VNO Chart
About

Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum.

Fundamentals
Scroll to Statements
Sector Real Estate Industry REIT - Office Market Cap 5.82B
Enterprise Value 14.43B Income 842.85M Sales 1.86B
Book/sh 25.20 Cash/sh 4.48 Dividend Yield 264.00%
Payout 17.62% Employees 3145 IPO —
P/E 6.67 Forward P/E 90.00 PEG —
P/S 3.12 P/B 1.11 P/C —
EV/EBITDA 18.31 EV/Sales 7.74 Quick Ratio 1.38
Current Ratio 1.48 Debt/Eq 116.66 LT Debt/Eq —
EPS (ttm) 4.18 EPS next Y 0.31 EPS Growth 12.63%
Revenue Growth -8.10% Earnings 2026-05-04 ROA 1.29%
ROE 14.45% ROIC — Gross Margin 50.66%
Oper. Margin 13.59% Profit Margin 48.53% Shs Outstand 190.67M
Shs Float 158.42M Short Float 6.21% Short Ratio 6.08
Short Interest — 52W High 43.37 52W Low 27.76
Beta 1.52 Avg Volume 1.69M Volume 1.50M
Target Price $37.85 Recom Hold Prev Close $28.05
Price $27.90 Change -0.53%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$37.85
Mean price target
2. Current target
$27.90
Latest analyst target
3. DCF / Fair value
$119.80
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$27.90
Low
$31.00
High
$48.00
Mean
$37.85

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-24 main Mizuho Outperform → Outperform $34
2026-02-11 main Piper Sandler Neutral → Neutral $36
2026-02-11 main Evercore ISI Group Outperform → Outperform $43
2026-01-14 main Scotiabank Sector Perform → Sector Perform $36
2025-12-16 main Truist Securities Hold → Hold $36
2025-12-15 main Evercore ISI Group Outperform → Outperform $42
2025-12-12 main Mizuho Outperform → Outperform $40
2025-11-24 up JP Morgan Underweight → Neutral $41
2025-11-13 main Scotiabank Sector Perform → Sector Perform $38
2025-11-05 main Piper Sandler Neutral → Neutral $38
2025-09-15 main Evercore ISI Group Outperform → Outperform $46
2025-09-12 main Truist Securities Hold → Hold $40
2025-09-12 up Citigroup Sell → Neutral $42
2025-08-28 main Scotiabank Sector Perform → Sector Perform $40
2025-08-25 main B of A Securities Neutral → Neutral $40
2025-08-21 main Barclays Underweight → Underweight $33
2025-08-06 main Evercore ISI Group Outperform → Outperform $44
2025-07-14 main Scotiabank Sector Perform → Sector Perform $45
2025-07-14 main Mizuho Outperform → Outperform $43
2025-06-03 main Truist Securities Hold → Hold $38
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 30000 1189188.0 — Sale at price 39.64 per share. CHERA HAIM Officer — 2025-09-04 00:00:00 D
1 20000 759630.0 — Sale at price 37.98 per share. CHERA HAIM Officer — 2025-05-30 00:00:00 D
2 283727 — — Stock Gift at price 0.00 per share. ROTH STEVEN Chief Executive Officer — 2025-05-16 00:00:00 I
3 3472 nan — — BEINECKE CANDACE K Director — 2025-05-07 00:00:00 I
4 50000 nan — — CHERA HAIM Officer — 2025-05-07 00:00:00 D
5 2000 89728.0 — Sale at price 44.86 per share. WIGHT RUSSELL B JR Director — 2024-12-10 00:00:00 I
6 2000 56387.0 — Sale at price 28.19 per share. WIGHT RUSSELL B JR Director — 2024-07-11 00:00:00 I
