Vornado Realty Trust (VNO) Stock Overview
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. More details
| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 0/6 |
| Past Performance | 4/6 |
| Financial Health | 1/6 |
| Dividends | 3/6 |
Rewards
Risk Analysis
VNO Community Fair Values
Create NarrativeSee what 7 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Vornado Realty Trust Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$31.63 |
| 52 Week High | US$43.37 |
| 52 Week Low | US$24.57 |
| Beta | 1.54 |
| 1 Month Change | 8.84% |
| 3 Month Change | 8.81% |
| 1 Year Change | -14.90% |
| 3 Year Change | 140.90% |
| 5 Year Change | -32.34% |
| Change since IPO | 1,518.05% |
Recent News & Updates
Seeking Alpha • May 06
Vornado Realty: Valued On Depressed Earnings, Not Stabilized NOI
Summary Vornado Realty Trust is mispriced as if its depressed earnings are permanent, overlooking its high-quality Manhattan assets and redevelopment upside. VNO’s valuation is anchored to stressed cash NOI, but normalization and project completions could drive 13–14% asset-level and up to 82% equity upside. Redevelopment projects, such as PENN District and 623 Fifth Avenue, target 10–12% yields, well above NYC office cap rates, supporting future NOI growth. I rate VNO a cautious Buy; upside exists but requires patience, successful leasing, and timely execution amid sector headwinds and leverage. Read the full article on Seeking Alpha
Narrative Update • Apr 29
VNO: AI Disruption And Higher Vacancy Will Pressure Future Office REIT Multiples
Analysts have reduced their average price targets on Vornado Realty Trust by several dollars to a range around $28 to $34, citing sector wide pressure on office REIT valuations, tempered expectations for funds from operations multiples, and ongoing concerns that AI related disruption could weigh on long term office demand. Analyst Commentary Recent research on Vornado Realty Trust points to a cluster of trimmed price targets, generally in the high $20s to low $30s range, with ratings skewed toward neutral or cautious.Recent updates
Seeking Alpha • May 06
Vornado Realty: Valued On Depressed Earnings, Not Stabilized NOI
Summary Vornado Realty Trust is mispriced as if its depressed earnings are permanent, overlooking its high-quality Manhattan assets and redevelopment upside. VNO’s valuation is anchored to stressed cash NOI, but normalization and project completions could drive 13–14% asset-level and up to 82% equity upside. Redevelopment projects, such as PENN District and 623 Fifth Avenue, target 10–12% yields, well above NYC office cap rates, supporting future NOI growth. I rate VNO a cautious Buy; upside exists but requires patience, successful leasing, and timely execution amid sector headwinds and leverage. Read the full article on Seeking AlphaNarrative Update • Apr 29
VNO: AI Disruption And Higher Vacancy Will Pressure Future Office REIT Multiples
Analysts have reduced their average price targets on Vornado Realty Trust by several dollars to a range around $28 to $34, citing sector wide pressure on office REIT valuations, tempered expectations for funds from operations multiples, and ongoing concerns that AI related disruption could weigh on long term office demand. Analyst Commentary Recent research on Vornado Realty Trust points to a cluster of trimmed price targets, generally in the high $20s to low $30s range, with ratings skewed toward neutral or cautious.Narrative Update • Apr 15
VNO: AI Office Demand Risk Will Pressure Future Multiple Repricing
Vornado Realty Trust's analyst price targets have broadly shifted lower, with a new $25 fair value estimate reflecting updated models that incorporate tempered revenue growth assumptions, changing views on profit margins and future P/E multiples, and a more cautious stance from recent Street research on office REITs and AI related office demand risks. Analyst Commentary Recent Street research highlights a clear tilt toward more conservative assumptions on Vornado Realty Trust, as multiple bearish analysts have trimmed price targets and reset expectations around valuations, leasing fundamentals, and the impact of AI related office demand risks.
