
Cancel anytime
- Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
Upturn AI SWOT
- About


Vornado Realty Trust (VNO)



- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- Pass (Skip investing)


(see disclosures)
- ALL
- YEAR
- MONTH
- WEEK
Upturn Advisory Summary
08/14/2025: VNO (5-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $38.5
1 Year Target Price $38.5
2 | Strong Buy |
1 | Buy |
7 | Hold |
3 | Sell |
1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 73.8% | Avg. Invested days 34 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
![]() ![]() | ![]() ![]() |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 7.77B USD | Price to earnings Ratio 9.19 | 1Y Target Price 38.5 |
Price to earnings Ratio 9.19 | 1Y Target Price 38.5 | ||
Volume (30-day avg) 14 | Beta 1.55 | 52 Weeks Range 29.68 - 45.86 | Updated Date 08/15/2025 |
52 Weeks Range 29.68 - 45.86 | Updated Date 08/15/2025 | ||
Dividends yield (FY) 2.00% | Basic EPS (TTM) 4.05 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Earnings Date
Report Date 2025-08-04 | When After Market | Estimate 0.1199 | Actual 3.7 |
Profitability
Profit Margin 46.29% | Operating Margin (TTM) 18.16% |
Management Effectiveness
Return on Assets (TTM) 1.42% | Return on Equity (TTM) 13.4% |
Valuation
Trailing PE 9.19 | Forward PE 149.25 | Enterprise Value 14929346823 | Price to Sales(TTM) 4.11 |
Enterprise Value 14929346823 | Price to Sales(TTM) 4.11 | ||
Enterprise Value to Revenue 8.28 | Enterprise Value to EBITDA 8.44 | Shares Outstanding 192040992 | Shares Floating 160196363 |
Shares Outstanding 192040992 | Shares Floating 160196363 | ||
Percent Insiders 6.5 | Percent Institutions 97.93 |
Upturn AI SWOT
Vornado Realty Trust

Company Overview
History and Background
Vornado Realty Trust was founded in 1982 as Interstate Properties. It evolved into a major player in the New York City real estate market, focusing on office and retail properties. Significant milestones include strategic acquisitions and development projects in key urban areas.
Core Business Areas
- Office: Owns, manages, and develops premier office properties, primarily in New York City and Chicago. Focuses on attracting high-quality tenants and maintaining high occupancy rates.
- Retail: Operates a portfolio of retail properties, including street-level retail in urban centers and larger shopping centers. Adapting to the changing retail landscape with experiential retail and mixed-use developments.
- Merchandise Mart: Houses one of the world's largest concentrations of contract showroom space as well as modern office and retail space.
Leadership and Structure
Steven Roth serves as Chairman and CEO. The company has a structured management team overseeing various aspects of its real estate portfolio and operations, with specialized departments for leasing, property management, and development.
Top Products and Market Share
Key Offerings
- Office Space: Premier office space in New York City and Chicago. Market share within NYC Class A office space is significant, estimated around 5-10% (highly variable based on specific submarkets). Competitors include SL Green Realty Corp (SLG), Boston Properties (BXP), and Empire State Realty Trust (ESRT).
- Retail Properties: Strategically located retail properties in high-traffic urban areas. Market share is more fragmented, competing with numerous local and national retail landlords. Competitors include Simon Property Group (SPG), Brookfield Properties Retail, and Macerich (MAC).
- Merchandise Mart: One of the world's largest commercial buildings, Merchandise Mart houses one of the world's largest concentrations of contract showroom space as well as modern office and retail space. Revenue estimated around 250M. Competitors include SL Green Realty Corp (SLG), Boston Properties (BXP).
Market Dynamics
Industry Overview
The commercial real estate industry is currently facing challenges due to economic uncertainty, rising interest rates, and changing work patterns. Demand for office space is evolving, with a focus on high-quality, amenity-rich buildings. Retail is adapting to e-commerce and consumer preferences.
Positioning
Vornado is positioned as a leading owner and operator of premier office and retail properties in key urban markets, particularly New York City. Competitive advantages include its high-quality portfolio, strong tenant relationships, and experienced management team.
Total Addressable Market (TAM)
The TAM for commercial real estate in Vornado's key markets (NYC and Chicago) is estimated to be in the hundreds of billions of dollars. Vornado is positioned to capture a share of this market by focusing on high-quality assets and strategic locations.
Upturn SWOT Analysis
Strengths
- High-quality portfolio of office and retail properties
- Prime locations in key urban markets (NYC and Chicago)
- Experienced management team
- Strong tenant relationships
Weaknesses
- High debt levels
- Concentration in specific geographic markets
- Vulnerability to economic downturns
- Exposure to changing retail landscape
Opportunities
- Acquisitions of distressed assets
- Redevelopment and repositioning of existing properties
- Expansion into new markets
- Increased demand for high-quality office space
Threats
- Economic recession
- Rising interest rates
- Increased competition
- Decline in retail sales
- Shift to remote work
Competitors and Market Share
Key Competitors
- SLG
- BXP
- ESRT
- SPG
- MAC
Competitive Landscape
Vornado faces intense competition from other major real estate owners and operators. Vornado's advantages include its high-quality portfolio and prime locations. Disadvantages include its high debt levels and concentration in specific markets.
Major Acquisitions
512 West 22nd Street
- Year: 2018
- Acquisition Price (USD millions): 238
- Strategic Rationale: To bolster its office property portfolio in the high-demand West Chelsea submarket of Manhattan.
Growth Trajectory and Initiatives
Historical Growth: Vornado's growth has been impacted by economic cycles and the changing real estate landscape. Past growth was driven by acquisitions and development projects.
Future Projections: Analysts' projections for Vornado's future growth are mixed, depending on the recovery of the office and retail markets. Growth is expected to be slow in the near term.
Recent Initiatives: Recent initiatives include selling non-core assets, focusing on core properties in New York City, and adapting to the changing retail landscape.
Summary
Vornado Realty Trust faces significant challenges due to high debt and market fluctuations. The company's strengths lie in its prime location portfolio, but weaknesses include reliance on specific markets and vulnerability to economic downturns. Future success relies on adapting to the evolving real estate landscape and strategic asset management. It should look out for changes in work from home policies and how retail changes in the future.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Vornado Realty Trust Investor Relations
- SEC Filings (10-K, 10-Q)
- Analyst Reports
- Industry Publications
- YCharts
- Bloomberg
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Market data and analyst estimates are subject to change. Consult with a qualified financial advisor before making any investment decisions.
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.

Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.