Vornado Realty Trust

Real Estate
Real Estate Investment Trusts
www.vno.com

Earnings Score
Moat Score

Market Cap $7.26B
PE 70
Debt $2.12B
Cash $806.89M
EV $8.57B
FCF -

Earnings

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Sales & Net Margins

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Earnings	$104.15M
EBIT	$149.40M
ROE	2%
ROA	1%
Equity	$5.49B
Growth Stability	-45%
PE	69.68
PEG	-3.76
PB	1.32
P/S	4
Price/Cash	0.11
Debt/Equity	0.39
Net Margins	19%
Op. Margins	8%
Earnings CAGR	-12%
Sales Growth YoY	6%
Sales Growth QoQ	1%
Sales CAGR	-2%
FCF CAGR	6%
Equity CAGR	-2%
Earnings Stability	0.15
Earnings Growth YoY	-1K%

Earnings Growth QoQ	7K%
Earnings CAGR 5Y	-19%
Sales CAGR 5Y	4%
FCF CAGR 5Y	11%
Equity CAGR 5Y	-5%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	-17%
Equity CAGR 3Y	-7%
Market Cap	$7.26B
Revenue	$1.81B
Assets	$15.60B
Total Debt	$2.12B
Cash	$806.89M
Shares Outstanding	191.37M
EV	8.57B
Earnings Score	5%
Moat Score	43%
Shares Growth 3y	-0%
Equity Growth QoQ	3%
Equity Growth YoY	-4%

Assets & ROA

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Stockholders Equity & ROE

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Vornado owns and has an ownership interest in Class A office and retail properties highly concentrated in Manhattan, with additional properties in San Francisco and Chicago. It operates as a real estate investment trust.

SEC Filings

Direct access to Vornado Realty Trust (VNO) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Vornado Realty Trust compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Vornado Realty Trust compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -12%

Stability 15%

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Vornado Realty Trust Discounted Cash Flow

Fully customizable DCF calculator online for Vornado Realty Trust.

Years

Calculation mode

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
DCF		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Value	$0

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-	41%	8%	18%	161%	-30%	6%	-23%	2%	0%	19%
ROA	-	5%	3%	3%	19%	-3%	1%	-2%	0%	0%	1%
ROE	-	11%	3%	8%	42%	-7%	2%	-7%	1%	0%	2%

Good Net Margins (18.81%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	3.38	3.16	7.32	131.03	-10.23	3.38	3.22	4.17	4.77	-
Debt over Equity	0.21	0.18	0.32	0.33	0.24	0.26	0.39	0.42	0.45	0.48	0.39
Growth Stability	-	-	-	69%	100%	-38%	10%	-45%	-	-	-45%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.39)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-45%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-	4%	4%	-11%	-21%	4%	13%	1%	-1%	4%
Earnings YoY growth	-	21%	-80%	138%	705%	-115%	-122%	-504%	-108%	-75%	-19%
Equity YoY growth	-	2%	-34%	2%	43%	-5%	-6%	-7%	-6%	-6%	-5%
FCF YoY growth	-	117%	28%	-55%	-94%	-1K%	-527%	5%	-23%	-13%	11%