Despite reducing total debt to $7.9 billion by 2025Q4, the company maintains a D/E ratio of 1.16, indicating continued reliance on leverage within a challenging interest rate environment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 2.64B | 15.52B | 16B | 16.19B | 16.49B | 17.27B | 16.22B | 18.29B | 17.18B | 17.4B | 20.81B | 21.14B | 21.25B | 20.1B | 21.97B | 20.45B | 20.52B | 20.19B | 21.42B | 22.48B | 17.95B | 13.64B | 11.58B | 9.52B | 9.02B | 6.78B | 6.37B | 5.48B | 4.43B | 2.52B | 565.2M |
| Asset Growth % | -91.87% | -2.98% | -1.17% | -1.85% | -4.48% | 6.44% | -11.29% | 6.44% | -1.25% | -16.42% | -1.55% | -0.49% | 5.73% | -8.51% | 7.43% | -0.35% | 1.64% | -5.76% | -4.72% | 25.2% | 31.66% | 17.76% | 21.66% | 5.55% | 33.06% | 6.39% | 16.26% | 23.8% | 75.34% | 346.59% | 14.99% |
| Real Estate & Other Assets | 0 | 10.82B | 10.79B | 10.74B | 10.69B | 10.75B | 9.73B | 10.77B | 1.17B | 469.56M | 521.01M | 514.11M | 16.62B | 15.71B | 16.56B | 637.97M | 618.78M | 903.92M | 802.57M | -16.57B | 977.01M | 724.95M | 696.23M | 518.5M | 270.92M | -4.18B | -3.9B | -3.61B | -3.09B | -1.39B | -246.2M |
| PP&E (Net) | 669.68M | 671.31M | 678.8M | 680.04M | 684.38M | 337.2M | 367.37M | 379.55M | 12.61B | 11.87B | 11.61B | 14.67B | 13.66B | 14.12B | 15.17B | 14.53B | 14.91B | 15.46B | 15.71B | 16.57B | 11.58B | 9.78B | 8.31B | 6.88B | 6.82B | 4.18B | 3.9B | 3.61B | 3.09B | 1.39B | 246.2M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 1.86B | 1.97B | 1.72B | 2.03B | 2.31B | 2.72B | 2.61B | 2.85B | 1.82B | 2.9B | 2.73B | 2.97B | 2.39B | 1.96B | 2.33B | 1.75B | 1.99B | 1.92B | 3.18B | 1.95B | 3.62B | 1.49B | 1.78B | 1.14B | 884.75M | 709.7M | 485.15M | 244.5M | 217.5M | 380.1M | 106.8M |
| Cash & Equivalents | 1.08B | 840.85M | 733.95M | 997M | 889.69M | 1.76B | 1.62B | 1.52B | 570.92M | 1.82B | 1.5B | 1.84B | 1.2B | 583.29M | 960.32M | 606.55M | 690.79M | 535.48M | 1.53B | 1.15B | 2.23B | 294.5M | 599.28M | 320.54M | 208.2M | 265.58M | 136.99M | 112.6M | 167.8M | 356M | 89.7M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 136.7M | 215.67M | 264.58M | 175.07M | 227.27M | 234.1M | 501.04M | 245.62M | 0 | 0 | 107.8M | 176.2M | 262.44M | 183.26M | 0 | 0 | 293.95M | 0 | 0 | 140.35M | 192.62M | 229.19M | 161.83M | 263.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 108.7M | 110.59M | 118.22M | 127.08M | 139.64M | 154.9M | 23.86M | 30.96M | 136.78M | 159.26M | 192.73M | 227.9M | 276.24M | 323.32M | 370.6M | 319.7M | 348.75M | 442.51M | 522.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 9.21B | 8.72B | 9.83B | 9.84B | 9.98B | 10.06B | 8.67B | 10.09B | 11.29B | 11.41B | 11.92B | 12.44B | 12.42B | 11.5B | 13.12B | 11.78B | 12.36B | 12.28B | 14.16B | 14.87B | 10.68B | 7.12B | 5.62B | 4.52B | 4.35B | 2.73B | 2.84B | 2.2B | 2.21B | 1.03B | 288.9M |
| Total Debt | 0 | 7.89B | 8.99B | 8.98B | 9.13B | 8.99B | 7.8B | 7.9B | 9.84B | 9.73B | 10.61B | 11.09B | 10.9B | 9.98B | 11.3B | 10.56B | 10.89B | 10.94B | 12.65B | 12.95B | 9.55B | 6.25B | 4.94B | 4.06B | 4.07B | 2.48B | 2.66B | 2.05B | 2.05B | 956.7M | 242M |
