Tearsheet

Vornado Realty Trust (VNO)

Market Price (11/7/2025): $37.205 | Market Cap: $7.1 Bil
Sector: Real Estate | Industry: Office REITs

Vornado Realty Trust (VNO)

Market Price (11/7/2025): $37.205
Market Cap: $7.1 Bil
Sector: Real Estate
Industry: Office REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 19%	Weak multi-year price returns 3Y Excs Rtn is -9.9%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 73%		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%
2	Low stock price volatility Vol 12M is 38%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 19%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 73%
2	Low stock price volatility Vol 12M is 38%
3	Weak multi-year price returns 3Y Excs Rtn is -9.9%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101%
5	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%

Market Valuation & Key Metrics

	11/7/25	2024	2023	2022	2021
Share Price CYE	$37.20	$42.04	$27.78	$19.91	$37.34
Market Cap CYE ($ Bil)	7.1	8.0	5.3	3.8	7.2
Total Debt ($ Bil)	7.9	9.0	9.0	9.1	9.0
Total Cash ($ Bil)	1.0	0.7	1.0	1.4	1.8
Enterprise Value ($ Bil)	14.0	17.0	14.3	12.9	16.2
Valuation Ratios
P/S TTM	3.9	4.5	3.0	2.2	5.0
P/EBIT TTM	5.5	19.5	13.9	-38.8	19.7
P/E TTM	7.9	113.8	51.1	-11.5	45.6
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2	4.4	6.6
P/EBIT TTM (Sector)	11.4	12.6	13.1	13.1	16.2
P/E TTM (Sector)	16.1	19.1	19.2	18.0	23.4

	11/7/25	2024	2023
Share Price CYE	$37.20	$42.04	$27.78
Market Cap CYE ($ Bil)	7.1	8.0	5.3
Total Debt ($ Bil)	7.9	9.0	9.0
Total Cash ($ Bil)	1.0	0.7	1.0
Enterprise Value ($ Bil)	14.0	17.0	14.3
Valuation Ratios
P/S TTM	3.9	4.5	3.0
P/EBIT TTM	5.5	19.5	13.9
P/E TTM	7.9	113.8	51.1
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2
P/EBIT TTM (Sector)	11.4	12.6	13.1
P/E TTM (Sector)	16.1	19.1	19.2

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AI Generated Analysis | Feedback

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VNO Stock

Return (1M): -7.68%

Factor Drivers of Stock Movement

The -5.3% change in VNO stock from 8/7/2025 to 11/6/2025 was primarily driven by a -8.5% change in the company's P/E Multiple.

	8072025	11062025	Change
Stock Price ($)	37.60	35.62	-5.27%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1804.06	1814.51	0.58%
Net Income Margin (%)	48.49%	49.91%	2.92%
P/E Multiple	8.25	7.55	-8.45%
Shares Outstanding (Mil)	191.98	192.05	-0.03%
Cumulative Contribution			-5.27%

LTM = Last Twelve Months as of date shown

The -8.0% change in VNO stock from 5/8/2025 to 11/6/2025 was primarily driven by a -83.1% change in the company's P/E Multiple.

	5082025	11062025	Change
Stock Price ($)	38.73	35.62	-8.03%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1812.89	1814.51	0.09%
Net Income Margin (%)	9.17%	49.91%	444.18%
P/E Multiple	44.58	7.55	-83.05%
Shares Outstanding (Mil)	191.37	192.05	-0.35%
Cumulative Contribution			-8.03%

LTM = Last Twelve Months as of date shown

The -16.9% change in VNO stock from 11/6/2024 to 11/6/2025 was primarily driven by a -99.2% change in the company's P/E Multiple.

	11062024	11062025	Change
Stock Price ($)	42.85	35.62	-16.87%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1771.78	1814.51	2.41%
Net Income Margin (%)	0.46%	49.91%	10717.65%
P/E Multiple	998.89	7.55	-99.24%
Shares Outstanding (Mil)	190.56	192.05	-0.78%
Cumulative Contribution			-16.87%

LTM = Last Twelve Months as of date shown

The 62.3% change in VNO stock from 11/7/2022 to 11/6/2025 was primarily driven by a 458.0% change in the company's Net Income Margin (%).

