Vornado Realty Trust

NYSE:VNO Stock Report

Market Cap: US$8.9b

Vornado Realty Trust Valuation

Is VNO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VNO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VNO ($42.8) is trading above our estimate of fair value ($40.44)

Significantly Below Fair Value: VNO is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VNO?

Key metric: As VNO is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for VNO. This is calculated by dividing VNO's market cap by their current revenue.
What is VNO's PS Ratio?
PS Ratio4.4x
SalesUS$1.87b
Market CapUS$8.87b

Price to Sales Ratio vs Peers

How does VNO's PS Ratio compare to its peers?

The above table shows the PS ratio for VNO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.9x
SLG SL Green Realty
5.7x-8.9%US$5.7b
BXP BXP
3.8x2.9%US$14.3b
CUZ Cousins Properties
5.9x4.0%US$4.9b
KRC Kilroy Realty
4.3x2.8%US$4.9b
VNO Vornado Realty Trust
4.4x2.9%US$8.9b

Price-To-Sales vs Peers: VNO is good value based on its Price-To-Sales Ratio (4.4x) compared to the peer average (4.9x).

Price to Sales Ratio vs Industry

How does VNO's PS Ratio compare vs other companies in the US Office REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
KBSR KBS Real Estate Investment Trust III
0.4xn/aUS$102.10m
OPI Office Properties Income Trust
0.2x-6.3%US$89.25m
CMCT Creative Media & Community Trust
0.2xn/aUS$25.14m
No more companies available in this PS range
VNO 4.4xIndustry Avg. 3.0xNo. of Companies3PS01.63.24.86.48+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: VNO is expensive based on its Price-To-Sales Ratio (4.4x) compared to the US Office REITs industry average (3.1x).

Price to Sales Ratio vs Fair Ratio

What is VNO's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VNO PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.4x
Fair PS Ratio4x

Price-To-Sales vs Fair Ratio: VNO is expensive based on its Price-To-Sales Ratio (4.4x) compared to the estimated Fair Price-To-Sales Ratio (4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VNO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$42.80
US$37.09
-13.3%
23.8%US$49.00US$23.75n/a14
Nov ’25US$41.23
US$34.02
-17.5%
18.9%US$44.00US$23.75n/a14
Oct ’25US$39.29
US$31.16
-20.7%
18.6%US$42.00US$23.75n/a14
Sep ’25US$34.37
US$29.14
-15.2%
19.8%US$40.00US$21.00n/a14
Aug ’25US$29.31
US$24.75
-15.6%
12.9%US$30.00US$19.00n/a14
Jul ’25US$25.50
US$24.75
-2.9%
12.9%US$30.00US$19.00n/a14
Jun ’25US$24.52
US$24.89
+1.5%
13.7%US$31.00US$19.00n/a14
May ’25US$25.58
US$25.96
+1.5%
11.6%US$31.00US$21.00n/a14
Apr ’25US$27.98
US$25.11
-10.3%
13.6%US$31.00US$18.00n/a14
Mar ’25US$26.53
US$25.27
-4.8%
15.8%US$31.00US$18.00n/a13
Feb ’25US$26.74
US$25.69
-3.9%
15.2%US$31.00US$18.00n/a13
Jan ’25US$28.25
US$24.23
-14.2%
17.3%US$31.00US$18.00n/a13
Dec ’24US$26.76
US$21.38
-20.1%
21.3%US$29.00US$12.00US$43.0513
Nov ’24US$19.42
US$20.85
+7.3%
24.7%US$29.00US$12.00US$41.2313
Oct ’24US$22.68
US$20.75
-8.5%
27.1%US$29.00US$12.00US$39.2912
Sep ’24US$24.50
US$18.64
-23.9%
28.8%US$29.00US$12.00US$34.3711
Aug ’24US$22.52
US$16.27
-27.7%
34.2%US$29.00US$10.00US$29.3111
Jul ’24US$18.14
US$16.83
-7.2%
33.5%US$29.00US$10.00US$25.5012
Jun ’24US$13.37
US$17.00
+27.2%
32.2%US$29.00US$10.00US$24.5213
May ’24US$14.68
US$18.96
+29.2%
36.5%US$35.50US$11.00US$25.5814
Apr ’24US$15.37
US$20.18
+31.3%
31.4%US$35.50US$12.00US$27.9814
Mar ’24US$19.58
US$24.19
+23.6%
20.4%US$35.50US$18.00US$26.5313
Feb ’24US$24.53
US$25.69
+4.7%
32.9%US$50.50US$18.00US$26.7413
Jan ’24US$20.81
US$26.46
+27.2%
31.4%US$50.50US$18.00US$28.2513
Dec ’23US$24.78
US$28.15
+13.6%
28.3%US$50.50US$18.00US$26.7613

Analyst Forecast: Target price is lower than the current share price.

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