Narrative Update • Apr 01
VNO: Leasing Momentum And Redevelopment Pipeline Will Support Future Upside Potential
Narrative Update Analysts have trimmed the fair value estimate for Vornado Realty Trust from $48.00 to about $43.96. Recent price target cuts across several firms point to tempered expectations for office REIT valuations and earnings multiples, including concerns around AI related pressure on office demand.Narrative Update • Mar 17
VNO: Leasing Wins And Capital Discipline Will Support Future Upside Potential
Narrative Update The consolidated analyst price target for Vornado Realty Trust has moved lower by a few dollars into the high $20s to low $30s range. Analysts cite sector wide caution on office REITs, ongoing concerns that AI could pressure office demand and valuations, and a focus on more conservative FFO multiples.Narrative Update • Mar 03
VNO: AI Office Risk And New York Projects Will Shape Future Earnings Balance
Analysts have trimmed their fair value estimate for Vornado Realty Trust to $28.00 from $31.00, reflecting a mix of slightly higher discount rates, updated views on AI related pressure on office valuations, and a shift toward external growth opportunities highlighted in recent research. Analyst Commentary Recent Street research on Vornado Realty Trust points to a cautious tone, with several bearish analysts trimming price targets after reviewing Q4 results and updated sector assumptions.
Narrative Update • Feb 17
VNO: Leasing Momentum And Share Buybacks Will Support A Rebound
Analysts have trimmed their average price target for Vornado Realty Trust by about $2 to roughly $38, reflecting slightly softer revenue growth assumptions, offset by higher expected profit margins and a lower assumed discount rate. Recent mixed target changes and a JPMorgan upgrade to Neutral frame a more balanced outlook on New York office leasing and rents.Narrative Update • Feb 03
VNO: New York Leasing And Studio Developments Will Shape Future Earnings Risk Balance
Analysts have trimmed their price target on Vornado Realty Trust by $2, citing recent sector wide U.S. REIT target resets, updated views on New York office fundamentals, leasing activity at attractive rents, and a very large projected P/E multiple that reflects lower profit margin assumptions. Analyst Commentary Recent research on Vornado Realty Trust shows a mix of cautious and more balanced views.Narrative Update • Jan 20
VNO: New York Leasing And Studio Projects Will Shape Future Risk Balance
Narrative Update Analysts now set their fair value estimate for Vornado Realty Trust at $31.00, up from $30.00. They cite recent price target revisions in Street research, including updates to discount rate assumptions, revenue growth expectations, profit margin forecasts, and future P/E estimates, along with mixed target moves and a rating change to Neutral that reflect ongoing interest in the company's New York City office portfolio.Narrative Update • Jan 06
VNO: New York Leasing Strength And Share Pullback Will Support Upside Potential
Analysts have adjusted their price target for Vornado Realty Trust to $38, down from $41, citing updated sector-wide REIT assumptions and recent views that the stock's pullback, together with ongoing New York City leasing strength, creates a more balanced risk and reward profile. Analyst Commentary Recent research points to a more balanced outlook on Vornado Realty Trust, with some large firms highlighting both the recent share pullback and the strength of the underlying business as key parts of their reassessment.Narrative Update • Dec 14
VNO: New York City Leasing Strength Will Support Gradual Office Recovery
Analysts have nudged their fair value estimate for Vornado Realty Trust higher, lifting the target from $46.00 to $48.00 as they factor in resilient New York City leasing performance and updated longer term cash flow models, despite more conservative growth and margin assumptions. Analyst Commentary Bullish analysts point to a constructive shift in sentiment around Vornado Realty Trust, highlighting recent upgrades and target increases as evidence that execution is tracking ahead of prior expectations.Narrative Update • Oct 27
Improved Office Leasing Will Drive Future Recovery Despite Premium Risks
The consensus analyst price target for Vornado Realty Trust has increased slightly to $39.80 from $39.67. This reflects analysts' expectations for improved earnings growth and stronger market fundamentals.Narrative Update • Oct 13
Manhattan Office Rent Assumptions Will Fail To Justify Overvaluation
The analyst price target for Vornado Realty Trust increased modestly from $39.00 to $39.67. Analysts cited improved office leasing trends in New York and updates to forward financial models as drivers of this adjustment.Narrative Update • Sep 20
