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Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum. Vornado Realty Trust was incorporated in 1946 in Maryland, USA.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Vornado Realty Trust is a publicly traded REIT that owns and manages office and retail properties concentrated in New York City and the Washington, D.C. area. Long-term growth drivers include rent and occupancy recovery in urban office markets, plus asset repositioning and selective dispositions that could support cash flow. Its scale in central locations appears positioned to benefit if office demand and rents recover.
Material risks include concentrated Manhattan office exposure, sensitivity to higher rates and refinancing, and execution risk on redevelopments and sales.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 950.71M | 42.84M | 62.11M | -360.95M | 197.06M |
| Minority interest | -32.25M | 50.27M | 72.61M | 36.11M | 31.55M |
| Net income | 904.96M | 70.39M | 105.49M | -382.61M | 176.00M |
| Selling general administrative | 156.12M | 148.52M | 162.88M | 133.73M | 134.54M |
| Gross profit | 1810.42M | 1787.69M | 906.00M | 926.08M | 791.89M |
| Reconciled depreciation | 481.46M | 469.42M | 457.57M | 526.31M | 432.59M |
| Ebit | 1285.33M | 411.19M | 388.03M | -175.44M | 380.13M |
| Ebitda | 1766.78M | 880.61M | 845.61M | 350.87M | 792.48M |
| Depreciation and amortization | 481.46M | 469.42M | 457.57M | 526.31M | 412.35M |
| Non operating income net other | - | - | - | 100.62M | 50.77M |
| Operating income | 272.15M | 263.87M | 300.58M | -175.44M | 380.13M |
| Other operating expenses | 1538.28M | 1523.82M | 1510.58M | 1512.14M | 1344.21M |
| Interest expense | 353.87M | 390.27M | 349.22M | 257.96M | 231.10M |
| Tax provision | 13.51M | 22.73M | 29.22M | 21.66M | -10.50M |
| Interest income | 163.49M | 46.02M | 49.97M | 19.87M | 2.80M |
| Net interest income | -306.72M | -344.25M | -299.26M | -259.90M | -228.29M |
| Extraordinary items | - | - | - | - | 0.00M |
| Income tax expense | 13.51M | 22.73M | 29.22M | 21.66M | -10.50M |
| Total revenue | 1810.42M | 1787.69M | 1811.16M | 1799.99M | 1589.21M |
| Total operating expenses | 1538.28M | 1523.82M | 605.42M | 638.23M | 546.89M |
| Cost of revenue | 1382.16M | 927.80M | 905.16M | 873.91M | 797.32M |
| Total other income expense net | 678.56M | -221.03M | -238.47M | -185.52M | -183.07M |
| Net income from continuing ops | 937.20M | 20.12M | 32.89M | -382.61M | 207.55M |
| Net income applicable to common shares | 842.85M | 8.28M | 43.38M | -408.63M | 101.09M |
| Preferred stock and other adjustments | - | - | - | 62.12M | 74.91M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 15521.12M | 15998.61M | 16187.67M | 16493.38M | 17266.59M |
| Intangible assets | 110.59M | 118.22M | 127.08M | 139.64M | 154.90M |
| Other current assets | 136.70M | 215.67M | 264.58M | 175.07M | 227.27M |
| Total liab | 8716.59M | 9826.74M | 9843.93M | 9980.26M | 10062.67M |
| Total stockholder equity | 5986.73M | 5158.24M | 5509.06M | 5839.73M | 6236.35M |
| Deferred long term liab | - | - | - | 96.32M | 110.17M |
| Other current liab | 376.19M | 345.59M | 411.04M | -1927.80M | -48.12M |
| Common stock | 7.63M | 7.63M | 7.59M | 5839.73M | 6236.35M |
| Capital stock | 1189.97M | 1190.00M | 1190.05M | 1190.11M | 1190.11M |
| Retained earnings | -3491.60M | -4142.25M | -4009.39M | -3894.58M | -3079.32M |
| Other liab | - | - | - | 354.99M | 380.52M |
| Other assets | 511.32M | 570.55M | 138.77M | 13612.73M | 12054.08M |
| Cash | 840.85M | 733.95M | 997.00M | 889.69M | 1760.22M |
| Cash and equivalents | 840.85M | 733.95M | 997.00M | 889.69M | 1760.22M |
| Total current liabilities | 1096.61M | 949.01M | 1018.24M | 1065.76M | 1188.50M |
| Current deferred revenue | - | 28.42M | 32.20M | 39.88M | 48.12M |
| Net debt | 7044.42M | 8258.69M | 7987.31M | 8235.32M | 7225.93M |
| Short term debt | 720.42M | 575.00M | 575.00M | 575.00M | 575.00M |
| Short long term debt | 720.42M | 575.00M | 575.00M | 575.00M | 575.00M |
| Short long term debt total | 7885.27M | 8992.64M | 8984.31M | 9125.01M | 8986.15M |
| Other stockholder equity | 8288.36M | 8052.79M | 8263.29M | 2537.15M | 1914.39M |
| Property plant equipment | 10826.79M | 10745.09M | 10728.42M | 10528.14M | 9841.50M |
| Total current assets | 1973.25M | 1715.49M | 2032.79M | 2312.86M | 2723.47M |
| Long term investments | 1941.28M | 2691.48M | 2610.56M | 3137.03M | 3362.26M |
| Net tangible assets | - | - | - | 4954.36M | 5587.68M |
