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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
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Vornado Realty Trust (VNO) valuation and DCF model

What the price implies · reverse DCF

At $35.79 the price implies FFO a share growing 1.7% a year for ten years.

FFO a share grew −6.9% a year over the last ten years. The price asks for 8.6 points a year more than its ten-year rate. The industry’s median company is priced for 3.3%.

In December 2017 the price assumed −2.0% a year; Vornado Realty Trust went on to grow FFO a share −4.9% a year to FY2025.

Q3 2026’s FFO a share is the $0.62 Vornado Realty Trust reported, in its results release. Ours, from its filings, came out 9.6% higher. It reported AFFO of $0.65 a share for Q3 2026.

Price implies
1.7%
Last 10 years, reported
−6.9%
Industry median implies
3.3%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
1.7% a year for ten years
$35.79
today’s price
Its base case
−6.9% a year for five years, then −4.1%
$20.63
42.4% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Vornado Realty Trust’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 1.7% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Vornado Realty Trust’s own cost of capital: risk-free 4.3% + beta 1.62 × equity premium 4.5% = 11.6% cost of equity; weighted, 11.6%.

Use 11.6%
Base case value per share $20.63 ten years discounted, and what follows
Current price $35.79 market price per share
Below today’s price 42.4% downside at the base case’s assumptions

How we got there$11.51 10 years of FFO+$9.13 terminal value=$20.63 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Office).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E — 211.25× 149.66× — 28.35× —
P/FCF 130.19× 126.25× 2,453.92× 95% below 13.95× 833% above
P/B 1.38× 1.33× 1.77× 22% below 0.82× 68% above
EV/EBITDA 17.44× 17.09× 20.90× 17% below 12.41× 40% above
EV/Sales 7.19× 7.11× 8.33× 14% below 6.90× 4% above
P/FFO 14.85× 32.05× 28.61× 48% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
6.30×7.74×9.17×10.60×10Y avg 8.33×2017201820192020202120222023202420252026

VNO trades at 7.19× EV/Sales, against a 10-year average of 8.33× (range 6.07×–10.78×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $46.84 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.