VORNADO REALTY TRUST (VNO) Fundamental Analysis & Valuation

NYSE:VNO • US9290421091

Current stock price

28.335 USD
+0.37 (+1.3%)
Last:

This VNO fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. VNO Profitability Analysis

1.1 Basic Checks

  • VNO had positive earnings in the past year.
  • VNO had a positive operating cash flow in the past year.
  • VNO had positive earnings in 4 of the past 5 years.
  • Each year in the past 5 years VNO had a positive operating cash flow.
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

  • Looking at the Return On Assets, with a value of 5.43%, VNO belongs to the top of the industry, outperforming 94.31% of the companies in the same industry.
  • VNO has a Return On Equity of 14.08%. This is amongst the best in the industry. VNO outperforms 94.31% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 1.32%, VNO is doing worse than 77.24% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for VNO is in line with the industry average of 3.13%.
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

  • The Profit Margin of VNO (46.56%) is better than 95.94% of its industry peers.
  • VNO's Operating Margin of 14.43% is on the low side compared to the rest of the industry. VNO is outperformed by 65.04% of its industry peers.
  • VNO's Operating Margin has improved in the last couple of years.
  • VNO has a Gross Margin of 49.19%. This is in the lower half of the industry: VNO underperforms 77.24% of its industry peers.
  • In the last couple of years the Gross Margin of VNO has remained more or less at the same level.
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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4

2. VNO Health Analysis

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.
  • VNO has about the same amout of shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, VNO has an improved debt to assets ratio.
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

  • Based on the Altman-Z score of 0.24, we must say that VNO is in the distress zone and has some risk of bankruptcy.
  • With a Altman-Z score value of 0.24, VNO is not doing good in the industry: 60.16% of the companies in the same industry are doing better.
  • 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 86.99% 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.
  • Looking at the Debt to Equity ratio, with a value of 1.20, VNO is in line with its industry, outperforming 55.28% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.2
Debt/FCF 13.09
Altman-Z 0.24
ROIC/WACC0.22
WACC5.9%
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.
  • The Current ratio of VNO (1.55) is better than 74.80% of its industry peers.
  • A Quick Ratio of 1.55 indicates that VNO should not have too much problems paying its short term obligations.
  • The Quick ratio of VNO (1.55) is better than 75.61% 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. VNO Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 10375.00% over the past year.
  • 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
  • The Revenue is expected to grow by 3.81% on average over the next years.
EPS Next Y-101.21%
EPS Next 2Y-75.95%
EPS Next 3Y-54.92%
EPS Next 5Y-32.07%
Revenue Next Year4.14%
Revenue Next 2Y4.78%
Revenue Next 3Y4.66%
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.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
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. VNO Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 6.76, the valuation of VNO can be described as very cheap.
  • Based on the Price/Earnings ratio, VNO is valued cheaper than 98.37% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 27.33, VNO is valued rather cheaply.
  • The Forward Price/Earnings Ratio is negative for VNO. No positive earnings are expected for the next year.
Industry RankSector Rank
PE 6.76
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 -400

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of VNO is on the same level as its industry peers.
  • VNO's Price/Free Cash Flow ratio is rather cheap when compared to the industry. VNO is cheaper than 92.68% of the companies in the same industry.
Industry RankSector Rank
P/FCF 9.84
EV/EBITDA 15.72
VNO Per share dataVNO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

  • VNO's earnings are expected to decrease with -54.92% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-75.95%
EPS Next 3Y-54.92%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. VNO Dividend Analysis

5.1 Amount

  • VNO has a Yearly Dividend Yield of 2.76%.
  • With a Dividend Yield of 2.76, VNO pays less dividend than the industry average, which is at 7.71. 81.30% of the companies listed in the same industry pay a better dividend than VNO!
  • VNO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.76%

5.2 History

  • The dividend of VNO decreases each year by -25.57%.
  • VNO has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)-25.57%
Div Incr Years0
Div Non Decr Years0
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.
  • VNO's earnings and Dividend Rate are declining. This means the current dividend is most likely not sustainable.
DP24.13%
EPS Next 2Y-75.95%
EPS Next 3Y-54.92%
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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VNO Fundamentals: All Metrics, Ratios and Statistics

VORNADO REALTY TRUST

NYSE:VNO (4/15/2026, 11:52:05 AM)

28.335

+0.37 (+1.3%)

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 Owners94.06%
Inst Owner Change0.01%
Ins Owners6.69%
Ins Owner Change4.27%
Market Cap5.40B
Revenue(TTM)1.81B
Net Income(TTM)842.85M
Analysts66.67
Price Target33.32 (17.59%)
Short Float %5.5%
Short Ratio4.1
Dividend
Industry RankSector Rank
Dividend Yield 2.76%
Yearly Dividend1.07
Dividend Growth(5Y)-25.57%
DP24.13%
Div Incr Years0
Div Non Decr Years0
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)-13.69%
PT rev (3m)-16.24%
EPS NQ rev (1m)22.73%
EPS NQ rev (3m)-440%
EPS NY rev (1m)-25%
EPS NY rev (3m)-900%
Revenue NQ rev (1m)-4.43%
Revenue NQ rev (3m)-4.25%
Revenue NY rev (1m)4.72%
Revenue NY rev (3m)3.04%
Valuation
Industry RankSector Rank
PE 6.76
Fwd PE N/A
P/S 2.98
P/FCF 9.84
P/OCF 4.29
P/B 0.9
P/tB 0.92
EV/EBITDA 15.72
EPS(TTM)4.19
EY14.79%
EPS(NY)-0.05
Fwd EYN/A
FCF(TTM)2.88
FCFY10.16%
OCF(TTM)6.6
OCFY23.29%
SpS9.5
BVpS31.4
TBVpS30.82
PEG (NY)N/A
PEG (5Y)N/A
Graham Number54.4066 (92.01%)
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 0.24
F-Score9
WACC5.9%
ROIC/WACC0.22
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-101.21%
EPS Next 2Y-75.95%
EPS Next 3Y-54.92%
EPS Next 5Y-32.07%
Revenue 1Y (TTM)1.27%
Revenue growth 3Y0.19%
Revenue growth 5Y3.45%
Sales Q2Q%-0.89%
Revenue Next Year4.14%
Revenue Next 2Y4.78%
Revenue Next 3Y4.66%
Revenue Next 5Y3.81%
EBIT growth 1Y3.97%
EBIT growth 3Y-4.24%
EBIT growth 5Y11.55%
EBIT Next Year212.36%
EBIT Next 3Y58.48%
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 Fundamental Analysis 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.


What is the profitability of VNO stock?

VORNADO REALTY TRUST (VNO) has a profitability rating of 5 / 10.


Can you provide the PE and PB ratios for VNO stock?

The Price/Earnings (PE) ratio for VORNADO REALTY TRUST (VNO) is 6.76 and the Price/Book (PB) ratio is 0.9.


Can you provide the dividend sustainability for VNO stock?

The dividend rating of VORNADO REALTY TRUST (VNO) is 4 / 10 and the dividend payout ratio is 24.13%.