Symbols / VNO $29.19 +0.45% Vornado Realty Trust

Real Estate • REIT - Office • United States • NYQ
VNO Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
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. Vornado Realty Trust was incorporated in 1946 in Maryland, USA.

Fundamentals
Scroll to Statements
Market Cap 6.05B Enterprise Value 14.62B Income 842.85M Sales 1.86B Book/sh 25.20 Cash/sh 4.48
Dividend Yield 2.55% Payout 17.62% Employees 3145 IPO — P/E 6.95 Forward P/E 100.66
PEG 7.37 P/S 3.25 P/B 1.16 P/C — EV/EBITDA 18.56 EV/Sales 7.84
Quick Ratio 1.38 Current Ratio 1.48 Debt/Eq 116.66 LT Debt/Eq — EPS (ttm) 4.20 EPS next Y 0.29
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 188.55M Shs Float 157.95M Short Float 0.03%
Short Ratio 0.02 Short Interest — 52W High 43.37 52W Low 24.57 Beta 1.51 Avg Volume 2.23M
Volume 1.39M Target Price $32.46 Recom Hold Prev Close $29.06 Price $29.19 Change 0.45%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$32.46
Mean price target
2. Current target
$29.19
Latest analyst target
3. DCF / Fair value
$121.14
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$29.19
Low
$25.00
High
$44.00
Mean
$32.46

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-02 main Evercore ISI Group Outperform → Outperform $37
2026-04-01 main Piper Sandler Neutral → Neutral $28
2026-03-31 main Morgan Stanley Equal-Weight → Equal-Weight $28
2026-03-31 main Truist Securities Hold → Hold $28
2026-03-25 main JP Morgan Neutral → Neutral $33
2026-03-17 main Truist Securities Hold → Hold $29
2026-03-02 main Scotiabank Sector Perform → Sector Perform $32
2026-02-26 main Barclays Underweight → Underweight $28
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
News
RSS: Latest VNO news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-12 TISCH DANIEL R Director — 30,000 $25.55 $766,500
2026-03-03 TISCH DANIEL R Director — 155,000 $26.30 $4,171,000
2026-02-24 TISCH DANIEL R Director — 25,000 $27.85 $696,250
2026-02-23 CHERA HAIM Officer — 100,000 — —
2025-09-04 CHERA HAIM Officer — 30,000 $39.64 $1,189,188
2025-05-30 CHERA HAIM Officer — 20,000 $37.98 $759,630
2025-05-16 ROTH STEVEN Chief Executive Officer — 283,727 $0.00 $0
2025-05-07 BEINECKE CANDACE K Director — 3,472 — —
2025-05-07 CHERA HAIM Officer — 50,000 — —
2024-12-10 WIGHT RUSSELL B JR Director — 2,000 $44.86 $89,728
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
1,810.42
+1.27%
1,787.69
-1.30%
1,811.16
+0.62%
1,799.99
Operating Revenue
1,810.42
+1.27%
1,787.69
-1.30%
1,811.16
+0.62%
1,799.99
Cost Of Revenue
—
—
905.16
+3.58%
873.91
Reconciled Cost Of Revenue
—
—
881.86
+3.49%
852.11
Gross Profit
—
—
906.00
-2.17%
926.08
Operating Expense
1,538.28
+0.95%
1,523.82
+0.88%
1,510.58
-0.10%
1,512.14
Selling General And Administration
156.12
+5.11%
148.52
-8.82%
162.88
+21.80%
133.73
General And Administrative Expense
156.12
+5.11%
148.52
-8.82%
162.88
+21.80%
133.73
Other Gand A
156.12
+5.11%
148.52
-8.82%
162.88
+21.80%
133.73
Other Operating Expenses
919.96
-0.84%
927.80
+2.50%
905.16
+3.58%
873.91
Total Expenses
1,538.28
+0.95%
1,523.82
+0.88%
1,510.58
-0.10%
1,512.14
Operating Income
272.15
+3.14%
263.87
-12.21%
300.58
+4.42%
