VORNADO REALTY TRUST (VNO) Stock Fundamental Analysis
USA - NYSE:VNO - US9290421091 - REIT
42.18 USD
+0.98 (+2.38%)
Taking everything into account, VNO scores 5 out of 10 in our fundamental rating. VNO was compared to 130 industry peers in the Diversified REITs industry. Both the profitability and the financial health of VNO get a neutral evaluation. Nothing too spectacular is happening here. VNO has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
VNO had positive earnings in the past year.
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.
1.2 Ratios
Looking at the Return On Assets, with a value of 5.21%, VNO belongs to the top of the industry, outperforming 96.15% of the companies in the same industry.
VNO has a Return On Equity of 13.34%. This is amongst the best in the industry. VNO outperforms 93.85% of its industry peers.
With a Return On Invested Capital value of 1.45%, VNO is not doing good in the industry: 78.46% of the companies in the same industry are doing better.
VNO had an Average Return On Invested Capital over the past 3 years of 1.48%. This is in line with the industry average of 3.05%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.21% | ||
| ROE | 13.34% | ||
| ROIC | 1.45% |
ROA(3y)-0.72%
ROA(5y)-0.74%
ROE(3y)-2.02%
ROE(5y)-1.95%
ROIC(3y)1.48%
ROIC(5y)1.27%
1.3 Margins
The Profit Margin of VNO (45.05%) is better than 95.38% of its industry peers.
In the last couple of years the Profit Margin of VNO has declined.
The Operating Margin of VNO (14.83%) is worse than 65.38% of its industry peers.
In the last couple of years the Operating Margin of VNO has declined.
VNO's Gross Margin of 49.21% is on the low side compared to the rest of the industry. VNO is outperformed by 79.23% of its industry peers.
VNO's Gross Margin has declined in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 14.83% | ||
| PM (TTM) | 45.05% | ||
| GM | 49.21% |
OM growth 3Y-1.7%
OM growth 5Y-7.8%
PM growth 3Y-58.25%
PM growth 5Y-68.97%
GM growth 3Y-1.17%
GM growth 5Y-1.66%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so VNO is destroying value.
Compared to 1 year ago, VNO has more shares outstanding
The number of shares outstanding for VNO remains at a similar level compared to 5 years ago.
The debt/assets ratio for VNO is higher compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of 0.44, we must say that VNO is in the distress zone and has some risk of bankruptcy.
VNO has a Altman-Z score of 0.44. This is comparable to the rest of the industry: VNO outperforms 47.69% of its industry peers.
The Debt to FCF ratio of VNO is 7.73, which is on the high side as it means it would take VNO, 7.73 years of fcf income to pay off all of its debts.
VNO has a Debt to FCF ratio of 7.73. This is amongst the best in the industry. VNO outperforms 94.62% of its industry peers.
VNO has a Debt/Equity ratio of 1.16. This is a high value indicating a heavy dependency on external financing.
VNO has a Debt to Equity ratio (1.16) which is in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.16 | ||
| Debt/FCF | 7.73 | ||
| Altman-Z | 0.44 |
ROIC/WACC0.23
WACC6.42%
2.3 Liquidity
A Current Ratio of 1.88 indicates that VNO should not have too much problems paying its short term obligations.
Looking at the Current ratio, with a value of 1.88, VNO is in the better half of the industry, outperforming 76.92% of the companies in the same industry.
A Quick Ratio of 1.88 indicates that VNO should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.88, VNO is in the better half of the industry, outperforming 76.92% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.88 | ||
| Quick Ratio | 1.88 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 1583.33% over the past year.
Measured over the past years, VNO shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -57.97% on average per year.
Looking at the last year, VNO shows a small growth in Revenue. The Revenue has grown by 1.38% in the last year.
The Revenue has been decreasing by -1.47% on average over the past years.
EPS 1Y (TTM)1583.33%
EPS 3Y-58.75%
EPS 5Y-57.97%
EPS Q2Q%1955.56%
Revenue 1Y (TTM)1.38%
Revenue growth 3Y4%
Revenue growth 5Y-1.47%
Sales Q2Q%-1.96%
3.2 Future
Based on estimates for the next years, VNO will show a very strong growth in Earnings Per Share. The EPS will grow by 68.63% on average per year.
VNO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.66% yearly.
EPS Next Y2412.38%
EPS Next 2Y-64.47%
EPS Next 3Y131.29%
EPS Next 5Y68.63%
Revenue Next Year0.73%
Revenue Next 2Y1.83%
Revenue Next 3Y3.1%
Revenue Next 5Y4.66%
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.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 10.44, which indicates a very decent valuation of VNO.
96.92% of the companies in the same industry are more expensive than VNO, based on the Price/Earnings ratio.
VNO is valuated cheaply when we compare the Price/Earnings ratio to 27.20, which is the current average of the S&P500 Index.
VNO is valuated quite expensively with a Price/Forward Earnings ratio of 8352.48.
Based on the Price/Forward Earnings ratio, VNO is valued a bit more expensive than 60.77% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of VNO to the average of the S&P500 Index (22.70), we can say VNO is valued expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.44 | ||
| Fwd PE | 8352.48 |
4.2 Price Multiples
VNO's Enterprise Value to EBITDA ratio is rather expensive when compared to the industry. VNO is more expensive than 80.00% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, VNO is valued cheaper than 95.38% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 8.82 | ||
| EV/EBITDA | 18.44 |
4.3 Compensation for Growth
VNO's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as VNO's earnings are expected to grow with 131.29% in the coming years.
