Vornado Realty Trust
Market Cap
US$8.5b
Last Updated
2020/11/25 23:42 UTC
Data Sources
Company Financials +
Executive Summary
Vornado’s portfolio is concentrated in the nation’s key market — New York City — along with the premier asset in both Chicago and San Francisco. More Details
Rewards
Risk Analysis
+ 1 more risk
Snowflake Analysis
Average dividend payer and fair value.
Similar Companies
Share Price & News
How has Vornado Realty Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: VNO is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 11% a week.
Volatility Over Time: VNO's weekly volatility (11%) has been stable over the past year, but is still higher than 75% of US stocks.
Market Performance
7 Day Return
2.1%
VNO
0.4%
US REITs
2.8%
US Market
1 Year Return
-37.0%
VNO
-8.8%
US REITs
19.7%
US Market
Return vs Industry: VNO underperformed the US REITs industry which returned -8% over the past year.
Return vs Market: VNO underperformed the US Market which returned 20.4% over the past year.
Shareholder returns
| VNO | Industry | Market | |
|---|---|---|---|
| 7 Day | 2.1% | 0.4% | 2.8% |
| 30 Day | 22.5% | 7.0% | 8.0% |
| 90 Day | 10.1% | 3.3% | 6.8% |
| 1 Year | -31.2%-37.0% | -4.9%-8.8% | 22.4%19.7% |
| 3 Year | -37.8%-47.2% | 18.3%4.2% | 47.3%37.5% |
| 5 Year | -35.4%-58.2% | 47.7%18.0% | 93.6%72.3% |
Long-Term Price Volatility Vs. Market
How volatile is Vornado Realty Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 months ago | Simply Wall St
Have Insiders Been Buying Vornado Realty Trust (NYSE:VNO) Shares?6 months ago | Simply Wall St
Did Vornado Realty Trust (NYSE:VNO) Insiders Buy Up More Shares?8 months ago | Simply Wall St
Is There Now An Opportunity In Vornado Realty Trust (NYSE:VNO)?Valuation
Is Vornado Realty Trust undervalued compared to its fair value and its price relative to the market?
34.1%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: VNO ($40.62) is trading below our estimate of fair value ($61.65)
Significantly Below Fair Value: VNO is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: VNO is poor value based on its PE Ratio (145.2x) compared to the US REITs industry average (37.6x).
PE vs Market: VNO is poor value based on its PE Ratio (145.2x) compared to the US market (19.7x).
Price to Earnings Growth Ratio
PEG Ratio: VNO is poor value based on its PEG Ratio (4.5x)
Price to Book Ratio
PB vs Industry: VNO is good value based on its PB Ratio (1.4x) compared to the US REITs industry average (1.6x).
Next Steps
Future Growth
How is Vornado Realty Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
31.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: VNO's forecast earnings growth (31.9% per year) is above the savings rate (2.2%).
Earnings vs Market: VNO's earnings (31.9% per year) are forecast to grow faster than the US market (22.1% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: VNO's revenue (5.2% per year) is forecast to grow slower than the US market (10.2% per year).
High Growth Revenue: VNO's revenue (5.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: VNO's Return on Equity is forecast to be low in 3 years time (2.3%).
Next Steps
Past Performance
How has Vornado Realty Trust performed over the past 5 years?
36.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: VNO has a large one-off loss of $16.4M impacting its September 30 2020 financial results.
Growing Profit Margin: VNO's current net profit margins (3.4%) are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: VNO's earnings have grown significantly by 36% per year over the past 5 years.
Accelerating Growth: VNO's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: VNO had negative earnings growth (-98.2%) over the past year, making it difficult to compare to the REITs industry average (2%).
Return on Equity
High ROE: VNO's Return on Equity (-1.2%) is considered low.
Next Steps
Financial Health
How is Vornado Realty Trust's financial position?
Financial Position Analysis
Short Term Liabilities: VNO's short term assets ($2.5B) exceed its short term liabilities ($431.5M).
Long Term Liabilities: VNO's short term assets ($2.5B) do not cover its long term liabilities ($9.6B).
Debt to Equity History and Analysis
Debt Level: VNO's debt to equity ratio (99.6%) is considered high.
Reducing Debt: VNO's debt to equity ratio has reduced from 118.1% to 99.6% over the past 5 years.
Debt Coverage: VNO's debt is not well covered by operating cash flow (6%).
Interest Coverage: VNO's interest payments on its debt are not well covered by EBIT (0.9x coverage).
Balance Sheet
Next Steps
Dividend
What is Vornado Realty Trust current dividend yield, its reliability and sustainability?
5.22%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: VNO's dividend (5.22%) is higher than the bottom 25% of dividend payers in the US market (1.46%).
