A Business at a Glance
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VORNADO REALTY TRUST
VNO
$8.0B
Mkt Cap
$39.72
+1.85%
VORNADO REALTY TRUST (VNO) has a current P/E ratio of 9.5, compared to its historical median P/E of 17.8. The stock is currently considered Fair based on its historical valuation range.
VORNADO REALTY TRUST (VNO) has a 5-year average return on invested capital (ROIC) of 5.0%. This is below average and may indicate limited pricing power.
VORNADO REALTY TRUST (VNO) has a market capitalization of $7.5B. It is classified as a mid-cap stock.
Yes, VORNADO REALTY TRUST (VNO) pays a dividend with a trailing twelve-month yield of 1.89%. The company also returns capital through share buybacks, with a buyback yield of 0.68%.
Based on historical P/E analysis, VORNADO REALTY TRUST (VNO) appears fair. The current P/E of 9.5 is 47% below its historical median of 17.8. The estimated fair value CAGR (P/E method) is -31.7%.
VORNADO REALTY TRUST (VNO) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
VORNADO REALTY TRUST (VNO) reported annual revenue of $1.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Vornado is a fully integrated REIT that owns and operates a diversified portfolio of real estate assets primarily concentrated in New York City, with additional holdings in Chicago and San Francisco. The company's New York portfolio comprises 51 Manhattan operating properties totaling approximately 19.2 million square feet of office space, 2.3 million square feet of street retail, and 1,331 residential units, along with multiple development and redevelopment projects including 350 Park Avenue, Sunset Pier 94 Studios, and sites within the PENN District; the company also holds a 32.4% interest in Alexander's, Inc., which owns five properties in the greater New York metropolitan area including the Bloomberg headquarters building and a 312-unit apartment tower. Beyond New York, Vornado owns THE MART, a 3.7 million square foot mixed-use property in Chicago, and maintains a 70% controlling interest in 555 California Street, a 1.8 million square foot office complex in San Francisco's financial district. The company's business model centers on acquiring quality properties at discounts to replacement cost, developing and redeveloping assets to increase returns, and investing in operating companies with significant real estate components, with growth financed through internally generated funds, asset sales, and capital market access. Vornado's competitive positioning is built on its focus on select high-appreciation markets like New York City, its integrated operating platform including Building Maintenance Services LLC for cleaning and security, and its ability to execute complex development projects that enhance long-term value and rental growth potential.
【Significant 2027 earnings inflection】 Management expects 2026 comparable FFO to be slightly higher than 2025, with quarterly ramps driven by GAAP rents coming online, lower interest expense following June 2026 bond repayments, and seasonal signage business dynamics. The company anticipates material earnings growth in 2027 as positive impacts from PENN 1 and PENN 2 lease-up take effect, along with contributions from the recent Park Avenue Plaza acquisition, which is expected to be approximately $0.10 accretive on a full year basis in its first year. New York office occupancy has already reached the low 90s ahead of schedule, with management expecting continued occupancy increases over the next year or so as the strong leasing pipeline executes; mark-to-market spreads are expected to remain positive with free rent and tenant improvement concessions continuing to decline. Balance sheet metrics are improving steadily, with net debt-to-EBITDA improving to 7.7x and fixed charge coverage rising, supported by income from development projects coming online and recent credit rating outlook improvements from S&P.
| Metric | Target | Period |
|---|---|---|
| Comparable FFO | slightly higher than 2025 | FY2026 |
| Park Avenue Plaza accretion | approximately $0.10 per share | full year basis, first year post-acquisition |
| Comparable FFO | significant earnings growth | FY2027 |
Comparable FFO (FY2026): “We now expect full year 2026 Comparable FFO to be slightly higher than 2025, ramping up each quarter due to GAAP rents coming online, lower interest expense after our June 2026 bonds are repaid, and some seasonality relating to our SNO.”
Park Avenue Plaza accretion (full year basis, first year post-acquisition): “We expect the transaction to be approximately $0.10 accretive on a full year basis in the first year.”
