Vornado Realty Trust (VNO) Stock

Vornado Realty Trust (VNO) is a Real Estate stock trading at $37.88 (as of 2026-08-21), with a market capitalization of $7.13B and a trailing P/E of 105.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Vornado Realty Trust is a real estate company with a portfolio concentrated in New York City and also with assets in Chicago and San Francisco. The company owns and manages over 23 million square feet of LEED-certified buildings and has received an Energy Star Partner of the Year Award (Sustained Excellence 2019).

Understand Vornado Realty Trust: how it makes money

Vornado Realty Trust owns and manages commercial real estate concentrated in key U.S. markets like New York City, and also has premier assets in Chicago and San Francisco, and it makes money through the operation and leasing of its properties.

Vornado’s profit engine is the performance of the owned and managed buildings in its concentrated portfolio, where sustainability credentials like LEED certification and Energy Star recognition are a differentiating asset feature.

Business quality (Weak): Strengths are portfolio concentration in major markets and sustainability leadership, while the latest period shows negative operating margin.

Valuation: At 9× earnings, VNO trades 72% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Concentrated footprint in major U.S. markets: The portfolio is concentrated in New York City, with the premier asset in Chicago and San Francisco.
  • Sustainability credentials: Vornado 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.

Bear case

  • Latest operating results are weak: Operating margin is negative (-3.5%) for the period ended 2026-03-31.
  • Concentration increases sensitivity to local conditions: With the portfolio concentrated in New York City, adverse changes affecting that market could weigh more heavily than for a more diversified geography.
Valuation — source: SEC EDGAR (first-party)
Price$37.88
Market Cap$7.13B
P/E Ratio105.0
EV / EBITDA15.1
Price / Book1.19
Price / Sales3.90
DCF Value (model)$91.20
DCF Upside vs Price140.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.81B
Net Margin50.0%
Revenue Growth (YoY)4.7%
EPS Growth (YoY)-97.7%
Valuation vs Sector & Industry
Stock P/E105.0
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
vs Sector286.3%
vs Industry197.1%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($777.31M)
Institutional Holders Tracked10
Congressional Trades (recent)3
Company
SectorReal Estate
IndustryTrading
CEOSteven Roth
Employees2,996
CountryUS
IPO Date1980-03-17

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

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  • Rexford Industrial Realty, Inc. (REXR)
  • Ryman Hospitality Properties, Inc. (RHP)
  • STAG Industrial, Inc. (STAG)
  • The Macerich Company (MAC)
  • Essential Properties Realty Trust, Inc. (EPRT)
  • Healthcare Realty Trust Incorporated (HR)
  • Rayonier Inc. (RYN)
VNO earnings history · VNO institutional & insider holders · VNO KPIs & operating metrics · VNO financials · VNO investor presentations & press releases · VNO SEC filings · VNO peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.