	11072022	11062025	Change
Stock Price ($)	21.94	35.62	62.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1774.13	1814.51	2.28%
Net Income Margin (%)	8.94%	49.91%	458.03%
P/E Multiple	26.52	7.55	-71.52%
Shares Outstanding (Mil)	191.79	192.05	-0.13%
Cumulative Contribution			62.33%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

1. Vornado Realty Trust (VNO) reported a significant earnings per share (EPS) miss for the third quarter of 2025.

The company posted an EPS of -$0.10, which was substantially below the forecasted -$0.01, resulting in a 900% earnings surprise miss. This occurred despite revenue surpassing expectations at $453.7 million against a forecast of $439.24 million. The stock saw an immediate decline of 3.08% after the earnings announcement on November 3, 2025, and continued to drop in premarket trading.

2. Several analysts issued downgrades and reduced their price targets for VNO during this period.

For instance, Barclays issued an "Underweight" rating with a $33.0 price target on August 21, 2025. Scotiabank cut its price target from $45.00 to $40.00 on August 28, 2025, maintaining a "sector perform" rating. Bank of America also dropped its price target from $42.00 to $40.00 and set a "neutral" rating on August 25, 2025. These adjustments by multiple firms contributed to negative investor sentiment.

3. A significant asset sale by a Vornado joint venture likely influenced investor perception.

On August 14, 2025, a joint venture in which Vornado holds a 55.0% interest completed the sale of 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. While sales can be part of portfolio management, large transactions can sometimes be interpreted by the market as either strategic or a response to prevailing market conditions.

4. Vornado's acquisition of a defaulting A-Note in Midtown Manhattan raised concerns.

On July 24, 2025, the company purchased a $35,000,000 A-Note secured by a Midtown Manhattan property. This A-Note, along with a previously acquired B-Note, is currently in default. Such an investment in a defaulting asset can signal potential risks or challenges within the company's investment portfolio, leading to investor apprehension.

5. The broader real estate market exhibited signs of a slowdown, impacting investor confidence in REITs like Vornado.

Reports for July and August 2025 indicated increased housing inventory, longer days on the market, and some price cuts in various regions, suggesting a shift towards a buyer's market. While Vornado's focus is on commercial real estate, a general cautious outlook on the real estate sector can broadly affect REIT stock performance.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
VNO Return	-40%	18%	-47%	40%	51%	-15%	-33%
Peers Return	-22%	34%	-24%	11%	1%	-3%	-13%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
VNO Win Rate	33%	67%	42%	50%	58%	50%
Peers Win Rate	42%	65%	35%	55%	55%	44%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
VNO Max Drawdown	-55%	-6%	-47%	-39%	-19%	-25%
Peers Max Drawdown	-47%	-6%	-31%	-22%	-12%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ARE, BXP, FRT, EPR, ALX. See VNO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/6/2025 (YTD)

How Low Can It Go

Unique Key	Event	VNO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-75.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	306.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-56.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	131.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-33.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	49.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-78.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	368.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

Compare to ARE, BXP, FRT, EPR, ALX

In The Past

Vornado Realty Trust's stock fell -75.4% during the 2022 Inflation Shock from a high on 6/10/2021. A -75.4% loss requires a 306.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Vornado Realty Trust (VNO)

Vornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.

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Better Bets than Vornado Realty Trust (VNO)

	VNO	Better Performance than VNO
Metric	Value	Industry (Office REITs)
Rev Chg LTM	2.4%	BXP (3.2%), CUZ (16.4%), SLG (7.4%), VRE (5.6%), DEA (10.4%)
Rev Chg 3Y Avg	0.8%	BXP (4.9%), ARE (6.4%), KRC (1.7%), CUZ (8.5%), SLG (5.3%)
Op Mgn LTM	15.3%	BXP (29.8%), ARE (19.1%), KRC (29.7%), CUZ (22.7%), SLG (15.5%)
CFO/Rev LTM	72.7%	DEA (73.9%)
FCF/Rev LTM	72.7%	DEA (73.9%)
Total Yield	15.3%

	VNO	Better Performance than VNO
Metric	Value	Sector (Real Estate)
Rev Chg LTM	2.4%	WELL (32.6%), PLD (10.7%), AMT (4.2%), EQIX (5.4%), SPG (4.2%)
Rev Chg 3Y Avg	0.8%	WELL (20.9%), PLD (18.1%), EQIX (8.5%), SPG (5.7%), DLR (9.1%)
Op Mgn LTM	15.3%	WELL (16.2%), PLD (39.8%), AMT (46.4%), EQIX (20.6%), SPG (50.7%)
CFO/Rev LTM	72.7%	WPC (75.9%), OHI (76.2%), CTRE (107.4%), NNN (72.7%), CURB (78.0%)
FCF/Rev LTM	72.7%	WPC (75.9%), OHI (76.2%), CTRE (103.2%), NNN (72.7%), CURB (78.0%)
Total Yield	15.3%	RYN (28.7%), APLE (15.6%), IIPR (24.1%), AAT (16.0%), SAFE (16.7%)