7 1959 nan — — BEINECKE CANDACE K Director — 2024-07-09 00:00:00 I
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems11.99M2.26M4.64M15.21M
TaxRateForCalcs0.010.210.210.21
NormalizedEBITDA922.81M869.86M823.51M350.87M
TotalUnusualItems843.97M10.76M22.10M72.44M
TotalUnusualItemsExcludingGoodwill843.97M10.76M22.10M72.44M
NetIncomeFromContinuingOperationNetMinorityInterest904.96M70.39M105.49M-346.50M
ReconciledDepreciation481.46M469.42M457.57M526.31M
ReconciledCostOfRevenue881.86M852.11M777.07M
EBITDA1.77B880.61M845.61M423.31M
EBIT1.29B411.19M388.03M-102.99M
NetInterestIncome-306.72M-344.25M-299.26M-259.90M
InterestExpense334.61M368.35M325.92M257.96M
InterestIncome47.15M46.02M49.97M19.87M
NormalizedIncome72.98M61.89M88.04M-403.73M
NetIncomeFromContinuingAndDiscontinuedOperation904.96M70.39M105.49M-346.50M
TotalExpenses1.54B1.52B1.51B1.51B
DilutedAverageShares201.05M196.63M191.86M191.78M
BasicAverageShares191.76M190.54M191.00M191.78M
DilutedEPS4.200.040.23-2.13
BasicEPS4.400.040.23-2.13
DilutedNIAvailtoComStockholders842.85M8.28M43.38M-408.63M
AverageDilutionEarnings0.000.00-2.00K-18.00K
NetIncomeCommonStockholders842.85M8.28M43.38M-408.62M
OtherunderPreferredStockDividend0.000.009.03M
PreferredStockDividends62.10M62.11M62.12M62.12M
NetIncome904.96M70.39M105.49M-346.50M
MinorityInterests-32.25M50.27M72.61M36.11M
NetIncomeIncludingNoncontrollingInterests937.20M20.12M32.89M-382.61M
NetIncomeDiscontinuousOperations0.00
NetIncomeContinuousOperations937.20M20.12M32.89M-382.61M
TaxProvision13.51M22.73M29.22M21.66M
PretaxIncome950.71M42.84M62.11M-360.95M
OtherIncomeExpense985.28M123.22M60.79M-388.91M
SpecialIncomeCharges836.01M10.81M20.51M68.90M
GainOnSaleOfPPE838.54M16.05M71.20M100.62M
ImpairmentOfCapitalAssets542.00K0.0045.01M19.10M
RestructuringAndMergernAcquisition1.99M5.24M5.68M12.62M
EarningsFromEquityInterest141.31M112.46M38.69M-461.35M
GainOnSaleOfSecurity7.96M-47.00K1.59M3.54M
NetNonOperatingInterestIncomeExpense-306.72M-344.25M-299.26M-259.90M
TotalOtherFinanceCost19.26M21.92M23.30M21.80M
InterestExpenseNonOperating334.61M368.35M325.92M257.96M
InterestIncomeNonOperating47.15M46.02M49.97M19.87M
OperatingIncome272.15M263.87M300.58M287.85M
OperatingExpense1.54B1.52B1.51B1.51B
OtherOperatingExpenses919.96M927.80M905.16M873.91M
ProvisionForDoubtfulAccounts0.000.008.27M0.00
DepreciationAmortizationDepletionIncomeStatement462.20M447.50M434.27M504.50M
DepreciationAndAmortizationInIncomeStatement462.20M447.50M434.27M504.50M
SellingGeneralAndAdministration156.12M148.52M162.88M133.73M
GeneralAndAdministrativeExpense156.12M148.52M162.88M133.73M
OtherGandA156.12M148.52M162.88M133.73M
GrossProfit906.00M926.08M791.89M
CostOfRevenue905.16M873.91M797.32M
TotalRevenue1.81B1.79B1.81B1.80B
OperatingRevenue1.81B1.79B1.81B1.80B
Line Item2025-12-312024-12-312023-12-312022-12-31
PreferredSharesNumber48.79M48.79M48.79M48.79M
OrdinarySharesNumber190.67M190.85M190.39M191.87M
ShareIssued190.67M190.85M190.39M191.87M
NetDebt6.34B7.51B7.25B7.50B
TotalDebt7.89B8.99B8.98B9.13B