287.85
EBITDA
1,766.78
+100.63%
880.61
+4.14%
845.61
+99.76%
423.31
Normalized EBITDA
922.81
+6.09%
869.86
+5.63%
823.51
+134.70%
350.87
Reconciled Depreciation
481.46
+2.56%
469.42
+2.59%
457.57
-13.06%
526.31
EBIT
1,285.33
+212.59%
411.19
+5.97%
388.03
+476.76%
-102.99
Total Unusual Items
843.97
+7744.33%
10.76
-51.31%
22.10
-69.50%
72.44
Total Unusual Items Excluding Goodwill
843.97
+7744.33%
10.76
-51.31%
22.10
-69.50%
72.44
Special Income Charges
836.01
+7636.52%
10.81
-47.31%
20.51
-70.24%
68.90
Impairment Of Capital Assets
0.54
0.00
-100.00%
45.01
+135.66%
19.10
Restructuring And Mergern Acquisition
1.99
-62.06%
5.24
-7.78%
5.68
-54.97%
12.62
Net Income
904.96
+1185.68%
70.39
-33.28%
105.49
+130.45%
-346.50
Pretax Income
950.71
+2118.96%
42.84
-31.02%
62.11
+117.21%
-360.95
Net Non Operating Interest Income Expense
-306.72
+10.90%
-344.25
-15.03%
-299.26
-15.14%
-259.90
Interest Expense Non Operating
334.61
-9.16%
368.35
+13.02%
325.92
+26.35%
257.96
Net Interest Income
-306.72
+10.90%
-344.25
-15.03%
-299.26
-15.14%
-259.90
Interest Expense
334.61
-9.16%
368.35
+13.02%
325.92
+26.35%
257.96
Interest Income Non Operating
47.15
+2.45%
46.02
-7.90%
49.97
+151.48%
19.87
Interest Income
47.15
+2.45%
46.02
-7.90%
49.97
+151.48%
19.87
Other Income Expense
985.28
+699.59%
123.22
+102.71%
60.79
+115.63%
-388.91
Gain On Sale Of Security
7.96
+17044.68%
-0.05
-102.96%
1.59
-55.10%
3.54
Tax Provision
13.51
-40.56%
22.73
-22.22%
29.22
+34.91%
21.66
Tax Rate For Calcs
0.00
-93.23%
0.00
+0.00%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
11.99
+430.78%
2.26
-51.31%
4.64
-69.50%
15.21
Net Income Including Noncontrolling Interests
937.20
+4559.00%
20.12
-38.83%
32.89
+108.60%
-382.61
Net Income From Continuing Operation Net Minority Interest
904.96
+1185.68%
70.39
-33.28%
105.49
+130.45%
-346.50
Net Income From Continuing And Discontinued Operation
904.96
+1185.68%
70.39
-33.28%
105.49
+130.45%
-346.50
Net Income Continuous Operations
937.20
+4559.00%
20.12
-38.83%
32.89
+108.60%
-382.61
Net Income Discontinuous Operations
—
—
—
—
Minority Interests
-32.25
-164.15%
50.27
-30.76%
72.61
+101.05%
36.11
Normalized Income
72.98
+17.92%
61.89
-29.70%
88.04
+121.81%
-403.73
Net Income Common Stockholders
842.85
+10085.51%
8.28
-80.92%
43.38
+110.62%
-408.62
Otherunder Preferred Stock Dividend
—
—
0.00
0.00
Diluted EPS
4.20
+10400.00%
0.04
-82.61%
0.23
+110.80%
-2.13
Basic EPS
4.40
+10900.00%
0.04
-82.61%
0.23
+110.80%
-2.13
Basic Average Shares
191.76
+0.64%
190.54
-0.24%
191.00
-0.40%
191.78
Diluted Average Shares
201.05
+2.25%
196.63
+2.49%
191.86
+0.04%
191.78
Diluted NI Availto Com Stockholders
842.85
+10085.51%
8.28
-80.92%
43.38
+110.61%
-408.63
Average Dilution Earnings
0.00
0.00
+100.00%
-0.00
+88.89%
-0.02
Depreciation Amortization Depletion Income Statement
462.20
+3.29%
447.50
+3.05%
434.27
-13.92%
504.50
Depreciation And Amortization In Income Statement
462.20
+3.29%
447.50
+3.05%
434.27
-13.92%
504.50
Earnings From Equity Interest
141.31
+25.65%
112.46
+190.69%
38.69
+108.39%
-461.35
Gain On Sale Of PPE
838.54
+5125.19%
16.05
-77.46%
71.20
-29.24%
100.62
Preferred Stock Dividends
62.10
-0.01%
62.11
-0.01%
62.12
+0.00%
62.12
