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Vornado Realty Trust logo

Vornado Realty Trust

VNO-PM

NYSEReal EstateREIT - Office

Open in GoAI

Regular session

$17.62

+$0.08 · +0.46%

Aug 24, 11:42 AM ET

VNO-PM company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 1, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

65

Undervalued

Momentum

47

Neutral

Sentiment

53

Mixed

Risk resilience

73

Moderate Risk

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Thesis, catalysts, evidence, and risk analysis.

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Company profile

Company website

Vornado Realty Trust strategically focuses its real estate investments within the vital New York City market, further complemented by top-tier assets in both Chicago and San Francisco. The company also stands out as an industry leader in its environmental sustainability policies. This commitment is evident through its management of over 23 million square feet of LEED-certified properties, and it was recognized with the Energy Star Partner of the Year Award for Sustained Excellence in 2019. Additionally, Vornado celebrated its 50th anniversary of being listed on the New York Stock Exchange back in 2012.

Industry
REIT - Office
Sector
Real Estate
Headquarters
US
CEO
Steven Roth
Listed since
Dec 5, 2017
Employees
3,145

Market position

Day range

Current $17.62

52-week range

Current $17.62

Open
$17.51
Previous close
$17.54
Volume
3.28K
0.14× average
Average volume
23.04K
Average daily volume
Market cap
7.16B USD
Beta
0.94
Market reference 1
50-day average
$17.6595
-0.22% below average
200-day average
$17.4265
+1.11% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
13.43B USD
P/E (TTM)
1,247.41×
P/B (TTM)
1.25×
P/S (TTM)
3.96×
EV / EBITDA
7.6×
Earnings yield
14.18%
Free cash flow yield
19.72%
Dividend yield
1.92%

Profitability & efficiency

Gross margin
42.60%
Operating margin
10.91%
Net margin
3.71%
Return on equity
15.12%
Return on assets
5.83%
Return on invested capital
1.77%

Financial health

Debt / equity
1.41×
Current ratio
1.8×
Altman Z-score
2.24
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends112%64%17%-31%Gross margin, FY2021: 49.83%Gross margin, FY2022: 51.45%Gross margin, FY2023: 50.02%Gross margin, FY2024: 100.00%Gross margin, FY2025: 100.00%Operating margin, FY2021: 15.42%Operating margin, FY2022: 15.99%Operating margin, FY2023: 16.60%Operating margin, FY2024: 14.76%Operating margin, FY2025: 15.03%Net margin, FY2021: 11.07%Net margin, FY2022: -19.25%Net margin, FY2023: 5.82%Net margin, FY2024: 3.94%Net margin, FY2025: 49.99%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 49.83%. Gross margin FY2022 51.45%. Gross margin FY2023 50.02%. Gross margin FY2024 100.00%. Gross margin FY2025 100.00%. Operating margin FY2021 15.42%. Operating margin FY2022 15.99%. Operating margin FY2023 16.60%. Operating margin FY2024 14.76%. Operating margin FY2025 15.03%. Net margin FY2021 11.07%. Net margin FY2022 -19.25%. Net margin FY2023 5.82%. Net margin FY2024 3.94%. Net margin FY2025 49.99%.

