VORNADO REALTY TRUST (VNO) Fundamental Analysis & Valuation

NYSE:VNO • US9290421091

26.94 USD
-1.37 (-4.84%)
At close: Mar 6, 2026
26.94 USD
0 (0%)
After Hours: 3/6/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This VNO fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Taking everything into account, VNO scores 4 out of 10 in our fundamental rating. VNO was compared to 122 industry peers in the Diversified REITs industry. VNO has an average financial health and profitability rating. VNO has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

5

1. VNO Profitability Analysis

1.1 Basic Checks

  • VNO had positive earnings in the past year.
  • In the past year VNO had a positive cash flow from operations.
  • Of the past 5 years VNO 4 years were profitable.
  • Each year in the past 5 years VNO had a positive operating cash flow.
VNO Yearly Net Income VS EBIT VS OCF VS FCFVNO Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 5.43%, VNO belongs to the top of the industry, outperforming 94.26% of the companies in the same industry.
  • The Return On Equity of VNO (14.08%) is better than 91.80% of its industry peers.
  • The Return On Invested Capital of VNO (1.32%) is worse than 77.87% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for VNO is in line with the industry average of 3.10%.
Industry RankSector Rank
ROA 5.43%
ROE 14.08%
ROIC 1.32%
ROA(3y)1.92%
ROA(5y)0.77%
ROE(3y)5.01%
ROE(5y)1.93%
ROIC(3y)1.33%
ROIC(5y)1.29%
VNO Yearly ROA, ROE, ROICVNO Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30 40

1.3 Margins

  • VNO has a Profit Margin of 46.56%. This is amongst the best in the industry. VNO outperforms 96.72% of its industry peers.
  • VNO has a Operating Margin of 14.43%. This is in the lower half of the industry: VNO underperforms 65.57% of its industry peers.
  • VNO's Operating Margin has improved in the last couple of years.
  • VNO has a Gross Margin of 49.19%. This is in the lower half of the industry: VNO underperforms 76.23% of its industry peers.
  • VNO's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 14.43%
PM (TTM) 46.56%
GM 49.19%
OM growth 3Y-4.42%
OM growth 5Y7.83%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.49%
GM growth 5Y0.34%
VNO Yearly Profit, Operating, Gross MarginsVNO Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50 100 150

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ROAROEROICOperating and Profit MarginShow most profitable peers

4

2. VNO Health Analysis

2.1 Basic Checks

  • VNO has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • VNO has about the same amout of shares outstanding than it did 1 year ago.
  • VNO has about the same amout of shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, VNO has an improved debt to assets ratio.
VNO Yearly Shares OutstandingVNO Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M
VNO Yearly Total Debt VS Total AssetsVNO Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

2.2 Solvency

  • VNO has an Altman-Z score of 0.25. This is a bad value and indicates that VNO is not financially healthy and even has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.25, VNO is doing worse than 66.39% of the companies in the same industry.
  • VNO has a debt to FCF ratio of 13.09. This is a negative value and a sign of low solvency as VNO would need 13.09 years to pay back of all of its debts.
  • VNO's Debt to FCF ratio of 13.09 is amongst the best of the industry. VNO outperforms 85.25% of its industry peers.
  • A Debt/Equity ratio of 1.20 is on the high side and indicates that VNO has dependencies on debt financing.
  • With a Debt to Equity ratio value of 1.20, VNO perfoms like the industry average, outperforming 54.10% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.2
Debt/FCF 13.09
Altman-Z 0.25
ROIC/WACC0.23
WACC5.81%
VNO Yearly LT Debt VS Equity VS FCFVNO Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B 8B 10B

2.3 Liquidity

  • A Current Ratio of 1.55 indicates that VNO should not have too much problems paying its short term obligations.
  • VNO has a better Current ratio (1.55) than 78.69% of its industry peers.
  • A Quick Ratio of 1.55 indicates that VNO should not have too much problems paying its short term obligations.
  • With a decent Quick ratio value of 1.55, VNO is doing good in the industry, outperforming 79.51% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.55
Quick Ratio 1.55
VNO Yearly Current Assets VS Current LiabilitesVNO Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B 2.5B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. VNO Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 10375.00% over the past year.
  • Measured over the past years, VNO shows a very strong growth in Earnings Per Share. The EPS has been growing by 87.07% on average per year.
  • The Revenue has been growing slightly by 1.27% in the past year.
  • Measured over the past years, VNO shows a small growth in Revenue. The Revenue has been growing by 3.45% on average per year.
EPS 1Y (TTM)10375%
EPS 3Y87.07%
EPS 5YN/A
EPS Q2Q%-100%
Revenue 1Y (TTM)1.27%
Revenue growth 3Y0.19%
Revenue growth 5Y3.45%
Sales Q2Q%-0.89%

