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Vornado Realty Trust VNO

Real Estate — Reit Office
Insider Buys (last 12m)
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
5.70
Total sells
4.88
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — 2 1 — — 1 — — —
Sell — — — — — — — — 1 — — —
Insider Ownership
7.66%

Capital & Financial Ratios

Market Cap
7,080.00
Revenue
1,828.76
Net Income
41.32
Free Cash Flow
29.42
Net Debt
6,489.33
Current Ratio
5.24
Debt/Equity
1.25
P/E ratio
1,745.00
P/S ratio
3.57
P/B ratio
1.37
Past 5Y EPS Growth
(69.60%)
This Y EPS Growth
(106.64%)
Next Y EPS Growth
98.10%
Next 5Y EPS Growth
7.72%
in millions of $

Dividends

Payout Ratio
4.27
Annual Dividend Rate
2.12
Annual Dividend Yield
2.42%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 ‡‡‡‡‡
2025 0.74
—
2024 0.74
—
2023 0.68
—
—
2022 2.12
—
—
—
—
2021 2.12
—
—
—
—
2020 2.38
—
—
—
—
2019 2.64
—
—
—
—
—
2018 2.52
—
—
—
—
2017 2.35
—
—
—
—
2016 2.04
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 1,261.58 949.62 1,143.57 955.37
Receivables 771.21 765.87 829.68 901.40
Inventory — — — —
Other — — — —
2,032.79 1,715.49 1,973.25 1,856.77
2023 2024 2025 Q'26
Payables 411.04 374.01 376.19 354.07
ST’ Debt — — — —
Other — — — —
411.04 374.01 376.19 354.07
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡ ‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 459.11 462.24 — —
—
’25 461.58 441.44 453.70 453.71
1,810.43
’24 436.38 450.27 443.26 457.79
1,787.69
’23 445.92 472.36 451.00 441.89
1,811.16
’22 442.13 453.49 457.43 446.94
1,800.00
’21 379.98 378.94 409.21 421.08
1,589.21
’20 444.53 343.03 363.96 376.43
1,527.95
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 47.75 163.70 — —
—
’25 52.03 1,026.91 33.17 146.27
1,258.39
’24 31.49 194.68 105.38 206.18
537.72
’23 91.87 282.87 62.13 211.28
648.15
’22 171.01 259.61 129.20 239.12
798.94
’21 224.19 248.52 5.39 283.70
761.81
’20 51.45 216.27 (76.35) 232.88
424.24
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (54.53) 82.79 — —
—
’25 (31.09) 875.46 (61.12) 62.27
845.52
’24 (95.11) 70.62 (5.35) 101.95
72.11
’23 (100.71) 85.53 (135.47) 34.20
(116.45)
’22 (69.62) 11.46 (60.01) 19.33
(98.85)
’21 66.46 46.74 (193.11) 106.32
26.41
’20 (167.65) 30.82 (232.88) 36.30
(333.42)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 (0.12) 0.08 — —
—
’25 0.43 3.70 0.06 0.00
4.40
’24 (0.05) 0.18 (0.10) 0.01
0.04
’23 0.03 0.24 0.28 (0.32)
0.23
’22 0.14 0.26 0.04 (2.57)
(2.13)
’21 0.02 0.25 0.20 0.06
0.53
’20 0.03 (1.03) 0.28 (1.09)
(1.83)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

2.9
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 20.03 12.31 22.42 29.68 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 47.26 32.21 46.63 45.37 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,146 2,935 2,996 3,145 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.57 0.62 0.60 0.58 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,800.00 1,811.16 1,787.69 1,810.43 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 49.69% 47.22% 47.81% 49.05% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (360.95) 62.11 42.85 950.71 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (20.05%) 3.43% 2.40% 52.51% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (382.61) 32.89 20.12 937.20 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 521.56 463.30 508.13 504.54 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 9.39 9.48 9.38 9.44 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ (2.13) 0.23 0.04 4.40 ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.17 3.39 2.82 6.56 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (4.68) (4.00) (2.44) (2.15) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.52) (0.61) 0.38 4.41 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 31.68 29.87 28.01 32.11 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 191.78 191.01 190.54 191.76 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ 0.00 124.78 840.80 7.60 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.24 3.03 4.48 3.53 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.82 1.21 1.93 1.28 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.28 7.10 8.77 7.07 ‡‡‡‡ ‡‡‡‡ ‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (114.39) (110.36) 217.48 15.14 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 798.94 648.15 537.72 1,258.39 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (897.79) (764.60) (465.61) (412.87) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (98.85) (116.45) 72.11 845.52 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,818.38 1,621.75 1,341.48 1,597.06 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8,768.04 8,251.45 8,242.88 7,185.63 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7,274.92 6,989.87 7,293.26 6,042.06 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,076.38 5,705.29 5,337.21 6,156.57 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.42%) 0.27% 0.05% 5.35% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.24% 1.21% 1.22% 1.33% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (7.99%) 0.92% 0.19% 18.47% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Vornado Realty Trust (VNO), once a pre-pandemic star with shares near $90, has plummeted to $30 amid NYC’s office vacancy crisis exceeding 18%, remote work persistence, and WeWork fallout. Analyst price targets imply 4-60% upside (27% average), but this contrarian analysis flags deeper perils: stubbornly flat revenue ($1.8B, +10% projected over four years), eroding gross margins (48% in 2024), and volatile profitability reliant on lumpy asset-sale gains, with EPS turning negative by 2026.

