Vornado Realty Trust (VNO) 10-Year Financial Performance & Capital Metrics

VNO • • REIT / Real Estate

Real EstateOffice REITsUrban CBD Office REITsPremier Urban Office Landlords

AboutVornado'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 sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.Show more

Revenue $1.79B -1.3%
FFO $540M -4.1%
FFO/Share 2.75 -6.5%
FFO Payout 26.14% +14.0%
FFO per Share 2.75 -6.5%
NOI Margin 100% +99.9%
FFO Margin 30.2% -2.9%
ROE 1.12% -31.5%
ROA 0.44% -32.2%
Debt/Assets 56.21% +1.3%
Net Debt/EBITDA 11.26 +6.9%
Book Value/Share 31.39 -5.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 191.9% TTM
✓Sustainable FFO payout ratio of 26.1%
✓High NOI margin of 100.0%
✓Healthy dividend yield of 2.1%
✓Trading at only 1.1x book value

✗Weaknesses

✗Profits declining 53.2% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.81%

5Y-1.47%

3Y4%

TTM2.41%

Profit (Net Income) CAGR

10Y-22.19%

5Y-53.24%

3Y-26.32%

TTM10978.5%

EPS CAGR

10Y-37.14%

5Y-69.91%

3Y-57.74%

TTM1548.28%

ROCE

10Y Avg2.37%

5Y Avg1.6%

3Y Avg1.85%

Latest1.75%

Peer Comparison

Premier Urban Office Landlords

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VNOVornado Realty Trust	6.46B	33.64	841	-1.3%	49.91%	12.9%	8.32%	1.46
BXPBXP, Inc.	10.63B	67.11	745.67	4.1%	0.14%	0.06%	11.61%	2.18
SLGSL Green Realty Corp.	3.45B	48.62	618.58	-15.6%	3.82%	0.58%	2.29%	0.99
FISKEmpire State Realty OP, L.P.	14.3M	6.36	22.71	3.19%	5.81%	2.5%	100%	1.39
OGCPEmpire State Realty OP, L.P.	27.64M	6.25	22.32	3.19%	5.81%	2.5%	100%	1.39
ESBAEmpire State Realty OP, L.P.	102.88M	6.01	21.46	3.19%	5.81%	2.5%	100%	1.39
NYCAmerican Strategic Investment Co.	26.41M	9.88	-0.17	-1.82%	-53.65%	-29.63%		4.71
PGREParamount Group, Inc.	1.46B	6.60	-31.43	1.97%	-13.47%	-2.39%	18.09%	0.92