3.2 Future

  • Based on estimates for the next years, VNO will show a very negative growth in Earnings Per Share. The EPS will decrease by -32.07% on average per year.
  • Based on estimates for the next years, VNO will show a small growth in Revenue. The Revenue will grow by 3.81% on average per year.
EPS Next Y-102.29%
EPS Next 2Y-41.85%
EPS Next 3Y-52.31%
EPS Next 5Y-32.07%
Revenue Next Year1.51%
Revenue Next 2Y2.92%
Revenue Next 3Y4.12%
Revenue Next 5Y3.81%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
VNO Yearly Revenue VS EstimatesVNO Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 500M 1B 1.5B 2B 2.5B
VNO Yearly EPS VS EstimatesVNO Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 0 5 10 15

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4

4. VNO Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 6.43 indicates a rather cheap valuation of VNO.
  • 95.08% of the companies in the same industry are more expensive than VNO, based on the Price/Earnings ratio.
  • When comparing the Price/Earnings ratio of VNO to the average of the S&P500 Index (26.29), we can say VNO is valued rather cheaply.
  • VNO is expected to report negative earnings next year, which makes the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE 6.43
Fwd PE N/A
VNO Price Earnings VS Forward Price EarningsVNO Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 -100 -200

4.2 Price Multiples

  • VNO's Enterprise Value to EBITDA ratio is in line with the industry average.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of VNO indicates a rather cheap valuation: VNO is cheaper than 90.98% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 9.43
EV/EBITDA 15.86
VNO Per share dataVNO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

  • VNO's earnings are expected to decrease with -52.31% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-41.85%
EPS Next 3Y-52.31%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. VNO Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.43%, VNO has a reasonable but not impressive dividend return.
  • In the last 3 months the price of VNO has falen by -22.63%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
  • With a Dividend Yield of 2.43, VNO pays less dividend than the industry average, which is at 7.04. 82.79% of the companies listed in the same industry pay a better dividend than VNO!
  • Compared to an average S&P500 Dividend Yield of 1.82, VNO pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.43%

5.2 History

  • The dividend of VNO decreases each year by -25.57%.
  • VNO has paid a dividend for at least 10 years, which is a reliable track record.
  • The dividend of VNO decreased recently.
Dividend Growth(5Y)-25.57%
Div Incr Years1
Div Non Decr Years1
VNO Yearly Dividends per shareVNO Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4

5.3 Sustainability

  • VNO pays out 24.13% of its income as dividend. This is a sustainable payout ratio.
  • The Dividend Rate of VNO has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.
DP24.13%
EPS Next 2Y-41.85%
EPS Next 3Y-52.31%
VNO Yearly Income VS Free CF VS DividendVNO Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B
VNO Dividend Payout.VNO Dividend Payout, showing the Payout Ratio.VNO Dividend Payout.PayoutRetained Earnings

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VNO Fundamentals: All Metrics, Ratios and Statistics

VORNADO REALTY TRUST

NYSE:VNO (3/6/2026, 8:04:00 PM)

After market: 26.94 0 (0%)

