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Vornado Realty Trust VNO · Stock Open Vornado Realty Trust in new tab

39.72 USD
P/E
10.89
EPS
3.67
Yield
1.82%
Safety Score
88
P/B
1.55
ROE
12.60
Beta
1.53
Target Price
36.62 USD
Vornado Realty Trust logo

Vornado Realty Trust

🧾 Earnings Recap – Q3 2025

Vornado Realty Trust delivered a strong performance in Q3 2025, leveraging robust tenant demand and effective leasing strategies to achieve industry-leading results amidst a revitalizing New York City office market.

  • Vornado's office leasing volume reached 3.7 million square feet in the first nine months, marking the highest in over a decade and featuring average starting rents of $99 per square foot.
  • Q3 demonstrated a remarkable 15.7% GAAP and 10.4% cash mark-to-market increase, with an average lease term exceeding 12 years.
  • PENN 2 achieved 78% occupancy and is on track to exceed year-end guidance, contributing to a projected incremental cash yield increase above 10.2%.
  • With a net debt-to-EBITDA ratio of 7.3x and liquidity of $2.6 billion, Vornado maintains a strong balance sheet amidst a competitive real estate landscape.
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Key Metrics
Earnings dateAug. 3, 2026
P/E10.89
EPS3.67
Book Value25.71
Price to Book1.55
Debt/Equity126.13
% Insiders7.386%
Growth
Revenue Growth-0.02%
Earnings Growth12.64%
Estimates
Forward P/E159.88
Forward EPS0.25
Target Mean Price36.62
Dividend
Dividend Yield1.82%
Annual dividends0.74 USD
Ex-Div. DateDec. 18, 2025
Payout25.57%
5y avg Yield5.32%

DCF Valuation

Tweak assumptions to recompute fair value for Vornado Realty Trust (VNO)
Currency: USD
DCF Assumptions
Decimal (e.g., 0.10 = 10%). Range allows declines (−50%) to strong growth (+50%).
Decimal (e.g., 0.30 = 30%).
Decimal (e.g., 0.04 = 4%).
Decimal (e.g., 0.20 = 20%).
Percent number (e.g., 3 = 3%).
Percent number (e.g., 10 = 10%).
Percent number (e.g., 5 = 5%).
DCF Result

Fair Value (DCF)
Current Price
Upside
WACC
Terminal PV
Σ PV of FCFs
Note: historical bars show reported FCF (for context); forward bars show PV of projected FCF; if no per-year data, totals are shown.

Vornado Realty Trust Logo Vornado Realty Trust Analysis (VNO)

United States Real Estate Official Website Stock

Is Vornado Realty Trust a good investment? Vornado Realty Trust (VNO) is currently trading at 39.72 USD. Market analysts have a consensus price target of 36.62 USD. This suggests the asset is currently trading above analyst expectations.

In terms of valuation, the stock trades at a P/E ratio of 10.89. This relatively low multiple may signal that Vornado Realty Trust is undervalued compared to historical market norms.

Earnings Schedule: Vornado Realty Trust is expected to release its next earnings report on Aug. 3, 2026. The market consensus estimate for Forward EPS is 0.25.

For income investors, Vornado Realty Trust pays a dividend yield of 1.82%. With a payout ratio of 26%, the dividend appears sustainable.

Investor FAQ

Does Vornado Realty Trust pay a dividend?

Yes, it pays an annual dividend of 0.74 USD (1.82% yield).

What asset class is Vornado Realty Trust?

Vornado Realty Trust is classified as a Stock. You can compare it against its peer in the "Related Symbols" list.

When is the next earnings date?

The next earnings date is projected to be Aug. 3, 2026. The company currently has a trailing EPS of 3.67.

Company Profile

Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum. Vornado Realty Trust was incorporated in 1946 in Maryland, USA.