Provision For Doubtful Accounts
0.00
0.00
-100.00%
8.27
0.00
Total Other Finance Cost
19.26
-12.17%
21.92
-5.91%
23.30
+6.87%
21.80
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
15,521.12
-2.98%
15,998.61
-1.17%
16,187.67
-1.85%
16,493.38
Current Assets
1,973.25
+15.03%
1,715.49
-15.61%
2,032.79
-12.11%
2,312.86
Cash Cash Equivalents And Short Term Investments
840.85
+14.57%
733.95
-26.38%
997.00
-26.78%
1,361.65
Cash And Cash Equivalents
840.85
+14.57%
733.95
-26.38%
997.00
+12.06%
889.69
Other Short Term Investments
—
—
0.00
-100.00%
471.96
Receivables
995.71
+30.01%
765.87
-0.69%
771.21
-0.64%
776.14
Accounts Receivable
829.68
+8.33%
765.87
-0.69%
771.21
-0.64%
776.14
Other Receivables
166.02
—
—
—
Restricted Cash
136.70
-36.62%
215.67
-18.49%
264.58
+101.25%
131.47
Assets Held For Sale Current
—
—
35.94
-17.56%
43.60
Total Non Current Assets
13,547.87
-5.15%
14,283.12
+0.91%
14,154.87
-0.18%
14,180.51
Net PPE
671.31
-1.10%
678.80
-0.18%
680.04
-0.63%
684.38
Gross PPE
671.31
-1.10%
678.80
-0.18%
680.04
-0.63%
684.38
Other Properties
671.31
-1.10%
678.80
-0.18%
680.04
-0.63%
684.38
Goodwill And Other Intangible Assets
110.59
-6.45%
118.22
-6.98%
127.08
-8.99%
139.64
Other Intangible Assets
—
—
127.08
-8.99%
139.64
Investments And Advances
1,941.28
-27.87%
2,691.48
+3.10%
2,610.56
-2.05%
2,665.07
Long Term Equity Investment
1,941.28
-27.87%
2,691.48
+3.10%
2,610.56
-2.05%
2,665.07
Non Current Deferred Assets
374.62
+5.56%
354.88
-0.04%
355.01
-4.96%
373.56
Other Non Current Assets
294.59
-21.12%
373.45
+11.88%
333.80
-29.59%
474.11
Total Liabilities Net Minority Interest
8,716.59
-11.30%
9,826.74
-0.17%
9,843.93
-1.37%
9,980.26
Current Liabilities
1,096.61
+15.55%
949.01
-6.80%
1,018.24
-4.46%
1,065.76
Payables And Accrued Expenses
376.19
+0.58%
374.01
-9.01%
411.04
-8.84%
450.88
Payables
—
—
—
—
Accounts Payable
—
—
—
—
Current Debt And Capital Lease Obligation
720.42
+25.29%
575.00
+0.00%
575.00
+0.00%
575.00
Current Debt
720.42
+25.29%
575.00
+0.00%
575.00
+0.00%
575.00
Current Deferred Liabilities
—
28.42
-11.72%
32.20
-19.26%
39.88
Current Deferred Revenue
—
28.42
-11.72%
32.20
-19.26%
39.88
Total Non Current Liabilities Net Minority Interest
7,619.98
-14.17%
8,877.73
+0.59%
8,825.69
-1.00%
8,914.50
Long Term Debt And Capital Lease Obligation
7,164.85
-14.88%
8,417.64
+0.10%
8,409.31
-1.65%
8,550.01
Long Term Debt
6,465.21
-15.68%
7,667.88
-0.11%
7,676.45
-1.76%
7,814.04
Long Term Capital Lease Obligation
699.64
-6.68%
749.76
+2.31%
732.86
-0.42%
735.97
Non Current Deferred Liabilities
113.78
-0.70%
114.58
+8.87%
105.25
+9.26%
96.32
Non Current Deferred Revenue
—
—
—
39.88
Other Non Current Liabilities
341.36
-1.20%
345.51
+11.05%
311.13
+16.02%
268.17
Preferred Securities Outside Stock Equity
—
—
—
—
Stockholders Equity
5,986.73
+16.06%
5,158.24
-6.37%
5,509.06
-5.66%
5,839.73
Common Stock Equity
4,804.38
+20.84%
3,975.88
-8.11%
4,326.60
-7.10%
4,657.27
Capital Stock
1,189.97
0.00%
1,190.00
0.00%
1,190.05
-0.01%
1,190.11
Common Stock
7.63
-0.09%
7.63
+0.53%
7.59
-0.78%
7.65
Preferred Stock
1,182.35
0.00%
1,182.36
-0.01%
1,182.46
+0.00%
1,182.46
Share Issued
190.67
-0.09%
190.85
+0.24%
190.39
-0.77%
191.87