Comparable FFO (FY2027): “As previously indicated, we expect there to be significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease-up takes effect, as well as the positive impact of the recent acquisition of Park Avenue Plaza.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.8B | 1.8B | 1.8B | 1.8B | 1.8B | 1.6B |
| Net Income | 733M | 843M | 70M | 43M | -409M | 101M |
| EPS | $3.82 | $4.20 | $0.37 | $0.23 | $-2.13 | $0.53 |
| Free Cash Flow | 1.2B | 962M | 498M | 596M | 694M | 470M |
| ROIC | 0.0% | 15.2% | 3.8% | 3.3% | -1.4% | 4.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.58 | 0.50 | 0.61 | 0.57 | 0.54 | 0.50 |
| Dividends/Share | $0.75 | $0.74 | $0.74 | $0.68 | $2.12 | $2.12 |
| Operating Income | 0 | 1.2B | 483M | 422M | -107M | 322M |
| Operating Margin | 0.0% | 66.8% | 27.0% | 23.3% | -6.0% | 20.2% |
| ROE | 12.2% | 15.1% | 1.3% | 0.8% | -6.8% | 1.6% |
| Shares Outstanding | 188M | 201M | 191M | 189M | 192M | 191M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.3B | 2.0B | 2.0B | 2.1B | 2.2B | 1.9B | 1.5B | 1.6B | 1.8B | 1.8B | 1.8B | 1.8B | 1.8B |
| Gross Margin | N/A | N/A | N/A | N/A | 43.9% | 76.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 169M | 149M | 144M | 151M | 142M | 170M | 182M | 135M | 134M | 163M | 149M | 156M | 160M |
| EBIT | 690M | 619M | 580M | 609M | 583M | 3.5B | -83M | 322M | -107M | 422M | 483M | 1.2B | 0 |
| Op. Margin | 29.8% | 31.2% | 28.9% | 29.2% | 26.9% | N/A | -5.4% | 20.2% | -6.0% | 23.3% | 27.0% | 66.8% | 0.0% |
| Net Income | 783M | 680M | 824M | 162M | 385M | 3.1B | -349M | 101M | -409M | 43M | 70M | 843M | 733M |
| Net Margin | 33.9% | 34.2% | 41.1% | 7.8% | 17.8% | 161.0% | -22.8% | 6.4% | -22.7% | 2.4% | 3.9% | 46.6% | 40.6% |
| Non-Recurring | 27M | 252M | 176M | 501K | 258M | 947M | 618M | 72M | 151M | 167M | 21M | 38M | 3.3M |
| Returns on Capital | |||||||||||||
| ROIC | 8.9% | 9.2% | 8.5% | 10.0% | 11.4% | 52.0% | -1.1% | 4.3% | -1.4% | 3.3% | 3.8% | 15.2% | 0.0% |
| ROE | 11.6% | 10.1% | 12.1% | 2.9% | 8.7% | 55.3% | -5.3% | 1.6% | -6.8% | 0.8% | 1.3% | 15.1% | 12.2% |
| ROA | 3.8% | 3.2% | 3.9% | 0.8% | 2.2% | 17.5% | -2.0% | 0.6% | -2.4% | 0.3% | 0.4% | 5.3% | 4.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.1B | 672M | 995M | 860M | 803M | 663M | 424M | 762M | 799M | 648M | 538M | 1.3B | 1.3B |
| Free Cash Flow | 1.0B | 549M | 608M | 757M | 715M | 553M | 307M | 470M | 694M | 596M | 498M | 962M | 1.2B |
| Owner Earnings | 515M | 66M | 366M | 297M | 298M | 170M | -42M | 291M | 243M | 147M | 38M | 751M | 745M |
| CapEx | 101M | 123M | 388M | 103M | 88M | 110M | 118M | 292M | 105M | 52M | 40M | 297M | 39M |
| Maint. CapEx | 583M | 566M | 595M | 530M | 473M | 439M | 418M | 433M | 526M | 458M | 469M | 481M | 484M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 583M | 566M | 595M | 530M | 473M | 439M | 418M | 433M | 526M | 458M | 469M | 481M | 484M |
| CapEx/OCF | 8.9% | 18.3% | 12.1% | 12.0% | 11.0% | 16.6% | 27.7% | 38.3% | 13.1% | 8.0% | 7.4% | 3.5% | 3.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 548M | 475M | 476M | 496M | 479M | 504M | 827M | 406M | 407M | 129M | 141M | 141M | 141M |