Exchange Ticker
NYQ (United States) VNO
Trades
Dividend Yield
1.82%
5y avg 5.32%
Annual Dividends
0.74USD
Next Ex. Div Date
Dec. 18, 2025
Payout Ratio
25.57%
Dividend History paid per year (USD)
Historical Dividends
Year Total Dividends
2026
1.83 USD
Dec. 1, 2026 (estimated) 1.8253
2025
0.74 USD
Dec. 29, 2025 0.7400
2024
0.74 USD
Dec. 27, 2024 0.7400
2023
0.68 USD
Dec. 27, 2023 0.3000
Feb. 10, 2023 0.3750
2022
2.12 USD
Nov. 18, 2022 0.5300
Aug. 19, 2022 0.5300
May 20, 2022 0.5300
Feb. 11, 2022 0.5300
2021
2.12 USD
Nov. 19, 2021 0.5300
Aug. 20, 2021 0.5300
May 21, 2021 0.5300
Feb. 12, 2021 0.5300
2020
4.33 USD
Nov. 20, 2020 0.5300
Aug. 21, 2020 0.5300
May 22, 2020 0.6600
Feb. 14, 2020 0.6600
Jan. 15, 2020 1.9500
2019
2.64 USD
Nov. 18, 2019 0.6600
Aug. 16, 2019 0.6600
May 17, 2019 0.6600
Feb. 14, 2019 0.6600
2018
2.52 USD
Nov. 19, 2018 0.6300
Aug. 17, 2018 0.6300
May 18, 2018 0.6300
Feb. 15, 2018 0.6300
2017
2.62 USD
Nov. 20, 2017 0.6000
Aug. 18, 2017 0.6000
May 19, 2017 0.7100
Feb. 15, 2017 0.7100
2016
2.52 USD
Nov. 21, 2016 0.6300
Aug. 19, 2016 0.6300
May 20, 2016 0.6300
Feb. 16, 2016 0.6300
2015
2.40 USD
Nov. 23, 2015 0.6300
Aug. 21, 2015 0.6300
May 22, 2015 0.6300
Feb. 17, 2015 0.5093
2014
2.92 USD
Nov. 21, 2014 0.7300
Aug. 21, 2014 0.7300
May 22, 2014 0.7300
Feb. 18, 2014 0.7300
2013
2.92 USD
Nov. 22, 2013 0.7300
Aug. 22, 2013 0.7300
May 23, 2013 0.7300
Feb. 19, 2013 0.7300
2012
3.49 USD
Dec. 21, 2012 0.7316
Nov. 19, 2012 0.6900
Aug. 21, 2012 0.6900
May 24, 2012 0.6900
Feb. 21, 2012 0.6900
2011
2.76 USD
Nov. 23, 2011 0.6900
Aug. 22, 2011 0.6900
May 23, 2011 0.6900
Feb. 22, 2011 0.6900
2010
2.60 USD
Nov. 22, 2010 0.6500
Aug. 23, 2010 0.6500
May 24, 2010 0.6500
Feb. 22, 2010 0.6500
2009
3.20 USD
Dec. 14, 2009 0.6500
Sept. 14, 2009 0.6500
June 12, 2009 0.9500
March 12, 2009 0.9460
2008
3.65 USD
Nov. 21, 2008 0.9500
Aug. 22, 2008 0.9000
May 22, 2008 0.9000
Feb. 20, 2008 0.9000
2007
3.45 USD
Oct. 26, 2007 0.9000
Aug. 22, 2007 0.8500
May 21, 2007 0.8500
Feb. 13, 2007 0.8500
2006
3.58 USD
Nov. 21, 2006 1.3900
Aug. 22, 2006 0.8000
May 17, 2006 0.8000
Feb. 8, 2006 0.5853
2005
3.90 USD
Dec. 30, 2005 0.7700
Nov. 18, 2005 0.8000
Aug. 12, 2005 0.7600
May 13, 2005 0.7600
Feb. 15, 2005 0.8100
2004
2.89 USD
Nov. 26, 2004 0.7600
Aug. 12, 2004 0.7100
May 13, 2004 0.7100
Feb. 10, 2004 0.7100
2003
