Vornado Realty Trust (VNO) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Office
EV/EBITDA
↓
18.78
-2% vs avg
5yr avg: 19.12
30Y Low9.0·High23.7
P/FCF
↓
5.65
↓-36% vs avg
5yr avg: 8.87
30Y Low5.0·High78.0
P/B Ratio
↓
1.07
+10% vs avg
5yr avg: 0.97
30Y Low0.6·High3.4
ROE
↑
13.9%
↓+396% vs avg
5yr avg: 2.8%
30Y Low-5%·High45%
Debt/EBITDA
↓
10.46
↓-11% vs avg
5yr avg: 11.81
30Y Low2.6·High13.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VNO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Vornado Realty Trust trades at 9.0x earnings, 97% below its 5-year average of 315.2x, sitting at the 7th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 63%. On a free-cash-flow basis, the stock trades at 5.7x P/FCF, 36% below the 5-year average of 8.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.1B | $6.4B | $8.3B | $5.4B | $4.0B | $8.0B | $7.1B | $12.7B | $11.9B | $15.0B | $16.0B |
| Enterprise Value | $14.2B | $13.4B | $16.5B | $13.4B | $12.2B | $15.3B | $13.3B | $19.1B | $21.1B | $22.9B | $25.1B |
| P/E Ratio → | 9.00 | 7.92 | 1051.00 | 122.83 | — | 78.98 | — | 4.10 | 26.40 | 91.98 | 16.60 |
| P/S Ratio | 3.93 | 3.52 | 4.62 | 2.99 | 2.22 | 5.06 | 4.67 | 6.60 | 5.49 | 7.17 | 6.36 |
| P/B Ratio | 1.07 | 0.94 | 1.34 | 0.85 | 0.61 | 1.12 | 0.94 | 1.55 | 2.02 | 2.50 | 1.79 |
| P/FCF | 5.65 | 5.07 | 15.37 | 8.36 | 5.00 | 10.56 | 244.52 | 56.83 | 16.31 | 29.65 | 63.65 |
| P/OCF | 5.65 | 5.07 | 15.37 | 8.36 | 5.00 | 10.56 | 16.82 | 19.18 | 14.80 | 17.38 | 15.94 |
P/E links to full P/E history page with 30-year chart
VNO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Vornado Realty Trust's enterprise value stands at 18.8x EBITDA, roughly in line with its 5-year average of 19.1x. The Real Estate sector median is 17.0x, placing the stock at a 11% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.42 | 9.24 | 7.40 | 6.79 | 9.61 | 8.71 | 9.92 | 9.77 | 10.97 | 10.00 |
| EV / EBITDA | 18.78 | 17.82 | 22.54 | 17.68 | 15.02 | 22.53 | 23.68 | 22.29 | 9.56 | 9.42 | 12.44 |
| EV / EBIT | 52.02 | 10.45 | 40.19 | 34.55 | — | 37.43 | — | 5.16 | 27.26 | 36.22 | 28.38 |
| EV / FCF | — | 10.67 | 30.73 | 20.69 | 15.30 | 20.04 | 456.09 | 85.41 | 29.04 | 45.34 | 100.01 |
VNO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Vornado Realty Trust earns an operating margin of 15.0%, below the Real Estate sector average of 24.8%. Operating margins have compressed from 16.6% to 15.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 13.9% is modest. ROIC of 1.4% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 50.0% | 51.4% | 49.8% | 48.4% | 52.3% | 55.5% | 57.5% | 59.1% |
| Operating Margin | 15.0% | 15.0% | 14.8% | 16.6% | 16.0% | 15.4% | 9.4% | 21.7% | 26.9% | 29.1% | 22.0% |
| Net Profit Margin | 50.0% | 50.0% | 3.9% | 5.8% | -19.3% | 11.1% | -19.4% | 163.6% | 20.8% | 10.9% | 38.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.9% | 13.9% | 1.1% | 1.6% | -5.1% | 2.4% | -3.8% | 44.7% | 7.6% | 3.1% | 10.9% |
| ROA | 5.7% | 5.7% | 0.4% | 0.6% | -2.1% | 1.1% | -1.7% | 17.8% | 2.6% | 1.2% | 4.6% |
| ROIC | 1.4% | 1.4% | 1.4% | 1.6% | 1.5% | 1.3% | 0.8% | 2.1% | 3.0% | 2.9% | 2.3% |
| ROCE | 1.8% | 1.8% | 1.7% | 2.0% | 1.8% | 1.6% | 0.9% | 2.5% | 3.5% | 3.3% | 2.7% |
VNO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Vornado Realty Trust carries a Debt/EBITDA ratio of 10.5x, which is highly leveraged (32% above the sector average of 7.9x). Net debt stands at $7.0B ($7.9B total debt minus $841M cash). Interest coverage of 3.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.16 | 1.16 | 1.46 | 1.42 | 1.40 | 1.25 | 1.03 | 0.96 | 1.67 | 1.62 | 1.19 |
| Debt / EBITDA | 10.46 | 10.46 | 12.26 | 11.85 | 11.21 | 13.26 | 13.87 | 9.23 | 4.45 | 4.01 | 5.27 |
| Net Debt / Equity | — | 1.04 | 1.34 | 1.26 | 1.26 | 1.00 | 0.82 | 0.78 | 1.57 | 1.32 | 1.02 |
| Net Debt / EBITDA | 9.35 | 9.35 | 11.26 | 10.54 | 10.12 | 10.66 | 10.98 | 7.46 | 4.19 | 3.26 | 4.52 |