| Dividend Yield | 6.0% | 4.7% | 4.8% | 4.8% | 5.0% | 5.4% | 12.8% | 5.7% | 7.2% | 3.6% | 2.4% | 1.9% | 1.9% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29M | 0 | 51M | 51M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.5% | N/A | 0.8% | 0.7% |
| Stock-Based Comp | 37M | 40M | 34M | 33M | 32M | 54M | 49M | 38M | 29M | 43M | 30M | 25M | 25M |
| Debt Repayment | 1.3B | 2.9B | 1.9B | 632M | 685M | 2.7B | 1.1B | 1.6B | 1.3B | 148M | 97M | 1.9B | 1.9B |
| Balance Sheet | |||||||||||||
| Net Debt | -62M | 141M | -256M | -408M | 1.0B | 793M | 769M | 1.4B | 1.8B | 2.1B | 2.4B | 2.1B | 2.4B |
| Cash & Equiv. | 1.2B | 1.8B | 1.5B | 1.8B | 571M | 1.5B | 1.6B | 1.8B | 890M | 997M | 734M | 841M | 1.1B |
| Long-Term Debt | 1.3B | 1.6B | 1.3B | 1.6B | 1.7B | 1.8B | 1.8B | 2.6B | 2.6B | 2.6B | 2.6B | 2.3B | 2.8B |
| Debt/Equity | 0.20 | 0.32 | 0.21 | 0.37 | 0.39 | 0.35 | 0.37 | 0.50 | 0.54 | 0.57 | 0.61 | 0.50 | 0.58 |
| Interest Coverage | 1.7 | 2.0 | 1.8 | 1.8 | 1.7 | 12.2 | -0.4 | 1.4 | -0.4 | 1.2 | 1.2 | 3.4 | 3.4 |
| Equity | 6.7B | 6.7B | 6.9B | 4.3B | 4.5B | 6.7B | 6.5B | 6.2B | 5.8B | 5.5B | 5.2B | 6.0B | 6.0B |
| Total Assets | 21.2B | 21.1B | 20.8B | 17.4B | 17.2B | 18.3B | 16.2B | 17.3B | 16.5B | 16.2B | 16.0B | 15.5B | 15.9B |
| Total Liabilities | 12.3B | 12.4B | 11.9B | 11.4B | 11.3B | 10.1B | 8.7B | 10.1B | 10.0B | 9.8B | 9.8B | 8.7B | 9.2B |
| Intangibles | 225M | 228M | 190M | 159M | 137M | 31M | 24M | 155M | 140M | 127M | 118M | 111M | 109M |
| Retained Earnings | -1.5B | -1.8B | -1.4B | -4.2B | -4.2B | -2.0B | -2.8B | -3.1B | -3.9B | -4.0B | -4.1B | -3.5B | -3.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 613M | N/A | N/A | N/A | N/A | 367M |
| Per Share Data | |||||||||||||
| EPS | 4.15 | 3.59 | 4.34 | 0.85 | 2.01 | 16.21 | -1.83 | 0.53 | -2.13 | 0.23 | 0.37 | 4.20 | 3.82 |
| Owner EPS | 2.73 | 0.35 | 1.93 | 1.56 | 1.56 | 0.89 | -0.22 | 1.53 | 1.27 | 0.78 | 0.20 | 3.74 | 3.96 |
| Book Value | 35.73 | 35.37 | 36.35 | 22.76 | 23.32 | 35.23 | 34.28 | 32.70 | 30.44 | 29.21 | 27.03 | 29.83 | 31.99 |
| Cash Flow/Share | 6.01 | 3.55 | 5.24 | 4.51 | 4.19 | 3.47 | 2.23 | 3.99 | 4.16 | 3.44 | 2.82 | 6.27 | 6.47 |
| Dividends/Share | 2.90 | 2.51 | 2.51 | 2.62 | 2.52 | 2.64 | 4.34 | 2.12 | 2.12 | 0.68 | 0.74 | 0.74 | 0.75 |
| Shares Out. | 188.8M | 189.4M | 189.8M | 190.6M | 191.5M | 191.1M | 190.6M | 190.7M | 191.8M | 188.6M | 190.8M | 200.7M | 188.1M |
| Valuation | |||||||||||||
| P/E Ratio | 16.8 | 18.6 | 13.0 | 64.7 | 22.6 | 3.2 | N/A | 68.5 | N/A | 122.9 | N/A | 8.0 | 10.4 |
| P/FCF | 10.3 | 18.6 | 17.7 | 13.8 | 12.2 | 17.8 | 19.1 | 14.7 | 5.4 | 8.9 | 15.7 | 7.0 | 6.2 |
| EV/EBIT | 18.9 | 20.7 | 30.2 | 28.5 | 21.9 | 4.1 | N/A | 38.6 | N/A | 24.2 | 32.9 | 8.9 | N/A |
| Price/Book | 1.9 | 1.9 | 1.6 | 2.4 | 1.9 | 1.5 | 0.9 | 1.1 | 0.6 | 1.0 | 1.6 | 1.1 | 1.2 |
| Price/Sales | 4.9 | 6.3 | 5.0 | 5.0 | 4.5 | 4.8 | 4.2 | 4.5 | 3.1 | 2.0 | 3.5 | 4.2 | 4.1 |
