Vornado Realty Trust VNO
United StatesReal Estate · REIT - OfficeUSD
39.92 USD (+18.2%)
13 analysts
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Vornado Realty Trust is a real estate investment trust (REIT) that owns, operates, and develops high-quality office and retail properties, primarily in the New York market, including the Penn Plaza area and Midtown district.
Key points
from its scores- ✕Little or no dividend1.0
- ✕Fragile balance sheet2.9
- ✕Weak growth2.9
AI analysis
bottom line, main risk, context and newsExtreme leverage and falling earnings make Vornado a high-risk investment in the current rising-rate environment.
The rise in long-term US rates worsens its situation, making its debt more expensive and pressuring the valuation of its office assets.
Context and risks
Vornado is an office REIT with extreme leverage (Net Debt/EBITDA of 9.7x) and a payout of 1,850%, making it acutely exposed to the tightening of long-term US interest rates (the 10-year yield rises to 5.28%). Its high debt and long-duration business model make it one of the most vulnerable stocks to the rate hike, which makes refinancing more expensive and pressures its asset valuation.
Is Vornado Realty Trust stock cheap or expensive?
at the analysis dateOn Price / book, it trades in line with the Real Estate median (within 15%).
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| EV / EBITDA | 20.6 | 18.5 | +11% |
| Price / book | 1.4 | 1.4 | −4% |
| Price / sales | 3.7 | 6.3 | −42% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.1 out of 10 (median for Real Estate: 4.9).
Average analyst target: 39.92 USD, +18.2% versus the price.
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 844.5
- Forward P/E
- 109.0
- EV / EBITDA
- 20.6
- Price / book
- 1.4
- Price / sales
- 3.7
- PEG
- 7.37
- Market cap
- 6.9B USD
- Enterprise value
- 15.9B USD
Profitability
- ROE
- 0.6%
- ROA
- 1.0%
- ROIC (approx.)
- 1.4%
- Gross margin
- 49.6%
- Operating margin
- 9.8%
- Net margin
- 3.6%
- Free cash flow
- 445.7M USD
- FCF yield
- 6.4%
- Cash conversion
- 58%
Solvency
- Total debt
- 8.2B USD
- Net debt
- 7.5B USD
- Cash
- 710.5M USD
- EBITDA
- 771.6M USD
- Net debt / EBITDA
- 9.70
- Debt / equity
- 122.32
- Current ratio
- 5.34
- Quick ratio
- 5.02
Growth
- Revenue growth
- +5.0%
- Earnings growth
- −97.8%
- EPS (TTM)
- 0.04 USD
- EPS (forward)
- 0.31 USD
Dividend
- Dividend yield
- 2.2%
- Payout
- 1,850.0%
Risk and market
- Beta
- 1.59
- Analyst consensus
- Hold (13)
- Target price
- 39.92 USD
- 52-week range
- 24.57 – 41.60
Recent news
All VNO news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about Vornado Realty Trust
Is Vornado Realty Trust stock cheap or expensive?
On Price / book, it trades in line with the Real Estate median (within 15%). Valuation score: 5.1 out of 10 (median for Real Estate: 4.9). Average analyst target: 39.92 USD, +18.2% versus the price. This is not investment advice.
What score does Vornado Realty Trust get on MeridIAn Screener?
It scores 3.1 out of 10, rank 2,085 of 2,130 (better than 2% of the companies analysed). Its strongest category is Valuation (5.1) and its weakest, Dividend (1.0). Analysis of 08/10/2026.
How much is Vornado Realty Trust worth on the stock market?
Its market capitalisation is 6.9B USD.
Does Vornado Realty Trust pay a dividend?
Yes: its dividend yield is 2.19% and it pays out 1,850% of its earnings.
How has Vornado Realty Trust stock performed over the last year?
It has fallen 9.1% over the last year, excluding dividends. Over the last 52 weeks it has traded between 24.57 and 41.60 USD. Past performance does not guarantee future results.
What do analysts think of Vornado Realty Trust?
13 analysts cover it; their average recommendation is “Hold” and their average target is 39.92 USD (+18.2% versus the price). It is an estimate, not market data.