Vornado Realty Trust VNO

REIT - Specialty, Real Estate

$34.80

+1.34%

Market cap: $6.5B
PE: n/m; a sliver of earnings
Forward PE: n/m; not a meaningful number
Price to FFO: 14.7×; its own FFO
Price to sales: 3.6×
EV/EBIT: 23.4×
Revenue, 12 months: $1.8B; +1% on a year ago
Net margin: 3.7%

Vornado Realty Trust trades at 14.7× its funds from operations, the earnings measure REITs are valued on. Revenue was $1.8B over the last twelve months, up 1% on a year earlier with a 4% net margin.

Charts

Financials

Income statement for VNO, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$451M−1%	$441.9M−1%	$436.4M−2%	$450.3M−5%	$443.3M−2%	$457.8M+4%	$461.6M+6%	$441.4M−2%	$453.7M+2%	$453.7M−1%	$459.1M−1%	$462.2M+5%
SG&A	$35.8M+23%	$46M+46%	$37.9M−9%	$38.5M−2%	$35.5M−1%	$36.6M−20%	$38.6M+2%	$40M+4%	$37.5M+6%	$40M+9%	$42.2M+10%	$39.1M−2%
	$126.4M+78%	$23.1M−78%	$62.9M−17%	$85.3M−18%	$55.7M−56%	$70.7M+206%	$97.6M+55%	$877.6M+929%	$53.8M−4%	$79.3M+12%	$50.9M−48%	$28.1M−97%
Interest expense	$88.1M+15%	$87.7M−1%	$90.5M+5%	$98.4M+13%	$100.9M+15%	$100.5M+15%	$95.8M+6%	$87.9M−11%	$84.5M−16%	$85.7M−15%	$89.2M−7%	$89.6M+2%
Pre-tax income	$71.3M+199%	−$92.2M−82%	$467K−97%	$45.4M−33%	−$14.6M	$11.6M	$107M+22816%	$817.4M+1701%	$13.7M	$12.7M+10%	−$16.1M	$42.8M−95%
	$11.7M+215%	$8.4M+20%	$6.7M+44%	$5.3M+18%	$4.9M−58%	$5.8M−31%	$7.2M+7%	$4.1M−22%	−$5.6M	$7.8M+34%	$5.9M−18%	$3.6M−13%
Net income	$68.4M+194%	−$45.5M−91%	$6.5M−69%	$50.8M−18%	−$3.6M	$16.7M	$102.4M+1476%	$759.3M+1395%	$27.1M	$16.1M−4%	−$7.3M	$32M−96%
	$0.28+600%	−$0.32−88%	−$0.05	$0.18−25%	−$0.10	$0.01	$0.43	$3.70+1956%	$0.06	$0.00	−$0.12	$0.08−98%
	192.9M+1%	190.3M−1%	190.4M−1%	194.4M−0%	190.6M−1%	200.1M+5%	200.7M+5%	201.1M+3%	200.2M+5%	200.9M+0%	189.7M−6%	194.2M−3%

Operating income: 34 periods, Q1 FY18 to Q2 FY26: not printed by the filing, worked out from its own lines.

EPS, diluted: 8 periods, Q4 FY09 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 5 periods, Q4 FY09 to Q4 FY23: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 12 periods, Q4 FY10 to Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in REIT - Specialty nearest Vornado Realty Trust's size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
VNOVornado Realty Trust	$6.5B	n/m	43.3×	3.6×	+1%	3.7%
STAGSTAG Industrial	$7B	28.0×	36.6×	8.0×	+10%	28.1%
FRFirst Industrial Realty Trust	$7.2B	19.9×	24.9×	9.5×	+8%	48.0%
EPRTEssential Properties Realty Trust	$5.8B	20.7×	25.4×	9.4×	+22%	43.5%
RYNRayonier	$5.5B	41.4×	34.6×	5.7×	+0%	7.8%
OUTOUTFRONT Media	$5.5B	22.3×	25.0×	2.8×	+8%	12.7%
NNNNNN REIT	$8B	20.5×	25.9×	8.4×	+7%	40.4%
RITMRithm Capital	$5.2B	15.7×	7.8×	1.0×	−24%	9.0%
RHPRyman Hospitality Properties	$8.2B	32.0×	21.7×	3.0×	+12%	9.9%
ADCAgree Realty	$8.3B	35.9×	37.0×	10.6×	+18%	28.8%
SBRASabra Health Care REIT	$5B	75.2×	26.7×	5.8×	+17%	7.6%
Peer median	$6.4B	25.2×	25.7×	6.9×	+9%	20.4%