	VNO	Better Performance than VNO
Metric	Value	All Other Sectors
Rev Chg LTM	2.4%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	0.8%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	15.3%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	72.7%	RY (135.4%), SCHW (82.3%), FNV (84.7%), ARES (85.1%), IBKR (162.0%)
FCF/Rev LTM	72.7%	RY (131.7%), SCHW (79.4%), ARES (83.9%), IBKR (161.3%), RPRX (102.4%)
Total Yield	15.3%	BABA (37.6%), TM (2196.5%), VZ (18.6%), CMCSA (27.3%), MO (16.2%)

		Best Bets In Real Estate Sector
	VNO	CTRE	WPC	ADC	NNN	OHI	O	EPRT	GLPI	EPR	FCPT
What You Pay
P/E	7.6	28.8	40.0	41.7	19.0	23.4	53.5	24.6	16.1	18.8	22.6
P/EBIT	5.3	25.1	21.1	24.9	12.6	16.0	24.0	17.3	10.6	11.4	15.3
What You Get
Rev Chg Q	2.4%	82.4%	8.5%	18.7%	5.3%	12.9%	9.1%	23.7%	3.2%	4.3%	11.0%
Rev Chg LTM	2.4%	47.6%	5.6%	14.7%	4.5%	13.7%	14.7%	24.2%	4.4%	4.2%	8.3%
Rev Chg 3Y Avg	0.8%	21.2%	5.6%	19.5%	6.0%	6.3%	21.5%	24.2%	7.4%	3.9%	9.5%
FCF/Rev 3Y Avg	46.8%	88.9%	84.4%	73.1%	73.6%	71.6%	69.5%	69.3%	65.4%	63.9%	61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Vornado Realty Trust Earnings Notes
2	How Low Can Vornado Realty Trust Stock Really Go?	Return
3	Vornado Realty Trust vs Apple: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Vornado Realty Trust vs Simon Property: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Vornado Realty Trust vs Alexandria Real Estate Equities: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	null
7	Better Bet Than VNO Stock: Pay Less Than Vornado Realty Trust To Get More From GOOGL, V
8	Better Bet Than VNO Stock: Pay Less Than Vornado Realty Trust To Get More From SPG, O
9	Better Bet Than VNO Stock: Pay Less Than Vornado Realty Trust To Get More From CUZ, KRC
10	VNO Dip Buy Analysis

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to VNO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-2.5%	-2.5%	-5.8%
VNO_9302023_Short_Squeeze	09302023	VNO	Vornado Realty Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	28.2%	73.2%	-15.3%
VNO_12312022_Short_Squeeze	12312022	VNO	Vornado Realty Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-11.3%	39.5%	-39.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-2.5%	-2.5%	-5.8%
VNO_9302023_Short_Squeeze	09302023	VNO	Vornado Realty Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	28.2%	73.2%	-15.3%
VNO_12312022_Short_Squeeze	12312022	VNO	Vornado Realty Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-11.3%	39.5%	-39.5%

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CSTL	Castle Biosciences	1.0	38.6%	25.9%
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HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

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SOC	Sable Offshore	0.4	-62.3%	-78.9%
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BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
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SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

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INBX	Inhibrx Biosciences	1.3	141.0%	425.9%
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CSIQ	Canadian Solar	1.8	87.1%	140.5%
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SOC	Sable Offshore	0.4	-75.7%	-78.9%
FMC	FMC	1.6	-57.3%	-72.1%
QURE	uniQure	1.5	-54.1%	55.8%
ONDS	Ondas	0.8	-53.4%	105.1%
FI	Fiserv	33.9	-51.3%	-70.0%
LRN	Stride	3.0	-51.2%	-32.1%
ASPN	Aspen Aerogels	0.3	-50.5%	-65.4%
DD	DuPont de Nemours	16.4	-50.0%	-47.8%
NTLA	Intellia Therapeutics	1.3	-49.7%	5.7%
ELF	e.l.f. Beauty	4.3	-47.2%	-39.0%

