VORNADO REALTY TRUST (VNO) Stock Fundamental Analysis

NYSE:VNO • US9290421091

29.07 USD
-0.31 (-1.06%)
At close: Feb 20, 2026
29.07 USD
0 (0%)
After Hours: 2/20/2026, 8:09:41 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

4

VNO gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 122 industry peers in the Diversified REITs industry. VNO has only an average score on both its financial health and profitability. VNO has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

5

1. Profitability

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.
  • In the past 5 years VNO always reported a positive cash flow from operatings.
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

  • VNO's Return On Assets of 5.43% is amongst the best of the industry. VNO outperforms 95.08% of its industry peers.
  • VNO has a Return On Equity of 14.08%. This is amongst the best in the industry. VNO outperforms 92.62% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 1.32%, VNO is doing worse than 77.05% of the companies in the same industry.
  • 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 3.06%.
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 worse Operating Margin (14.43%) than 65.57% 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 75.41% 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. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so VNO is destroying value.
  • VNO has about the same amout of shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, VNO has about the same amount of shares outstanding.
  • 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

  • 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.
  • VNO's Altman-Z score of 0.25 is on the low side compared to the rest of the industry. VNO is outperformed by 64.75% of its industry peers.
  • The Debt to FCF ratio of VNO is 13.09, which is on the high side as it means it would take VNO, 13.09 years of fcf income to pay off all of its debts.
  • VNO's Debt to FCF ratio of 13.09 is amongst the best of the industry. VNO outperforms 86.07% of its industry peers.
  • VNO has a Debt/Equity ratio of 1.20. This is a high value indicating a heavy dependency on external financing.
  • VNO has a Debt to Equity ratio (1.20) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.2
Debt/FCF 13.09
Altman-Z 0.25
ROIC/WACC0.23
WACC5.83%
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.
  • Looking at the Current ratio, with a value of 1.55, VNO is in the better half of the industry, outperforming 77.87% of the companies in the same industry.
  • VNO has a Quick Ratio of 1.55. This is a normal value and indicates that VNO is financially healthy and should not expect problems in meeting its short term obligations.
  • VNO has a Quick ratio of 1.55. This is in the better half of the industry: VNO outperforms 78.69% 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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. Growth

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.
  • Looking at the last year, VNO shows a small growth in Revenue. The Revenue has grown by 1.27% in the last 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

  • The Earnings Per Share is expected to decrease by -32.07% on average over the next years. This is quite bad
  • 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

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • 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. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 6.94, the valuation of VNO can be described as very cheap.
  • Based on the Price/Earnings ratio, VNO is valued cheaply inside the industry as 95.90% of the companies are valued more expensively.
  • VNO is valuated cheaply when we compare the Price/Earnings ratio to 26.99, which is the current average of the S&P500 Index.
  • VNO is expected to report negative earnings next year, which makes the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE 6.94
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 -300

4.2 Price Multiples

  • VNO's Enterprise Value to EBITDA is on the same level as the industry average.
  • 88.52% 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 10.17
EV/EBITDA 16.06
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 -52.31% in the coming years.
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. Dividend

5.1 Amount

  • VNO has a Yearly Dividend Yield of 2.43%.
  • With a Dividend Yield of 2.43, VNO pays less dividend than the industry average, which is at 6.84. 83.61% of the companies listed in the same industry pay a better dividend than VNO!
  • VNO's Dividend Yield is a higher than the S&P500 average which is at 1.81.
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

  • 24.13% of the earnings are spent on dividend by VNO. This is a low number and 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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VORNADO REALTY TRUST

NYSE:VNO (2/20/2026, 8:09:41 PM)

After market: 29.07 0 (0%)

29.07

-0.31 (-1.06%)

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 Change-0.43%
Market Cap5.58B
Revenue(TTM)1.81B
Net Income(TTM)842.85M
Analysts66.67
Price Target39.15 (34.67%)
Short Float %4.45%
Short Ratio4.75
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)-1.58%
PT rev (3m)-3.35%
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)0.07%
Revenue NQ rev (3m)1.2%
Revenue NY rev (1m)0.06%
Revenue NY rev (3m)-2.26%
Valuation
Industry RankSector Rank
PE 6.94
Fwd PE N/A
P/S 3.08
P/FCF 10.17
P/OCF 4.44
P/B 0.93
P/tB 0.95
EV/EBITDA 16.06
EPS(TTM)4.19
EY14.41%
EPS(NY)-0.1
Fwd EYN/A
FCF(TTM)2.86
FCFY9.83%
OCF(TTM)6.55
OCFY22.54%
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
WACC5.83%
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 Year195.7%
EBIT Next 3Y50.95%
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 6.94 and the Price/Book (PB) ratio is 0.93.


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.