Vornado Realty Trust (VNORP) Fair Value & Analysis
Real Estate · US · Market cap $8.7B
Vornado Realty Trust
VNORP · US
Fair value as of: Jul 27, 2026
From 12 valuation models · updated 14 days ago
Fair value updated Jul 27, 2026, revised from $47.22 to $41.59 (−11.9%) since Jun 26, 2026. Share price −1.4% over the past month.
A solid business, but screening 18% overvalued on our models.
What matters now
- Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($29.57 to $76.71) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 27, 2026.
How to read this chart
60‑month range $24.92 – $120.38 · fair‑value band $29.57 – $76.71 · the $51.00 price screens above the $41.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 27, 2026.
Analysis
Vornado Realty Trust (VNORP) currently trades at $51.00, while our model-based Fair Value estimate is $41.59, implying the stock looks roughly 18.5% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
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 Jul 27, 2026
Our scenario range runs from $29.57 (bear case) to $76.71 (bull case); at $51.00, 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 46% below its 52-week high and 51% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -23% fair-value upside, at -18%, VNORP 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.
All 12 models by family
Widest divergence: Growth DCF ($71.39) versus Asset-Based ($23.40). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 66 · Market factors (momentum, volatility) 33
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.
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.
VNORP screens 18% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Vornado anticipates New York office occupancy north of 93% by year-end as PENN leasing accelerates
- Vornado (VNO) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
- Vornado (VNO) Surpasses Q2 FFO Estimates
- Vornado Announces Second Quarter 2026 Financial Results
Peer Group
REIT - Office · 75 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.
Valuation Multiples vs REIT - Office median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €6.46 | -58% |
| BXP, Inc BXP | $69.11 | $53.27 | -23% |
| Alexandria Real Estate Equities, Inc ARE | $50.12 | $59.48 | +19% |
| Hudson Pacific Properties, Inc HPP | $15.38 | $4.60 | -70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.28 SGD | 1.14 SGD | -11% |
| Cousins Properties Incorporated CUZ | $32.15 | $17.62 | -45% |
| Kilroy Realty Corporation KRC | $39.42 | $40.37 | +2% |
| Keppel DC REIT AJBU | 2.20 SGD | 1.68 SGD | -24% |
| DEXUS DXS | A$5.64 | A$4.49 | -20% |
| COPT Defense Properties, an S&P MidCap 400 Company CDP | $38.03 | $22.84 | -40% |
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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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