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.
as of March 2026
Are revenues and earnings expanding?
$1.81B in TTM revenue declined 0.3% YoY, reaching $459.11M last quarter. TTM EBITDA of $1.56B on operating income of $272.12M shows growth is flowing through. Net income of $795.27M TTM confirms the company is converting revenue into profit. Revenue is contracting — assess whether this is cyclical or structural.
Is revenue turning into profit effectively?
Op. margin of 59.3% is down 4.3% YoY — costs are rising relative to revenue. Net margin at -1.6%. ROE of 13.2% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 8.7x P/E, the stock trades below market averages — potentially undervalued. P/S of 3.8x and P/B of 1.1x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
With $15.92B in assets and $2.80B in long-term debt, the D/E of 0.5 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $-124.09M on $47.75M in operating cash flow. The FCF / Net Income ratio of -0.2x shows cash consumption — the business is not yet self-funding. Cash reserves of $1.08B provide financial flexibility. Share count is stable — no dilution or buyback activity.
Competitive analysis based on 66 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.
Data-driven red flags and warnings across 66 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation
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.