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.5B	2.51B	2.08B	2.16B	1.92B	1.53B	1.59B	1.8B	1.81B	1.79B
Revenue Growth %	-0.05%	0%	-0.17%	0.04%	-0.11%	-0.21%	0.04%	0.13%	0.01%	-0.01%
Property Operating Expenses	1.01B	1.02B	886.6M	963.48M	917.98M	789.07M	797.32M	873.91M	905.16M	0
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	718.26M	744.34M	588.39M	588.44M	589.03M	594.57M	546.89M	638.23M	605.42M	1.52B
G&A Expenses	175.31M	179.28M	159M	141.87M	169.92M	181.51M	134.54M	133.73M	162.88M	148.52M
EBITDA+	1.33B	2.01B	2.43B	2.21B	856.63M	562.25M	677.6M	814.16M	758.15M	733.29M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	566.21M	1.46B	1.82B	1.63B	438.93M	417.94M	432.59M	526.31M	457.57M	469.42M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	760.25M	550.79M	607.37M	582.96M	417.69M	144.31M	245M	287.85M	300.58M	263.87M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	345.86M	373.13M	311.59M	330.89M	262.82M	210.79M	210.85M	257.96M	325.92M	368.35M
Interest Coverage	2.20x	1.48x	1.95x	1.76x	1.59x	0.68x	1.16x	1.12x	0.92x	0.72x
Non-Operating Income	-70.62M	-303.14M	-23.95M	-192.61M	-3.28B	358.74M	-162.9M	390.84M	-87.45M	-147.32M
Pretax Income+	722.47M	983.06M	318.45M	459.6M	3.44B	-425.21M	197.06M	-360.95M	62.11M	42.84M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-84.69M	8.31M	41.09M	37.63M	103.44M	36.63M	-10.5M	21.66M	29.22M	22.73M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	760.43M	960.57M	227.42M	449.95M	3.15B	-297M	176M	-346.5M	105.49M	70.39M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.12%	0.26%	-0.76%	0.98%	6%	-1.09%	1.59%	-2.97%	1.3%	-0.33%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.08%	0.83%	-0.16%	0.02%	0.73%	-0.97%	4.03%	-0.7%	2.13%	-0.04%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	3.59	5.08	0.85	2.35	16.21	-1.83	0.53	-2.13	0.23	0.04
EPS Growth %	-0.13%	0.42%	-0.83%	1.76%	5.9%	-1.11%	1.29%	-5.02%	1.11%	-0.83%
EPS (Basic)	3.61	5.08	0.85	2.36	16.23	-1.83	0.53	-2.13	0.23	0.04
Diluted Shares Outstanding	189.56M	189.1M	191.26M	191.46M	191.1M	191.15M	192.12M	191.78M	191.86M	196.63M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	21.14B	20.81B	17.4B	17.18B	18.29B	16.22B	17.27B	16.49B	16.19B	16B
Asset Growth %	-0%	-0.02%	-0.16%	-0.01%	0.06%	-0.11%	0.06%	-0.04%	-0.02%	-0.01%
Real Estate & Other Assets+	514.11M	521.01M	469.56M	1.17B	10.77B	9.73B	10.75B	10.69B	10.74B	10.79B