TangibleBookValue4.69B3.86B4.20B4.52B
InvestedCapital11.99B12.22B12.58B13.05B
WorkingCapital876.64M766.48M1.01B1.25B
NetTangibleAssets5.88B5.04B5.38B5.70B
CapitalLeaseObligations699.64M749.76M732.86M735.97M
CommonStockEquity4.80B3.98B4.33B4.66B
PreferredStockEquity1.18B1.18B1.18B1.18B
TotalCapitalization12.45B12.83B13.19B13.65B
TotalEquityGrossMinorityInterest6.80B6.17B6.34B6.51B
MinorityInterest817.80M1.01B834.67M673.38M
StockholdersEquity5.99B5.16B5.51B5.84B
GainsLossesNotAffectingRetainedEarnings-5.00K57.70M65.11M174.97M
OtherEquityAdjustments-5.00K57.70M65.11M174.97M
RetainedEarnings-3.49B-4.14B-4.01B-3.89B
AdditionalPaidInCapital8.29B8.05B8.26B8.37B
CapitalStock1.19B1.19B1.19B1.19B
CommonStock7.63M7.63M7.59M7.65M
PreferredStock1.18B1.18B1.18B1.18B
TotalLiabilitiesNetMinorityInterest8.72B9.83B9.84B9.98B
TotalNonCurrentLiabilitiesNetMinorityInterest7.62B8.88B8.83B8.91B
OtherNonCurrentLiabilities341.36M345.51M311.13M268.17M
PreferredSecuritiesOutsideStockEquity688.68M
NonCurrentDeferredLiabilities113.78M114.58M105.25M96.32M
NonCurrentDeferredRevenue39.88M48.12M
LongTermDebtAndCapitalLeaseObligation7.16B8.42B8.41B8.55B
LongTermCapitalLeaseObligation699.64M749.76M732.86M735.97M
LongTermDebt6.47B7.67B7.68B7.81B
CurrentLiabilities1.10B949.01M1.02B1.07B
CurrentDeferredLiabilities28.42M32.20M39.88M48.12M
CurrentDeferredRevenue28.42M32.20M39.88M48.12M
CurrentDebtAndCapitalLeaseObligation720.42M575.00M575.00M575.00M
CurrentDebt720.42M575.00M575.00M575.00M
LineOfCredit720.42M575.00M575.00M575.00M
PayablesAndAccruedExpenses376.19M374.01M411.04M450.88M
Payables613.50M
AccountsPayable613.50M
TotalAssets15.52B16.00B16.19B16.49B
TotalNonCurrentAssets13.55B14.28B14.15B14.18B
OtherNonCurrentAssets294.59M373.45M333.80M474.11M
NonCurrentDeferredAssets374.62M354.88M355.01M373.56M
InvestmentsAndAdvances1.94B2.69B2.61B2.67B
InvestmentinFinancialAssets0.007.73M
AvailableForSaleSecurities471.96M7.73M
LongTermEquityInvestment1.94B2.69B2.61B2.67B
InvestmentProperties10.16B10.07B10.05B9.84B
GoodwillAndOtherIntangibleAssets110.59M118.22M127.08M139.64M
OtherIntangibleAssets127.08M139.64M154.90M
NetPPE671.31M678.80M680.04M684.38M
GrossPPE671.31M678.80M680.04M684.38M
OtherProperties671.31M678.80M680.04M684.38M
CurrentAssets1.97B1.72B2.03B2.31B
AssetsHeldForSaleCurrent35.94M43.60M57.14M
RestrictedCash136.70M215.67M264.58M131.47M
Receivables995.71M765.87M771.21M776.14M
OtherReceivables166.02M
AccountsReceivable829.68M765.87M771.21M776.14M
CashCashEquivalentsAndShortTermInvestments840.85M733.95M997.00M1.36B
OtherShortTermInvestments0.00471.96M0.00
CashAndCashEquivalents840.85M733.95M997.00M889.69M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow1.26B537.72M648.15M798.94M
RepurchaseOfCapitalStock-50.99M0.00-29.18M0.00
RepaymentOfDebt-1.90B-97.44M-148.00M-1.25B
IssuanceOfDebt835.79M75.00M0.001.03B
IssuanceOfCapitalStock0.000.00291.15M
InterestPaidSupplementalData313.09M322.77M381.41M252.37M
IncomeTaxPaidSupplementalData5.20M7.61M10.37M7.95M