PEG (NY)0
PEG (5Y)N/A
EPS Next 2Y-64.47%
EPS Next 3Y131.29%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 6.90%, VNO is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 6.66, VNO pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.38, VNO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.9% |
5.2 History
The dividend of VNO decreases each year by -18.14%.
VNO has been paying a dividend for at least 10 years, so it has a reliable track record.
VNO has decreased its dividend recently.
Dividend Growth(5Y)-18.14%
Div Incr Years1
Div Non Decr Years1
5.3 Sustainability
VNO pays out 25.00% of its income as dividend. This is a sustainable payout ratio.
DP25%
EPS Next 2Y-64.47%
EPS Next 3Y131.29%
NYSE:VNO (9/18/2025, 1:02:08 PM)
42.18
+0.98 (+2.38%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners95.64%
Inst Owner Change3.04%
Ins Owners6.5%
Ins Owner Change0%
Market Cap8.10B
Analysts51.43
Price Target39.87 (-5.48%)
Short Float %4.86%
Short Ratio5.18
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.9% |
Yearly Dividend1.07
Dividend Growth(5Y)-18.14%
DP25%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)2129.51%
Min EPS beat(2)132.23%
Max EPS beat(2)4126.8%
EPS beat(4)4
Avg EPS beat(4)1094.95%
Min EPS beat(4)0.99%
Max EPS beat(4)4126.8%
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)-1.83%
Min Revenue beat(2)-4.75%
Max Revenue beat(2)1.08%
Revenue beat(4)2
Avg Revenue beat(4)-1.1%
Min Revenue beat(4)-4.75%
Max Revenue beat(4)1.3%
Revenue beat(8)3
Avg Revenue beat(8)-1.46%
Revenue beat(12)6
Avg Revenue beat(12)23.6%
Revenue beat(16)9
Avg Revenue beat(16)24.62%
PT rev (1m)-0.42%
PT rev (3m)-0.64%
EPS NQ rev (1m)-136.36%
EPS NQ rev (3m)-136.36%
EPS NY rev (1m)156.77%
EPS NY rev (3m)2742.86%
Revenue NQ rev (1m)-5.17%
Revenue NQ rev (3m)-6.24%
Revenue NY rev (1m)-2.59%
Revenue NY rev (3m)-2.85%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.44 | ||
| Fwd PE | 8352.48 | ||
| P/S | 4.49 | ||
| P/FCF | 8.82 | ||
| P/OCF | 5.83 | ||
| P/B | 1.33 | ||
| P/tB | 1.36 | ||
| EV/EBITDA | 18.44 |
EPS(TTM)4.04
EY9.58%
EPS(NY)0.01
Fwd EY0.01%
FCF(TTM)4.78
FCFY11.34%
OCF(TTM)7.24
OCFY17.17%
SpS9.39
BVpS31.72
TBVpS31.13
PEG (NY)0
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.21% | ||
| ROE | 13.34% | ||
| ROCE | 1.84% | ||
| ROIC | 1.45% | ||
| ROICexc | 1.58% | ||
| ROICexgc | 1.63% | ||
| OM | 14.83% | ||
| PM (TTM) | 45.05% | ||
| GM | 49.21% | ||
| FCFM | 50.9% |
ROA(3y)-0.72%
ROA(5y)-0.74%
ROE(3y)-2.02%
ROE(5y)-1.95%
ROIC(3y)1.48%
ROIC(5y)1.27%
ROICexc(3y)1.57%
ROICexc(5y)1.37%
ROICexgc(3y)1.63%
ROICexgc(5y)1.42%
ROCE(3y)1.87%
ROCE(5y)1.61%
ROICexcg growth 3Y2.74%
ROICexcg growth 5Y-7.36%
ROICexc growth 3Y3.14%
ROICexc growth 5Y-7.55%
OM growth 3Y-1.7%
OM growth 5Y-7.8%
PM growth 3Y-58.25%
PM growth 5Y-68.97%
GM growth 3Y-1.17%
GM growth 5Y-1.66%
F-Score8
Asset Turnover0.12
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.16 | ||
| Debt/FCF | 7.73 | ||
| Debt/EBITDA | 9.48 | ||
| Cap/Depr | 98.16% | ||
| Cap/Sales | 26.18% | ||
| Interest Coverage | 0.79 | ||
| Cash Conversion | 185.73% | ||
| Profit Quality | 112.98% | ||
| Current Ratio | 1.88 | ||
| Quick Ratio | 1.88 | ||
| Altman-Z | 0.44 |
F-Score8
WACC6.42%
ROIC/WACC0.23
Cap/Depr(3y)148.23%
Cap/Depr(5y)165.12%
Cap/Sales(3y)40.05%
Cap/Sales(5y)44.81%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)1583.33%
EPS 3Y-58.75%
EPS 5Y-57.97%
EPS Q2Q%1955.56%
EPS Next Y2412.38%
EPS Next 2Y-64.47%
EPS Next 3Y131.29%
EPS Next 5Y68.63%
Revenue 1Y (TTM)1.38%
Revenue growth 3Y4%
Revenue growth 5Y-1.47%
Sales Q2Q%-1.96%
Revenue Next Year0.73%
Revenue Next 2Y1.83%
Revenue Next 3Y3.1%
Revenue Next 5Y4.66%
EBIT growth 1Y2.55%
EBIT growth 3Y2.23%
EBIT growth 5Y-9.15%
EBIT Next Year206.97%
EBIT Next 3Y46.28%
EBIT Next 5Y26.08%
FCF growth 1Y1108.96%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y87.13%
OCF growth 3Y-10.96%
OCF growth 5Y-4.09%