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Vornado Realty Trust

VNO Real Estate Reit Office

Vornado Realty Trust’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 1.27% from fiscal 2024.

Revenue
+3.08%
EPS
−510.0%
Free cash flow
+35.9%
Total debt
+3.66%

Quarter to September 2026, against a year earlier

35.79 0.08 −0.22%
Market cap
$7.3B
P/E
0.0×
Fwd P/E
−67.7×
Dividend yield
2.07%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Vornado Realty Trust (VNO) P/B ratio

Alert me on P/B ratio

As of 6 November 2026, Vornado Realty Trust (VNO) trades at a P/B ratio of 1.4×. Over the past ten years it has ranged from 0.5× (May 2023) to 3.6× (August 2018); the current reading is higher than 34% of that period. That is above the Reit Office industry median of 0.8× and above the Real Estate sector median of 1.0×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 1.3× (33.45%)
FY2024 1.9× 59.07%
FY2023 1.2× 47.07%
FY2022 0.8× (45.19%)
FY2021 1.5× 21.46%
FY2020 1.2× (37.37%)
FY2019 2.0× (29.37%)
FY2018 2.8× (21.41%)
FY2017 3.6× 46.53%
FY2016 2.4× (1.04%)

Quarterly newest first

Period P/B ratio Change
Sep 2026 1.3× (15.00%)
Jun 2026 1.5× 56.17%
Mar 2026 1.0× (23.16%)
Dec 2025 1.3× (16.69%)
43 more quarters

Against its own ten years

Low 0.5× High 3.6×
Ten-year median 1.7×
Current reading's percentile 37

P/B ratio against peers

Company P/B ratio
ARE Alexandria Real Estate Equities, Inc. compare 0.4×
DEI Douglas Emmett, Inc. compare 0.5×
KRC Kilroy Realty Corporation compare 0.8×
SLG SL Green Realty Corporation compare 0.9×
CUZ Cousins Properties Incorporated compare 1.1×
BXP BXP, Inc. compare 1.3×
HIW Highwoods Properties, Inc. compare 1.4×
VNO Vornado Realty Trust 1.4×
CDP COPT Defense Properties compare 2.3×
Reit Office industry median 0.8×
Real Estate sector median 1.0×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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