Stocks · Real Estate · REIT - Office
Vornado Realty Trust VNO
$33.73 +0.51% Close, Oct 2, 2026 · NYSE · Market cap $6.34B
High risk
Next earnings report: Nov 2, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Diluted EPS over the last four quarters was $0.03, down 99.2% year over year.
- Net debt is 9.1× EBITDA, a high level of leverage.
- The shares trade at 1019.0× trailing earnings, higher than 86% of the company's own readings over the past five years.
PromtFinance scores
Each score is a percentile within the Real Estate sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
Growth11Very weak
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 31%
- EPS growth (TTM, YoY)Bottom 11%
- FCF growth (TTM, YoY)Bottom 16%
- Revenue growth, 3-year CAGRBottom 18%
- Revenue growth accelerationTop 32%
Quality24Very weak
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 22%
- Gross marginBottom 43%
- Operating marginBottom 24%
- Cash conversion (OCF / net income)Top 13%
- Accruals (lower is better)Bottom 35%
- Net debt / EBITDA (lower is better)Bottom 28%
- Interest coverBottom 25%
Value25Very weak
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 30%
- Free-cash-flow yieldBottom 42%
- EBITDA / enterprise valueBottom 47%
- Sales / enterprise valueTop 40%
- P/E vs own 5-year history (lower is better)Bottom 9%
Momentum57Neutral
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 28%
- 6-month returnTop 6%
- 1-year return vs S&P 500Bottom 31%
- Distance from 52-week highTop 45%
- Trend checklist (0–4)Top 19%
Revisions35Weak
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 6%
- Consecutive EPS beatsBottom 48%
- Share of analysts rating BuyBottom 17%
- Upside to consensus price targetBottom 20%
Stability14Very weak
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 34%
- Maximum drawdown, 3 yearsBottom 35%
- Beta vs S&P 500 (lower is better)Bottom 5%
- Net debt / EBITDA (lower is better)Bottom 28%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | -0.3% | 1.4% | ↑ |
| EPS growth (YoY) | 600.6% | -99.2% | ↓ |
| Gross margin | 100.0% | 42.6% | ↓ |
| Operating margin | 15.3% | 10.9% | ↓ |
| FCF margin | 77.1% | 14.8% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 1.4% | -0.3% | ↑ | Bottom 31% |
| EPS growth (TTM, YoY) | -99.2% | 600.6% | ↓ | Bottom 11% |
| Gross margin | 42.6% | 100.0% | ↓ | Bottom 43% |
| Operating margin | 10.9% | 15.3% | ↓ | Bottom 24% |
| Net margin | 3.7% | 48.5% | ↓ | — |
| Free-cash-flow margin | 14.8% | 77.1% | ↓ | — |
| Return on invested capital | 1.0% | — | Bottom 22% | |
| Revenue growth, 3-year CAGR | 0.2% | — | Bottom 18% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 3.00×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -2.1%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 1.4%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -4.6 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 9.09×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 0.6×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- 2.10%
- Shareholder yield
- 2.10%
- Share count change, 1 year
- -6.9%
- Share count change, 3-year CAGR
- -1.3%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 3, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 1
- Beats in the last 8 reports
- 6 of 8
- Average EPS surprise, last 4
- +100.0%
- Average 2-day reaction, last 8
- +0.1%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $38.44
- Target vs current price
- +14.0%
- Analysts with a rating
- 29
- Share rating Buy or Strong Buy
- 31%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Aug 3, 2026 | +322.5% | +1.4% | +0.3% | -3.0% | — |
| May 4, 2026 | -119.1% | -1.8% | +6.5% | +10.5% | +34.6% |
| Feb 9, 2026 | +1735.2% | -0.9% | -4.4% | -13.7% | -3.2% |
| Nov 3, 2025 | +228.6% | -0.6% | -1.9% | -3.2% | -16.2% |
| Aug 4, 2025 | +598.1% | +2.7% | -1.9% | +1.0% | +4.1% |
| May 5, 2025 | +394.1% | -0.6% | +4.5% | +1.3% | +3.6% |
| Feb 10, 2025 | +120.0% | -1.4% | -1.4% | -11.2% | -10.7% |