Ordinary Shares Number
190.67
-0.09%
190.85
+0.24%
190.39
-0.77%
191.87
Additional Paid In Capital
8,288.36
+2.93%
8,052.79
-2.55%
8,263.29
-1.27%
8,369.23
Retained Earnings
-3,491.60
+15.71%
-4,142.25
-3.31%
-4,009.39
-2.95%
-3,894.58
Gains Losses Not Affecting Retained Earnings
-0.01
-100.01%
57.70
-11.39%
65.11
-62.78%
174.97
Minority Interest
817.80
-19.32%
1,013.63
+21.44%
834.67
+23.95%
673.38
Other Equity Adjustments
-0.01
-100.01%
57.70
-11.39%
65.11
-62.78%
174.97
Total Equity Gross Minority Interest
6,804.52
+10.25%
6,171.87
-2.71%
6,343.73
-2.60%
6,513.11
Total Capitalization
12,451.93
-2.92%
12,826.12
-2.73%
13,185.52
-3.43%
13,653.77
Working Capital
876.64
+14.37%
766.48
-24.45%
1,014.55
-18.65%
1,247.10
Invested Capital
11,990.01
-1.87%
12,218.75
-2.86%
12,578.06
-3.59%
13,046.31
Total Debt
7,885.27
-12.31%
8,992.64
+0.09%
8,984.31
-1.54%
9,125.01
Net Debt
6,344.78
-15.50%
7,508.93
+3.51%
7,254.45
-3.27%
7,499.35
Capital Lease Obligations
699.64
-6.68%
749.76
+2.31%
732.86
-0.42%
735.97
Net Tangible Assets
5,876.13
+16.59%
5,040.03
-6.35%
5,381.98
-5.58%
5,700.09
Tangible Book Value
4,693.79
+21.67%
3,857.66
-8.14%
4,199.52
-7.04%
4,517.63
Available For Sale Securities
—
—
—
471.96
Investment Properties
10,155.48
+0.89%
10,066.28
+0.18%
10,048.38
+2.08%
9,843.76
Investmentin Financial Assets
—
—
—
0.00
Line Of Credit
720.42
+25.29%
575.00
+0.00%
575.00
+0.00%
575.00
Preferred Shares Number
48.79
0.00%
48.79
-0.01%
48.79
+0.00%
48.79
Preferred Stock Equity
1,182.35
0.00%
1,182.36
-0.01%
1,182.46
+0.00%
1,182.46
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
1,258.38
+134.02%
537.72
-17.04%
648.15
-18.87%
798.94
Cash Flow From Continuing Operating Activities
1,258.38
+134.02%
537.72
-17.04%
648.15
-18.87%
798.94
Net Income From Continuing Operations
937.20
+4559.00%
20.12
-38.83%
32.89
+108.60%
-382.61
Depreciation Amortization Depletion
481.46
+2.56%
469.42
+2.59%
457.57
-13.06%
526.31
Depreciation And Amortization
481.46
+2.56%
469.42
+2.59%
457.57
-13.06%
526.31
Other Non Cash Items
30.33
+416.31%
5.87
-0.91%
5.93
+113.89%
-42.68
Stock Based Compensation
25.48
-15.55%
30.17
-30.16%
43.20
+47.70%
29.25
Asset Impairment Charge
0.00
0.00
-100.00%
45.01
+135.66%
19.10
Deferred Tax
3.53
-72.86%
13.01
-23.57%
17.02
+21.53%
14.01
Deferred Income Tax
3.53
-72.86%
13.01
-23.57%
17.02
+21.53%
14.01
Operating Gains Losses
-176.60
-37.42%
-128.51
-15.00%
-111.75
-130.76%
363.31
Gain Loss On Investment Securities
—
—
-1.86
-171.88%
2.59
Unrealized Gain Loss On Investment Securities
—
—
—
0.00
Change In Working Capital
-181.23
-218.04%
-56.98
-122.77%
-25.58
-129.29%
87.33
Change In Receivables
-18.79
-499.38%
4.70
-49.85%
9.38
+311.38%
-4.44
Change In Prepaid Assets
8.64
+203.57%
-8.35
+35.07%
-12.85
-112.34%
104.19
Change In Payables And Accrued Expense
6.28
+192.31%
-6.80
-163.42%
10.72
+87.53%
5.72
Change In Payable
6.28
+192.31%
-6.80
-163.42%
10.72
+87.53%
5.72
Change In Account Payable
6.28
+192.31%
-6.80
-163.42%
10.72
+87.53%
5.72
Change In Other Current Assets
-133.06
-78.79%
-74.42
+5.93%
-79.11
-128.54%
-34.62
Change In Other Current Liabilities
-44.31
-258.93%
27.88
-39.76%
46.28
+180.81%
16.48
Investing Cash Flow
