Vornado Realty Trust
Market Cap
US$13.4b
Last Updated
2019/11/11 23:48 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.
Snowflake
Fundamentals
Solid track record average dividend payer.
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 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-0.1%
VNO
-1.8%
US REITs
0.3%
US Market
1 Year Return
-6.4%
VNO
13.1%
US REITs
12.5%
US Market
Return vs Industry: VNO underperformed the US REITs industry which returned 13.1% over the past year.
Return vs Market: VNO underperformed the US Market which returned 12.5% over the past year.
Shareholder returns
| VNO | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.1% | -1.8% | 0.3% |
| 30 Day | 4.9% | -2.0% | 4.1% |
| 90 Day | 6.9% | 1.3% | 5.6% |
| 1 Year | -2.5%-6.4% | 17.8%13.1% | 15.0%12.5% |
| 3 Year | -8.0%-33.2% | 37.7%20.7% | 49.1%39.4% |
| 5 Year | -2.7%-39.2% | 56.5%23.7% | 62.8%44.7% |
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
Income Investors Should Know That Vornado Realty Trust (NYSE:VNO) Goes Ex-Dividend Soon4 months ago | Simply Wall St
These 4 Measures Indicate That Vornado Realty Trust (NYSE:VNO) Is Using Debt Extensively4 months ago | Simply Wall St
These 4 Measures Indicate That Vornado Realty Trust (NYSE:VNO) Is Using Debt ExtensivelyValuation
Is Vornado Realty Trust undervalued compared to its fair value and its price relative to the market?
4.17x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: VNO ($65.7) is trading above our estimate of fair value ($52.65)
Significantly Below Fair Value: VNO is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: VNO is good value based on its PE Ratio (4.2x) compared to the REITs industry average (38.8x).
PE vs Market: VNO is good value based on its PE Ratio (4.2x) compared to the US market (18.3x).
Price to Earnings Growth Ratio
PEG Ratio: VNO's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: VNO is overvalued based on its PB Ratio (2x) compared to the US REITs industry average (2x).
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?
-101.5%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: VNO's earnings are forecast to decline over the next 3 years (-101.5% per year).
Earnings vs Market: VNO's earnings are forecast to decline over the next 3 years (-101.5% per year).
High Growth Earnings: VNO's earnings are forecast to decline over the next 3 years.
Revenue vs Market: VNO's revenue (0.3% per year) is forecast to grow slower than the US market (7.2% per year).
High Growth Revenue: VNO's revenue (0.3% 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 (5.2%).
Next Steps
Past Performance
How has Vornado Realty Trust performed over the past 5 years?
46.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: VNO has large one-off items impacting its financial results.
Growing Profit Margin: VNO's current net profit margins (145.3%) are higher than last year (14.3%).
Past Earnings Growth Analysis
Earnings Trend: VNO has become profitable over the past 5 years, growing earnings by 46% per year.
Accelerating Growth: VNO's earnings growth over the past year (869.4%) exceeds its 5-year average (46% per year).
Earnings vs Industry: VNO earnings growth over the past year (869.4%) exceeded the REITs industry 8.3%.
Return on Equity
High ROE: VNO's Return on Equity (38.2%) is considered high.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Vornado Realty Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: VNO has a high level of physical assets or inventory.
Debt Coverage by Assets: VNO's debt is not covered by short term assets (assets are 0.3x debt).
Financial Institutions Analysis
Asset Level: VNO's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if VNO has a sufficient allowance for bad loans.
Low Risk Liabilities: VNO reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if VNO has an acceptable proportion of non-loan assets held.
Low Risk Deposits: VNO has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if VNO has an appropriate level of bad loans.
Next Steps
Dividend
What is Vornado Realty Trust's current dividend yield, its reliability and sustainability?
4.02%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: VNO's dividend (4.02%) is higher than the bottom 25% of dividend payers in the US market (1.42%).
High Dividend: VNO's dividend (4.02%) is in the top 25% of dividend payers in the US market (3.67%)
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 (60.8%), 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 thoroughly covered by earnings (0.3% payout ratio).
Next Steps
Management
What is the CEO of Vornado Realty Trust's salary, the management and board of directors tenure and is there insider trading?
6.6yrs
Average management tenure
CEO
Steve Roth (77yo)
6.6yrs
Tenure
US$11,599,270
Compensation
Mr. Steven Roth, also known as Steve, has been the Chairman of the Board and Chief Executive Officer at Vornado Realty Trust General Partner of Vornado Realty L.P. since May 1989 and April 15, 2013 respect ...
CEO Compensation Analysis
Compensation vs Market: Steve's total compensation ($USD11.60M) is about average for companies of similar size in the US market ($USD11.12M).
Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.
Management Age and Tenure
6.6yrs
Average Tenure
67yo
Average Age
Experienced Management: VNO's management team is seasoned and experienced (6.6 years average tenure).
Board Age and Tenure
22.9yrs
Average Tenure
72yo
Average Age
Experienced Board: VNO's board of directors are seasoned and experienced ( 22.9 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Management Team
Joe Macnow (73yo)
Executive VP
- Tenure: 2.8yrs
- Compensation: US$4.46m
David Greenbaum (67yo)
Vice Chairman
- Tenure: 22.6yrs
- Compensation: US$5.97m
Steve Roth (77yo)
Chairman of the Board & CEO
- Tenure: 6.6yrs
- Compensation: US$11.60m
Robert Entin
Chief Information Officer & Executive VP
- Tenure: 14.2yrs
Cathy Creswell
Director of Investor Relations
- Tenure: 0yrs
Michael Franco (50yo)
President
- Tenure: 0.6yrs
- Compensation: US$5.35m
Matthew Iocco (48yo)
Executive VP & Chief Accounting Officer
- Tenure: 7.5yrs
Alan Reagan
Vice President of Development
- Tenure: 0yrs
Craig Stern
Executive Vice President of Tax & Compliance
- Tenure: 3.3yrs
Eileen Costello
Vice President of Marketing
- Tenure: 0yrs
Board Members
Bill Helman (61yo)
Independent Trustee
- Tenure: 0.8yrs
David Mandelbaum (83yo)
Independent Trustee
- Tenure: 40.8yrs
- Compensation: US$228.77k
Russ Wight (79yo)
Independent Trustee
- Tenure: 40.8yrs
- Compensation: US$228.77k
Steve Roth (77yo)
Chairman of the Board & CEO
- Tenure: 6.6yrs
- Compensation: US$11.60m
Mike Fascitelli (62yo)
- Tenure: 22.9yrs
- Compensation: US$223.77k
Richard West (81yo)
Independent Trustee
- Tenure: 37.8yrs
- Compensation: US$278.77k
Mandakini Puri (59yo)
Independent Trustee
- Tenure: 2.9yrs
- Compensation: US$248.77k
Candace Beinecke (72yo)
Lead Trustee
- Tenure: 3.7yrs
- Compensation: US$328.77k
Dan Tisch (68yo)
Independent Trustee
- Tenure: 7.8yrs
- Compensation: US$253.77k
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$13.430b
- Market Cap: US$12.539b
- Shares outstanding: 204.20m
- 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 |
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 | 2019/11/11 23:48 |
| End of Day Share Price | 2019/11/11 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.