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STOCK COMPARISON

Vornado Realty Trust vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Vornado Realty Trust (VNORP) and Merlin Properties SOCIMI (MRL) compare, as of Aug 10, 2026.

As of Aug 10, 2026, Fair Value Calculator sees Vornado Realty Trust as the less overvalued of the two: Vornado Realty Trust trades at $51.00 versus a fair value of $41.59 (-18%), while Merlin Properties SOCIMI trades at €14.77 versus €10.51 (-29%).
Vornado Realty Trust
VNORP · USD · Real Estate
-18%
upside to fair value
overvalued
Price$51.00
Fair Value$41.59
Quality69/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-29%
upside to fair value
overvalued
Price€14.77
Fair Value€10.51
Quality53/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Vornado Realty TrustMerlin Properties SOCIMI
Valuation
80.4×P/E (TTM)11.0×
—P/S (TTM)18.65×
—P/B1.34×
—EV/EBITDA31.9×
—PEG1.31×
1.4%Dividend yield—
$0.74Dividend per share—
Profitability
43%Net margin134%
14%Operating margin74%
13%Return on equity9%
1%Return on assets2%
Growth
-2%Revenue growth (YoY)10%
0.2%Avg. growth/yr (3Y)7.1%
3.5%Avg. growth/yr (5Y)3.9%
Balance & size
1.08×Debt / equity0.52×
$9BMarket cap$11B
healthyGrowth qualitymixed

Merlin Properties SOCIMI leads: 1 to 8 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Vornado Realty Trustof which business quality 66 · market factors 33 Merlin Properties SOCIMIof which business quality 54 · market factors 61
ProfitabilityMargins and returns on capital today
45
39
Quality GrowthAre margins and returns improving?
65
63
CashflowEarnings quality: real cash, not paper profit
90
76
Fin. StrengthBalance sheet, leverage, solvency risk
29
57
InvestmentDisciplined investing over empire-building
99
81
Low VolatilityCalm price path (market factor)
9
75
MomentumPrice trend over the last 3–12 months (market factor)
47
52
52W MomentumDistance to the 52-week high (market factor)
34
62
Net IssuanceBuybacks instead of dilution
92
8

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Vornado Realty Trust

DCF Models$51.58
Multiples$55.30
Asset-Based$23.40
Growth DCF$71.39
Economic Profit$44.47

6 of 12 models see the stock below the current price.

Merlin Properties SOCIMI

DCF Models€7.82
Dividend Discount€3.25
Multiples€19.96
Asset-Based€8.74
Growth DCF€7.52
Economic Profit€12.30

10 of 15 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Vornado Realty Trust
Bear $29.57Fair Value $41.59Bull $76.71
$51.00 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.54Fair Value €10.51Bull €15.79
€14.77 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Vornado Realty Trust · Real Estate

Quality score69 · Top 25%
Fair value upside-18% · below median

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-29% · below median

Bottom line

As of Aug 10, 2026, Fair Value Calculator sees Vornado Realty Trust as the less overvalued of the two: Vornado Realty Trust trades at $51.00 versus a fair value of $41.59 (-18%), while Merlin Properties SOCIMI trades at €14.77 versus €10.51 (-29%).

Vornado Realty Trust has the higher quality score (69/100).

See the full analysis →
Vornado Realty Trust · Merlin Properties SOCIMI

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.