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IOVA	Iovance Biotherapeutics	0.8	27.6%	-68.8%
SKYT	SkyWater Technology	0.9	27.2%	35.6%
BHF	Brighthouse Financial	3.8	26.8%	36.8%
DDOG	Datadog	66.1	23.1%	33.5%
HCC	Warrior Met Coal	4.3	22.9%	50.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-44.5%	-65.4%
ACVA	ACV Auctions	0.9	-37.5%	-76.4%
ELF	e.l.f. Beauty	4.3	-35.0%	-39.0%
CCOI	Cogent Communications	1.2	-34.9%	-65.5%
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PRCH	Porch	1.1	-33.4%	116.1%
PRTH	Priority Technology	0.4	-30.1%	-58.7%
AOSL	Alpha & Omega Semiconductor	0.6	-27.5%	-46.9%
STKL	SunOpta	0.5	-26.6%	-49.9%
VAC	Marriott Vacations Worldwide	1.7	-26.4%	-43.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.7%	229.4%
CSIQ	Canadian Solar	1.8	49.1%	140.5%
BHF	Brighthouse Financial	3.8	43.8%	36.8%
GDEN	Golden Entertainment	0.7	39.4%	-7.2%
CSTL	Castle Biosciences	1.0	38.6%	25.9%
FSLY	Fastly	1.6	37.5%	16.2%
TDC	Teradata	2.7	35.5%	-9.1%
HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-62.3%	-78.9%
QURE	uniQure	1.5	-59.5%	55.8%
DD	DuPont de Nemours	16.4	-51.9%	-47.8%
BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
ACVA	ACV Auctions	0.9	-42.8%	-76.4%
SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

Peer Comparisons for Vornado Realty Trust

Financials

	VNO	ARE	BXP	FRT	EPR	ALX	Median
Name	Vornado .	Alexandr.	BXP	Federal .	EPR Prop.	Alexande.
Mkt Price	35.62	53.17	70.10	95.88	49.34	227.99	61.63
Mkt Cap	6.8	9.0	11.1	8.2	3.8	1.2	7.5
Rev LTM	1,815	2,980	3,451	1,254	663	216	1,534
Op Inc LTM	278	569	1,030	451	365	70	408
FCF LTM	1,318	1,376	1,233	336	416	81	825
FCF 3Y Avg	846	1,546	1,255	276	418	80	632
CFO LTM	1,318	1,376	1,233	597	416	81	915
CFO 3Y Avg	846	1,546	1,255	572	418	80	709

Growth & Margins

	VNO	ARE	BXP	FRT	EPR	ALX	Median
Name	Vornado .	Alexandr.	BXP	Federal .	EPR Prop.	Alexande.
Rev Chg LTM	2.4%	-1.6%	3.2%	6.0%	4.2%	-7.5%	2.8%
Rev Chg 3Y Avg	0.8%	6.4%	4.9%	6.2%	3.9%	2.4%	4.4%
Rev Chg Q	2.4%	-5.1%	2.1%	6.1%	4.3%	-4.0%	2.2%
QoQ Delta Rev Chg LTM	0.6%	-1.3%	0.5%	1.5%	1.1%	-1.0%	0.6%
Op Mgn LTM	15.3%	19.1%	29.8%	36.0%	54.9%	32.3%	31.1%
Op Mgn 3Y Avg	15.5%	23.1%	31.1%	35.1%	56.7%	35.6%	33.1%
QoQ Delta Op Mgn LTM	0.0%	-2.3%	-0.0%	-0.2%	-1.4%	-1.3%	-0.7%
CFO/Rev LTM	72.7%	46.2%	35.7%	47.6%	62.7%	37.4%	46.9%
CFO/Rev 3Y Avg	46.8%	53.0%	37.7%	48.2%	63.9%	36.3%	47.5%
FCF/Rev LTM	72.7%	46.2%	35.7%	26.8%	62.7%	37.4%	41.8%
FCF/Rev 3Y Avg	46.8%	53.0%	37.7%	23.1%	63.9%	36.3%	42.3%