| Short term investments | - | - | 138.77M | 471.96M | 3297.39M |
| Net receivables | 995.71M | 765.87M | 771.21M | 776.14M | 735.98M |
| Long term debt | 6465.21M | 7667.88M | 7676.45M | 7814.04M | 8040.95M |
| Inventory | - | - | 2333.32M | 43.60M | 57.14M |
| Accounts payable | - | 374.01M | 411.04M | 450.88M | 613.50M |
| Noncontrolling interest in consolidated entity | - | - | - | 236.65M | 278.89M |
| Accumulated other comprehensive income | -0.01M | 57.70M | 65.11M | 174.97M | -17.53M |
| Common stock total equity | - | - | - | 7.65M | 7.65M |
| Preferred stock total equity | - | - | - | 1182.46M | 1182.46M |
| Retained earnings total equity | - | - | - | -3894.58M | -3079.32M |
| Non currrent assets other | 10824.69M | 10794.62M | 10737.19M | 10691.42M | 512.71M |
| Non current assets total | 13547.87M | 14283.12M | 14154.87M | 14180.51M | 14543.12M |
| Capital lease obligations | 699.64M | 749.76M | 732.86M | 735.97M | 370.21M |
| Long term debt total | 7185.63M | 8242.88M | 8251.45M | 8389.04M | 8040.95M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 0.00M | -597.37M | 8.67M | -906.86M | 92.56M |
| Change to liabilities | - | - | - | 22.20M | 32.46M |
| Total cashflows from investing activities | 115.51M | -597.37M | -128.79M | -906.86M | -532.35M |
| Net borrowings | -1067.72M | -22.44M | -148.00M | -254.31M | 1612.58M |
| Total cash from financing activities | -1345.96M | -252.32M | -278.94M | -801.27M | -29.48M |
| Change to operating activities | - | - | - | 86.05M | -32.12M |
| Net income | 937.20M | 20.12M | 32.89M | -382.61M | 207.55M |
| Change in cash | 27.93M | -311.96M | 240.43M | -909.19M | 199.98M |
| Begin period cash flow | 949.62M | 1261.58M | 1021.16M | 1930.35M | 1730.37M |
| End period cash flow | 977.55M | 949.62M | 1261.58M | 1021.16M | 1930.35M |
| Total cash from operating activities | 1258.38M | 537.72M | 648.15M | 798.94M | 761.81M |
| Issuance of capital stock | - | - | 0.00M | 0.00M | 291.15M |
| Depreciation | 481.46M | 469.42M | 457.57M | 526.31M | 432.59M |
| Other cashflows from investing activities | 100.17M | -482.01M | -544.74M | -6.07M | 113.49M |
| Dividends paid | 203.38M | 203.22M | 191.18M | -468.68M | -471.99M |
| Change to inventory | - | - | -9.38M | - | - |
| Change to account receivables | -18.79M | 4.70M | 9.38M | -4.44M | -0.19M |
| Sale purchase of stock | -50.99M | 0.00M | -29.18M | -0.09M | -300.00M |
| Other cashflows from financing activities | -23.87M | -26.67M | 89.28M | 918.86M | -1211.74M |
| Change to netincome | - | - | - | 555.63M | 231.08M |
| Capital expenditures | 709.55M | 465.61M | 33.15M | 900.79M | 738.40M |
| Change receivables | - | - | - | -4.44M | -0.19M |
| Cash flows other operating | - | - | - | 81.86M | -141.69M |
| Cash and cash equivalents changes | - | - | - | -909.19M | 199.98M |
| Change in working capital | -181.23M | -56.98M | -25.58M | 87.33M | 3.55M |
| Stock based compensation | 25.48M | 30.17M | 43.20M | 29.25M | 38.33M |
| Other non cash items | -8.05M | 61.99M | 123.05M | 524.66M | 35.60M |
| Free cash flow | 1258.38M | 537.72M | 648.15M | 798.94M | 761.81M |
Sector: Real Estate Industry: REIT - Office
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| VNO Vornado Realty Trust |
-0.05 0.14% |
35.82 | 1151.00 | 57.14 | 3.77 | 1.42 | 8.30 | 16.47 |
| BXP BXP, Inc. |
-0.23 0.35% |
65.01 | 33.62 | 28.25 | 3.28 | 1.80 | 7.23 | 12.91 |
| VNO-PM Vornado Realty Trust |
0.23 1.43% |
16.58 | 26.09 | - | 5.25 | - | - | - |
| MRPRF MERLIN Properties SOCIMI S.A |
- -% |
13.00 | 8.76 | 22.52 | 15.33 | 0.86 | 18.99 | 10.44 |
| ARE Alexandria Real Estate Equities Inc |
- -% |
44.80 | - | 16.69 | 3.21 | 0.57 | 7.84 | 31.46 |
Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum. Vornado Realty Trust was incorporated in 1946 in Maryland, USA.
| Name | Title | Year Born |
|---|---|---|
| Mr. Steven Roth | Chairman & CEO | 1942 |
| Mr. Michael J. Franco | Pres & CFO | 1969 |
| Mr. Glen J. Weiss | Exec. VP of Office Leasing & Co-Head of Real Estate | 1971 |
| Mr. Barry S. Langer | Exec. VP of Devel. & Co-Head of Real Estate | 1979 |
| Mr. Haim H. Chera | Exec. VP & Head of Retail | 1970 |
| Robert Larson | Sr. VP of Operations | NA |
| Ms. Deirdre K. Maddock | Sr. VP & Chief Accounting Officer | NA |
| Mr. Robert Entin | Chief Information Officer & Exec. VP | NA |
| Mr. Thomas Sanelli | Exec. VP of Fin. & Chief Admin. Officer | 1973 |
| Ms. Catherine C. Creswell | Director of Investor Relations | NA |
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