Manhattan Office Rent Assumptions Will Fail To Justify Overvaluation
Analysts have raised Vornado Realty Trust’s price target from $37.86 to $39.00, citing improved 2027 AFFO/FFO estimates, stronger New York office leasing fundamentals, and a healthier transaction environment, despite some concerns around recent share price outperformance and sector-wide target adjustments. Analyst Commentary Bullish analysts have incorporated updated 2027 AFFO and FFO estimates, reflecting improved earnings growth potential.Narrative Update • Sep 05
Manhattan Office Rent Assumptions Will Fail To Justify Overvaluation
Following Q2 results and modest model adjustments, analysts maintain a neutral stance on Vornado Realty Trust due to mixed fundamentals and elevated risk premiums, resulting in an unchanged consensus price target of $37.86. Analyst Commentary Analysts updated price targets following Q2 results and model adjustments, reflecting recent earnings performance and post-quarter changes.Seeking Alpha • Feb 14
Vornado Realty: I'm Buying The Dip In The Series O Preferreds As Manhattan Office Demand Soars
Summary Vornado Realty Trust's shares are up more than 60% as the REIT recorded a strong fiscal 2024 fourth quarter earnings beat, despite a slight FFO dip. VNO's Series O preferreds trade at a significant discount to their liquidation value with a 7.5% yield on cost due to the high risk-free rate and perceived office property risks. Manhattan's office leasing market is robust, with VNO's occupancy projected to exceed 90% by 2025, bolstered by NYU's master lease and Penn 2's leasing. VNO's liquidity is solid at $2.54 billion, covering 2025 debt maturities, with refinancing set to help generate $1 billion in new cash. Read the full article on Seeking AlphaSeeking Alpha • Nov 13
Vornado Realty Trust: Manhattan Is The Best Office Real Estate Market In America, Preferreds Should Rally
Summary Manhattan is experiencing a generational wave of office-to-residential conversions that are taking the supply of office space off the market. Vornado Series O Preferreds are trading at just under 66 cents on the dollar. Leasing is strong, with VNO expecting its portfolio occupancy rate to rise on the back of recent leases. Read the full article on Seeking AlphaSeeking Alpha • Nov 06
Vornado: A Full Recovery Is Priced In
Summary Vornado Realty Trust is one of the largest office real estate REITs in the markets. VNO's Q3 results were in line with estimates but showed YoY declines in revenue and FFO/share, reflecting a challenging environment. The demand for office space remains weak due to the rise of remote work, with significant vacancy rates and new supply entering the market. The REIT's shares have fully priced in a recovery back to 95%+ occupancy rates when reality is much lower. I rate VNO a hold. Read the full article on Seeking Alpha
New Narrative • Aug 28
New York Office Market's Recovery Clashes With Shrinking Profit Margins, Yet Promises Diversification And Strategic Gains
Increased demand in New York's office market, particularly in Midtown and the Penn District, could lead to higher revenue and lower vacancy rates.Seeking Alpha • Aug 15
Vornado Realty Trust: My Largest Preferred Position Is The Series O
Summary Vornado Realty Trust finished the second quarter with around $1.12 billion in cash, cash equivalents, restricted cash, and short-term investments. The REIT grew FFO by 2 cents over its prior first quarter as quarterly interest expense surged. Pending Fed rate cuts should benefit VNO immensely as the REIT looks to address its 2025 debt maturities. Read the full article on Seeking AlphaSeeking Alpha • Jun 07
Vornado Realty Trust: An 8.5% Yield For 52 Cents With The Series O Preferreds
Summary Vornado Realty Trust's Series O Preferred Shares offer a high yield and are trading at a steep discount to par value of 52%. Manhattan office real estate trends are improving, with new office developments collapsing and demand for Class A office space increasing. Vornado's balance sheet depth and free cash flow provide strong coverage for the Series O preferreds, making them an attractive investment. Read the full article on Seeking AlphaSeeking Alpha • May 16
Vornado Realty Trust Q1 Earnings: Management Is Excited, But There Is Reason To Be Cautious
Summary Vornado Realty Trust reported mixed earnings for the first quarter, with strong leasing activity in their portfolio and ALX. Occupancy rates for VNO's portfolio remain below 90%, and same-store net operating income is trending downward. We explore VNO's first quarter earnings and compare them against the broader market. Read the full article on Seeking AlphaSeeking Alpha • Apr 01