Valuation

	VNO	ARE	BXP	FRT	EPR	ALX	Median
Name	Vornado .	Alexandr.	BXP	Federal .	EPR Prop.	Alexande.
Mkt Cap	6.8	9.0	11.1	8.2	3.8	1.2	7.5
P/S	3.8	3.0	3.2	6.6	5.7	5.4	4.6
P/EBIT	5.3	-435.4	15.1	15.3	11.4	13.7	12.6
P/E	7.6	-22.0	2,252.0	23.8	18.8	31.9	21.3
P/CFO	5.2	6.6	9.0	13.8	9.0	14.5	9.0
Total Yield	15.3%	5.5%	3.2%	4.2%	5.3%	11.0%	5.4%
Dividend Yield	2.1%	10.1%	3.1%	0.0%	0.0%	7.9%	2.6%
FCF Yield 3Y Avg	13.3%	9.1%	12.9%	3.2%	11.4%	7.3%	10.3%
D/E	1.2	1.5	1.5	0.6	0.8	0.9	1.0
Net D/E	1.0	1.5	1.5	0.6	0.8	0.7	0.9

Returns

	VNO	ARE	BXP	FRT	EPR	ALX	Median
Name	Vornado .	Alexandr.	BXP	Federal .	EPR Prop.	Alexande.
1M Rtn	-12.2%	-31.9%	-5.0%	-1.8%	-9.9%	-4.6%	-7.4%
3M Rtn	-5.3%	-27.6%	7.7%	5.0%	-7.3%	1.3%	-2.0%
6M Rtn	-8.0%	-25.4%	13.0%	3.0%	-1.4%	12.2%	0.8%
12M Rtn	-16.9%	-50.0%	-8.8%	-11.4%	18.2%	6.7%	-10.1%
3Y Rtn	62.3%	-58.1%	16.3%	5.0%	58.1%	20.5%	18.4%
1M Excs Rtn	-11.1%	-28.8%	-3.5%	-1.2%	-8.2%	-4.7%	-6.4%
3M Excs Rtn	-8.7%	-32.4%	6.7%	1.0%	-12.0%	-2.8%	-5.8%
6M Excs Rtn	-26.7%	-44.0%	-5.7%	-15.6%	-20.0%	-6.4%	-17.8%
12M Excs Rtn	-31.2%	-67.6%	-25.8%	-27.7%	-1.0%	-5.8%	-26.7%
3Y Excs Rtn	-9.9%	-131.8%	-58.3%	-66.0%	-16.1%	-48.2%	-53.3%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	2/10/2025	2/12/2024	2/13/2023	2/14/2022	2/16/2021	2/18/2020
Key Financials
Total Revenue	1,815	1,788	1,811	1,800	1,589	1,528	1,925
Net Income	906	70	105	-346	176	-297	3,148
EPS	4.39	0.04	0.23	-2.13	0.53	-1.83	16.23
Growth Rates
Total Revenue Growth	2.4%	-1.3%	0.6%	13.3%	4.0%	-20.6%	-11.0%
Net Income Growth	10978.5%	-33.3%	130.4%	-296.9%	159.3%	-109.4%	599.6%
Margins
Net Income Margin	49.9%	3.9%	5.8%	-19.2%	11.1%	-19.4%	163.6%
Cash & Debt
Total Cash	1,010	734	997	1,362	1,760	1,624	1,515
Total Debt	7,894	8,993	8,984	9,125	8,986	7,800	7,905
Net Debt / (Cash)	6,884	8,259	7,987	7,763	7,226	6,176	6,390
Cash Flows
Net Cash from Operations	1,318	538	648	799	762	424	663
Free Cash from Operations	1,318	538	648	799	762	29	224
Returns to Shareholders
Dividends	141	203	191	469	472	892	554
Share Repurchases	-0	-0	29	-0	302	-0	1