PP&E (Net)	14.67B	11.61B	11.87B	12.61B	379.55M	367.37M	337.2M	684.38M	680.04M	678.8M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	2.97B	2.73B	2.9B	1.82B	2.85B	2.61B	2.72B	2.31B	2.03B	1.72B
Cash & Equivalents	1.84B	1.5B	1.82B	570.92M	1.52B	1.62B	1.76B	889.69M	997M	733.95M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	107.8M	0	0	245.62M	501.04M	234.1M	227.27M	175.07M	264.58M	215.67M
Intangible Assets	227.9M	192.73M	159.26M	136.78M	30.96M	23.86M	154.9M	139.64M	127.08M	118.22M
Total Liabilities	12.44B	11.92B	11.41B	11.29B	10.09B	8.67B	10.06B	9.98B	9.84B	9.83B
Total Debt+	11.09B	10.61B	9.73B	9.84B	7.9B	7.8B	8.99B	9.13B	8.98B	8.99B
Net Debt	9.26B	9.11B	7.91B	9.27B	6.39B	6.18B	7.23B	8.24B	7.99B	8.26B
Long-Term Debt	9.45B	10.5B	9.73B	9.76B	6.83B	6.82B	8.04B	7.81B	7.68B	7.67B
Short-Term Borrowings	1000K	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	318.15M	252.22M	891.99M	161.59M	498.25M	401.01M	370.21M	735.97M	732.86M	749.76M
Total Current Liabilities+	993.96M	574.32M	415.79M	510.98M	1.41B	1B	1.24B	1.07B	1.02B	977.44M
Accounts Payable	-346.12M	-287.85M	415.79M	430.98M	440.05M	427.2M	613.5M	0	0	374.01M
Deferred Revenue	346.12M	287.85M	227.07M	167.73M	0	0	48.12M	39.88M	32.2M	28.42M
Other Liabilities	2.3B	571.25M	1.22B	1.2B	1.28B	400.08M	366.78M	324.61M	416.38M	431.67M
Total Equity+	8.71B	8.9B	5.99B	5.89B	8.2B	7.55B	7.2B	6.51B	6.34B	6.17B
Equity Growth %	-0.01%	0.02%	-0.33%	-0.02%	0.39%	-0.08%	-0.05%	-0.1%	-0.03%	-0.03%
Shareholders Equity	6.7B	6.9B	4.34B	4.47B	6.73B	6.53B	6.24B	5.84B	5.51B	5.16B
Minority Interest	2.01B	2B	1.65B	1.43B	1.47B	1.02B	967.58M	673.38M	834.67M	1.01B
Common Stock	7.52M	6.9B	7.58M	4.47B	7.62M	7.63M	7.65M	7.65M	7.59M	7.63M
Additional Paid-in Capital	7.13B	7.15B	7.49B	7.73B	7.83B	8.19B	8.14B	8.37B	8.26B	8.05B
Retained Earnings	-1.77B	-1.42B	-4.18B	-4.17B	-1.95B	-2.77B	-3.08B	-3.89B	-4.01B	-4.14B
Preferred Stock	1.28B	1.04B	891.99M	891.29M	891.21M	1.18B	1.18B	1.18B	1.18B	1.18B
Return on Assets (ROA)	0.04%	0.05%	0.01%	0.03%	0.18%	-0.02%	0.01%	-0.02%	0.01%	0%
Return on Equity (ROE)	0.09%	0.11%	0.03%	0.08%	0.45%	-0.04%	0.02%	-0.05%	0.02%	0.01%
Debt / Assets	0.52%	0.51%	0.56%	0.57%	0.43%	0.48%	0.52%	0.55%	0.56%	0.56%
Debt / Equity	1.27x	1.19x	1.62x	1.67x	0.96x	1.03x	1.25x	1.40x	1.42x	1.46x
Net Debt / EBITDA	6.98x	4.52x	3.26x	4.19x	7.46x	10.98x	10.66x	10.12x	10.54x	11.26x
Book Value per Share	45.92	47.05	31.33	30.77	42.91	39.52	37.50	33.96	33.07	31.39