High Dividend: VNO's dividend (5.22%) is in the top 25% of dividend payers in the US market (4.05%)
Stability and Growth of Payments
Stable Dividend: VNO's dividend payments have been volatile in the past 10 years.
Growing Dividend: VNO's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (58.7%), VNO's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: VNO's dividends in 3 years are forecast to be covered by earnings (62% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
5.9yrs
Average management tenure
CEO
Steve Roth (78 yo)
7.58yrs
Tenure
US$11,466,885
Compensation
Mr. Steven Roth, also known as Steve, has been the Chairman of the Board and Chief Executive Officer at Vornado Realty Trust General Partner of Vornado Realty L.P. since May 1989 and April 15, 2013 respect...
CEO Compensation Analysis
Compensation vs Market: Steve's total compensation ($USD11.47M) is above average for companies of similar size in the US market ($USD6.93M).
Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman of the Board & CEO | 7.58yrs | US$11.47m | 1.99% $ 169.9m | |
| President | 1.58yrs | US$10.10m | 0.15% $ 12.5m | |
| Executive VP | 3.75yrs | US$4.46m | 0.11% $ 9.2m | |
| Executive VP of Office Leasing & Co-Head of Real Estate | 13.83yrs | US$7.51m | 0.054% $ 4.6m | |
| Executive VP & Head of Retail | 1.58yrs | US$26.76m | no data | |
| Executive VP & Chief Accounting Officer | 8.5yrs | no data | no data | |
| Chief Information Officer & Executive VP | 15.17yrs | no data | no data | |
| Director of Investor Relations | no data | no data | no data | |
| Executive Vice President of Tax & Compliance | 4.25yrs | no data | no data | |
| Vice President of Development | no data | no data | no data | |
| Executive Vice President of Marketing | 0.75yr | no data | no data | |
| Vice Chairman | 23.58yrs | US$5.97m | no data |
5.9yrs
Average Tenure
51yo
Average Age
Experienced Management: VNO's management team is seasoned and experienced (5.9 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman of the Board & CEO | 7.58yrs | US$11.47m | 1.99% $ 169.9m | |
| Independent Trustee | 1.83yrs | US$424.61k | 0.0026% $ 222.3k | |
| Independent Trustee | 41.83yrs | US$225.06k | 0.28% $ 24.0m | |
| Independent Trustee | 41.83yrs | US$225.06k | 0.23% $ 19.4m | |
| Independent Trustee | 23.92yrs | US$223.79k | 1.06% $ 90.6m | |
| Independent Trustee | 38.83yrs | US$278.79k | 0.014% $ 1.2m | |
| Independent Trustee | 3.92yrs | US$252.51k | no data | |
| Lead Independent Trustee | 4.67yrs | US$328.79k | 0.0059% $ 500.0k | |
| Independent Trustee | 8.83yrs | US$272.40k | 0.029% $ 2.4m | |
| Independent Trustee | 0.67yr | no data | no data |
16.4yrs
Average Tenure
71yo
Average Age
Experienced Board: VNO's board of directors are seasoned and experienced ( 16.4 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Vornado Realty Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Vornado Realty Trust
- Ticker: VNO
- Exchange: NYSE
- Founded:
- Industry: Office REITs
- Sector: Real Estate
- Implied Market Cap: US$8.518b
- Market Cap: US$8.002b
- Shares outstanding: 203.59m
- Website: https://www.vno.com
Number of Employees
Location
- Vornado Realty Trust
- 888 Seventh Avenue
- New York
- New York
- 10019
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| VNO | NYSE (New York Stock Exchange) | Yes | Common Shares | US | USD | Jan 1968 |
| VO7 | DB (Deutsche Boerse AG) | Yes | Common Shares | DE | EUR | Jan 1968 |
| 0LR2 | LSE (London Stock Exchange) | Yes | Common Shares | GB | USD | Jan 1968 |
| VNO.PRL | NYSE (New York Stock Exchange) | PFD SER L 5.40% | US | USD | Jan 2013 | |
| VNOR.P | OTCPK (Pink Sheets LLC) | PFD CONV SER A | US | USD | Oct 2013 | |
| VNO.PRM | NYSE (New York Stock Exchange) | 5.25% CUM PFD M | US | USD | Dec 2017 | |
| V1NO34 | BOVESPA (Bolsa de Valores de Sao Paulo) | BDR EACH 1 REPR 1 COM | BR | BRL | Jan 2020 |
Biography
Vornado’s portfolio is concentrated in the nation’s key market — New York City — along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainab...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/11/25 23:42 |
| End of Day Share Price | 2020/11/25 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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 here.