| Net Debt | -1.08B | 7.04B | 8.26B | 7.99B | 8.24B | 7.23B | 6.18B | 6.39B | 9.27B | 7.91B | 9.11B | 9.26B | 9.7B | 9.4B | 10.34B | 9.96B | 10.2B | 10.4B | 11.12B | 11.8B | 7.32B | 5.96B | 4.34B | 3.74B | 3.86B | 2.21B | 2.52B | 1.94B | 1.88B | 600.7M | 152.3M |
| Long-Term Debt | 0 | 6.47B | 7.67B | 7.68B | 7.81B | 8.04B | 6.82B | 6.83B | 9.76B | 9.73B | 10.5B | 9.45B | 10.9B | 9.68B | 9.26B | 10.42B | 10.02B | 9.83B | 12.29B | 12.95B | 9.55B | 6.25B | 4.94B | 4.06B | 4.07B | 2.48B | 2.69B | 2.05B | 2.05B | 956.7M | 242M |
| Short-Term Borrowings | 0 | 720.42M | 575M | 575M | 575M | 575M | 575M | 575M | 0 | 0 | 115.63M | 1.65B | 0 | 295.87M | 2.03B | 138M | 874M | 852.22M | 356.85M | 0 | 0 | 9.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.12B | 699.64M | 749.76M | 732.86M | 735.97M | 370.21M | 401.01M | 498.25M | 0 | 0 | 0 | 0 | -19.58M | 175.15M | 2.02B | 0 | 0 | 253.91M | -1.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 1.1B | 949.01M | 1.02B | 1.07B | 1.24B | 1B | 1.41B | 510.98M | 415.79M | 574.32M | 993.96M | 499.7M | 718.15M | 2.52B | 561.51M | 1.31B | 1.33B | 874.08M | 0 | 592.93M | 537.62M | 446.43M | 249.45M | 219.75M | 1.73B | 1.64B | 1.38B | 592M | 253M | 57M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 613.5M | 427.2M | 440.05M | 430.98M | 415.79M | -287.85M | -346.12M | 447.75M | -543M | -498.51M | 423.51M | 438.48M | 475.24M | 515.61M | 480.12M | 531.98M | 476.52M | 413.96M | 226.02M | 202.76M | 179.6M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 28.42M | 32.2M | 39.88M | 48.12M | 40.11M | 59.43M | 167.73M | 227.07M | 287.85M | 346.12M | 519.28M | 543M | 498.51M | 625.87M | 930.84M | 762.83M | 835.47M | 14.62B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 455.14M | 460.09M | 416.38M | 324.61M | 366.78M | 400.08M | 1.28B | 1.2B | 1.22B | 571.25M | 2.3B | 482.59M | 728.74M | 2.84B | 152.66M | 82.86M | 342.82M | 141.16M | -12.95B | 527.58M | 333.79M | 236.84M | 206.24M | 62.39M | 63.84M | -2.69B | -2.05B | -2.05B | -956.7M | -242M |
| Total Equity | 6.18B | 6.8B | 6.17B | 6.34B | 6.51B | 7.2B | 7.55B | 8.2B | 5.89B | 5.99B | 8.9B | 8.71B | 8.83B | 8.6B | 8.85B | 8.67B | 8.16B | 7.9B | 7.26B | 7.61B | 7.28B | 6.52B | 5.96B | 5B | 4.66B | 4.05B | 3.53B | 3.28B | 2.22B | 1.49B | 276.3M |
| Equity Growth % | 30.89% | 10.25% | -2.71% | -2.6% | -9.59% | -4.64% | -7.87% | 39.18% | -1.69% | -32.64% | 2.2% | -1.38% | 2.66% | -2.82% | 2.07% | 6.26% | 3.26% | 8.9% | -4.69% | 4.58% | 11.64% | 9.38% | 19.24% | 7.16% | 15.18% | 14.57% | 7.86% | 47.9% | 48.49% | 440.14% | 42.2% |
| Shareholders Equity | 6.02B | 5.99B | 5.16B | 5.51B | 5.84B | 6.24B | 6.53B | 6.73B | 4.47B | 4.34B | 6.9B | 6.7B | 6.75B | 6.77B | 6.85B | 6.83B | 6.32B | 6.24B | 5.66B | 6.12B | 6.15B | 5.26B | 4.01B | 3.08B | 2.63B | 2.57B | 2.08B | 2.06B | 1.78B | 1.31B | 276.3M |
| Minority Interest | 82.71M | 817.8M | 1.01B | 834.67M | 673.38M | 967.58M | 1.02B | 1.47B | 1.43B | 1.65B | 2B | 2.01B | 2.08B | 1.83B | 2B | 1.84B | 1.84B | 1.66B | 1.59B | 1.49B | 1.13B | 1.26B | 1.95B | 1.92B | 2.04B | 1.48B | 1.46B | 1.22B | 433.3M | 178.6M | 0 |
