RESIDENTIAL compared
VIVMARK RESIDENTIAL is the larger company, worth $24.6B, about 2.0 times Equity Lifestyle Properties.
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- VIVMARK RESIDENTIAL is the larger company, worth $24.6B, about 2.0 times Equity Lifestyle Properties.
- Equity Lifestyle Properties grew revenue faster over the last year (+3.2% vs +2.8%).
- VIVMARK RESIDENTIAL keeps more of each dollar of revenue as operating profit (28.2% vs 26.1%).
- On earnings, VIVMARK RESIDENTIAL is the cheaper stock (28.4x vs 31.0x).
- Equity Lifestyle Properties's price assumes faster free cash flow growth: about 13% a year, against 4% for VIVMARK RESIDENTIAL (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ELS | VMRK |
|---|---|---|
| Market cap | $12.2B | $24.6B |
| Share price | $62.95 | $65.51 |
| Revenue (last fiscal year) | $1.5B | $3.1B |
| Free cash flow (last fiscal year) | $334M | $1.3B |
| Revenue growth, last year | +3.2% | +2.8% |
| Revenue growth per year, last 5 fiscal years | +3.9% | +5.9% |
| Operating margin | 26.1% | 28.2% |
| Net margin | 25.4% | 28.0% |
| Return on equity | 22.9% | 8.3% |
| P/E (trailing) | 31.0x | 28.4x |
| Price / free cash flow | 32.8x | 20.3x |
| EV / EBITDA | — | 14.6x |
| FCF growth the price implies | 12.9% | 4.2% |
| Dividend yield | 3.4% | — |
| Debt / equity | 1.89x | 0.79x |
| Fundamental grade | C | C |
| Superinvestors holding it | 14 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equity Lifestyle Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $305M | 20.7% |
| 2022 | $1.4B | $227M | 20.4% |
| 2023 | $1.5B | $231M | 21.5% |
| 2024 | $1.5B | $355M | 24.9% |
| 2025 | $1.5B | $334M | 25.6% |
VIVMARK RESIDENTIAL
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.5B | $1.1B | 68.0% |
| 2022 | $3.1B | $1.2B | 36.1% |
| 2023 | $2.9B | $1.2B | 40.4% |
| 2024 | $3.0B | $1.3B | 29.3% |
| 2025 | $3.1B | $1.3B | 28.1% |
Where the revenue comes from
Equity Lifestyle Properties · by segments, 2025
VIVMARK RESIDENTIAL
No segment breakdown reported.
Questions
Which is bigger, Equity Lifestyle Properties or VIVMARK RESIDENTIAL?
VIVMARK RESIDENTIAL (VMRK), at $24.6B against $12.2B.
Is ELS or VMRK cheaper?
By trailing P/E, VIVMARK RESIDENTIAL (28.4x) is cheaper than Equity Lifestyle Properties (31.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, ELS or VMRK?
Equity Lifestyle Properties: revenue grew +3.2% over the last year, against +2.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.