Free cash flow has flipped positive ($0.38/share in 2024, $4.41 projected 2025) via capex cuts and 13% debt reduction to $8.24B, yet precarious interest coverage (2.4% EBT margin) and zero insider buys—only sells totaling ~$1.95M—signal caution. Valuation looks cheap (PS 3-4.5x, PB 1.3x), but low ROIC (1-3%) and structural office threats (AI-driven shrinkage, $1T CRE maturities) suggest a value trap over recovery play.

Fade the hype: while FCF and divestitures offer near-term ballast, existential risks like dividend cuts, climate regs, and recession could trigger another 30% drop. Insiders aren’t buying—should you? Dive into the full dissection for correlated metrics, forecasts, and probabilistic scenarios.

Read full commentary →

Vornado Realty Trust (VNO) Latest News

News by impact score

Fine-tune

2 Sep

3 , 11:30 AM
Vornado Realty Trust stock fell 10.4% since its most recent earnings report. Post-earnings stock decline signals financial performance issues likely to influence near-term market sentiment and operations.

18 Aug

3 247wallst.com, 10:39 AM
Ken Griffin threatened to exit NYC over a feud with Mamdani, but Citadel instead committed $4.5 billion to the city. Citadel's $4.5 billion NYC commitment may lift demand for office space including assets held by Vornado.

15 Aug

4 , 10:08 PM
Vornado Realty Trust forms mega-joint venture for 350 Park Avenue project, potentially shifting investor assessments of VNO risks and future positioning. Major strategic joint venture at flagship property likely to alter VNO trajectory and investor sentiment.

3 , 12:09 PM
Vornado Realty Trust formed a joint venture for 350 Park Avenue, raising questions on whether the company's shares are fairly valued after the transaction. The 350 Park Avenue joint venture may adjust VNO asset values and investor views on pricing but does not overhaul core operations.

3 , 10:08 AM
Vornado Realty Trust (VNO) is advancing its 350 Park Avenue venture to expand holdings and generate returns from prime New York real estate development. The 350 Park Avenue venture adds a notable asset to Vornado's portfolio with potential to influence financial performance and positioning in a limited way.

14 Aug

3 www.credaily.com, 2:04 AM
Vornado Realty Trust and Related's Chelsea office property has entered special servicing due to loan problems. Chelsea office loan distress points to asset value pressure and possible short-term earnings impact for Vornado.

11 Aug

3 , 4:23 PM
Vornado Realty Trust is entering into a joint venture for 350 Park Avenue. Joint venture at 350 Park Avenue marks a targeted real estate deal that may moderately affect Vornado's portfolio and finances.

3 transcript www.fool.com, 11:11 AM
Vornado Realty Trust held Q2 2026 earnings call covering financial results, operations and outlook. Quarterly earnings and guidance directly shape near-term VNO valuation and sentiment.

10 Aug

3 www.credaily.com, 12:42 PM
Vornado Realty Trust secures $3.3 billion loan for its 350 Park Avenue office tower in New York City. Major loan for flagship NYC asset affects Vornado liquidity and development plans.

9 Aug

3 transcript www.marketbeat.com, 10:04 AM
Vornado Realty Trust reported Q2 financial results and operational updates during its earnings call, covering office and retail portfolio performance, leasing activity, and forward guidance amid ongoing market conditions. Q2 earnings updates provide financial metrics and guidance that moderately influence near-term investor sentiment and valuation without indicating major strategic shifts.

7 Aug

4 , 2:30 PM
Ken Griffin's $6 billion Manhattan skyscraper project advances to demolition despite feud with Mamdani, tied to Vornado Realty Trust development activities. Advancing $6 billion skyscraper demolition marks major strategic real estate project directly shaping Vornado Realty Trust trajectory.

