Vornado Realty Trust (VNO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+88.0%

$66.85

vs $35.57 price

Levered DCF

$54.22

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.42

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.56×	1,051×	122.83×	-9.77×	78.98×	-20.4×	4.1×	26.28×
P/B	1.07×	1.55×	0.98×	0.68×	1.29×	1.09×	1.89×	2.65×
P/S	3.52×	4.48×	2.98×	2.22×	5.05×	4.67×	6.59×	5.46×
EV / EBITDA	7.6×	18.47×	15.83×	28.88×	18.14×	65.41×	4.61×	16.89×
Gross margin	100.0%	100.0%	50.0%	51.4%	49.8%	48.4%	52.3%	55.5%
Operating margin	15.0%	14.8%	16.6%	16.0%	15.4%	9.4%	21.7%	26.9%
Net margin	50.0%	3.9%	5.8%	-19.2%	11.1%	-19.4%	163.6%	20.8%
Current ratio	1.8×	1.81×	2×	2.17×	2.2×	2.6×	2.02×	3.57×
Debt / equity	1.32×	1.74×	1.63×	1.56×	1.44×	1.19×	1.17×	2.2×
Interest coverage	0.77×	0.68×	0.86×	1.03×	1.06×	0.63×	1.46×	1.68×
Dividend yield	3.2%	2.5%	3.5%	11.7%	5.9%	12.5%	4.4%	4.5%
Payout ratio	22.5%	288.7%	181.2%	-135.3%	268.2%	-300.2%	17.6%	118.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.1%	1.4%	1.9%	-5.9%	2.8%	-4.5%	46.8%	10.1%
Return on invested capital	1.8%	0.8%	1.0%	1.8%	1.5%	0.9%	2.3%	3.2%
Return on assets	5.8%	0.4%	0.7%	-2.1%	1.0%	-1.8%	17.2%	2.6%
Free cash flow yield	19.7%	6.7%	12.0%	20.0%	9.5%	0.4%	1.8%	6.2%
Earnings yield	14.2%	0.9%	2.0%	-8.7%	2.2%	-4.2%	24.8%	3.8%
Enterprise value	$13.4B	$16.3B	$13.4B	$12.2B	$15.2B	$13.3B	$19.1B	$21.1B
Net debt / EBITDA	3.99×	9.38×	9.45×	19.45×	8.6×	30.34×	1.54×	7.42×
Cash conversion cycle (days)	201	156	155	157	-112	-18	-16	-3