# Vornado Realty Trust (VNO) — Stock CV

Vornado Realty Trust 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.

> 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.

## Identity

- **Ticker**: VNO
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: NEW YORK, NY
- **Employees**: 3 145
- **Website**: https://www.vno.com
- **Market cap**: $6.28B
- **Last price**: $33.63
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $1.83B
- **Net income**: $67.9M
- **Free cash flow**: -$54.9M
- **P/E**: 92.5
- **Revenue growth (YoY)**: 1.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 37 |
| Growth | 56 |
| Profitability | 43 |
| Health | 36 |
| Quality | 40 |
| Moat | 31 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +1.4% YoY
- [x] Profitable — $67.9M TTM
- [x] Profit growing — +1185.7% YoY
- [ ] Generates cash — -$54.9M TTM
- [x] Debt under control — current ratio 1.50
- [x] Established company — $6.28B market cap
- [x] Not printing shares — +5.2% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — health score 36/100
- [x] Pays a dividend — yield 3.24%
- [ ] Valuation not extreme — P/E 92.5

## Experience (career milestones)

- **Q2 2026** — 4 open-market insider purchases: ~4K shares bought by insiders
- **FY2019** — Best year on record: $3.15B net income
- **FY2018** — Revenue crossed $1B: $2.16B for the year
- **FY2016** — First recorded profitable year: $907M net income
- **FY2016** — Positive free cash flow every year since: 10-year streak

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.71B | $101M | $762M |
| FY2022 | $1.80B | -$346M | $796M |
| FY2023 | $1.81B | $105M | $615M |
| FY2024 | $1.79B | $70.4M | $538M |
| FY2025 | $1.81B | $905M | $962M |

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Source: https://stockcv.com/VNO — derived from company filings; may be delayed or incomplete. Information, not investment advice.