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VORNADO REALTY TRUST (VNO) Stock Fundamental Analysis

NYSE:VNO - New York Stock Exchange, Inc. - US9290421091 - REIT - Currency: USD

43.26  +0.68 (+1.6%)

After market: 43.26 0 (0%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to VNO. VNO was compared to 129 industry peers in the Diversified REITs industry. Both the profitability and financial health of VNO have multiple concerns. VNO is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year VNO was profitable.
VNO had a positive operating cash flow in the past year.
In multiple years VNO reported negative net income over the last 5 years.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B 3B

1.2 Ratios

VNO has a Return On Assets of -0.34%. This is in the lower half of the industry: VNO underperforms 65.08% of its industry peers.
With a Return On Equity value of -1.02%, VNO is not doing good in the industry: 63.49% of the companies in the same industry are doing better.
With a Return On Invested Capital value of 1.28%, VNO is not doing good in the industry: 84.92% of the companies in the same industry are doing better.
The Average Return On Invested Capital over the past 3 years for VNO is in line with the industry average of 3.11%.
Industry RankSector Rank
ROA -0.34%
ROE -1.02%
ROIC 1.28%
ROA(3y)-0.54%
ROA(5y)2.63%
ROE(3y)-1.53%
ROE(5y)7.22%
ROIC(3y)1.41%
ROIC(5y)1.38%
VNO Yearly ROA, ROE, ROICVNO Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 20 30 40

1.3 Margins

In the last couple of years the Profit Margin of VNO has declined.
With a Operating Margin value of 13.65%, VNO is not doing good in the industry: 68.25% of the companies in the same industry are doing better.
In the last couple of years the Operating Margin of VNO has declined.
The Gross Margin of VNO (48.54%) is worse than 80.95% of its industry peers.
In the last couple of years the Gross Margin of VNO has declined.
Industry RankSector Rank
OM 13.65%
PM (TTM) N/A
GM 48.54%
OM growth 3Y18.3%
OM growth 5Y-10.42%
PM growth 3YN/A
PM growth 5Y-33.03%
GM growth 3Y1.14%
GM growth 5Y-2.05%
VNO Yearly Profit, Operating, Gross MarginsVNO Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 100 150

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), VNO is destroying value.
Compared to 1 year ago, VNO has less shares outstanding
VNO has less shares outstanding than it did 5 years ago.
The debt/assets ratio for VNO is higher compared to a year ago.
VNO Yearly Shares OutstandingVNO Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M
VNO Yearly Total Debt VS Total AssetsVNO Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B 15B 20B

2.2 Solvency

VNO has an Altman-Z score of 0.30. This is a bad value and indicates that VNO is not financially healthy and even has some risk of bankruptcy.
VNO has a worse Altman-Z score (0.30) than 67.46% of its industry peers.
The Debt to FCF ratio of VNO is 1892.76, which is on the high side as it means it would take VNO, 1892.76 years of fcf income to pay off all of its debts.
VNO has a Debt to FCF ratio of 1892.76. This is comparable to the rest of the industry: VNO outperforms 40.48% of its industry peers.
VNO has a Debt/Equity ratio of 1.56. This is a high value indicating a heavy dependency on external financing.
VNO has a worse Debt to Equity ratio (1.56) than 65.08% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.56
Debt/FCF 1892.76
Altman-Z 0.3
ROIC/WACC0.2
WACC6.38%
VNO Yearly LT Debt VS Equity VS FCFVNO Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2B 4B 6B 8B 10B

2.3 Liquidity

VNO has a Current Ratio of 1.40. 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 Current ratio (1.40) which is in line with its industry peers.
A Quick Ratio of 1.40 indicates that VNO should not have too much problems paying its short term obligations.
The Quick ratio of VNO (1.40) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 1.4
Quick Ratio 1.4
VNO Yearly Current Assets VS Current LiabilitesVNO Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B 2.5B

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3

3. Growth

3.1 Past

VNO shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -78.13%.
VNO shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -28.07% yearly.
The Revenue for VNO has decreased by -44.09% in the past year. This is quite bad
Measured over the past years, VNO shows a decrease in Revenue. The Revenue has been decreasing by -3.49% on average per year.
EPS 1Y (TTM)-78.13%
EPS 3YN/A
EPS 5Y-28.07%
EPS Q2Q%-242.86%
Revenue 1Y (TTM)-44.09%
Revenue growth 3Y5.83%
Revenue growth 5Y-3.49%
Sales Q2Q%-1.72%

3.2 Future

The Earnings Per Share is expected to grow by 5.72% on average over the next years.
The Revenue is expected to grow by 2.60% on average over the next years.
EPS Next Y-133.67%
EPS Next 2Y-61.11%
EPS Next 3Y-33.22%
EPS Next 5Y5.72%
Revenue Next Year-2.82%
Revenue Next 2Y-0.19%
Revenue Next 3Y1.55%
Revenue Next 5Y2.6%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
VNO Yearly Revenue VS EstimatesVNO Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 500M 1B 1.5B 2B 2.5B
VNO Yearly EPS VS EstimatesVNO Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 5 10 15

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1

4. Valuation

4.1 Price/Earnings Ratio

VNO is valuated quite expensively with a Price/Earnings ratio of 618.00.
65.87% of the companies in the same industry are cheaper than VNO, based on the Price/Earnings ratio.
VNO's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 28.46.
VNO is expected to report negative earnings next year, which makes the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE 618
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 -200 400 600

4.2 Price Multiples

88.89% of the companies in the same industry are cheaper than VNO, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of VNO is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 1892.85
EV/EBITDA 22.16
VNO Per share dataVNO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15 20 25

