Stocktoria

VORNADO REALTY TRUST VNO

NYSE · reit · Real Estate Investment Trusts · website · IPO 1962-01-31

VORNADO REALTY TRUST statistics & valuation

Market cap$7.1B
P / E7.9×
P / S3.9×
P / B1.2×
Dividend yield1.99%
Net margin50.0%
Return on equity14.7%
Net debt$1.4B
Enterprise value USD$8.5B
Graham number +35.6%$53.79

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($53.79); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
45.30% 10.90% 20.80% 163.60% -19.40% 11.10% -19.20% 5.80% 3.90% 50.00% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
28.90% 29.20% 26.90% 2016201720182019202020212022202320242025
Return on equity (%)
11.90% 4.50% 8.80% 43.10% -4.30% 2.70% -5.70% 1.80% 1.30% 14.70% 2016201720182019202020212022202320242025
Shares outstanding
190.2M 191.3M 191.3M 191.1M 191.4M 192.1M 191.9M 191.9M 196.6M 201.0M 2016201720182019202020212022202320242025
Net debt ($)
-$167.6M -$225.3M $1.10B $251.7M $194.0M $802.4M $1.67B $1.57B $1.83B $1.42B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
4.40% 1.30% 2.60% 17.20% -1.80% 1.00% -2.10% 0.70% 0.40% 5.80% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.18× 0.32× 0.33× 0.24× 0.26× 0.39× 0.42× 0.45× 0.48× 0.37× 2016201720182019202020212022202320242025
EPS ($)
$4.34 $0.85 $2.01 $16.21 -$1.83 $0.53 -$2.13 $0.23 $0.04 $4.20 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

VORNADO REALTY TRUST trades at about 9.4× earnings — below its 10-year norm (10-year range 4.1×–1081.5×, median 34.8×).

4.1× 1081.5×

Shaded band = 10-year range (4.1×–1081.5×); dot = today's 9.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin———————26.9%29.2%28.9%
Net margin50.0%3.9%5.8%-19.2%11.1%-19.4%163.6%20.8%10.9%45.3%
Return on assets5.8%0.4%0.7%-2.1%1.0%-1.8%17.2%2.6%1.3%4.4%
Return on equity14.7%1.3%1.8%-5.7%2.7%-4.3%43.1%8.8%4.5%11.9%
Debt / equity0.37×0.48×0.45×0.42×0.39×0.26×0.24×0.33×0.32×0.18×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.