26.94

-1.37 (-4.84%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-09
Earnings (Next)05-04
Inst Owners95.67%
Inst Owner Change-2.08%
Ins Owners6.48%
Ins Owner Change1.34%
Market Cap5.17B
Revenue(TTM)1.81B
Net Income(TTM)842.85M
Analysts66.67
Price Target38.6 (43.28%)
Short Float %4.66%
Short Ratio4.65
Dividend
Industry RankSector Rank
Dividend Yield 2.43%
Yearly Dividend1.07
Dividend Growth(5Y)-25.57%
DP24.13%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)74.26%
Min EPS beat(2)-100%
Max EPS beat(2)248.52%
EPS beat(4)3
Avg EPS beat(4)1101.89%
Min EPS beat(4)-100%
Max EPS beat(4)4126.8%
EPS beat(8)7
Avg EPS beat(8)604.98%
EPS beat(12)11
Avg EPS beat(12)571.06%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)2.22%
Min Revenue beat(2)1.41%
Max Revenue beat(2)3.03%
Revenue beat(4)3
Avg Revenue beat(4)0.19%
Min Revenue beat(4)-4.75%
Max Revenue beat(4)3.03%
Revenue beat(8)5
Avg Revenue beat(8)-0.29%
Revenue beat(12)6
Avg Revenue beat(12)-0.3%
Revenue beat(16)10
Avg Revenue beat(16)24.5%
PT rev (1m)-2.96%
PT rev (3m)-4.7%
EPS NQ rev (1m)-133.33%
EPS NQ rev (3m)-180%
EPS NY rev (1m)-375%
EPS NY rev (3m)-850%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)1.12%
Revenue NY rev (1m)0.06%
Revenue NY rev (3m)-2.26%
Valuation
Industry RankSector Rank
PE 6.43
Fwd PE N/A
P/S 2.86
P/FCF 9.43
P/OCF 4.11
P/B 0.86
P/tB 0.88
EV/EBITDA 15.86
EPS(TTM)4.19
EY15.55%
EPS(NY)-0.1
Fwd EYN/A
FCF(TTM)2.86
FCFY10.61%
OCF(TTM)6.55
OCFY24.32%
SpS9.43
BVpS31.17
TBVpS30.6
PEG (NY)N/A
PEG (5Y)N/A
Graham Number54.21
Profitability
Industry RankSector Rank
ROA 5.43%
ROE 14.08%
ROCE 1.81%
ROIC 1.32%
ROICexc 1.4%
ROICexgc 1.44%
OM 14.43%
PM (TTM) 46.56%
GM 49.19%
FCFM 30.32%
ROA(3y)1.92%
ROA(5y)0.77%
ROE(3y)5.01%
ROE(5y)1.93%
ROIC(3y)1.33%
ROIC(5y)1.29%
ROICexc(3y)1.41%
ROICexc(5y)1.38%
ROICexgc(3y)1.45%
ROICexgc(5y)1.43%
ROCE(3y)1.82%
ROCE(5y)1.77%
ROICexgc growth 3Y-2.8%
ROICexgc growth 5Y11.74%
ROICexc growth 3Y-2.37%
ROICexc growth 5Y11.83%
OM growth 3Y-4.42%
OM growth 5Y7.83%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.49%
GM growth 5Y0.34%
F-Score9
Asset Turnover0.12
Health
Industry RankSector Rank
Debt/Equity 1.2
Debt/FCF 13.09
Debt/EBITDA 9.68
Cap/Depr 147.38%
Cap/Sales 39.19%
Interest Coverage 0.83
Cash Conversion 169.44%
Profit Quality 65.12%
Current Ratio 1.55
Quick Ratio 1.55
Altman-Z 0.25
F-Score9
WACC5.81%
ROIC/WACC0.23
Cap/Depr(3y)140.3%
Cap/Depr(5y)158.28%
Cap/Sales(3y)36.43%
Cap/Sales(5y)42.72%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)10375%
EPS 3Y87.07%
EPS 5YN/A
EPS Q2Q%-100%
EPS Next Y-102.29%
EPS Next 2Y-41.85%
EPS Next 3Y-52.31%
EPS Next 5Y-32.07%
Revenue 1Y (TTM)1.27%
Revenue growth 3Y0.19%
Revenue growth 5Y3.45%
Sales Q2Q%-0.89%
Revenue Next Year1.51%
Revenue Next 2Y2.92%
Revenue Next 3Y4.12%
Revenue Next 5Y3.81%
EBIT growth 1Y3.97%
EBIT growth 3Y-4.24%
EBIT growth 5Y11.55%
EBIT Next Year199.41%
EBIT Next 3Y50.93%
EBIT Next 5Y29.44%
FCF growth 1Y661.11%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y134.02%
OCF growth 3Y16.35%
OCF growth 5Y24.29%

VORNADO REALTY TRUST / VNO FAQ

What is the ChartMill fundamental rating of VORNADO REALTY TRUST (VNO) stock?

ChartMill assigns a fundamental rating of 4 / 10 to VNO.


What is the valuation status for VNO stock?

ChartMill assigns a valuation rating of 4 / 10 to VORNADO REALTY TRUST (VNO). This can be considered as Fairly Valued.


Can you provide the profitability details for VORNADO REALTY TRUST?

VORNADO REALTY TRUST (VNO) has a profitability rating of 5 / 10.


What are the PE and PB ratios of VORNADO REALTY TRUST (VNO) stock?

The Price/Earnings (PE) ratio for VORNADO REALTY TRUST (VNO) is 6.43 and the Price/Book (PB) ratio is 0.86.


What is the earnings growth outlook for VORNADO REALTY TRUST?

The Earnings per Share (EPS) of VORNADO REALTY TRUST (VNO) is expected to decline by -102.29% in the next year.