4.3 Compensation for Growth

A cheap valuation may be justified as VNO's earnings are expected to decrease with -33.22% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-61.11%
EPS Next 3Y-33.22%

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2

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.74%, VNO has a reasonable but not impressive dividend return.
With a Dividend Yield of 1.74, VNO pays less dividend than the industry average, which is at 18.20. 84.92% of the companies listed in the same industry pay a better dividend than VNO!
Compared to the average S&P500 Dividend Yield of 2.27, VNO is paying slightly less dividend.
Industry RankSector Rank
Dividend Yield 1.74%

5.2 History

The dividend of VNO decreases each year by -18.64%.
VNO has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)-18.64%
Div Incr Years0
Div Non Decr Years0
VNO Yearly Dividends per shareVNO Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 2 3 4

5.3 Sustainability

VNO has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-221.04%
EPS Next 2Y-61.11%
EPS Next 3Y-33.22%
VNO Yearly Income VS Free CF VS DividendVNO Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B 3B

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VORNADO REALTY TRUST

NYSE:VNO (1/31/2025, 8:04:00 PM)

After market: 43.26 0 (0%)

43.26

+0.68 (+1.6%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-04 2024-11-04/amc
Earnings (Next)02-10 2025-02-10/amc
Inst Owners91.31%
Inst Owner Change0.09%
Ins Owners6.31%
Ins Owner Change0%
Market Cap8.24B
Analysts50.48
Price Target40.03 (-7.47%)
Short Float %8.04%
Short Ratio10.06
Dividend
Industry RankSector Rank
Dividend Yield 1.74%
Yearly Dividend1
Dividend Growth(5Y)-18.64%
DP-221.04%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)135.36%
Min EPS beat(2)0.99%
Max EPS beat(2)269.73%
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)-0.27%
Min Revenue beat(2)-2.02%
Max Revenue beat(2)1.49%
Revenue beat(4)1
Avg Revenue beat(4)-2.06%
Min Revenue beat(4)-3.87%
Max Revenue beat(4)1.49%
Revenue beat(8)3
Avg Revenue beat(8)35.66%
Revenue beat(12)6
Avg Revenue beat(12)32.49%
Revenue beat(16)8
Avg Revenue beat(16)24.66%
PT rev (1m)2.17%
PT rev (3m)26.02%
EPS NQ rev (1m)0%
EPS NQ rev (3m)16.67%
EPS NY rev (1m)0%
EPS NY rev (3m)3.7%
Revenue NQ rev (1m)0.9%
Revenue NQ rev (3m)2.72%
Revenue NY rev (1m)0.06%
Revenue NY rev (3m)-0.11%
Valuation
Industry RankSector Rank
PE 618
Fwd PE N/A
P/S 4.65
P/FCF 1892.85
P/OCF 15.18
P/B 1.56
P/tB 1.6
EV/EBITDA 22.16
EPS(TTM)0.07
EY0.16%
EPS(NY)-0.15
Fwd EYN/A
FCF(TTM)0.02
FCFY0.05%
OCF(TTM)2.85
OCFY6.59%
SpS9.3
BVpS27.7
TBVpS27.07
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -0.34%
ROE -1.02%
ROCE 1.61%
ROIC 1.28%
ROICexc 1.35%
ROICexgc 1.4%
OM 13.65%
PM (TTM) N/A
GM 48.54%
FCFM 0.25%
ROA(3y)-0.54%
ROA(5y)2.63%
ROE(3y)-1.53%
ROE(5y)7.22%
ROIC(3y)1.41%
ROIC(5y)1.38%
ROICexc(3y)1.53%
ROICexc(5y)1.5%
ROICexgc(3y)1.59%
ROICexgc(5y)1.56%
ROCE(3y)1.79%
ROCE(5y)1.75%
ROICexcg growth 3Y24.24%
ROICexcg growth 5Y-11.16%
ROICexc growth 3Y24.37%
ROICexc growth 5Y-11.07%
OM growth 3Y18.3%
OM growth 5Y-10.42%
PM growth 3YN/A
PM growth 5Y-33.03%
GM growth 3Y1.14%
GM growth 5Y-2.05%
F-Score3
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity 1.56
Debt/FCF 1892.76
Debt/EBITDA 11.63
Cap/Depr 115.39%
Cap/Sales 30.39%
Interest Coverage 0.77
Cash Conversion 76.62%
Profit Quality N/A
Current Ratio 1.4
Quick Ratio 1.4
Altman-Z 0.3
F-Score3
WACC6.38%
ROIC/WACC0.2
Cap/Depr(3y)181.61%
Cap/Depr(5y)188.68%
Cap/Sales(3y)49.45%
Cap/Sales(5y)49.5%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-78.13%
EPS 3YN/A
EPS 5Y-28.07%
EPS Q2Q%-242.86%
EPS Next Y-133.67%
EPS Next 2Y-61.11%
EPS Next 3Y-33.22%
EPS Next 5Y5.72%
Revenue 1Y (TTM)-44.09%
Revenue growth 3Y5.83%
Revenue growth 5Y-3.49%
Sales Q2Q%-1.72%
Revenue Next Year-2.82%
Revenue Next 2Y-0.19%
Revenue Next 3Y1.55%
Revenue Next 5Y2.6%
EBIT growth 1Y-54.63%
EBIT growth 3Y25.19%
EBIT growth 5Y-13.55%
EBIT Next Year80.58%
EBIT Next 3Y25.91%
EBIT Next 5Y16%
FCF growth 1Y131.41%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-35.65%
OCF growth 3Y15.18%
OCF growth 5Y-4.18%