Vornado Realty Trust
Vornado Realty Trust’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 1.27% from fiscal 2024. In the quarter to June 2026, revenue grew 4.71%, EPS fell 97.9%, free cash flow fell 90.5% and total debt rose 4.92%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow VNO
Alert me
Vornado Realty Trust (VNO) Piotroski F-score
Vornado Realty Trust's Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 6 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | 2.00 |
| FY2024 | 6 | 0.00 |
| FY2023 | 6 | 1.00 |
| FY2022 | 5 | (1.00) |
| FY2021 | 6 | 3.00 |
| FY2020 | 3 | (2.00) |
| FY2019 | 5 | 0.00 |
| FY2018 | 5 | 0.00 |
| FY2017 | 5 | (1.00) |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 5.35% | 0.05% | Pass | 1 |
| Positive operating cash flow | 1.26b | 537.72m | Pass | 1 |
| Rising return on assets | 5.35% | 0.05% | Pass | 1 |
| Cash flow above net income | 415.53m | 529.45m | Pass | 1 |
| Falling long-term leverage | 0.46 | 0.51 | Pass | 1 |
| Rising current ratio | 5.25 | 4.59 | Pass | 1 |
| No new shares issued | 191,759,000 | 190,539,000 | Fail | 0 |
| Rising gross margin | 49.05% | 47.81% | Pass | 1 |
| Rising asset turnover | 0.11 | 0.11 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VNO Vornado Realty Trust | 8 |
| CUZ Cousins Properties Incorporated compare | 6 |
| CDP COPT Defense Properties compare | 6 |
| HIW Highwoods Properties, Inc. compare | 6 |
| KRC Kilroy Realty Corporation compare | 5 |
| BXP BXP, Inc. compare | 5 |
| ARE Alexandria Real Estate Equities, Inc. compare | 5 |
| DEI Douglas Emmett, Inc. compare | 4 |
| SLG SL Green Realty Corporation compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover