ESRT vs VNO

For growth investors, Vornado Realty Trust (VNO) is the stronger pick with 1.

3% revenue growth year-over-year, versus 0. 7% for Empire State Realty Trust, Inc. (ESRT). Vornado Realty Trust (VNO) offers the better valuation at 7. 5x trailing P/E (371. 3x forward), making it the more compelling value choice. Analysts rate Empire State Realty Trust, Inc. (ESRT) a "Hold" — based on 16 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Vornado Realty Trust (VNO) is the cheapest at 7.

5x versus Empire State Realty Trust, Inc. at 31. 5x. On forward P/E, Empire State Realty Trust, Inc. is actually cheaper at 6. 5x — notably different from the trailing picture, reflecting expected earnings growth.

Over the past 5 years, Vornado Realty Trust (VNO) delivered a total return of -20.

1%, compared to -46. 0% for Empire State Realty Trust, Inc. (ESRT). Over 10 years, the gap is even starker: VNO returned -33. 7% versus ESRT's -57. 9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Empire State Realty Trust, Inc.

(ESRT) is the lower-risk stock at 0. 89β versus Vornado Realty Trust's 1. 19β — meaning VNO is approximately 32% more volatile than ESRT relative to the S&P 500. On balance sheet safety, Vornado Realty Trust (VNO) carries a lower debt/equity ratio of 116% versus 134% for Empire State Realty Trust, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Vornado Realty Trust (VNO) is pulling ahead at 1.

3% versus 0. 7% for Empire State Realty Trust, Inc. (ESRT). On earnings-per-share growth, the picture is similar: Vornado Realty Trust grew EPS 104. 0% year-over-year, compared to -35. 7% for Empire State Realty Trust, Inc.. Over a 3-year CAGR, ESRT leads at 2. 8% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Vornado Realty Trust (VNO) is the more profitable company, earning 50.

0% net margin versus 6. 2% for Empire State Realty Trust, Inc. — meaning it keeps 50. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ESRT leads at 17. 7% versus 15. 0% for VNO. At the gross margin level — before operating expenses — VNO leads at 100. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

On forward earnings alone, Empire State Realty Trust, Inc.

(ESRT) trades at 6. 5x forward P/E versus 371. 3x for Vornado Realty Trust — 364. 8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ESRT: 21. 7% to $6. 90.

All stocks in this comparison pay dividends.

Vornado Realty Trust (VNO) offers the highest yield at 2. 3%, versus 1. 5% for Empire State Realty Trust, Inc. (ESRT).

For long-horizon retirement investors, Empire State Realty Trust, Inc.

(ESRT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 89), 1. 5% yield). Both have compounded well over 10 years (ESRT: -57. 9%, VNO: -33. 7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: ESRT is a small-cap quality compounder stock; VNO is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.