| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 31 | 97.5x | 17.8x | Bottom tier | |
Growth | 22 | 1.4% | 7.1% | Bottom tier | |
Quality | 41 | 2.3% | 4.5% | Around median | |
Safety | 45 | 2.1x | 2.6x | Around median | |
Capital Return | 40 | 2.09% | 2.12% | Around median | |
Momentum | 64 | 3.0% | 2.9% | Around median | |
Sentiment | 62 | 5 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Vornado Realty Trust is a real estate investment trust focused on Manhattan offices and street retail, with key assets in the PENN district, Park Avenue, Fifth Avenue, and Times Square. The company generates income primarily from office and retail leasing, alongside a signage business that is growing through pricing and volume and requires relatively little capital, while also benefiting from development, property management, and leasing fees on projects such as 350 Park Avenue. This model makes its results highly dependent on New York office occupancy, the commencement of signed leases, rental levels, and financing costs.
In fiscal 2026 Q2, Vornado recorded revenue of $462.2 million and net income of $32.0 million according to EDGAR data, with earnings per share of $0.08, compared with revenue of $459.1 million and a net loss of $7.3 million in fiscal 2026 Q1. The provided data did not include a gross profit figure, so a reliable gross margin cannot be derived. On a trailing-twelve-month basis in fiscal 2026, revenue reached $1.8 billion.
Operationally, comparable FFO was $0.67 per share in fiscal 2026 Q2, up from $0.56 a year earlier and exceeding the analyst consensus of $0.57 by 17.5%. New York same-store office net operating income increased 13.7% on a GAAP basis and 11.9% on a cash basis, while same-store retail net operating income grew 7.3% on a GAAP basis and 5.7% on a cash basis; New York operations overall increased 11.9% on a GAAP basis and 6.2% on a cash basis. These figures reflect the larger contribution of offices to growth momentum, and the provided data does not offer a complete numerical revenue breakdown by segment.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on VNO is Neutral, with an average target of $38.22 and a wide range of $32 to $44; the average is below the 52-week high of $43.37, while the upper end of the target range is slightly above that high. No usable price-to-earnings ratio is available, so the stock's valuation depends more heavily on FFO and asset values, at a time when management says the Green Street estimate reflects a 23% discount to net asset value, but concentration, capital expenditure, and interest-rate risks justify the consensus remaining Neutral.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Revenue was $462.2 million and net income was $32.0 million according to EDGAR data, with earnings per share of $0.08. Comparable FFO was $0.67 per share versus $0.56 a year earlier, exceeding the analyst consensus of $0.57. Management attributed the improvement primarily to rent commencements at PENN 1 and PENN 2, the impact of the major NYU lease at 770 Broadway on the year-over-year comparison, and higher signage income, partially offset by increased net interest expense.
New York office occupancy reached 92.2% in fiscal 2026 Q2, up 60 basis points from the previous quarter and from 84.4% in fiscal 2025 Q1. Management is targeting a level above 93% by the end of fiscal 2026, followed by a return to the historical range of 95% to 96% over the subsequent years. However, economic occupancy on a GAAP basis remains approximately 83% to 84% because a number of signed leases have not yet commenced.
PENN 1 generated a return that management estimates at approximately 25% on an investment of about $200 per square foot, which increased rent by approximately $50 per square foot. In fiscal 2026 Q2, the company signed leases covering 181 thousand square feet in the PENN district, and it has 246 thousand square feet being finalized at PENN 1 with an expected mark-to-market increase of 44%. Management estimated that approximately 60% of the signed but not yet commenced rents, totaling $180 million, is roughly associated with PENN 2.
The partnership plans to develop a 1.9 million-square-foot office tower, with Citadel as the anchor tenant for approximately 1.0 million square feet for 15 years, according to the August 11, 2026 news report. Vornado intends to own the maximum 36% stake, compared with Kenneth Griffin's 60% stake, and is contributing land and an existing building valued at approximately $900 million. A $3.3 billion construction loan has been arranged, and Vornado expects additional capital requirements of between $300 million and $350 million, beginning materially in 2029 and beyond.
Liquidity was $2 billion in fiscal 2026 Q2, split between $789 million in cash and $1.2 billion of undrawn credit facilities. Management said it is working to sell two non-core assets to bolster liquidity, without identifying the assets. It also expects the debt ratio to continue declining into the 7s during fiscal 2026, with the potential to fall below 7 in later years if income grows without being offset by additional investments.
Performance is heavily tied to the Manhattan office market because the principal growth assets include PENN, Park Avenue, and Fifth Avenue. The 350 Park Avenue project also requires financing and execution extending over several years, while tenant improvements will remain approximately elevated until they begin to decline in 2028. Higher net interest expense adds pressure on FFO, while the analyst target range of $32 to $44 and the Neutral consensus indicate divergent valuation estimates.