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/3/2025	8/4/2025	5/5/2025	2/10/2025	11/4/2024	8/5/2024	5/6/2024	2/12/2024	10/30/2023	7/31/2023	5/1/2023	2/13/2023
Key Financials Quarterly
Total Revenue	454	441	462	458	443	450	436	442	451	472	446	447
Net Income	27	759	102	17	-4	51	6	-45	68	62	21	-478
EPS	0.06	3.87	0.45	0.01	-0.10	0.19	-0.05	-0.32	0.28	0.24	0.03	-2.57
Key Financials TTM
Total Revenue TTM	1,815	1,804	1,813	1,788	1,772	1,780	1,802	1,811	1,816	1,823	1,804	1,800
Net Income TTM	906	875	166	70	8	80	91	105	-327	-372	-368	-346
Growth Rates Quarterly
Total Revenue Growth	2.4%	-2.0%	5.8%	3.6%	-1.7%	-4.7%	-2.1%	-1.1%	-1.4%	4.2%	0.9%	6.1%
Net Income Growth	847.8%	1395.1%	1476.1%	136.8%	-105.3%	-18.0%	-68.6%	90.5%	193.5%	-6.1%	-50.7%	-1842.7%
Margins Quarterly
Net Income Margin	6.0%	172.0%	22.2%	3.7%	-0.8%	11.3%	1.5%	-10.3%	15.2%	13.1%	4.6%	-106.9%
Cash & Debt
Total Cash	1,010	1,205	569	734	784	873	893	997	1,000	1,134	1,168	1,362
Total Debt	7,894	7,806	8,526	8,993	8,987	8,979	8,992	8,984	9,006	9,022	9,018	9,125
Net Debt / (Cash)	6,884	6,601	7,957	8,259	8,204	8,106	8,100	7,987	8,005	7,888	7,851	7,763
Cash Flows Quarterly
FCF from Operations	33	1,027	52	206	105	195	31	211	62	283	92	239
Cash Flows TTM
FCF from Operations TTM	1,318	1,391	558	538	543	500	588	648	676	743	720	799
Returns to Shareholders Quarterly
Dividends	0	0	0	141	0	0	0	57	0	0	72	102
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	6	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	1.4%	1.7%	1.8%	0.8%	1.3%	1.4%	1.4%	1.3%	1.3%	2.2%	1.1%	1.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	1.7%	1.7%	1.4%	0.7%	1.4%	1.5%	0.6%	0.9%	1.8%	1.8%	1.7%	1.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Property rentals	1,524	1,511	1,354	1,323	1,590
Building Maintenance Services LLC (BMS) cleaning fees	142	138	120	106	125
Other income	49	44	33	25	19
Tenant services	42	45	37	34	48
Trade shows	21	33	19	11	41
Parking revenues	20	19	13
Management and leasing fees	13	11	12	19	14
Hotel Pennsylvania				9	90
Total	1,811	1,800	1,589	1,528	1,925

Price Behavior

Price Behavior

Market Price	$35.62
Market Cap ($ Bil)	6.8
First Trading Date	01/05/1988
Distance from 52W High	-20.8%
	50 Days	200 Days
DMA Price	$39.75	$38.78
DMA Trend	down	up
Distance from DMA	-10.4%	-8.1%
	3M	1YR
Volatility	31.6%	38.4%
Downside Capture	104.64	151.99
Upside Capture	44.91	112.61
Correlation (SPY)	43.5%	64.4%

VNO Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.90	0.99	1.30	1.16	1.25	1.51
Up Beta	0.97	1.48	2.32	1.44	1.05	1.22
Down Beta	1.72	1.71	1.40	1.29	1.43	1.50
Up Capture	-22%	29%	67%	73%	126%	619%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	10	22	31	66	130	380
Down Capture	81%	55%	117%	117%	125%	110%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	13	22	34	60	120	369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of VNO With Other Asset Classes (Last 1Y)
	VNO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-12.2%	-2.2%	18.5%	45.0%	2.2%	-1.7%	50.6%
Annualized Volatility	38.3%	17.8%	19.6%	19.9%	16.2%	17.9%	37.1%
Sharpe Ratio	-0.26	-0.27	0.74	1.76	-0.05	-0.24	0.86
Correlation With Other Assets		63.6%	64.4%	1.7%	21.5%	68.4%	26.9%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of VNO With Other Asset Classes (Last 5Y)
	VNO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.2%	6.9%	16.8%	15.9%	13.8%	6.7%	50.4%
Annualized Volatility	43.9%	19.3%	17.1%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.30	0.27	0.80	0.81	0.61	0.27	0.77
Correlation With Other Assets		61.0%	48.7%	5.6%	16.3%	66.7%	17.3%

Based On 10-Year Data

		Comparison of VNO With Other Asset Classes (Last 10Y)
	VNO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-4.3%	6.2%	14.3%	12.8%	5.1%	5.0%	78.6%
Annualized Volatility	38.6%	20.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.01	0.27	0.68	0.71	0.22	0.21	0.96
Correlation With Other Assets		66.0%	53.9%	4.0%	22.7%	71.3%	13.0%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	7,165,660
Short Interest: % Change Since 9302025	-2.0%
Average Daily Volume	1,061,190
Days-to-Cover Short Interest	6.75
Basic Shares Quantity	192,050,000
Short % of Basic Shares	3.7%

