Vornado Realty Trust

Real Estate Investment Trusts

VNOMixed8 of 11 basics passed

$33.63

-0.53%

Market cap $6.28B

$33.63

-0.53%

Market cap $6.28B

Vornado Realty Trust is a fully integrated real estate investment trust with a portfolio of New York City office, retail, and multifamily assets, and the developer of the new Penn District. While concentrated in New York, the trust also owns assets in both Chicago and San Francisco.

It is a $6.28B real estate company. Revenue grew 1.4% over the last year, and it keeps 4¢ of every dollar of sales as profit. It trades at 92.5× earnings.

Website: vno.com
Location: New York, NY
Employees: 3 145
Sector: Real Estate

Share price · 3 years

$21.68 → $33.63+55.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.83B
Profit: keeps 4¢ of every $1 sold; $67.9M
Free cash flow: cash left after running the business; -$54.9M
P/E: years of profit in the price; 92.5
EPS: earnings per share, TTM; $0.34
Dividend: of the share price, paid yearly; 3.24%
Shares: up 6% since 2016 — dilution; 201.0M
Volatility: beta vs the market — under 1 swings less; 1.62

Revenue, last 8 years

52-week range

Low $24.71$33.63High $40.91

Today's price is 55% of the way from the year's low to its high.

Valuation vs own history

P/E

170.5×

30%

P/S

3.4×

55%

EV/EBITDA

14.5×

97%

P/B

0.9×

59%

FCF yield

1.5%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$3.06Mnet selling

Purchases$0

Sales$3.06M

Insiders trading, last 14d0 buy · 1 sell

Standing in Real Estate

Size$6.28Btop 93%
Revenue growth+0%top 91%
Net margin4%top 89%
Return on equity1%top 91%
P/E92.5×top 95%
Dividend yield3.24%top 79%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Profitability, Health, Quality and Moat lag behind.

Valuation37

P/E vs own history70th pct · 5/25
FCF yield-0.9% · 0/25
P/S3.4x · 20/25
EV/EBITDA17.6x · 12/25

Growth56

Revenue CAGR1.5% · 6/25
Net income CAGR73.0% · 25/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth475.5% · 25/25

Profitability43

ROIC17.6% · 20/25
ROE1.1% · 5/25
Net margin3.7% · 6/25
Operating margin12.1% · 12/25

Health36

Altman Zn/a · 0/25
Current ratio1.50 · 18/25
Interest coverage6.8x · 18/25
Net cash / debtn/a · 0/25

Quality40

Piotroski F5/9 · 15/25
Beneish M-4.12 · 25/25
FCF conversion-81% · 0/25
Margin stabilityσ 74.6% · 0/25

Moat31

ROIC >12% years3/9 yrs · 6/25
Median gross marginn/a · 0/25
FCF-positive years9/9 yrs · 25/25
Worst-year net marginworst -19.4% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q2 2026Insiders
4 open-market insider purchases
~4K shares bought by insiders
FY2019Financial
Best year on record
$3.15B net income
FY2018Financial
Revenue crossed $1B
$2.16B for the year
FY2016Financial
First recorded profitable year
$907M net income
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$8 206 today — price return only

$1.8B revenue in FY2025

Profitable 3 years in a row

Positive free cash flow 10 years in a row

3 145 employees

ROIC of 17.6%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (48.3%)
Interest covered 6.8× by operating earnings
High returns on invested capital (ROIC 17.6%)

Watch-outs

Negative free cash flow (-$54.9M)
Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+1.4% YoY
Profitable — makes more than it spends$67.9M TTM
Profit growing — earnings are higher than last year+1185.7% YoY
Generates cash — cash left after running and investing-$54.9M TTM
Debt under control — could handle its obligationscurrent ratio 1.50
Established company — not a micro-cap — lower blow-up risk$6.28B market cap
Not printing shares — share count not ballooning — you keep your slice+5.2% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distresshealth score 36/100
Pays a dividend — returns cash to shareholdersyield 3.24%
Valuation not extreme — price not wildly above earningsP/E 92.5

Peer comparisonVornado Realty Trust vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
VNO this company	$6.3B	92.5	+1.4%	3.7%	Mixed
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: VNO vs WELL · VNO vs PLD · VNO vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 5Hold 8Sell 3

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.83B · net income $67.9M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$1.83B

YoY 1.4%

Net income (TTM)

$67.9M

Margin 3.7%

Gross margin

48.3%

Operating margin

12.1%

P/E ratio

92.5

Dividend yield

3.24%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.5	1.7	1.8	1.8	1.8	1.8
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	-0.4	—	-0.4	0.1	0.0	1.0
Net income	-0.3	0.1	-0.3	0.1	0.1	0.9
EPS (diluted)	-1.55	0.53	-1.81	0.55	0.36	4.50

Cash flowFree cash flow -$54.9M · operating cash flow $391M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$54.9M

Margin -3.0%

Operating cash flow (TTM)

$391M

FCF margin

-3.0%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.4	0.8	0.8	0.6	0.5	1.3
Capital expenditure	-0.0	—	-0.0	-0.0	0.0	-0.3
Free cash flow	0.4	0.8	0.8	0.6	0.5	1.0
FCF margin	27.7%	44.7%	44.2%	34.0%	30.1%	53.1%

Balance sheetAssets $15.5B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $15.5B of assets is financed

59%

41%

Liabilities $8.72B — borrowed moneyEquity $5.99B — owners' stake

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

6.8x

EBIT ÷ interest expense

ROE

1.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.6	1.8	1.4	1.0	0.7	0.8
Total assets	16.2	17.3	16.5	16.2	16.0	15.5
Total liabilities	8.7	—	10.0	9.8	9.8	8.7
Total debt	—	9.1	—	—	—	—
Equity	6.5	7.2	5.8	5.5	5.2	6.0
Net debt	—	7.3	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of VNO on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $33.63 · market cap $6.28B.