PDM vs O vs NNN vs VNO

For growth investors, Realty Income Corporation (O) is the stronger pick with 9.

1% revenue growth year-over-year, versus -0. 9% for Piedmont Office Realty Trust, Inc. (PDM). Vornado Realty Trust (VNO) offers the better valuation at 7. 6x trailing P/E (376. 9x forward), making it the more compelling value choice. Analysts rate Piedmont Office Realty Trust, Inc. (PDM) a "Hold" — based on 11 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.

6x versus Realty Income Corporation at 52. 8x. On forward P/E, NNN REIT, Inc. is actually cheaper at 21. 7x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: NNN REIT, Inc. wins at 1. 94x versus Realty Income Corporation's 71. 28x — a reasonable growth-adjusted valuation.

Over the past 5 years, Realty Income Corporation (O) delivered a total return of +16.

9%, compared to -39. 2% for Piedmont Office Realty Trust, Inc. (PDM). Over 10 years, the gap is even starker: O returned +45. 1% versus VNO's -34. 5%. 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), Realty Income Corporation (O) is the lower-risk stock at 0.

09β versus Vornado Realty Trust's 1. 19β — meaning VNO is approximately 1212% more volatile than O relative to the S&P 500. On balance sheet safety, Realty Income Corporation (O) carries a lower debt/equity ratio of 82% versus 152% for Piedmont Office Realty Trust, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Realty Income Corporation (O) is pulling ahead at 9.

1% versus -0. 9% for Piedmont Office Realty Trust, Inc. (PDM). On earnings-per-share growth, the picture is similar: Vornado Realty Trust grew EPS 104. 0% year-over-year, compared to -4. 7% for Piedmont Office Realty Trust, Inc.. Over a 3-year CAGR, O leads at 19. 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 -14. 8% for Piedmont Office Realty Trust, Inc. — meaning it keeps 50. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NNN leads at 61. 5% versus 14. 1% for PDM. 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.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, NNN REIT, Inc. (NNN) is the more undervalued stock at a PEG of 1. 94x versus Realty Income Corporation's 71. 28x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, NNN REIT, Inc. (NNN) trades at 21. 7x forward P/E versus 376. 9x for Vornado Realty Trust — 355. 3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for PDM: 17. 8% to $10. 00.

All stocks in this comparison pay dividends.

NNN REIT, Inc. (NNN) offers the highest yield at 5. 3%, versus 2. 3% for Vornado Realty Trust (VNO).

For long-horizon retirement investors, Realty Income Corporation (O) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.

09), 5. 2% yield). Both have compounded well over 10 years (O: +45. 1%, VNO: -34. 5%), 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: PDM is a small-cap quality compounder stock; O is a mid-cap income-oriented stock; NNN is a small-cap income-oriented 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.