| Common Stock | 7.52M | 7.63M | 7.63M | 7.59M | 7.65M | 7.65M | 7.63M | 7.62M | 4.47B | 7.58M | 6.9B | 7.52M | 7.49M | 7.47M | 7.44M | 7.37M | 7.32M | 7.22M | 6.2M | 6.14M | 6.08M | 5.67M | 5.13M | 4.74M | 4.32M | 3.96M | 3.47M | 3.5M | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 8.29B | 8.05B | 8.26B | 8.37B | 8.14B | 8.19B | 7.83B | 7.73B | 7.49B | 7.15B | 7.13B | 6.87B | 7.14B | 7.2B | 7.13B | 6.93B | 6.96B | 5.82B | 5.34B | 5.27B | 4.23B | 3.26B | 2.88B | 2.48B | 2.16B | 1.71B | 1.7B | 1.65B | 0 | 0 |
| Retained Earnings | 0 | -3.49B | -4.14B | -4.01B | -3.89B | -3.08B | -2.77B | -1.95B | -4.17B | -4.18B | -1.42B | -1.77B | -1.51B | -1.73B | -1.57B | -1.4B | -1.48B | -1.58B | -976M | -82.18M | -69.19M | 103.06M | 133.9M | -57.62M | -169.63M | -95.65M | -90.37M | -117M | -132.8M | -109.6M | -77.6M |
| Preferred Stock | 0 | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 891.21M | 891.29M | 891.99M | 1.04B | 1.28B | 1.28B | 1.28B | 1.24B | 1.02B | 783.09M | 823.69M | 823.81M | 825.1M | 828.66M | 834.53M | 577.45M | 250.99M | 265.49M | 468.98M | 481.46M | 478.6M | 282.8M | 279.9M | 0 |
| Return on Assets (ROA) | 6.42% | 5.74% | 0.44% | 0.65% | -2.05% | 1.05% | -1.72% | 17.75% | 2.6% | 1.19% | 4.58% | 3.59% | 4.18% | 2.26% | 2.91% | 3.23% | 3.18% | 0.51% | 1.8% | 3.14% | 3.55% | 4.28% | 5.62% | 4.97% | 2.95% | 4.01% | 3.95% | 4.09% | 4.4% | 3.95% | 11.62% |
| Return on Equity (ROE) | 11.77% | 13.95% | 1.12% | 1.64% | -5.05% | 2.39% | -3.77% | 44.68% | 7.57% | 3.05% | 10.91% | 8.67% | 9.93% | 5.46% | 7.05% | 7.87% | 8.07% | 1.4% | 5.31% | 8.54% | 8.12% | 8.65% | 10.82% | 9.53% | 5.34% | 6.95% | 6.87% | 7.37% | 8.25% | 6.9% | 26.09% |
| Debt / Assets | 0% | 50.8% | 56.21% | 55.5% | 55.33% | 52.04% | 48.08% | 43.23% | 57.25% | 55.92% | 50.98% | 52.46% | 51.29% | 49.65% | 51.43% | 51.66% | 53.09% | 54.2% | 59.06% | 57.62% | 53.22% | 45.87% | 42.63% | 42.7% | 45.15% | 36.55% | 41.71% | 37.39% | 46.34% | 37.9% | 42.82% |
| Debt / Equity | 0.00x | 1.16x | 1.46x | 1.42x | 1.40x | 1.25x | 1.03x | 0.96x | 1.67x | 1.62x | 1.19x | 1.27x | 1.23x | 1.16x | 1.28x | 1.22x | 1.34x | 1.38x | 1.74x | 1.70x | 1.31x | 0.96x | 0.83x | 0.81x | 0.87x | 0.61x | 0.75x | 0.63x | 0.93x | 0.64x | 0.88x |
| Net Debt / EBITDA | -1.50x | 9.35x | 11.26x | 10.54x | 10.12x | 10.66x | 10.98x | 7.46x | 4.19x | 3.26x | 4.52x | 6.98x | 6.93x | 6.54x | 8.37x | 6.93x | 7.49x | 7.68x | 7.99x | 6.96x | 6.42x | 5.56x | 4.86x | 4.67x | 5.08x | 3.94x | 5.00x | 4.53x | 5.76x | 3.97x | 1.64x |
| Book Value per Share | 32.60 | 35.48 | 31.39 | 33.07 | 33.96 | 37.50 | 39.52 | 42.91 | 30.77 | 31.33 | 47.05 | 45.92 | 46.78 | 45.81 | 47.44 | 46.60 | 44.30 | 45.54 | 45.89 | 50.10 | 47.45 | 45.34 | 43.90 | 42.02 | 41.71 | 43.13 | 39.08 | 36.87 | 26.33 | 25.41 | 5.52 |
NYC Office Market Concentration
According to reported financial statements, Vornado reduced total debt from $9.0 billion in 2024Q4 to $7.9 billion by 2025Q4, yet the persistent D/E ratio above 1.1x suggests that the company remains highly leveraged relative to its equity base in a challenging interest rate environment.