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	672.15M	1B	860.14M	802.64M	662.54M	424.24M	761.81M	798.94M	648.15M	537.72M
Operating CF Growth %	-0.41%	0.49%	-0.14%	-0.07%	-0.17%	-0.36%	0.8%	0.05%	-0.19%	-0.17%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	859.43M	981.92M	264.13M	422.6M	3.33B	-461.85M	207.55M	-382.61M	32.89M	20.12M
Depreciation & Amortization	566.21M	595.27M	529.83M	472.79M	438.93M	417.94M	432.59M	526.31M	457.57M	469.42M
Stock-Based Compensation	39.85M	33.98M	32.83M	31.72M	53.91M	48.68M	38.33M	29.25M	43.2M	30.17M
Other Non-Cash Items	-103.54M	-503.48M	100.41M	-83.92M	3.61M	610.95M	68.54M	524.66M	123.05M	61.99M
Working Capital Changes	-262.1M	-73.04M	-101.85M	-8.83M	-25.17M	-191.48M	3.55M	87.33M	-25.58M	-56.98M
Cash from Investing+	-678.75M	-889.19M	-206.32M	-877.72M	2.46B	-87.8M	-532.35M	-906.86M	-128.79M	-597.37M
Acquisitions (Net)	-235.44M	-127.61M	-40.54M	-35.06M	1.73B	-6.57M	-32.93M	-33.17M	132.7M	-115.36M
Purchase of Investments	-756.81M	-4.38M	-4.38M	-692.91M	438.94M	0	0	-1.07B	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	0	0
Other Investing	216.02M	-11.07M	7.34M	-79.24M	564.48M	285.45M	-499.42M	-402.1M	-261.49M	-482.01M
Cash from Financing+	643.83M	-446.15M	-338.34M	-1.12B	-2.24B	-213.2M	-29.48M	-801.27M	-278.94M	-252.32M
Dividends Paid	-555.33M	-556.1M	-561.01M	-534.46M	-553.92M	-891.59M	-471.99M	-468.68M	-191.18M	-203.22M
Common Dividends	-474.75M	-475.96M	-496.49M	-534.46M	-503.79M	-827.32M	-406.11M	-406.56M	-129.07M	-141.1M
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K
Share Repurchases	-7.47M	-186K	-418K	-470M	-8.69M	0	-1.57M	-85K	-29.21M	0
Other Financing	-350.63M	-160.98M	-201.11M	53.1M	-62.15M	398.45M	-1.21B	-78.2M	89.45M	-26.67M
Net Change in Cash+	637.23M	-334.68M	315.48M	-1.2B	890.23M	123.24M	199.98M	-909.19M	240.43M	-311.96M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.2B	1.84B	1.6B	1.91B	716.9M	1.61B	1.73B	1.93B	1.02B	1.26B
Cash at End	1.84B	1.5B	1.91B	716.9M	1.61B	1.73B	1.93B	1.02B	1.26B	949.62M
Free Cash Flow+	196.33M	250.59M	504.29M	728.03M	223.6M	29.19M	761.81M	795.94M	648.15M	537.72M
FCF Growth %	-0.83%	0.28%	1.01%	0.44%	-0.69%	-0.87%	25.1%	0.04%	-0.19%	-0.17%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	7	12.82	10.7	10.86	18.77	0.63	3.17	0.94	2.93	2.75
FFO Payout Ratio	35.79%	19.63%	24.26%	25.71%	14.05%	684.09%	66.73%	226.11%	22.92%	26.14%
NOI Margin	59.59%	59.13%	57.46%	55.47%	52.31%	48.36%	49.83%	51.45%	50.02%	100%
Net Debt / EBITDA	6.98x	4.52x	3.26x	4.19x	7.46x	10.98x	10.66x	10.12x	10.54x	11.26x
Debt / Assets	52.46%	50.98%	55.92%	57.25%	43.23%	48.08%	52.04%	55.33%	55.5%	56.21%
Interest Coverage	2.20x	1.48x	1.95x	1.76x	1.59x	0.68x	1.16x	1.12x	0.92x	0.72x
Book Value / Share	45.92	47.05	31.33	30.77	42.91	39.52	37.5	33.96	33.07	31.39
Revenue Growth	-5.07%	0.16%	-16.84%	3.82%	-11.05%	-20.61%	4.01%	13.26%	0.62%	-1.3%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Rental Revenue	-	-	-	-	1.77B	1.38B	1.42B	1.61B	1.61B	1.57B
Rental Revenue Growth	-	-	-	-	-	-22.05%	3.40%	12.86%	-0.01%	-2.41%
Fee And Other Income	-	-	-	-	157.48M	150.32M	164.68M	192.31M	203.68M	218.88M
Fee And Other Income Growth	-	-	-	-	-	-4.55%	9.56%	16.78%	5.91%	7.46%
Product and Service, Other	-	-	-	-	-	-	-	-	48.7M	54.98M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-	12.89%
Parking Revenue	-	-	-	-	-	-	-	-	20.36M	19.21M
Parking Revenue Growth	-	-	-	-	-	-	-	-	-	-5.61%
New York	1.7B	1.71B	1.78B	1.84B	-	-	-	-	-	-
New York Growth	-	1.03%	3.85%	3.19%	-	-	-	-	-	-
Other	273.53M	274.71M	304.82M	327.68M	-	-	-	-	-	-
Other Growth	-	0.43%	10.96%	7.50%	-	-	-	-	-	-
Washington DC	532.81M	518.12M	-	-	-	-	-	-	-	-
Washington DC Growth	-	-2.76%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Frequently Asked Questions

Growth & Financials

Vornado Realty Trust (VNO) reported $1.81B in revenue for fiscal year 2024. This represents a 38% decrease from $2.92B in 2011.

Vornado Realty Trust (VNO) saw revenue decline by 1.3% over the past year.

Yes, Vornado Realty Trust (VNO) is profitable, generating $905.6M in net income for fiscal year 2024 (3.9% net margin).

Dividend & Returns

Yes, Vornado Realty Trust (VNO) pays a dividend with a yield of 2.13%. This makes it attractive for income-focused investors.

Vornado Realty Trust (VNO) has a return on equity (ROE) of 1.1%. This is below average, suggesting room for improvement.

Industry Metrics

Vornado Realty Trust (VNO) generated Funds From Operations (FFO) of $1.39B in the trailing twelve months. FFO is the primary profitability metric for REITs.

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