Returns Analyses

	Title
0	How Low Can Vornado Realty Trust Stock Really Go?
1	Vornado Realty Trust Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/3/2025	-4.9%
8/4/2025	-4.1%	-7.1%	1.8%
5/5/2025	3.7%	8.6%	5.6%
2/10/2025	0.8%	-1.3%	-11.8%
11/4/2024	2.0%	8.1%	4.4%
8/5/2024	12.7%	10.9%	23.5%
5/6/2024	-9.1%	-8.2%	-9.6%
2/12/2024	-7.6%	-3.7%	-2.7%
...
SUMMARY STATS
# Positive	9	9	13
# Negative	15	15	11
Median Positive	2.2%	6.3%	9.5%
Median Negative	-2.5%	-4.4%	-9.5%
Max Positive	12.7%	13.7%	23.5%
Max Negative	-9.1%	-10.0%	-31.6%

	Forward Returns
11/3/2025	-4.9%
8/4/2025	-4.1%	-7.1%	1.8%
5/5/2025	3.7%	8.6%	5.6%
2/10/2025	0.8%	-1.3%	-11.8%
11/4/2024	2.0%	8.1%	4.4%
8/5/2024	12.7%	10.9%	23.5%
5/6/2024	-9.1%	-8.2%	-9.6%
2/12/2024	-7.6%	-3.7%	-2.7%
10/30/2023	-4.6%	13.7%	18.1%
7/31/2023	0.2%	5.2%	7.4%
5/1/2023	-5.1%	-6.1%	-7.6%
2/13/2023	-1.9%	-10.0%	-31.6%
10/31/2022	-1.7%	-0.5%	9.8%
8/1/2022	-2.5%	-3.6%	-10.7%
5/3/2022	2.2%	-5.1%	-9.5%
2/15/2022	6.9%	5.9%	11.2%
11/2/2021	-1.1%	6.3%	-8.9%
8/3/2021	-1.9%	-1.2%	-2.1%
5/4/2021	3.8%	2.9%	9.5%
1/29/2021	-2.5%	-6.0%	9.8%
10/20/2020	-2.1%	-1.9%	23.3%
7/20/2020	1.3%	-0.7%	0.6%
5/5/2020	-2.7%	-6.3%	5.3%
1/30/2020	-0.9%	0.5%	-16.3%
SUMMARY STATS
# Positive	9	9	13
# Negative	15	15	11
Median Positive	2.2%	6.3%	9.5%
Median Negative	-2.5%	-4.4%	-9.5%
Max Positive	12.7%	13.7%	23.5%
Max Negative	-9.1%	-10.0%	-31.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11032025	10-Q 9/30/2025
6302025	8042025	10-Q 6/30/2025
3312025	5052025	10-Q 3/31/2025
12312024	2102025	10-K 12/31/2024
9302024	11042024	10-Q 9/30/2024
6302024	8052024	10-Q 6/30/2024
3312024	5062024	10-Q 3/31/2024
12312023	2122024	10-K 12/31/2023
9302023	10302023	10-Q 9/30/2023
6302023	7312023	10-Q 6/30/2023
3312023	5012023	10-Q 3/31/2023
12312022	2132023	10-K 12/31/2022
9302022	10312022	10-Q 9/30/2022
6302022	8012022	10-Q 6/30/2022
3312022	5022022	10-Q 3/31/2022
12312021	2142022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Chera Haim	EVP- HEAD OF RETAIL	5302025	Sell	37.98	20,000	759,630	1,139,445	Form
1	WIGHT RUSSELL B JR		12112024	Sell	44.86	2,000	89,728	46,389	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Vornado Realty Trust (VNO)

Market Price (11/7/2025): $37.205 | Market Cap: $7.1 BilSector: Real Estate | Industry: Office REITs

Vornado Realty Trust (VNO)

Market Price (11/7/2025): $37.205Market Cap: $7.1 BilSector: Real EstateIndustry: Office REITs

Market Valuation & Key Metrics

VNO Stock

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

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About Vornado Realty Trust (VNO)

Interactive Breakdown

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

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Earnings Returns History

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Market Price (11/7/2025): $37.205 | Market Cap: $7.1 Bil
Sector: Real Estate | Industry: Office REITs

Market Price (11/7/2025): $37.205
Market Cap: $7.1 Bil
Sector: Real Estate
Industry: Office REITs