115.51
+119.34%
-597.37
-363.84%
-128.79
+85.80%
-906.86
Cash Flow From Continuing Investing Activities
115.51
+119.34%
-597.37
-363.84%
-128.79
+85.80%
-906.86
Capital Expenditure Reported
—
—
—
0.00
Net Investment Purchase And Sale
0.00
0.00
-100.00%
468.60
+200.00%
-468.60
Purchase Of Investment
—
0.00
0.00
+100.00%
-1,066.10
Sale Of Investment
0.00
0.00
-100.00%
468.60
-21.57%
597.50
Net Business Purchase And Sale
15.34
+113.30%
-115.36
-119.13%
-52.64
-4328.43%
1.25
Purchase Of Business
-35.59
+69.15%
-115.36
-61.31%
-71.51
-115.58%
-33.17
Gain Loss On Sale Of Business
—
—
—
—
Net Other Investing Changes
714.00
+1528.00%
-50.00
-147.62%
105.00
—
Financing Cash Flow
-1,345.96
-433.43%
-252.32
+9.54%
-278.94
+65.19%
-801.27
Cash Flow From Continuing Financing Activities
-1,345.96
-433.43%
-252.32
+9.54%
-278.94
+65.19%
-801.27
Net Issuance Payments Of Debt
-1,067.72
-4658.32%
-22.44
+84.84%
-148.00
+33.21%
-221.60
Issuance Of Debt
835.79
+1014.39%
75.00
0.00
-100.00%
1,029.77
Repayment Of Debt
-1,903.51
-1853.54%
-97.44
+34.16%
-148.00
+88.17%
-1,251.37
Long Term Debt Issuance
835.79
+1014.39%
75.00
0.00
-100.00%
1,029.77
Long Term Debt Payments
-1,903.51
-1853.54%
-97.44
+34.16%
-148.00
+88.17%
-1,251.37
Net Long Term Debt Issuance
-1,067.72
-4658.32%
-22.44
+84.84%
-148.00
+33.21%
-221.60
Net Common Stock Issuance
-50.99
0.00
+100.00%
-29.18
0.00
Common Stock Payments
-50.99
0.00
+100.00%
-29.18
0.00
Common Stock Dividend Paid
-141.28
-0.12%
-141.10
-9.33%
-129.07
+68.25%
-406.56
Cash Dividends Paid
-203.38
-0.08%
-203.22
-6.29%
-191.18
+59.21%
-468.68
Repurchase Of Capital Stock
-50.99
0.00
+100.00%
-29.18
0.00
Proceeds From Stock Option Exercised
—
—
0.15
-83.50%
0.89
Net Other Financing Charges
-23.87
+10.48%
-26.67
-129.82%
89.43
+180.57%
-111.00
Changes In Cash
27.93
+108.95%
-311.96
-229.75%
240.43
+126.44%
-909.19
Beginning Cash Position
949.62
-24.73%
1,261.58
+23.54%
1,021.16
-47.10%
1,930.35
End Cash Position
977.55
+2.94%
949.62
-24.73%
1,261.58
+23.54%
1,021.16
Free Cash Flow
1,258.38
+134.02%
537.72
-17.04%
648.15
-18.87%
798.94
Interest Paid Supplemental Data
313.09
-3.00%
322.77
-15.37%
381.41
+51.13%
252.37
Income Tax Paid Supplemental Data
5.20
-31.64%
7.61
-26.60%
10.37
+30.43%
7.95
Amortization Of Securities
23.47
-43.79%
41.74
+279.88%
10.99
+2455.58%
0.43
Dividend Received CFO
114.75
-19.69%
142.88
-17.35%
172.87
-6.30%
184.50
Dividends Received CFI
—
—
18.87
-45.18%
34.42
Earnings Losses From Equity Investments
-141.31
-25.65%
-112.46
-190.69%
-38.69
-108.39%
461.35
Issuance Of Capital Stock
—
—
0.00
0.00
Net Investment Properties Purchase And Sale
-613.84
-42.09%
-432.01
+33.51%
-649.74
-47.83%
-439.51
Net Preferred Stock Issuance
—
—
0.00
0.00
Preferred Stock Dividend Paid
-62.10
+0.01%
-62.11
+0.01%
-62.12
+0.00%
-62.12
Preferred Stock Issuance
—
—
0.00
0.00
Preferred Stock Payments
—
—
0.00
0.00
Purchase Of Investment Properties
-709.55
-52.39%
-465.61
+41.63%
-797.75
+11.44%
-900.79
Sale Of Business
50.93
0.00
-100.00%
18.87
-45.18%
34.42
Sale Of Investment Properties
95.71
+184.82%
33.60
-77.29%
148.00
-67.91%
461.28
SEC Filings

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