SL Green Realty Corporation (SLG) vs Vornado Realty Trust (VNO)

SL Green Realty Corporation and Vornado Realty Trust are both Reit Office companies. Vornado Realty Trust is the larger, with a market value of $6.9B against $3.7B — 1.8× the size. SL Green Realty Corporation has negative trailing earnings, so its P/E is not meaningful; Vornado Realty Trust trades at 1,681×. SL Green Realty Corporation grew revenue faster over the last twelve months: 8.46% against 1.37%. Vornado Realty Trust has the higher net margin (0.32% vs −18.4%) and the higher return on invested capital (0.95% vs 0.34%). Both pay a dividend; SL Green Realty Corporation yields more (4.89% vs 2.20%). Across the 20 metrics below, Vornado Realty Trust leads on 15 and SL Green Realty Corporation on 5.

Valuation

Metric SLG VNO Reit Office median
P/E n/m 1,680.50 36.91
P/S 3.29 3.44 2.70
P/B 0.81 1.32 0.78
Price to free cash flow n/m 213.97 13.79
EV/EBITDA 23.09 17.32 12.55
EV/Sales 7.19 6.99 6.97
Earnings yield (5.62%) 0.06% (3.58%)
Free cash flow yield (11.48%) 0.47% 5.98%

Profitability

Metric SLG VNO Reit Office median
Gross margin 46.91% 48.11% 60.53%
Operating margin 4.47% 10.33% 16.84%
Net margin (18.35%) 0.32% (8.23%)
Free cash flow margin (37.83%) 1.61% 16.39%
Return on equity (4.67%) 0.12% (2.66%)
Return on assets (1.65%) 0.04% (0.95%)
Return on invested capital 0.34% 0.95% 1.32%

Growth

Metric SLG VNO Reit Office median
Revenue growth (TTM) 8.46% 1.37% 1.08%
EPS growth (last fiscal year) (2,112.50%) 10,900.00% 8.90%
Revenue growth, 5-year CAGR (0.96%) 3.45% 4.37%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric SLG VNO Reit Office median
Debt to equity 1.00 1.25 1.20
Current ratio 3.10 5.24 2.43
Net debt to EBITDA 9.87 7.92 6.91

Dividend

Metric SLG VNO Reit Office median
Dividend yield 4.89% 2.20% 4.82%
Payout ratio — 37.00 1.67

Size

Metric SLG VNO Reit Office median
Market cap 3.74b 6.88b 1.40b

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