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Vornado Realty Trust
Vornado Realty Trust (VNO) is listed on NYSE and classified in REIT - Office, part of the Real Estate sector. It is headquartered in New York, United States and has 3,145 employees. The company is worth $6.8B and trades at 858.5x its earnings of the last twelve months; the median for its sector is 22.1x. Revenue was $1.81B in fiscal 2025, up 1.3% from the year before. Net income was $904.96M. The share price is 17.5% below its 52-week high of $41.60. It pays a dividend yielding 2.15%. 4 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Cliff Asness (AQR Capital Management), at $144.8M. In that quarter, 2 of them opened or added to the position and 2 reduced it. Over the last 30 days, company insiders sold $3.06M of its stock on the open market and bought none.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -18.0% over 5Y.
today you would have $896.05▼ -10.4%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 19 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $33.28 | $42.04 | $28.25 | $20.81 | $41.86 | $37.34 | $66.50 | $62.03 | $78.18 | $84.37 | $80.81 | $86.12 | $64.96 | $58.59 | $56.23 | $60.96 | $51.17 |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Cash flow growing 15.0% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Real Estate, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| MACMacerich Co | $23.95 | — | 2.4x | 2.84% | -6.18% | $7.07B |
| TRNOTerreno Realty Corp | $65.64 | 17.6x | 1.6x | 3.47% | 9.28% | $7.15B |
| STAGSTAG Industrial, Inc. | $36.51 | 28.1x | 1.9x | 4.25% | 6.98% | $7.19B |
| FSVFirstService Corp | $147.22 |
| $44.15 |
| $64.34 |
| P/E | 25.7x | 7.9x | 1051.0x | 122.8x | — | 79.0x | — | 4.1x | 30.9x | 92.0x | 19.4x | 22.5x | 25.7x | 38.4x | 24.7x | 23.8x | 25.7x | 249.8x | 31.6x | 28.8x |
| P/S | 5.5x | 3.5x | 4.5x | 3.0x | 2.2x | 5.1x | 4.7x | 6.6x | 5.5x | 7.1x | 8.0x | 9.5x | 8.7x | 6.5x | 5.6x | 5.3x | 6.0x | 4.8x | 3.5x | 5.8x |
| P/B | 2.1x | 1.1x | 1.6x | 1.0x | 0.7x | 1.3x | 1.1x | 1.9x | 2.6x | 3.4x | 2.3x | 2.8x | 3.0x | 2.2x | 2.2x | 2.1x | 2.4x | 2.0x | 1.6x | 2.3x |
| EPS | $4.20 | $0.04 | $0.23 | -$2.13 | $0.53 | -$1.83 | $16.21 | $2.01 | $0.85 | $4.34 | $3.59 | $3.35 | $1.69 | $2.38 | $2.36 | $2.37 | $0.20 | $1.40 | $2.23 |
| Dividend yield | 3.59% | 2.22% | 1.76% | 2.39% | 10.19% | 5.06% | 6.37% | 6.90% | 4.06% | 3.00% | 2.41% | 2.52% | 2.48% | 3.29% | 4.70% | 3.59% | 3.12% | 5.13% | 6.05% | 3.92% |
| Payout | 115.74% | 17.62% | 1850.00% | 293.48% | — | 400.00% | — | 28.32% | 125.37% | 276.23% | 46.94% | 56.75% | 63.68% | 126.44% | 115.74% | 85.45% | 80.25% | 1281.79% | 191.10% | 113.11% |
| Profit margin | 20.80% | 49.99% | 3.94% | 5.82% | -19.25% | 11.07% | -19.44% | 163.55% | 20.80% | 10.91% | 45.26% | 38.30% | 37.40% | 20.70% | 23.30% | 24.50% | 25.33% | 4.00% | 13.61% | 22.51% |
| ROE | 9.01% | 15.12% | 1.36% | 1.91% | -5.93% | 2.82% | -4.55% | 46.76% | 10.08% | 5.24% | 13.15% | 11.35% | 12.82% | 7.04% | 9.01% | 9.70% | 10.26% | 1.70% | 6.19% | 9.01% |
Median of the years shown; P/E years above 200x are left out.
Dividend growing 2.3% a year against a 12.0% required return, from the stock’s beta.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
3 methods answered, across 3 families.
Room for errors in the reported numbers.
+72.3% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 38.8x |
| 4.9x |
| 0.83% |
| 11.97% |
| $6.43B |
| HRHealthcare Realty Trust Inc | $17.93 | — | 1.5x | 5.35% | -1.92% | $6.22B |
| AREAlexandria Real Estate Equities Inc | $43.33 | — | 0.5x | 6.65% | -4.08% | $7.46B |