2.91 USD
Dec. 29, 2003 0.1600
Nov. 18, 2003 0.7100
Aug. 12, 2003 0.6800
May 13, 2003 0.6800
Feb. 11, 2003 0.6800
2002
2.79 USD
Nov. 20, 2002 0.6800
Aug. 13, 2002 0.6600
May 14, 2002 0.6600
Feb. 12, 2002 0.4829
Jan. 8, 2002 0.3100
2001
2.32 USD
Nov. 13, 2001 0.6600
Aug. 14, 2001 0.5990
May 15, 2001 0.5300
Feb. 13, 2001 0.5300
2000
1.97 USD
Nov. 14, 2000 0.5300
Aug. 15, 2000 0.4800
May 16, 2000 0.4800
Feb. 15, 2000 0.4800
1999
1.80 USD
Nov. 16, 1999 0.4800
Aug. 17, 1999 0.4400
May 18, 1999 0.4400
Feb. 16, 1999 0.4400
1998
1.64 USD
Nov. 17, 1998 0.4400
Aug. 18, 1998 0.4000
May 15, 1998 0.4000
Feb. 17, 1998 0.4000
1997
3.78 USD
Nov. 18, 1997 0.2888
Oct. 10, 1997 0.2311
Oct. 10, 1997 0.6468
Aug. 12, 1997 0.2311
Aug. 12, 1997 0.6400
May 13, 1997 0.6400
May 13, 1997 0.2311
Feb. 18, 1997 0.6400
Feb. 18, 1997 0.2311
1996
3.32 USD
Nov. 12, 1996 0.6100
Nov. 12, 1996 0.2202
Aug. 13, 1996 0.2202
Aug. 13, 1996 0.6100
May 14, 1996 0.2202
May 14, 1996 0.6100
Feb. 13, 1996 0.2202
Feb. 13, 1996 0.6100
1995
2.95 USD
Nov. 14, 1995 0.0993
Nov. 14, 1995 0.5600
Aug. 15, 1995 0.2022
Aug. 15, 1995 0.5600
May 16, 1995 0.2022
May 16, 1995 0.5600
Feb. 14, 1995 0.5600
Feb. 14, 1995 0.2022
1994
2.72 USD
Nov. 15, 1994 0.5000
Nov. 15, 1994 0.1805
Aug. 16, 1994 0.1805
Aug. 16, 1994 0.5000
May 17, 1994 0.5000
May 17, 1994 0.1805
Feb. 18, 1994 0.5000
Feb. 18, 1994 0.1805
1993
3.40 USD
Nov. 16, 1993 0.4400
Nov. 16, 1993 0.1589
Aug. 17, 1993 0.4400
Aug. 17, 1993 0.1589
June 4, 1993 0.3100
June 4, 1993 0.1119
June 3, 1993 1.2131
Feb. 23, 1993 0.4600
Feb. 23, 1993 0.1107
1992
2.13 USD
Dec. 1, 1992 0.1107
Dec. 1, 1992 0.4600
Aug. 25, 1992 0.1011
Aug. 25, 1992 0.4200
May 27, 1992 0.4200
May 27, 1992 0.1011
Feb. 26, 1992 0.4200
Feb. 26, 1992 0.1011
1991
5.21 USD
Nov. 26, 1991 0.1011
Nov. 26, 1991 0.4200
Aug. 27, 1991 0.0963
Aug. 27, 1991 0.4000
May 29, 1991 0.0963
May 29, 1991 2.0000
Feb. 19, 1991 0.0963
Feb. 19, 1991 2.0000
1990
2.12 USD
Nov. 6, 1990 2.0212
Nov. 6, 1990 0.0963
Upcoming Dividends
Name Payment Date Status Amount
Vornado Realty Trust Dec 29, 2025 0.74 USD
Stock Splits
Split Date Split Ratio to 1
June 3, 1991 5.000000
March 26, 1993 1.500000
Oct. 21, 1997 2.000000
Oct. 19, 1998 1.010000
May 7, 2009 1.010000
Jan. 16, 2015 1.100000
July 18, 2017 1.240000
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