VNO Stock Analysis: Vornado Realty Trust | NYSE
REIT - Office | NYSE, USA | Market Cap: 7.854m USD | 12M Return: 7.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 62.6M
Qual. Beats: 0
Rev. Trend: -4.8%
Qual. Beats: 3
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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: 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 48.90%; Δ -52.05% > 0.5%) |
| Asset Turnover: 11.47% > 50% (prev 11.62%; Δ -0.15% > 0%) |
| Interest Coverage Ratio: 3.34 > 6 (EBIT TTM 1.16b / 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: 0.65 (Book Value of Equity 6.02b / Total Liabilities 9.21b) |
| Altman-Z'' = 0.93 = BB |
| 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 = -2.78 (Cap -4..+1) = A |
As of July 18, 2026, the stock is trading at USD 40.34 with a total of 886,640 shares traded. Over the past week, the price has changed by +5.19%, over one month by +10.64%, over three months by +37.77% and over the past year by +7.57%.
Current recommended Stop Loss: 38.70 (which is 4.1% or 1.4 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 | 36.3 | -10% |
P/E Trailing = 10.5068
P/E Forward = 2500.0
P/S = 4.2359
P/B = 1.4917
P/EG = 2.1961
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 = 15.9b USD (7.85b + Debt 9.11b - CCE 1.08b)
Interest Coverage Ratio = 3.34 (Ebit TTM 1.16b / Interest Expense TTM 347.3m)
EV/FCF = 12.67x (Enterprise Value 15.9b / FCF TTM 1.25b)
FCF Yield = 7.90% (FCF TTM 1.25b / Enterprise Value 15.9b)
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 = 1.00 (Enterprise Value 15.9b / Total Assets 15.9b)
Interest Expense / Debt = 3.81% (Interest Expense 347.3m / Debt 9.11b)
Taxrate = 1.48% (12.2m / 827.6m)
NOPAT = 1.14b (EBIT 1.16b * (1 - 1.48%))
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 = 13.17% (Net Income TTM 795.3m / Total Stockholder Equity 6.04b)
RoCE = 8.90% (EBIT 1.16b / Capital Employed (Equity 6.04b + L.T.Debt 7.00b))
RoIC = 7.40% (NOPAT 1.14b / Invested Capital 15.5b)
WACC = 6.12% (E(7.85b)/V(17.0b) * Re(8.87%) + D(9.11b)/V(17.0b) * Rd(3.81%) * (1-Tc(0.01)))
Discount Rate = 8.87% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 9.15 | 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=+0% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.02 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=-0.02 | Chg30d=N/A | Revisions=+0% | GrowthEPS=-100.5% | GrowthRev=+3.7%
EPS next Year (2027-12-31): EPS=0.25 | Chg30d=+0.00% | Revisions=+25% | GrowthEPS=+875.0% | GrowthRev=+6.6%