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Vornado Realty Trust (VNO)



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Upturn Advisory Summary
06/03/2025: VNO (5-star) is a REGULAR-BUY. BUY since 17 days. Profits (-0.26%). Updated daily EoD!
Year Target Price $38.86
Year Target Price $38.86
2 | Strong Buy |
1 | Buy |
7 | Hold |
0 | Under performing |
4 | Sell |
Analysis of Past Performance
Type Stock | Historic Profit 78.64% | Avg. Invested days 31 | Today’s Advisory Regular Buy |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 7.98B USD | Price to earnings Ratio 73.54 | 1Y Target Price 38.86 |
Price to earnings Ratio 73.54 | 1Y Target Price 38.86 | ||
Volume (30-day avg) 14 | Beta 1.51 | 52 Weeks Range 25.24 - 45.86 | Updated Date 06/30/2025 |
52 Weeks Range 25.24 - 45.86 | Updated Date 06/30/2025 | ||
Dividends yield (FY) 1.93% | Basic EPS (TTM) 0.52 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 8.62% | Operating Margin (TTM) 21.33% |
Management Effectiveness
Return on Assets (TTM) 1.57% | Return on Equity (TTM) 2% |
Valuation
Trailing PE 73.54 | Forward PE 54.35 | Enterprise Value 16479857610 | Price to Sales(TTM) 4.14 |
Enterprise Value 16479857610 | Price to Sales(TTM) 4.14 | ||
Enterprise Value to Revenue 9.09 | Enterprise Value to EBITDA 16.48 | Shares Outstanding 191948992 | Shares Floating 160104789 |
Shares Outstanding 191948992 | Shares Floating 160104789 | ||
Percent Insiders 8.34 | Percent Institutions 95.08 |
Analyst Ratings
Rating 4 | Target Price 38.86 | Buy 1 | Strong Buy 2 |
Buy 1 | Strong Buy 2 | ||
Hold 7 | Sell 3 | Strong Sell 1 | |
Strong Sell 1 |
Upturn AI SWOT
Vornado Realty Trust

Company Overview
History and Background
Vornado Realty Trust was founded in 1982. It initially focused on retail properties in the Northeast before expanding into office and residential real estate, primarily in New York City and other major urban markets. Over time, it's evolved into one of the largest REITs in the US, marked by strategic acquisitions and developments.
Core Business Areas
- Office: Owns and manages a substantial portfolio of premier office properties, particularly in Manhattan.
- Retail: Operates a diverse collection of retail spaces, including flagship locations and urban retail assets.
- Residential: Owns and operates high-quality residential properties in key urban markets.
Leadership and Structure
Steven Roth serves as Chairman and Michael J. Franco as President. Vornado operates under a traditional REIT structure, with a board of trustees overseeing management.
Top Products and Market Share
Key Offerings
- Office Space: Premier office properties in Manhattan and other major cities. Vornado is a major player in the NYC office market, though specific market share data fluctuates; precise figures are not consistently published. Competitors include SL Green (SLG) and Boston Properties (BXP).
- Retail Leasing: Flagship retail locations and urban retail assets, predominantly in prime locations. Market share varies by specific submarket and location. Simon Property Group (SPG) and Brookfield Property Partners (BPY) are competitors.
- Residential Units: High-end residential apartments. Competing with AvalonBay Communities (AVB) and Equity Residential (EQR). Vornado does not report specific figures.
Market Dynamics
Industry Overview
The REIT sector is influenced by interest rates, economic growth, and property-specific market conditions. Demand for office space is currently facing headwinds from remote work trends, while high-end retail continues to perform well in prime locations.
Positioning
Vornado is positioned as a high-end urban property owner and manager, particularly focused on New York City. Its competitive advantage lies in its prime locations and high-quality assets.
Total Addressable Market (TAM)
The TAM for commercial real estate in the US is estimated to be in the trillions of dollars. Vornado, focuses on high-barrier-to-entry urban markets, securing a position of a premium urban REIT.
Upturn SWOT Analysis
Strengths
- Prime real estate locations in major urban markets
- High-quality asset portfolio
- Experienced management team
- Strong tenant relationships
Weaknesses
- High debt levels
- Concentration in specific geographic markets (NYC)
- Sensitivity to economic downturns
- Exposure to changing work patterns (remote work)
Opportunities
- Redevelopment and repositioning of existing assets
- Strategic acquisitions in target markets
- Capitalizing on the demand for high-quality residential space
- Leveraging technology to improve property management
Threats
- Rising interest rates
- Economic recession
- Increased competition from other REITs
- Decline in demand for office space
Competitors and Market Share
Key Competitors
- SLG
- BXP
- SPG
- EQR
- AVB
Competitive Landscape
Vornado's advantage lies in its prime NYC locations, but it faces intense competition from other large REITs with more diversified portfolios. Its high debt levels can be a disadvantage.
Major Acquisitions
767 Fifth Avenue Retail
- Year: 2019
- Acquisition Price (USD millions): 700
- Strategic Rationale: Expanding retail presence in a prime location on Fifth Avenue.
Growth Trajectory and Initiatives
Historical Growth: Vornado's growth has been driven by acquisitions and development of high-quality properties, though it has faced challenges during economic downturns.
Future Projections: Analyst estimates suggest moderate growth in the coming years, contingent on economic conditions and the demand for office space.
Recent Initiatives: Vornado is focused on redeveloping certain assets, exploring strategic partnerships, and reducing debt.
Summary
Vornado Realty Trust is a leading REIT with a strong presence in high-end urban markets, particularly New York City. Its prime locations and quality assets are strengths, but its concentration in NYC and high debt levels pose risks. Future success hinges on adapting to evolving work patterns and managing its debt effectively.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Vornado Realty Trust Investor Relations
- SEC Filings
- Yahoo Finance
- Google Finance
- Analyst Reports
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Market conditions and company performance are subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Vornado Realty Trust
Exchange NYSE | Headquaters New York, NY, United States | ||
IPO Launch date 1988-01-05 | Chairman of the Board & CEO Mr. Steven Roth | ||
Sector Real Estate | Industry REIT - Office | Full time employees 2996 | Website https://www.vno.com |
Full time employees 2996 | Website https://www.vno.com |
Vornado Realty Trust ("Vornado") is a fully-integrated real estate investment trust ("REIT") and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the "Operating Partnership"), a Delaware limited partnership. Vornado is the sole general partner of and owned approximately 91.4% of the common limited partnership interest in the Operating Partnership as of March 31, 2025. All references to the "Company," "we," "us" and "our" mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.
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