| Nov 4, 2024 | -92.2% | +1.7% | +11.0% | +3.6% | +4.9% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Aug 3, 2026 | $0.08 | -$0.04 | +322.5% | $462.2M |
| May 4, 2026 | -$0.12 | -$0.05 | -119.1% | $459.1M |
| Feb 9, 2026 | $0.55 | $0.03 | +1735.2% | $453.7M |
| Nov 3, 2025 | $0.06 | $0.02 | +228.6% | $453.7M |
| Aug 4, 2025 | $3.70 | $0.53 | +598.1% | $441.4M |
| May 5, 2025 | $0.45 | $0.09 | +394.1% | $461.6M |
| Feb 10, 2025 | $0.01 | -$0.05 | +120.0% | $457.8M |
| Nov 4, 2024 | -$0.10 | -$0.05 | -92.2% | $443.3M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 1019.0× | 64.7× | 86th | Bottom 30% |
| EV / EBITDA | 16.0× | — | — | Bottom 47% |
| EV / Sales | 8.05× | — | — | Top 40% |
| Free-cash-flow yield | 4.26% | — | — | Bottom 42% |
| Earnings yield | 0.10% | — | — | Bottom 30% |
P/E over the past five years
Range 7.4× – 303.0× since Dec 31, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- -18.2%
- Earnings per share growth (TTM)
- -99.2%
- Change in P/E multiple
- -88.6%
Most of the move came from earnings growth.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 86
- 50-day average slope (20 days)
- -4.8%
- 200-day average slope (20 days)
- -0.1%
- Distance from 50-day average
- -9.3%
- Distance from 200-day average
- +1.1%
- RSI (14)
- 35.4
- Relative volume
- 0.92×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 27.1%
- Volatility vs own 5-year history
- 5th percentile · Low for this stock
- Beta vs S&P 500 (2 years, weekly)
- 1.24
- Correlation with S&P 500
- 0.55
- Current drawdown from 1-year high
- -18.2%
- Maximum drawdown, 3 years
- -46.0%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jun 10, 2021 | May 16, 2023 | -75.4% | 486 days | Not yet recovered |
| Oct 8, 2020 | Oct 29, 2020 | -17.6% | 15 days | 7 days (Nov 9, 2020) |
| Nov 24, 2020 | Jan 11, 2021 | -15.7% | 31 days | 29 days (Feb 23, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $6.34B
- P/E (TTM)
- 1,019.0
- EPS, diluted (TTM)
- $0.03
- Revenue (TTM)
- $1.83B
- Dividend yield
- 2.19%
- 52-week range
- $24.57 – $41.85
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $1.59B | $1.80B | $1.81B | $1.79B | $1.81B |
| Gross profit | $791.9M | $926.1M | $906.0M | $1.79B | $1.81B |
| Operating income | $245.0M | $287.9M | $300.6M | $263.9M | $272.1M |
| Net income | $176.0M | -$346.5M | $105.5M | $70.4M | $905.0M |
| EPS (diluted) | $0.53 | -$2.13 | $0.23 | $0.04 | $4.20 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $443.3M | $457.8M | $461.6M | $441.4M | $453.7M | $453.7M | $459.1M | $462.2M |
| Net income | -$3.6M | $16.7M | $102.4M | $759.3M | $27.1M | $16.1M | -$7.3M | $32.0M |
| EPS (diluted) | -$0.10 | $0.01 | $0.43 | $3.70 | $0.06 | $0.00 | -$0.12 | $0.09 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $761.8M | $798.9M | $648.2M | $537.7M | $1.26B |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Free cash flow | $761.8M | $798.9M | $648.2M | $537.7M | $1.26B |
| Dividends paid | -$406.1M | -$406.6M | -$129.1M | -$141.1M | -$141.3M |
| Net share buybacks | -$1.6M | $885,000 | -$29.0M | $0 | -$51.0M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $675.4M
- Total assets
- $15.61B
- Total liabilities
- $8.91B
- Total debt
- $9.06B
- Net debt
- $8.38B
- Shareholders’ equity
- $5.79B
As of Jun 30, 2026 (filed Aug 3, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Dec 18, 2025 | $0.74 | Dec 29, 2025 |
| Dec 16, 2024 | $0.74 | Dec 27, 2024 |
| Dec 14, 2023 | $0.30 | Dec 27, 2023 |
| Jan 27, 2023 | $0.38 | Feb 10, 2023 |
| Nov 4, 2022 | $0.53 | Nov 18, 2022 |
| Aug 5, 2022 | $0.53 | Aug 19, 2022 |
| May 6, 2022 | $0.53 | May 20, 2022 |
| Jan 28, 2022 | $0.53 | Feb 11, 2022 |
Short interest
- Shares sold short
- 11,344,799
- Days to cover
- 9.38
- Change vs previous report
- +2.0%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Jul 18, 2017
- 1,237-for-1,000
- Jan 16, 2015
- 200-for-181
- May 7, 2009
- 5,053-for-5,000
- Oct 19, 1998
- 1,000-for-987
- Oct 21, 1997
- 2-for-1