4 Aug

4 transcript , 5:07 PM
Vornado Realty Trust posted a strong FFO beat and record results in its Q2 2026 earnings call. Strong FFO beat and record results indicate major positive shifts in financial performance and investor sentiment.

3 , 2:04 PM
Vornado Realty Trust beat Q2 FFO estimates on rent starts and posted same-store NOI growth. Quarterly FFO beat and NOI growth signal operational strength that can lift near-term valuation and sentiment.

3 app.moby.co, 8:30 AM
Vornado Realty Trust Q2 2026 earnings call covered financial results, operational updates, and outlook for the real estate portfolio. Quarterly earnings updates provide financial details that may affect short-term market views but rarely shift long-term company trajectory.

3 Aug

3 , 4:25 PM
Vornado Realty Trust released second quarter 2026 financial results. Quarterly earnings provide performance metrics that influence near-term investor views without guaranteeing major strategic shifts.

2 Aug

3 nypost.com, 1:29 PM
Ken Griffin and Vornado Realty Trust's Park Avenue project is set for a major update this week. Park Avenue development project update with Ken Griffin may affect Vornado Realty Trust's portfolio performance and market views.

25 Jun

3 Simply Wall St., 1:07 PM
Vornado Realty Trust purchases 49% stake in Park Avenue Plaza in Manhattan. Acquisition expands Vornado Manhattan holdings and may lift asset value plus rental income.

12 Jun

4 , 1:34 PM
Vornado Realty Trust acquires 49% interest in Park Avenue Plaza for $1.1 billion. Major $1.1 billion acquisition alters asset base and strategic positioning.

3 , 11:11 AM
Vornado Realty Trust stock faces valuation reassessment following PENN 2 leasing momentum and office REIT sector rally. PENN 2 leasing gains and REIT rally produce moderately noticeable effects on VNO financial performance and investor sentiment.

11 Jun

3 , 5:04 PM
Vornado Realty Trust completes acquisition of 49% interest in Park Avenue Plaza. Completed property stake acquisition moderately expands portfolio holdings with limited effect on overall operations.

10 Jun

3 Zacks, 1:09 PM
Vornado Realty Trust's PENN 2 development reached 90% leasing after signing leases with two major tenants. Higher occupancy at flagship asset supports near-term rental revenue and valuation for Vornado.

9 Jun

3 GlobeNewswire, 8:30 AM
Vornado Realty Trust’s PENN 2 reaches 90 percent leased. Higher occupancy at PENN 2 supports incremental rental revenue for Vornado.

18 May

4 Simply Wall St., 4:16 PM
Vornado Realty Trust faces potential shifts in its bull case after Penn District retail leasing and refinancing moves. Penn District retail leasing and refinancing represent major operational moves likely to alter Vornado Realty Trust's trajectory and investor views.

6 May

3 Simply Wall St., 4:18 PM
Vornado Realty Trust (VNO) stock pricing faces scrutiny for potentially overlooking recent office REIT sector volatility and uncertain cash flow outlook. Scrutiny of pricing against REIT volatility and cash flows signals moderate potential influence on investor sentiment and financial performance.

3 Zacks, 10:49 AM
Vornado Realty Trust (VNO) Q1 FFO met estimates, revenues topped expectations, and same-store NOI grew. Solid Q1 results with FFO in line, revenue beats, and NOI growth moderately boost financial performance and investor sentiment.

5 May

4 app.moby.co, 8:30 AM
Vornado Realty Trust released its Q1 2026 earnings call summary, detailing financial performance, operational updates, and future outlook for the real estate investment trust. Q1 2026 earnings call summary reveals key financial metrics and strategic insights that significantly shape VNO's market performance and investor expectations.

4 May

4 GlobeNewswire, 4:27 PM
Vornado Realty Trust announced first quarter 2026 financial results. Quarterly earnings announcements significantly impact VNO's stock price, investor sentiment, and future performance projections.

3 Zacks, 6:30 PM
Key metrics from Vornado Realty Trust (VNO) Q1 earnings highlight performance insights into revenue, profitability, and operational efficiency. Q1 earnings metrics moderately influence VNO's financial performance and investor sentiment without fundamentally altering long-term trajectory.

1 May

3 Zacks, 8:18 AM
Vornado Realty Trust (VNO) stock questioned as smart buy ahead of Q1 earnings release amid analysis of recent performance, office market challenges, dividend sustainability, and valuation metrics. Pre-Q1 earnings analysis highlights potential influence on investor sentiment and stock price through office sector trends and financial expectations.

29 Apr

4 GlobeNewswire, 4:31 PM
Vornado Realty Trust announced a new $300 million share repurchase program. $300 million share repurchase signals management confidence and supports stock price by reducing shares outstanding.
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