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REIT owning premier Manhattan office towers and street retail, plus properties in San Francisco and Chicago (theMART).
REIT owning premier Manhattan office towers and street retail, plus properties in San Francisco and Chicago (theMART).
Collects rent under long leases to office and retail tenants in Manhattan, so income depends on how full and well priced its towers are. It holds a stake in Alexander's, another listed landlord, and is rebuilding the area around Penn Station, the PENN District, where new leasing and redevelopment drive growth.
Moat: narrow (installed base, brand). Iconic, hard-to-replicate Manhattan trophy assets, but office demand is structurally weaker post-pandemic.
Headquarters: New York, New York, United States · Founded: 1982 · Employees: 3,145
Size Vornado Realty Trust (VNO) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $6.70B, the 981st largest of 3,117 United States companies the cockpit tracks. Shares closed at $35.82 on 6 Nov 2026.
Performance Over six months the shares gained 11.4%, against +1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +7.2%); the operating margin is 9.0% (peer median 41.5%).
Valuation It trades at 1.44× book value against a peer median of 1.48× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 17.3%; Vornado Realty Trust delivers 0.2%, so the price asks more than the business earns today.
Credit Vornado Realty Trust has 2 bonds outstanding ($850M), rated BBB- by the agencies and trading like BB+ at a weighted spread of 148 bp.
Short interest Short interest is 7.3% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.84B | $1.81B | $1.79B | $1.81B | $1.80B |
| Revenue growth | — | +1% | -1% | +1% | — |
| Gross profit | $321M | $428M | $412M | $472M | $422M |
| EBITDA | $738M | $723M | $693M | $973M | $841M |
| Net income | $9.16M | $905M | $70.4M | $105M | -$407M |
| Free cash flow | $419M | $1.31B | $538M | $667M | $833M |
| Capital expenditure | $0 | $0 | $0 | $33.1M | $3.00M |
| Total debt | $8.16B | $7.91B | $9.02B | $9.01B | $9.16B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Vornado Realty Trust VNO | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% |
| SL Green Realty SLG | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% |
| BXP BXP | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% |
| Empire State Realty Trust ESRT | $919M | -7% | +2% | 5% | 0.85× | 10.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VNO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | +8.5% | 9th lowest of 21 |
| 6-month return | +11.4% | +1.2% | 6th highest of 21 |
| Return on equity | 0.1% | 7.7% | 5th lowest of 21 |
| Price / book | 1.44× | 1.48× | 11th cheapest of 21 |
| ROE the price implies | 17.3% | 12.2% | 5th most demanding of 21 |
| ROE delivered | 0.2% | 7.7% | 5th lowest of 21 |
| Bond spread | 148 bp | 103 bp | widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| British Land BLND.L | United Kingdom | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% | 7.8% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Phillips Edison & PECO | United States | $5.72B | +2% | +7% | 8% | 2.17× | 12.9% | 7.8% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Covivio COV.PA | France | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% | 7.9% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
Vornado Realty Trust has 2 bonds outstanding with $850M face value. The agencies rate it BBB-; its bonds trade like BB+. Weighted yield 6.13%, a spread of 148 bp over government bonds.