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Vornado Realty Trust (VNO) Fair Value & Analysis

Real Estate · US · Market cap $7.8B · ISIN US9290421091

VR Vornado Realty Trust logo Vornado Realty Trust VNO · US
Price$38.20
Fair Value$41.24
Upside+8.0%
Quality57/100
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Strengths

✓Highly profitable · 42.9% net margin
✓Moderate debt · generates free cash flow

Risks

!Expensive Growth (revenue 5y +3.5 %/yr)
!Mixed vs. peers (7/15)
!Moderate moat 49/100
!Evidence only medium, so the estimate is less certain
Expensive Growth (revenue 5y +3.5 %/yr)
Highly profitable · 42.9% net margin
Moderate debt · generates free cash flow
1.97% dividend yield
Mixed vs. peers (7/15)
Moderate moat 49/100
Evidence: Medium Range $29.88 – $78.10 Share as image

Fair value as of: Aug 13, 2026

From 14 valuation models · updated 15 days ago

Fair value updated Aug 13, 2026, revised from $42.40 to $41.24 (−2.7%) since Jul 27, 2026. Share price −6.0% over the past month.

A solid business, currently priced close to our fair value.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The model range is unusually wide ($29.88 to $78.10). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

$44.03 $11.79 Fair Value $41.24 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range $11.79 – $44.03 · fair‑value band $29.88 – $78.10 · the $38.20 price screens below the $41.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Vornado Realty Trust (VNO) currently trades at $38.20, while our model-based Fair Value estimate is $41.24, implying the stock looks roughly 8.0% fairly valued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Vornado Realty Trust generated revenue of $1.9B at a net margin of 42.9%. Revenue declined 2.2% year over year. It earns a return on equity of 12.6%. Net debt stands at $7.0B. Fundamentals as of Aug 13, 2026

Our scenario range runs from $29.88 (bear case) to $78.10 (bull case); at $38.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 10% below its 52-week high and 55% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -25% fair-value upside, at 8%, VNO screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF $39.46 $65.05 $98.39 80
Residual Income $31.42 $40.95 $109.34 76
Gordon GGM $9.50 $15.47 $22.13 70
All 14 models by family
DCF Models
FCF DCF $37.68 $65.32 $102.91 38
5Y Revenue Exit $3.29 $11.35 $20.46 39
5Y EBITDA Exit $23.40 $47.00 $72.91 41
10Y Revenue Exit $15.70 $25.26 $35.76 36
10Y EBITDA Exit $28.33 $48.77 $73.01 37
Dividend Discount
Gordon GGM $9.50 $15.47 $22.13 70
DDM Multi-Stage $9.50 $13.74 $18.26 61
Multiples
P/S Multiple $46.92 $62.56 $78.20 58
P/B Multiple $47.74 $63.66 $79.57 55
EV/EBIT — $1.93 $9.89 53
EV/EBITDA $21.18 $38.21 $55.24 54
Asset-Based
NCAV (Graham) $15.91 $21.32 $31.83 50
Growth DCF
Growth DCF $39.46 $65.05 $98.39 80
Economic Profit
Residual Income $31.42 $40.95 $109.34 76

Widest divergence: Growth DCF ($65.05) versus Dividend Discount ($13.74). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 10.4 as of Jun 25, 2026
P/S ratio 5.20 P/E × margin
EPS (TTM) $3.65 price ÷ EPS = P/E 10.4
Dividend yield 2.0% payout 20.6%
Net margin 50.0% FY2025
Return on equity 12.6% TTM
More key figures
Profitability
Return on assets (EBIT) 1.7% avg 5y
Operating margin 13.7% TTM
Growth
Revenue (TTM) $1.9B TTM
Revenue growth (YoY) -2.2% 3y avg +0.2%
EPS growth (YoY) +12.6%
Balance sheet & cash flow
Free cash flow $1.3B FY2025
Net debt $7.0B FY2025 · ≈ 5.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 58 · Market factors (momentum, volatility) 55

Profitability 45
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 29
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 40
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 92
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vornado Realty Trust reported revenue of $1.8B in FY2025 versus $1.6B in FY2021, a compound +3.3%/yr. Reported net income was $905M in FY2025, compounding +50.6%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
$1.8B
Latest YoY
+1.3%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.2%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.5%
Avg. revenue growth/yr (35Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.2%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
−13.8% (-15.8 + 2.0)
Revenue +3.3%/yr
FY21 $1.6B
FY22 $1.8B
FY23 $1.8B
FY24 $1.8B
FY25 $1.8B
Net income +50.6%/yr
FY21 $176M
FY22 −$346M
FY23 $105M
FY24 $70.4M
FY25 $905M
Character of growth · EPS growth decomposed (2014-2025) −9.5 % p.a.
Revenue per share −4.0 pp

of which total revenue −3.8 pp · buybacks/dilution −0.2 pp

EBIT margin −6.3 pp
Tax rate −0.9 pp
Residual (interest, one-offs) +1.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Vornado Realty Trust · Fair Value
$41.24 +8%Fair Value
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Cite: Fair Value Calculator (2026). "Vornado Realty Trust Fair Value". https://www.fairvalue-calculator.com/stock/VNO

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

REIT - Office · 73 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Above median
Fair Value upside +8% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) 43% · Top 25%
Operating margin (TTM) 14% · Bottom 25%
Revenue growth -2% · Below median
Dividend yield (TTM) 1.9% · Bottom 25%
Debt / equity 1.08× · Higher than median

Valuation Multiples vs REIT - Office median · lower = cheaper

P/E (TTM) 10.4× · Cheaper than 75% of peers
P/B 1.30× · Pricier than 75% of peers
P/S (TTM) 4.20× · Pricier than median
P/FCF 6.2× · Cheaper than median
EV/EBITDA 17.8× · Pricier than median
PEG 2.20× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE44 · sector 20
FUTURE0 · sector 0
PAST50 · sector 11
HEALTH46 · sector 66
DIVIDEND39 · sector 100

Insider activity: 25/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
MERLIN Properties SOCIMI, S.A MRL €13.51 €5.66 -58%
BXP, Inc BXP $67.95 $53.27 -22%
Alexandria Real Estate Equities, Inc ARE $52.97 $58.69 +11%
Hudson Pacific Properties, Inc HPP $14.31 $4.28 -70%
Mapletree Pan Asia Commercial Trust N2IU 1.27 SGD 1.14 SGD -10%
Cousins Properties Incorporated CUZ $29.49 $17.46 -41%
EMBASSYRR EMBASSYRR ₹449.01 ₹134.34 -70%
Embassy Office Parks REIT owns, EMBASSY ₹435.90 ₹141.82 -67%
DEXUS DXS A$5.96 A$4.49 -25%
Kilroy Realty Corporation KRC $36.24 $40.37 +11%

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Frequently asked questions

Is Vornado Realty Trust (VNO) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of $41.24 versus a price of $38.20, about +8% (fairly valued).
What is the fair value of VNO?
Our model-based fair value for Vornado Realty Trust is $41.24 (as of Aug 13, 2026), built from audited fundamentals. The current price: $38.20.
What is the quality score of VNO?
Vornado Realty Trust has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Vornado Realty Trust (VNO)?
Vornado Realty Trust reported trailing-twelve-month revenue of about $1.9B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of VNO?
The net profit margin of Vornado Realty Trust is about 42.9%, meaning it keeps roughly 42.9% of revenue as net income. Based on the latest reported figures.
Does Vornado Realty Trust pay a dividend?
Vornado Realty Trust currently shows a dividend yield of about 1.97% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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