EndCashPosition977.55M949.62M1.26B1.02B
BeginningCashPosition949.62M1.26B1.02B1.93B
ChangesInCash27.93M-311.96M240.43M-909.19M
FinancingCashFlow-1.35B-252.32M-278.94M-801.27M
CashFlowFromContinuingFinancingActivities-1.35B-252.32M-278.94M-801.27M
NetOtherFinancingCharges-23.87M-26.67M89.43M-111.00M
ProceedsFromStockOptionExercised146.00K885.00K899.00K
CashDividendsPaid-203.38M-203.22M-191.18M-468.68M
PreferredStockDividendPaid-62.10M-62.11M-62.12M-62.12M
CommonStockDividendPaid-141.28M-141.10M-129.07M-406.56M
NetPreferredStockIssuance0.000.00-8.85M
PreferredStockPayments0.000.00-300.00M
PreferredStockIssuance0.000.00291.15M
NetCommonStockIssuance-50.99M0.00-29.18M0.00
CommonStockPayments-50.99M0.00-29.18M0.00
NetIssuancePaymentsOfDebt-1.07B-22.44M-148.00M-221.60M
NetLongTermDebtIssuance-1.07B-22.44M-148.00M-221.60M
LongTermDebtPayments-1.90B-97.44M-148.00M-1.25B
LongTermDebtIssuance835.79M75.00M0.001.03B
InvestingCashFlow115.51M-597.37M-128.79M-906.86M
CashFlowFromContinuingInvestingActivities115.51M-597.37M-128.79M-906.86M
NetOtherInvestingChanges714.00M-50.00M105.00M1.55M
DividendsReceivedCFI18.87M34.42M106.00M
NetInvestmentPurchaseAndSale0.000.00468.60M-468.60M
SaleOfInvestment0.000.00468.60M597.50M
PurchaseOfInvestment0.000.00-1.07B0.00
NetInvestmentPropertiesPurchaseAndSale-613.84M-432.01M-649.74M-439.51M
SaleOfInvestmentProperties95.71M33.60M148.00M461.28M
PurchaseOfInvestmentProperties-709.55M-465.61M-797.75M-900.79M
NetBusinessPurchaseAndSale15.34M-115.36M-52.64M1.25M
SaleOfBusiness50.93M0.0018.87M34.42M
PurchaseOfBusiness-35.59M-115.36M-71.51M-33.17M
CapitalExpenditureReported0.000.00
OperatingCashFlow1.26B537.72M648.15M798.94M
CashFlowFromContinuingOperatingActivities1.26B537.72M648.15M798.94M
DividendReceivedCFO114.75M142.88M172.87M184.50M
ChangeInWorkingCapital-181.23M-56.98M-25.58M87.33M
ChangeInOtherCurrentLiabilities-44.31M27.88M46.28M16.48M
ChangeInOtherCurrentAssets-133.06M-74.42M-79.11M-34.62M
ChangeInPayablesAndAccruedExpense6.28M-6.80M10.72M5.72M
ChangeInPayable6.28M-6.80M10.72M5.72M
ChangeInAccountPayable6.28M-6.80M10.72M5.72M
ChangeInPrepaidAssets8.64M-8.35M-12.85M104.19M
ChangeInReceivables-18.79M4.70M9.38M-4.44M
OtherNonCashItems30.33M5.87M5.93M-42.68M
StockBasedCompensation25.48M30.17M43.20M29.25M
UnrealizedGainLossOnInvestmentSecurities0.000.00
AssetImpairmentCharge0.000.0045.01M19.10M
AmortizationOfSecurities23.47M41.74M10.99M430.00K
DeferredTax3.53M13.01M17.02M14.01M
DeferredIncomeTax3.53M13.01M17.02M14.01M
DepreciationAmortizationDepletion481.46M469.42M457.57M526.31M
DepreciationAndAmortization481.46M469.42M457.57M526.31M
OperatingGainsLosses-176.60M-128.51M-111.75M363.31M
EarningsLossesFromEquityInvestments-141.31M-112.46M-38.69M461.35M
GainLossOnInvestmentSecurities-1.86M2.59M-4.62M
GainLossOnSaleOfBusiness0.00
NetIncomeFromContinuingOperations937.20M20.12M32.89M-382.61M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for VNO
Date User Asset Broker Type Position Size Entry Price Patterns