VNO Stock Analysis: Vornado Realty Trust | NYSE
REIT - Office | NYSE, USA | Market Cap: 7.243m USD | 12M Return: -6.2% | US9290421091 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 41.0M
Qual. Beats: 0
Rev. Trend: 35.8%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Vornado Realty Trust is a fully integrated real estate investment trust (REIT) headquartered in New York, operating a 26 million square-foot portfolio of premier office, retail, and multifamily properties. The company is heavily concentrated in New York City, where it is also developing the new PENN DISTRICT, and holds additional premier assets in Chicago and San Francisco. Incorporated in 1946 in Maryland and listed on the NYSE in 1988, Vornado is classified as a diversified REIT within the Real Estate sector.
Vornado has positioned itself as an industry leader in sustainability, with 100% of its in-service office buildings LEED certified and more than 95% certified at the LEED Gold or Platinum level. As a diversified REIT, Vornado generates revenue through leasing, property management, and development across multiple asset classes, which can help spread risk relative to single-sector peers. U.S. REITs like Vornado are generally required to distribute the majority of their taxable income to shareholders, a structure that typically makes them attractive to income-focused investors.
- NYC office occupancy recovery drives same-property NOI growth
- Penn District redevelopment capital expenditures pressure near-term FFO
- Office-to-residential conversion legislation boosts underutilized asset value
| Net Income: 67.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -7.18 > 1.0 |
| NWC/Revenue: 73.07% < 20% (prev 76.66%; Δ -3.59% < -1%) |
| CFO/TA 0.03 > 3% & CFO 390.9m > Net Income 67.9m |
| Net Debt (9.08b) to EBITDA (922.3m): 9.84 < 3 |
| Current Ratio: 4.77 > 1.5 & < 3 |
| Outstanding Shares: last quarter (187.3m) vs 12m ago -6.86% < -2% |
| Gross Margin: -20.93% > 18% (prev 55.29%; Δ -76.23% > 0.5%) |
| Asset Turnover: 11.72% > 50% (prev 11.56%; Δ 0.16% > 0%) |
| Interest Coverage Ratio: 1.12 > 6 (EBIT TTM 392.5m / Interest Expense TTM 348.9m) |
| A: 0.09 (Total Current Assets 1.69b - Total Current Liabilities 354.1m) / Total Assets 15.6b |
| B: -0.23 (Retained Earnings -3.63b / Total Assets 15.6b) |
| C: 0.03 (EBIT TTM 392.5m / Avg Total Assets 15.6b) |
| D: 0.65 (Book Value of Equity 5.79b / Total Liabilities 8.91b) |
| Altman-Z'' = 0.65 = B |
| DSRI: 0.95 (Receivables 901.4m/931.2m, Revenue 1.83b/1.80b) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 1.05 (AQ_t 0.85 / AQ_t-1 0.81) |
| SGI: 1.01 (Revenue 1.83b / 1.80b) |
| TATA: -0.02 (NI 67.9m - CFO 390.9m) / TA 15.6b) |
| Beneish M = -3.03 (Cap -4..+1) = AA |
As of September 05, 2026, the stock is trading at USD 36.59 with a total of 893,147 shares traded. Over the past week, the price has changed by -4.21%, over one month by -10.56%, over three months by +4.78% and over the past year by -6.24%.
Current recommended Stop Loss: 35.00 (which is 4.3% or 1.5 ATR below the current price).
Vornado Realty Trust has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold VNO.
- StrongBuy: 2
- Buy: 1
- Hold: 7
- Sell: 3
- StrongSell: 1
| Analysts Target Price | 40.5 | 10.6% |
P/E Trailing = 1219.0
P/E Forward = 2500.0
P/S = 3.8584
P/B = 1.486
P/EG = 2.1961
Revenue TTM = 1.83b USD
EBIT TTM = 392.5m USD
EBITDA TTM = 922.3m USD
Long Term Debt = 6.53b USD (from longTermDebt, last quarter)
Short Term Debt = 918.0m USD (from shortTermDebt, last quarter)
Debt = 9.76b USD (from shortLongTermDebtTotal, last quarter) + Leases 696.2m
Net Debt = 9.08b USD (calculated: Debt 9.76b - CCE 675.4m)
Enterprise Value = 16.3b USD (7.24b + Debt 9.76b - CCE 675.4m)
Interest Coverage Ratio = 1.12 (Ebit TTM 392.5m / Interest Expense TTM 348.9m)
EV/FCF = 60.33x (Enterprise Value 16.3b / FCF TTM 270.6m)
FCF Yield = 1.66% (FCF TTM 270.6m / Enterprise Value 16.3b)
FCF Margin = 14.79% (FCF TTM 270.6m / Revenue TTM 1.83b)
Net Margin = 3.71% (Net Income TTM 67.9m / Revenue TTM 1.83b)
Gross Margin = -20.93% ((Revenue TTM 1.83b - Cost of Revenue TTM 2.21b) / Revenue TTM)
Gross Margin QoQ = -22.47% (prev -5.35%)
Tobins Q-Ratio = 1.05 (Enterprise Value 16.3b / Total Assets 15.6b)
Interest Expense / Debt = 3.58% (Interest Expense 348.9m / Debt 9.76b)
Taxrate = 22.02% (11.7m / 53.0m)
NOPAT = 306.0m (EBIT 392.5m * (1 - 22.02%))
Current Ratio = 4.77 (Total Current Assets 1.69b / Total Current Liabilities 354.1m)
Debt / Equity = 1.69 (Debt 9.76b / totalStockholderEquity, last quarter 5.79b)
Debt / EBITDA = 9.84 (Net Debt 9.08b / EBITDA 922.3m)
Debt / FCF = 33.56 (Net Debt 9.08b / FCF TTM 270.6m)
Total Stockholder Equity = 5.96b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.43% (Net Income 67.9m / Total Assets 15.6b)
RoE = 1.14% (Net Income TTM 67.9m / Total Stockholder Equity 5.96b)
RoCE = 3.14% (EBIT 392.5m / Capital Employed (Equity 5.96b + L.T.Debt 6.53b))
RoIC = 1.90% (NOPAT 306.0m / Invested Capital 16.1b)
WACC = 5.18% (E(7.24b)/V(17.0b) * Re(8.40%) + D(9.76b)/V(17.0b) * Rd(3.58%) * (1-Tc(0.22)))
Discount Rate = 8.40% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -28.83 | Cagr: -0.74%
[DCF] Terminal Value 73.10% ; FCFF base≈718.5m ; Y1≈630.1m ; Y5≈509.1m
[DCF] Fair Price = N/A (negative equity: EV 8.17b - Net Debt 9.08b = -908.1m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.08 | # QB: 0
Revenue Correlation: 35.79 | Revenue CAGR: 0.36% | SUE: 0.50 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-0.22 | Chg30d=N/A | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=-0.25 | Chg30d=+3.85% | Revisions=-25% | GrowthEPS=-106.0% | GrowthRev=+3.2%
EPS next Year (2027-12-31): EPS=0.31 | Chg30d=+24.00% | Revisions=+25% | GrowthEPS=+875.0% | GrowthRev=+7.9%