| Debt / FCF | — | 5.60 | 15.36 | 12.32 | 10.31 | 9.49 | 211.57 | 28.58 | 12.73 | 15.69 | 36.36 |
| Interest Coverage | 3.63 | 3.63 | 1.05 | 1.11 | -0.37 | 1.77 | -0.94 | 12.91 | 2.23 | 1.83 | 2.67 |
VNO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.80x means Vornado Realty Trust can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 2.00x to 1.80x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.80 | 1.80 | 1.81 | 2.00 | 2.17 | 2.20 | 2.60 | 2.02 | 3.57 | 6.98 | 4.75 |
| Quick Ratio | 1.80 | 1.80 | 1.81 | 2.00 | 2.17 | 2.20 | 2.60 | 2.02 | 3.62 | 7.04 | 4.79 |
| Cash Ratio | 0.77 | 0.77 | 0.77 | 0.98 | 1.28 | 1.42 | 1.62 | 1.07 | 1.12 | 4.37 | 2.61 |
| Asset Turnover | — | 0.12 | 0.11 | 0.11 | 0.11 | 0.09 | 0.09 | 0.11 | 0.13 | 0.12 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
VNO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Vornado Realty Trust returns 2.7% to shareholders annually — split between a 1.9% dividend yield and 0.7% buyback yield. The payout ratio of 15.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 11.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 2.2% | 1.7% | 2.4% | 10.2% | 5.0% | 11.6% | 4.0% | 4.5% | 3.3% | 3.0% |
| Payout Ratio | 15.6% | 15.6% | 200.5% | 122.3% | — | 230.7% | — | 16.0% | 118.8% | 218.3% | 49.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.1% | 12.6% | 0.1% | 0.8% | — | 1.3% | — | 24.4% | 3.8% | 1.1% | 6.0% |
| FCF Yield | 17.7% | 19.7% | 6.5% | 12.0% | 20.0% | 9.5% | 0.4% | 1.8% | 6.1% | 3.4% | 1.6% |
| Buyback Yield | 0.7% | 0.8% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 4.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.7% | 3.0% | 1.7% | 2.9% | 10.2% | 5.1% | 11.6% | 4.0% | 8.5% | 3.3% | 3.0% |
| Shares Outstanding | — | $192M | $197M | $192M | $192M | $192M | $191M | $191M | $191M | $191M | $189M |
Peer Comparison
Compare VNO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VNOYou | $7B | 9.0 | 18.8 | 5.7 | 100.0% | 15.0% | 13.9% | 1.4% | 10.5 |
 SLG | $4B | -42.8 | 27.6 | 44.1 | 34.1% | 15.4% | -2.0% | 1.1% | 19.5 |
 BXP | $10B | 37.2 | 9.2 | 14.9 | 60.6% | 55.7% | 3.5% | 6.1% | 6.1 |
 KRC | $4B | 15.9 | 13.7 | — | 67.0% | 28.4% | 4.9% | 2.3% | 7.3 |
 HIW | $3B | 20.2 | 13.6 | 19.4 | 67.6% | 26.0% | 6.6% | 2.7% | 7.2 |
 PDM | $1B | -13.3 | 11.1 | — | -20.7% | 14.1% | -5.4% | 1.5% | 7.4 |
 CUZ | $5B | 117.8 | 13.0 | 34.5 | 26.5% | 22.4% | 0.8% | 2.0% | 5.8 |
 SPG | $69B | 14.9 | 20.8 | 19.3 | 85.7% | 49.9% | 89.6% | 7.7% | 6.3 |
 MAC | $6B | -30.7 | 21.2 | 19.1 | 38.2% | 16.5% | -7.3% | 1.6% | 9.8 |
 ARE | $9B | -6.0 | 142.0 | 6.2 | 68.9% | -40.5% | -6.9% | -2.7% | 86.1 |
 DEI | $2B | 120.5 | 12.2 | 10.1 | -16.1% | 19.0% | 0.5% | 1.6% | 9.4 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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VNO — Frequently Asked Questions
Quick answers to the most common questions about buying VNO stock.
What is Vornado Realty Trust's P/E ratio?
Vornado Realty Trust's current P/E ratio is 9.0x. The historical average is 33.4x. This places it at the 7th percentile of its historical range.
What is Vornado Realty Trust's EV/EBITDA?
Vornado Realty Trust's current EV/EBITDA is 18.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
What is Vornado Realty Trust's ROE?
Vornado Realty Trust's return on equity (ROE) is 13.9%. The historical average is 8.1%.
Is VNO stock overvalued?
Based on historical data, Vornado Realty Trust is trading at a P/E of 9.0x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Vornado Realty Trust's dividend yield?
Vornado Realty Trust's current dividend yield is 1.95% with a payout ratio of 15.6%.
What are Vornado Realty Trust's profit margins?
Vornado Realty Trust has 100.0% gross margin and 15.0% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Vornado Realty Trust have?
Vornado Realty Trust's Debt/EBITDA ratio is 10.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.