A Business at a Glance
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Vornado is a fully‑integrated REIT and conducts its business through, and substantially all of its interests in properties are held by, the Operating Partnership, a Delaware limited partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025. We currently own all or portions of: New York: •51 Manhattan operating properties consisting of: •19.2 million square feet of office space in 26 of the properties; •2.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.8B | 1.8B | 1.8B | 1.8B | 1.8B | 1.6B |
| Net Income | 843M | 843M | 8.3M | 43M | -409M | 101M |
| EPS | $4.20 | $4.20 | $0.04 | $0.23 | $-2.13 | $0.53 |
| Free Cash Flow | 1.2B | 1.2B | 498M | 596M | 694M | 470M |
| ROIC | 19.9% | 20.7% | 2.0% | 4.4% | -1.9% | 6.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.12 | 0.23 | 0.22 | 0.20 | 0.19 |
| Dividends/Share | $0.70 | $0.70 | $0.68 | $0.68 | $2.12 | $2.13 |
| Operating Income | 1.2B | 1.2B | 421M | 422M | -107M | 322M |
| Operating Margin | 66.8% | 66.8% | 23.6% | 23.3% | -6.0% | 20.2% |
| ROE | 14.1% | 15.1% | 0.2% | 0.8% | -7.0% | 1.6% |
| Shares Outstanding | 201M | 201M | 207M | 189M | 192M | 191M |
VORNADO REALTY TRUST passes 3 of 9 quality checks, indicating weak fundamentals.
VORNADO REALTY TRUST trades at 13.1x trailing earnings, compared to its 15-year median P/E of 16.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.1x vs a median of 26.1x. The company's 5-year average ROIC is 6.3%. Total shareholder yield (dividends + buybacks) is 1.7%. At current prices, the estimated annualized return to fair value is +4.3%.
VORNADO REALTY TRUST (VNORP) has a current P/E ratio of 13.1, compared to its historical median P/E of 16.1. The stock is currently considered Fair based on its historical valuation range.
VORNADO REALTY TRUST (VNORP) has a 5-year average return on invested capital (ROIC) of 6.3%. This is below average and may indicate limited pricing power.
VORNADO REALTY TRUST (VNORP) has a market capitalization of $11.0B. It is classified as a large-cap stock.
Yes, VORNADO REALTY TRUST (VNORP) pays a dividend with a trailing twelve-month yield of 1.28%. The company also returns capital through share buybacks, with a buyback yield of 0.46%.
Based on historical P/E analysis, VORNADO REALTY TRUST (VNORP) appears fair. The current P/E of 13.1 is 19% below its historical median of 16.1. The estimated fair value CAGR (P/E method) is -36.6%.
VORNADO REALTY TRUST (VNORP) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
VORNADO REALTY TRUST (VNORP) reported annual revenue of $1.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
VORNADO REALTY TRUST (VNORP) has a net profit margin of 46.6%. This is a strong margin indicating high profitability.
VORNADO REALTY TRUST (VNORP) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
VORNADO REALTY TRUST (VNORP) has a debt-to-equity ratio of 0.12. This indicates a conservatively financed balance sheet.
VORNADO REALTY TRUST (VNORP) reported earnings per share (EPS) of $4.20 in its most recent fiscal year.
VORNADO REALTY TRUST (VNORP) has a return on equity (ROE) of 15.1%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 15 years of financial data for VORNADO REALTY TRUST (VNORP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VORNADO REALTY TRUST (VNORP) has a book value per share of $29.83, based on its most recent annual SEC filing.