VORNADO REALTY TRUST (VNO) Fundamental Analysis & Valuation

NYSE:VNO • US9290421091

Current stock price

29.3 USD
+0.38 (+1.31%)
At close:
29.3 USD
0 (0%)
After Hours:

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

5

1. VNO Profitability Analysis

1.1 Basic Checks

  • In the past year VNO was profitable.
  • In the past year VNO had a positive cash flow from operations.
  • Of the past 5 years VNO 4 years were profitable.
  • VNO had a positive operating cash flow in each of the past 5 years.
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

  • With an excellent Return On Assets value of 5.43%, VNO belongs to the best of the industry, outperforming 94.26% of the companies in the same industry.
  • VNO's Return On Equity of 14.08% is amongst the best of the industry. VNO outperforms 94.26% of its industry peers.
  • VNO has a Return On Invested Capital of 1.32%. This is in the lower half of the industry: VNO underperforms 77.05% of its industry peers.
  • VNO had an Average Return On Invested Capital over the past 3 years of 1.33%. This is in line with the industry average of 3.12%.
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

  • With an excellent Profit Margin value of 46.56%, VNO belongs to the best of the industry, outperforming 95.90% of the companies in the same industry.
  • VNO has a worse Operating Margin (14.43%) than 64.75% of its industry peers.
  • In the last couple of years the Operating Margin of VNO has grown nicely.
  • The Gross Margin of VNO (49.19%) is worse than 77.05% 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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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.
  • The number of shares outstanding for VNO remains at a similar level compared to 1 year ago.
  • VNO has about the same amout of shares outstanding than it did 5 years ago.
  • VNO has a better debt/assets ratio than last year.
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

  • Based on the Altman-Z score of 0.25, we must say that VNO is in the distress zone and has some risk of bankruptcy.
  • VNO has a Altman-Z score of 0.25. This is in the lower half of the industry: VNO underperforms 61.48% of its industry peers.
  • 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 86.89% 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.
  • The Debt to Equity ratio of VNO (1.20) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.2
Debt/FCF 13.09
Altman-Z 0.25
ROIC/WACC0.22
WACC5.97%
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's Current ratio of 1.55 is fine compared to the rest of the industry. VNO outperforms 75.41% of its industry peers.
  • A Quick Ratio of 1.55 indicates that VNO should not have too much problems paying its short term obligations.
  • VNO has a Quick ratio of 1.55. This is in the better half of the industry: VNO outperforms 76.23% of its industry peers.
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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4

3. VNO Growth Analysis

3.1 Past

  • VNO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 10375.00%, which is quite impressive.
  • 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.
  • VNO shows a small growth in Revenue. In the last year, the Revenue has grown by 1.27%.
  • The Revenue has been growing slightly by 3.45% on average over the past years.
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

  • VNO is expected to show a very negative growth in Earnings Per Share. In the coming years, the EPS will decrease by -32.07% yearly.
  • The Revenue is expected to grow by 2.85% on average over the next years.
EPS Next Y-101.21%
EPS Next 2Y-75.95%
EPS Next 3Y-54.92%
EPS Next 5Y-32.07%
Revenue Next Year4.14%
Revenue Next 2Y4.78%
Revenue Next 3Y4.66%
Revenue Next 5Y2.85%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
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

  • Based on the Price/Earnings ratio of 6.99, the valuation of VNO can be described as very cheap.
  • Based on the Price/Earnings ratio, VNO is valued cheaply inside the industry as 98.36% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 27.42, 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 6.99
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 -200 -400

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of VNO is on the same level as its industry peers.
  • 93.44% of the companies in the same industry are more expensive than VNO, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 10.07
EV/EBITDA 15.98
VNO Per share dataVNO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

  • A cheap valuation may be justified as VNO's earnings are expected to decrease with -54.92% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-75.95%
EPS Next 3Y-54.92%

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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 2.56%, VNO has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 7.42, VNO's dividend is way lower than its industry peers. On top of this 81.97% of the companies listed in the same industry pay a better dividend than VNO!
  • Compared to an average S&P500 Dividend Yield of 1.81, VNO pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.56%

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.
Dividend Growth(5Y)-25.57%
Div Incr Years0
Div Non Decr Years0
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-75.95%
EPS Next 3Y-54.92%
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 (4/24/2026, 8:13:29 PM)

After market: 29.3 0 (0%)

29.3

+0.38 (+1.31%)

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 Owners94.06%
Inst Owner Change0.17%
Ins Owners6.69%
Ins Owner Change4.27%
Market Cap5.52B
Revenue(TTM)1.81B
Net Income(TTM)842.85M
Analysts66.67
Price Target33.32 (13.72%)
Short Float %5.5%
Short Ratio4.1
Dividend
Industry RankSector Rank
Dividend Yield 2.56%
Yearly Dividend1.07
Dividend Growth(5Y)-25.57%
DP24.13%
Div Incr Years0
Div Non Decr Years0
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)-13.69%
PT rev (3m)-16.24%
EPS NQ rev (1m)22.73%
EPS NQ rev (3m)-241.67%
EPS NY rev (1m)-25%
EPS NY rev (3m)-150%
Revenue NQ rev (1m)-1.31%
Revenue NQ rev (3m)-5.06%
Revenue NY rev (1m)3.16%
Revenue NY rev (3m)2.65%
Valuation
Industry RankSector Rank
PE 6.99
Fwd PE N/A
P/S 3.05
P/FCF 10.07
P/OCF 4.39
P/B 0.92
P/tB 0.94
EV/EBITDA 15.98
EPS(TTM)4.19
EY14.3%
EPS(NY)-0.05
Fwd EYN/A
FCF(TTM)2.91
FCFY9.93%
OCF(TTM)6.67
OCFY22.78%
SpS9.6
BVpS31.75
TBVpS31.16
PEG (NY)N/A
PEG (5Y)N/A
Graham Number54.7116 (86.73%)
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
WACC5.97%
ROIC/WACC0.22
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-101.21%
EPS Next 2Y-75.95%
EPS Next 3Y-54.92%
EPS Next 5Y-32.07%
Revenue 1Y (TTM)1.27%
Revenue growth 3Y0.19%
Revenue growth 5Y3.45%
Sales Q2Q%-0.89%
Revenue Next Year4.14%
Revenue Next 2Y4.78%
Revenue Next 3Y4.66%
Revenue Next 5Y2.85%
EBIT growth 1Y3.97%
EBIT growth 3Y-4.24%
EBIT growth 5Y11.55%
EBIT Next Year212.36%
EBIT Next 3Y58.48%
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 Fundamental Analysis 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.


What is the profitability of VNO stock?

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


Can you provide the PE and PB ratios for VNO stock?

The Price/Earnings (PE) ratio for VORNADO REALTY TRUST (VNO) is 6.99 and the Price/Book (PB) ratio is 0.92.


Can you provide the dividend sustainability for VNO stock?

The dividend rating of VORNADO REALTY TRUST (VNO) is 4 / 10 and the dividend payout ratio is 24.13%.