Vornado Realty Trust (VNO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Vornado Realty Trust

NYSE•Real Estate•REIT - Office

$35.25-0.19(-0.01%)Market open

Market Cap

$6.52B

P/E

96.1x

P/S

3.6x

P/B

1.1x

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.

How this company scores

AverageMetricSide Score: 51/100

Strongest: Balance Sheet & Red Flags (14/25); weakest: Growth (10/25).

Profitability13/25

Growth10/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality14/25

Strengths

Strong marginsLow leverageCash-backed earningsImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 96.1x5y range 6.0x – 918.5x

Currently above its 15-quarter median.

P/S · 3.6x5y range 1.6x – 5.4x

Currently near its 20-quarter median.

P/B · 1.1x5y range 0.5x – 1.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Leverage Risk

Watch

Debt-to-equity has risen 29.2% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $6.52B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.83B
Q. Revenue: $462.24M
TTM EBITDA: $1.64B
TTM Op. Income: $1.12B
Q. Op. Income: $304.06M
TTM Net Income: $67.88M
Q. Net Income: $31.96M
EPS: $0.09
Shares Out.: $187.28M

$1.83B in TTM revenue grew 1.4% YoY, reaching $462.24M last quarter. TTM EBITDA of $1.64B and TTM operating income of $1.12B show growth is flowing through to the bottom line. TTM net income of $67.88M means revenue is converting into profit. Over the past year, TTM revenue is up 1% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 102.8%
Op. Margin: 65.8%
Net Margin: 6.9%

Op. margin of 65.8% is up 2.9% YoY — cost efficiency is improving. Net margin at 6.9% Over the past year, operating margin is up 5% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 96.1x
P/S Ratio: 3.6x
P/B Ratio: 1.1x

At 96.1x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.6x and P/B of 1.1x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is up 1045% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $15.61B
Cash: $675.35M
Long-Term Debt: $2.60B
Book Value: $5.79B
D/E Ratio: 0.4
Debt/EBITDA: 5.5

With $15.61B in assets and $2.60B in long-term debt, D/E is 0.4and book value is $5.79B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 29% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $163.70M
TTM Free Cash Flow: $-54.86M
FCF Margin: -3.0%
FCF / Net Income: -0.8

TTM FCF of $-54.86M on $163.70M in operating cash flow. The FCF / Net Income ratio of -0.8x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 4 consecutive quarters — a weakening trend.