Income trends

Revenue

1.81B USD+1.27%

Operating income

272.15M USD+3.14%

Net income

904.96M USD+1185.68%
Income trends across reported periods2.03B USD1.16B USD300.8M USD−562.27M USDRevenue, FY2021: 1.59B USDRevenue, FY2022: 1.8B USDRevenue, FY2023: 1.81B USDRevenue, FY2024: 1.79B USDRevenue, FY2025: 1.81B USDOperating income, FY2021: 245M USDOperating income, FY2022: 287.85M USDOperating income, FY2023: 300.58M USDOperating income, FY2024: 263.87M USDOperating income, FY2025: 272.15M USDNet income, FY2021: 176M USDNet income, FY2022: −346.5M USDNet income, FY2023: 105.49M USDNet income, FY2024: 70.39M USDNet income, FY2025: 904.96M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.59B USD. Revenue FY2022 1.8B USD. Revenue FY2023 1.81B USD. Revenue FY2024 1.79B USD. Revenue FY2025 1.81B USD. Operating income FY2021 245M USD. Operating income FY2022 287.85M USD. Operating income FY2023 300.58M USD. Operating income FY2024 263.87M USD. Operating income FY2025 272.15M USD. Net income FY2021 176M USD. Net income FY2022 −346.5M USD. Net income FY2023 105.49M USD. Net income FY2024 70.39M USD. Net income FY2025 904.96M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue1.81B USD1.79B USD1.81B USD1.8B USD1.59B USD
Cost of goods sold——905.16M USD873.91M USD797.32M USD
Gross profit1.81B USD1.79B USD906.01M USD926.08M USD791.9M USD
Selling, general, and administrative156.12M USD148.52M USD162.88M USD133.73M USD134.55M USD
Operating expenses1.54B USD1.52B USD605.43M USD638.23M USD546.89M USD
Interest income47.15M USD46.02M USD46.14M USD12.79M USD4.61M USD
Interest expense353.87M USD390.27M USD349.22M USD279.77M USD231.1M USD
Depreciation and amortization481.46M USD469.42M USD457.57M USD526.31M USD432.59M USD
Operating income272.15M USD263.87M USD300.58M USD287.85M USD245M USD
Net income904.96M USD70.39M USD105.49M USD−346.5M USD176M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
64%
7 beats, 4 misses, 0 met estimates
Average EPS surprise
+399.05%
11 comparable reports
Latest EPS result
0.08
Estimate -0.04 · Beat by 322.53%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates4.012.531.05-0.43Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 10, 2025: actual 0.01, estimate -0.021, surprise +147.06%, Beat. Q2 2025, reported May 5, 2025: actual 0.43, estimate 0.091, surprise +372.16%, Beat. Q3 2025, reported Aug 4, 2025: actual 3.7, estimate 0.122, surprise +2942.76%, Beat. Q4 2025, reported Nov 3, 2025: actual 0.06, estimate 0.018, surprise +228.59%, Beat. Q1 2026, reported Feb 9, 2026: actual 0.003, estimate 0.03, surprise -89.66%, Miss. Q2 2026, reported May 4, 2026: actual -0.12, estimate -0.055, surprise -119.10%, Miss. Q3 2026, reported Aug 3, 2026: actual 0.08, estimate -0.036, surprise +322.53%, Beat. Q4 2026, reported Nov 2, 2026: actual —, estimate -0.055, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates494.92M467.51M440.09M412.68MQ1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 10, 2025: actual 457.79M USD, estimate 448.85M USD, surprise +1.99%, Beat. Q2 2025, reported May 5, 2025: actual 461.58M USD, estimate 452.13M USD, surprise +2.09%, Beat. Q3 2025, reported Aug 4, 2025: actual 441.44M USD, estimate 459.58M USD, surprise -3.95%, Miss. Q4 2025, reported Nov 3, 2025: actual 453.7M USD, estimate 440M USD, surprise +3.11%, Beat. Q1 2026, reported Feb 9, 2026: actual 453.71M USD, estimate 444.66M USD, surprise +2.03%, Beat. Q2 2026, reported May 4, 2026: actual 459.11M USD, estimate 431.72M USD, surprise +6.34%, Beat. Q3 2026, reported Aug 3, 2026: actual 462.24M USD, estimate 454.46M USD, surprise +1.71%, Beat. Q4 2026, reported Nov 2, 2026: actual —, estimate 475.89M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$19.00

7.83% upside
Past 12 months12-month forecastHigh $19.00Average $19.00Low $19.00

Rating distribution

21 ratings
Strong buy00%
Buy210%
Hold1257%
Sell733%
Strong sell00%

Recent analyst actions

2 institutions
Goldman SachsmaintainSell
Truist SecuritiesdowngradeBuyHold

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$1.3125

2025 complete year0.0% since 2021

2026 partial: $0.6563

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Sep 15, 2026

$0.3281

Quarterly

Record Sep 15, 2026 · Payment Oct 1, 2026

Dividend

Ex-dividend Jun 15, 2026

$0.3281

Quarterly

Record Jun 15, 2026 · Payment Jul 1, 2026

Dividend

Ex-dividend Mar 16, 2026

$0.3281

Quarterly

Record Mar 16, 2026 · Payment Apr 1, 2026

Dividend

Ex-dividend Dec 15, 2025

$0.3281

Quarterly

Record Dec 15, 2025 · Payment Jan 2, 2026

Dividend

Ex-dividend Sep 15, 2025

$0.3281

Quarterly

Record Sep 15, 2025 · Payment Oct 1, 2025

Dividend

Ex-dividend Jun 16, 2025

$0.3281

Quarterly

Record Jun 16, 2025 · Payment Jul 1, 2025

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ETFs holding VNO-PM

Funds reporting this stock among their holdings, ordered by reported position size.

Virtus InfraCap U.S. Preferred Stock ETF logoVirtus InfraCap U.S. Preferred Stock ETFPFFA
Market value
25.13M
Weight
1.00%
AUM
2.51B USD
Expense ratio
2.11%
Price / 1D
$20.885—
iShares Preferred and Income Securities ETF logoiShares Preferred and Income Securities ETFPFF
Market value
13.84M
Weight
0.11%
AUM
13.06B USD
Expense ratio
0.45%
Price / 1D
$30.405—
Invesco Preferred ETF logoInvesco Preferred ETFPGX
Market value
8.33M
Weight
0.22%
AUM
3.76B USD
Expense ratio
0.50%
Price / 1D
$10.545—
Fidelity Real Estate Income ETF logoFidelity Real Estate Income ETFFREI
Market value
7.32M
Weight
0.17%
AUM
21.08M USD
Expense ratio
0.59%
Price / 1D
$24.94—
VanEck Preferred Securities ex Financials ETF logoVanEck Preferred Securities ex Financials ETFPFXF
Market value
5.55M
Weight
0.23%
AUM
2.4B USD
Expense ratio
0.40%
Price / 1D
$17.855—
InfraCap REIT Preferred ETF logoInfraCap REIT Preferred ETFPFFR
Market value
2.74M
Weight
2.28%
AUM
120.07M USD
Expense ratio
0.45%
Price / 1D
$17.40—
Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF logoGoldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETFGPRF
Market value
77.03K
Weight
0.05%
AUM
145.77M USD
Expense ratio
0.45%
Price / 1D
$49.48—
iShares Morningstar Multi-Asset Income ETF logoiShares Morningstar Multi-Asset Income ETFIYLD
Market value
19.7K
Weight
0.02%
AUM
125.77M USD
Expense ratio
0.50%
Price / 1D
$22.255—

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