Vornado Realty TrustVNO
NYSE•Real Estate•REIT - Office
Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum. Vornado Realty Trust was incorporated in 1946 in Maryland, USA.
Vornado Realty Trust (VNO) reported trailing twelve months revenue of $1.81B as of March 2026, a 0.3% decline year-over-year. Quarterly revenue reached $459.11M, reflecting a contraction in sales.
Vornado Realty Trust generated $795.27M in TTM net income, with quarterly EBITDA of $390.65M. The operating margin contracted from 63.5% to 59.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (59.3%) and net margin (-1.6%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 22.2% a year ago, reflecting increased costs or interest expense.
VNO trades at a P/E of 8.7x (below the broader market average) and a P/S of 3.8x. The price-to-book ratio of 1.1x reflects a moderate premium to book value.
The company reported negative free cash flow of $-124.09M, indicating cash consumption over the period. The balance sheet shows $15.92B in total assets with $2.80B in long-term debt against $6.02B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~61.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.0% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has grown modestly overall (~1.6%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~60.4% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.