The reduction in total debt appears to be a defensive maneuver to manage interest expense, yet the high D/E ratio indicates that the balance sheet remains sensitive to capitalization rate expansion. Investors should monitor whether this deleveraging is achieved through asset sales that may dilute future earnings potential or through organic cash flow generation.
Based on the provided quarterly data, cash reserves fluctuated significantly, dropping from $1.2 billion in 2025Q2 to $840.9 million by 2025Q4, which may indicate that the company is utilizing its liquidity buffer to fund ongoing redevelopment projects or cover operational shortfalls in the Penn District.
The volatility in cash balances suggests a tightening liquidity profile that warrants close observation, especially given the capital-intensive nature of maintaining Class A office assets. If cash reserves continue to decline without a corresponding improvement in NOI, the company may face increased pressure to access external financing at unfavorable rates.
As reported in regulatory filings, net property, plant, and equipment remained relatively flat near $670 million over the last several quarters, suggesting that capital investment is primarily focused on maintenance rather than significant portfolio expansion or transformative development within the current Manhattan-centric footprint.
The stagnation in net PPE, despite the company's focus on the Penn District, may imply that the portfolio is aging and requires substantial ongoing capital expenditure to remain competitive. This capital intensity could continue to weigh on free cash flow, potentially limiting the company's ability to pivot toward higher-growth opportunities.
Data from recent financial disclosures suggests that the reliance on joint venture structures for assets like the MART and 555 California Street may obscure the true extent of the company's consolidated leverage and exposure to regional market downturns outside of the core New York City office sector.
The use of unconsolidated entities often masks the full debt burden and operational risks associated with these properties, making it difficult to assess the true health of the balance sheet. Investors should be wary that these structures may hide liabilities that could become apparent if joint venture partners face their own liquidity or solvency challenges.
Quick answers to the most common questions about buying VNO stock.
As of 2025, Vornado Realty Trust (VNO) had total assets of $15.52B including $1.97B in current assets.
Vornado Realty Trust (VNO) carries total debt of $7.89B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vornado Realty Trust (VNO) has total shareholders' equity (book value) of $5.99B ($35.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vornado Realty Trust (VNO) reported a current ratio of 1.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.