(VNO) Vornado Realty Trust - Overview
Sector: Real Estate | Industry: REIT - Office | Exchange: NYSE (USA) | Market Cap: 6.822m USD | Total Return: -9.6% in 12m
Avg Turnover: 52.8M
Qual. Beats: 0
Rev. Trend: -4.8%
Qual. Beats: 3
Warnings
Altman Z'' -0.17 < 1.0 - financial distress zone
Tailwinds
Supp Ema20
Vornado Realty Trust (VNO) is a New York-based real estate investment trust (REIT) focused on the ownership and development of high-quality office, retail, and multifamily properties. The firm maintains a 26 million square-foot portfolio concentrated in Manhattan, including the PENN DISTRICT redevelopment, while holding additional landmark assets in Chicago and San Francisco.
As a REIT, Vornado is legally required to distribute at least 90% of its taxable income to shareholders in the form of dividends. The company operates as a fully integrated entity, managing all aspects of property acquisition, leasing, and development in-house to capture vertical efficiencies. Vornado emphasizes environmental performance, with nearly its entire office portfolio achieving LEED Gold or Platinum certification.
Investors can further evaluate the companys historical performance and dividend safety by reviewing the data on ValueRay. Founded in 1946, Vornado remains one of the largest owners of premier office space in the United States.
- New York City office occupancy rates dictate rental income and valuation
- PENN DISTRICT development progress determines long-term capital appreciation and dividend growth
- Interest rate volatility impacts debt refinancing costs and adjusted funds from operations
- Retail tenant demand in high-traffic Manhattan corridors drives base rent revenue
- Macroeconomic shift toward hybrid work models pressures traditional office lease renewals
| Net Income: 795.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 4.30 > 1.0 |
| NWC/Revenue: 64.68% < 20% (prev 34.54%; Δ 30.14% < -1%) |
| CFO/TA 0.08 > 3% & CFO 1.25b > Net Income 795.3m |
| Net Debt (8.03b) to EBITDA (1.64b): 4.90 < 3 |
| Current Ratio: 2.08 > 1.5 & < 3 |
| Outstanding Shares: last quarter (189.7m) vs 12m ago -5.52% < -2% |
| Gross Margin: -3.14% > 18% (prev 0.49%; Δ -363.1% > 0.5%) |
| Asset Turnover: 11.47% > 50% (prev 11.62%; Δ -0.15% > 0%) |
| Interest Coverage Ratio: 3.34 > 6 (EBITDA TTM 1.64b / Interest Expense TTM 347.3m) |
| A: 0.07 (Total Current Assets 2.25b - Total Current Liabilities 1.09b) / Total Assets 15.9b |
| B: -0.23 (Retained Earnings -3.59b / Total Assets 15.9b) |
| C: 0.07 (EBIT TTM 1.16b / Avg Total Assets 15.8b) |
| D: -0.39 (Book Value of Equity -3.57b / Total Liabilities 9.21b) |
| Altman-Z'' = -0.17 = B |
| DSRI: 1.34 (Receivables 1.04b/782.3m, Revenue 1.81b/1.81b) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 0.96 (AQ_t 0.82 / AQ_t-1 0.85) |
| SGI: 1.00 (Revenue 1.81b / 1.81b) |
| TATA: -0.03 (NI 795.3m - CFO 1.25b) / TA 15.9b) |
| Beneish M = -2.81 (Cap -4..+1) = A |
As of June 02, 2026, the stock is trading at USD 33.38 with a total of 1,225,921 shares traded.
Over the past week, the price has changed by +4.38%,
over one month by +10.53%,
over three months by +21.91% and
over the past year by -9.60%.
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 | 32.7 | -2.1% |
P/E Trailing = 9.126
P/E Forward = 2500.0
P/S = 3.6792
P/B = 1.2957
P/EG = 7.3684
Revenue TTM = 1.81b USD
EBIT TTM = 1.16b USD
EBITDA TTM = 1.64b USD
Long Term Debt = 7.00b USD (from longTermDebt, last quarter)
Short Term Debt = 718.0m USD (from shortTermDebt, last quarter)
Debt = 9.11b USD (from shortLongTermDebtTotal, last quarter) + Leases 698.1m
Net Debt = 8.03b USD (calculated: Debt 9.11b - CCE 1.08b)
Enterprise Value = 14.9b USD (6.82b + Debt 9.11b - CCE 1.08b)
Interest Coverage Ratio = 3.34 (Ebit TTM 1.16b / Interest Expense TTM 347.3m)
EV/FCF = 11.84x (Enterprise Value 14.9b / FCF TTM 1.25b)
FCF Yield = 8.44% (FCF TTM 1.25b / Enterprise Value 14.9b)
FCF Margin = 69.37% (FCF TTM 1.25b / Revenue TTM 1.81b)
Net Margin = 43.99% (Net Income TTM 795.3m / Revenue TTM 1.81b)
Gross Margin = -3.14% ((Revenue TTM 1.81b - Cost of Revenue TTM 1.86b) / Revenue TTM)
Gross Margin QoQ = -5.35% (prev -102.8%)
Tobins Q-Ratio = 0.93 (Enterprise Value 14.9b / Total Assets 15.9b)
Interest Expense / Debt = 3.81% (Interest Expense 347.3m / Debt 9.11b)
Taxrate = 1.42% (13.5m / 950.7m)
NOPAT = 1.14b (EBIT 1.16b * (1 - 1.42%))
Current Ratio = 2.08 (Total Current Assets 2.25b / Total Current Liabilities 1.09b)
Debt / Equity = 1.51 (Debt 9.11b / totalStockholderEquity, last quarter 6.02b)
Debt / EBITDA = 4.90 (Net Debt 8.03b / EBITDA 1.64b)
Debt / FCF = 6.40 (Net Debt 8.03b / FCF TTM 1.25b)
Total Stockholder Equity = 6.04b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.05% (Net Income 795.3m / Total Assets 15.9b)
RoE = 8.25% (Net Income TTM 795.3m / Total Stockholder Equity 9.63b)
RoCE = 6.98% (EBIT 1.16b / Capital Employed (Equity 9.63b + L.T.Debt 7.00b))
RoIC = 7.36% (NOPAT 1.14b / Invested Capital 15.6b)
WACC = 6.29% (E(6.82b)/V(15.9b) * Re(9.68%) + D(9.11b)/V(15.9b) * Rd(3.81%) * (1-Tc(0.01)))
Discount Rate = 9.68% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 15.56 | Cagr: -0.16%
[DCF] Terminal Value 77.97% ; FCFF base≈975.8m ; Y1≈1.12b ; Y5≈1.65b
[DCF] Fair Price = 89.01 (EV 24.8b - Net Debt 8.03b = Equity 16.7b / Shares 188.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.02 | # QB: 0
Revenue Correlation: -4.84 | Revenue CAGR: -0.05% | SUE: 2.06 | # QB: 3
EPS current Quarter (2026-06-30): EPS=-0.01 | Chg30d=N/A | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.02 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=-0.02 | Chg30d=N/A | Revisions=N/A | GrowthEPS=-100.5% | GrowthRev=+2.3%
EPS next Year (2027-12-31): EPS=0.25 | Chg30d=-13.79% | Revisions=+20% | GrowthEPS=+875.0% | GrowthRev=+6.4%