| FCF Yield | 7.9% | 4.3% | 5.7% | 7.2% | 8.2% | 5.6% | 5.2% | 6.8% | 18.5% | 11.2% | 5.9% | 14.2% | 16.3% |
| Market Cap | 13.1B | 12.7B | 10.7B | 10.5B | 8.7B | 9.9B | 5.9B | 6.9B | 3.8B | 5.3B | 8.5B | 6.8B | 7.5B |
| Avg. Price | 48.38 | 53.72 | 52.64 | 54.83 | 50.54 | 48.82 | 33.84 | 37.13 | 29.37 | 19.22 | 30.50 | 37.54 | 39.72 |
| Year-End Price | 56.20 | 54.08 | 56.56 | 55.01 | 45.37 | 51.59 | 30.72 | 36.33 | 19.56 | 28.28 | 40.89 | 33.65 | 39.72 |
VORNADO REALTY TRUST passes 3 of 9 quality checks, indicating weak fundamentals.
VORNADO REALTY TRUST trades at 9.5x trailing earnings, compared to its 15-year median P/E of 17.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 6.2x vs a median of 14.3x. The company's 5-year average ROIC is 5.0%. Total shareholder yield (dividends + buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is +7.3%.
VORNADO REALTY TRUST (VNO) has a net profit margin of 46.6%. This is a strong margin indicating high profitability.
VORNADO REALTY TRUST (VNO) generated $962 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
VORNADO REALTY TRUST (VNO) has a debt-to-equity ratio of 0.50. This indicates a conservatively financed balance sheet.
VORNADO REALTY TRUST (VNO) reported earnings per share (EPS) of $4.20 in its most recent fiscal year.
VORNADO REALTY TRUST (VNO) has a return on equity (ROE) of 15.1%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 19 years of financial data for VORNADO REALTY TRUST (VNO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VORNADO REALTY TRUST (VNO) has a book value per share of $29.83, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 comparable FFO to be slightly higher than 2025, with quarterly ramps driven by GAAP rents coming online, lower interest expense following June 2026 bond repayments, and seasonal signage business dynamics. The company anticipates material earnings growth in 2027 as positive impacts from PENN 1 and PENN 2 lease-up take effect, along with contributions from the recent Park Avenue Plaza acquisition, which is expected to be approximately $0.10 accretive on a full year basis in its first year. New York office occupancy has already reached the low 90s ahead of schedule, with management expecting continued occupancy increases over the next year or so as the strong leasing pipeline executes; mark-to-market spreads are expected to remain positive with free rent and tenant improvement concessions continuing to decline. Balance sheet metrics are improving steadily, with net debt-to-EBITDA improving to 7.7x and fixed charge coverage rising, supported by income from development projects coming online and recent credit rating outlook improvements from S&P.
Based on recent SEC filings and earnings calls, VORNADO REALTY TRUST (VNO) has provided the following forward guidance: Comparable FFO: slightly higher than 2025 (FY2026); Park Avenue Plaza accretion: approximately $0.10 per share (full year basis, first year post-acquisition); Comparable FFO: significant earnings growth (FY2027).