Latest Ratios: P/E Ratio 8.0x · EV/EBITDA 17.8x · ROE 13.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $6.4B | $8.3B | $5.4B | $4.0B | $8.0B | $7.1B | $12.7B | $11.9B | $15.0B | $16.0B |
| Enterprise Value | $13.4B | $13.4B | $16.5B | $13.4B | $12.2B | $15.3B | $13.3B | $19.1B | $21.1B | $22.9B | $25.1B |
| P/E Ratio → | 8.03 | 7.92 | 1051.00 | 122.83 | — | 78.98 | — | 4.10 | 26.40 | 91.98 | 16.60 |
| P/S Ratio | 3.50 | 3.52 | 4.62 | 2.99 | 2.22 | 5.06 | 4.67 | 6.60 | 5.49 | 7.17 | 6.36 |
| P/B Ratio | 0.95 | 0.94 | 1.34 | 0.85 | 0.61 | 1.12 | 0.94 | 1.55 | 2.02 | 2.50 | 1.79 |
| P/FCF | 5.04 | 5.07 | 15.37 | 8.36 | 5.00 | 10.56 | 244.52 | 56.83 | 16.31 | 29.65 | 63.65 |
| P/OCF | 5.04 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 17.77 | 17.82 | 22.54 | 17.68 | 15.02 | 22.53 | 23.68 | 22.29 | 9.56 | 9.42 | 12.44 |
| EV / EBIT | 49.20 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.2% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.5% | 12.6% | 0.1% | 0.8% | — | 1.3% | — | 24.4% | 3.8% | 1.1% | 6.0% |
| FCF Yield | 19.8% | 19.7% | 6.5% | 12.0% | 20.0% | 9.5% | 0.4% | 1.8% | 6.1% | 3.4% | 1.6% |
| Buyback Yield | 0.8% | 0.8% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 4.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.0% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VNO stock.
Vornado Realty Trust's current P/E ratio is 8.0x. The historical average is 33.4x. This places it at the 7th percentile of its historical range.
Vornado Realty Trust's current EV/EBITDA is 17.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
Vornado Realty Trust's return on equity (ROE) is 13.9%. The historical average is 8.1%.
Based on historical data, Vornado Realty Trust is trading at a P/E of 8.0x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vornado Realty Trust's current dividend yield is 2.18% with a payout ratio of 15.6%.
Vornado Realty Trust has 100.0% gross margin and 15.0% operating margin. Operating margin between 10-20% is typical for established companies.
Vornado Realty Trust's Debt/EBITDA ratio is 10.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Severe NOI volatility & weak FFO coverage
Metrics are mathematically derived from official filings.
Valuation Disconnect from Cash Flow Reality
Vornado trades at a 35.76x P/FFO multiple, a significant premium to peers like BXP (P/E 40.21) and KRC (P/E 15.81), suggesting the market is pricing a future recovery not yet supported by current cash generation.
The elevated P/FFO, while not directly comparable to peers' P/E due to REIT accounting, indicates investors are paying for an option on Vornado's redevelopment pipeline and NYC office recovery, not for current earnings power. The implied cap rate based on current NOI is deeply negative, rendering traditional valuation metrics unreliable. This valuation gap suggests any further deterioration in leasing fundamentals or rising refinancing costs could trigger a sharp re-rating.
NOI Collapse Signals Core Portfolio Stress
As reported in recent financial statements, Vornado's NOI margin plunged to -22.5% in Q2 2026 from a consistent 100% in prior quarters, a stark deterioration that appears to reveal the true operational pressure masked by previous accounting conventions.
The swing to a negative NOI margin indicates that property-level expenses, likely including significant tenant concessions, write-offs, or redevelopment-related costs, are overwhelming rental income in the quarter. This collapse in property profitability is the primary driver of the FFO per share decline from $4.37 to $1.08 year-over-year. The inconsistency makes it difficult to assess whether the historical 100% margin was a reporting artifact or if the recent quarter represents an acute, non-recurring event.
Diminishing Dividend Yield Reflects Caution
The dividend yield has compressed to just 0.2% in recent quarters, and the FFO payout ratio was 7.6% in Q2 2026, signaling management has dramatically reduced the cash return to shareholders to preserve capital amid severe earnings volatility.
The minimal yield and low payout ratio, based on the most recent quarterly data, indicate the dividend is not currently a priority relative to balance sheet preservation and funding operations. However, the FFO payout ratio is volatile, having spiked to 116.6% in Q4 2025, which demonstrates that coverage is not consistently healthy. The erratic pattern of the payout ratio over the last ten quarters suggests the dividend remains under a cloud of uncertainty until FFO generation stabilizes at a sustainable level.
Leverage Elevated Amidst Erosion of Income
According to recent SEC filings, Vornado's debt-to-equity ratio stands at 1.35, a level that appears more concerning given the simultaneous collapse in quarterly NOI and a volatile interest coverage ratio that dipped to 0.82 in Q1 2026.
While the D/E ratio has fluctuated between 1.11 and 1.46 over the period, the key stress point is the interest coverage ratio, which has repeatedly fallen near or below 1.0x. This indicates that at times, the company's operating income has barely covered its interest obligations, a precarious position for a capital-intensive REIT. The recent increase in total debt despite contracting assets suggests leverage is being used to fund a gap between operations and required capital expenditure.
Peer Comparison Highlights Yield Lag
Vornado's 1.9% dividend yield (TTM) significantly trails peers like SL Green (6.0%), BXP (5.8%), and Highwoods (6.2%), making it a clear outlier and suggesting the market does not expect a near-term return to competitive shareholder distributions.
The yield lag is the most immediate point of differentiation from its office REIT peer group. While peers maintain yields between 2.6% and 6.2%, Vornado's near-zero quarterly payout reflects its prioritization of liquidity over yield. Furthermore, with a P/B of 1.09, it trades at a premium to several peers like KRC (0.77) and PDM (0.81), which could be interpreted as a valuation premium for its NYC concentration but also leaves it vulnerable if that market-specific thesis weakens.
The Misleading P/E and D/E Ratios
The reported P/E of 9.22 is highly misleading for this REIT, as standard GAAP net income is distorted by massive depreciation and non-cash adjustments, making the FFO-based P/FFO the only relevant measure.
For REITs, the standard P/E ratio is rendered nearly meaningless because depreciation on real estate assets is a non-cash charge that significantly reduces net income, even when cash flow is robust. In Vornado's case, the vast gap between net income and FFO (e.g., FFO was over 5x net income in Q2 2026) confirms this distortion. Similarly, the debt-to-equity ratio uses book value of equity, which can be depressed by historical cost accounting and impairments, making debt-to-gross-assets a more appropriate leverage metric to assess true asset-based borrowing capacity.