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Vornado Realty Trust (VNO)

Upturn stock ratingUpturn stock rating
$37.05
Last Close (24-hour delay)
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PASS
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Upturn Advisory Summary

08/14/2025: VNO (5-star) is currently NOT-A-BUY. Pass it for now.

Upturn Star Rating

rating

Outstanding Performance

These Stocks/ETFs, based on Upturn Advisory, have historically outperformed the market, making them a top-tier choice for investors.

Number of Analysts

rating

14 Analysts rated it

Moderately tracked stock, growing coverage, gaining market and investor attention.

1 Year Target Price $38.5

1 Year Target Price $38.5

Analysts Price Target For last 52 week
$38.5 Target price
52w Low $29.68
Current$37.05
52w High $45.86

Analysis of Past Performance

Type Stock
Historic Profit 73.8%
Avg. Invested days 34
Today’s Advisory PASS
Upturn Star Rating Upturn stock ratingUpturn stock rating
Upturn Advisory Performance Upturn Advisory Performance 3.0
Stock Returns Performance Upturn Returns Performance 4.0
Upturn Profits based on simulationUpturn Profits based on simulation Profits based on simulation
Upturn Profits based on simulationUpturn Profits based on simulation Last Close 08/14/2025

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

ai summary icon Upturn AI SWOT

Vornado Realty Trust

stock logo

Company Overview

overview logo 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.

business area logo 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 logo 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

overview logo 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 logo 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

competitor logo 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.

Upturn AI SummarizationUpturn AI Summarization AI Summarization is directionally correct and might not be accurate.

Upturn AI SummarizationUpturn AI Summarization Summarized information shown could be a few years old and not current.

Upturn AI SummarizationUpturn AI Summarization Fundamental Rating based on AI could be based on old data.

Upturn AI SummarizationUpturn AI Summarization 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
Full time employees 2996

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.