Vornado Realty: I'm Still Buying The Preferreds
Summary Vornado Realty's common shares have rallied from record lows, partially driven by its strong development and leasing pipeline. There is a 40% probability of the Fed cutting rates by 75 basis points to exit 2024, which could lead to further expansion of the VNO's FFO multiple. This should also boost the value of the preferreds which are trading at significant discounts to their liquidation value. Read the full article on Seeking AlphaSeeking Alpha • Jan 21
Vornado Realty: I Backed Up The Truck Ahead Of Earnings
Summary Vornado Realty's preferred shares are trading at a near 40% discount to their liquidation value. I've been buying the Series N, which currently offers an 8.56% yield on cost. VNO currently spends $15.5 million per quarter on quarterly payments to its preferred shareholders. These payments were 7.74x covered by FFO generated during its last reported quarter. Read the full article on Seeking AlphaSeeking Alpha • Jan 13
Vornado: Valuation Normalized (Downgrade To Hold)
Summary Vornado Realty Trust's shares have appreciated by almost 70% due to improved risk sentiment. The stock's steep discount to book value has been closed. However, office real estate fundamentals remain challenging, with vacancy rates at all-time highs. Vornado also has a heavy debt load that will be refinanced at higher rates in the coming quarters. I believe the risk/reward is more balanced, so I am downgrading the stock to a hold. Read the full article on Seeking AlphaSeeking Alpha • Oct 31
Vornado: Q3 Results Point To A Steady Decline, Leaving Shares Unappealing
Summary Vornado Realty Trust's shares have underperformed the market and are down 15% since a previous recommendation to sell. The company's Q3 earnings showed a decline in adjusted funds from operations and a drop in occupancy rates. Ongoing challenges in the office sector and rising interest expenses suggest further declines in NOI and another dividend postponement in 2024. Read the full article on Seeking AlphaSeeking Alpha • Oct 11
New York Office Risks Remain, But Vornado Is Appropriately Discounted
Summary Office REITs experienced a significant positive revaluation in the first half of 2023, but the recovery rally slowed in September. Vornado Realty Trust, a large office REIT, has a low forward "P/FFO" of ~8X but a high short interest and currently does not pay dividends. Vornado faces pressure as higher interest rates push higher office and retail capitalization rates. The work-from-home trend is a secondary risk factor for Vornado since it has not shown significant direct exposure to the trend. Based on a tangible NAV analysis, I suspect VNO may be undervalued by around 30%, but that discount is reasonable given NOI uncertainty. Read the full article on Seeking AlphaShareholder Returns
| VNO | US Office REITs | US Market | |
|---|---|---|---|
| 7D | 1.8% | 0.5% | -0.8% |
| 1Y | -14.9% | -7.2% | 27.1% |
Return vs Industry: VNO underperformed the US Office REITs industry which returned -8.1% over the past year.
Return vs Market: VNO underperformed the US Market which returned 26.7% over the past year.
Price Volatility
| VNO volatility | |
|---|---|
| VNO Average Weekly Movement | 5.2% |
| Office REITs Industry Average Movement | 4.9% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.3% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: VNO has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: VNO's weekly volatility (5%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1946 | 3,145 | Steve Roth | www.vno.com |
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 Fundamentals Summary
| VNO fundamental statistics | |
|---|---|
| Market cap | US$6.48b |
| Earnings (TTM) | US$733.17m |
| Revenue (TTM) | US$1.85b |
8.1x
P/E Ratio3.2x
P/S RatioIs VNO overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| VNO income statement (TTM) | |
|---|---|
| Revenue | US$1.85b |
| Cost of Revenue | US$941.85m |
| Gross Profit | US$912.25m |
| Other Expenses | US$179.09m |
| Earnings | US$733.17m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
Aug 03, 2026
| Earnings per share (EPS) | 3.90 |
| Gross Margin | 49.20% |
| Net Profit Margin | 39.54% |
| Debt/Equity Ratio | 115.7% |
How did VNO perform over the long term?
See historical performance and comparisonDividends
2.3%
Current Dividend Yield45%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/21 05:45 |
| End of Day Share Price | 2026/05/21 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Vornado Realty Trust is covered by 24 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jacob Kilstein | Argus Research Company |
| Ross Smotrich | Barclays |
| Brendan Lynch | Barclays |