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VORNADO REALTY TRUST

VNO

CIK 0000899689 · Quarterly mode · latest period FY2025 (Q4) (ending 2025-12-31) · sourced from SEC EDGAR

At a glance · FY2025 (Q4)

Revenue
$454M
↓-0.9% -$4Mvs FY2024 (Q4)
Operating Income
$336M
↓-1.1% -$4Mvs FY2024 (Q4)
Net Income
$5M
↓-14.7% -$844Kvs FY2024 (Q4)
Gross Profit
$454M
↓-0.9% -$4Mvs FY2024 (Q4)

Quality Score

Quality score

6-dimension fundamental snapshot · latest annual filed values · S&P 500 calibration

Poor
18/100
  • Profitability
    15ROIC 8.0% (10% = solid, 20%+ = moat)
  • Liquidity
    0Insufficient data
  • Leverage
    81D/E 0.38 (under 0.5 = conservative)
  • Efficiency
    0Asset Turnover 0.11x (1.0+ = capital-efficient)
  • Growth
    14Revenue YoY -0.9% (10% = solid, 25%+ = elite)
  • Margin Trend
    0Insufficient data

Calibrated to S&P 500 medians. Each sub-score is computed from a single CFA-grade ratio (Profitability = ROIC, Liquidity = Current Ratio, Leverage = D/E, Efficiency = Asset Turnover, Growth = Revenue YoY, Margin Trend = 4Q operating-margin avg vs prior 4Q). Overall = simple mean.

DCF intrinsic value

DCF intrinsic value

two-stage Gordon model

Project VNO's free cash flow forward, discount back at your hurdle rate, divide by diluted shares. Edit the assumptions to see how sensitive the intrinsic value is.

16%

Trailing 3-yr CAGR was 16.3%

10%

10% is a common all-equity benchmark for US large-caps

2.5%

Should be ≤ long-run GDP growth (~2.5% nominal)

5

5-year explicit projection + perpetuity terminal

Intrinsic value per share
$148.36
Total enterprise IV
$29.83B
Diluted shares
0.20B
Terminal PV
$22.43B (75% of total)
Year-5 FCF
$2.64B
YearProjected FCFDiscounted PV
+1$1.46B$1.33B
+2$1.69B$1.40B
+3$1.96B$1.48B
+4$2.28B$1.56B
+5$2.64B$1.64B
Terminal$36.12B$22.43B

DCF outputs are HIGHLY sensitive to growth + WACC assumptions. A 1pp WACC change can shift IV by 20%+. Use this as a sanity-check vs market price, not a target — and always cross-check the underlying FCF source (EDGAR cashflow statement, latest annual). Margin of safety convention: 30-50% discount to IV before buying.

Capital allocation · trailing 4 quarters

how the company spent its cash
Dividends paid (TTM)
$141M
cash returned to holders
Stock buybacks (TTM)
$51M
share count reduction
Stock-based comp (TTM)
$25M
non-cash dilution

Balance sheet · 2025-12-31

latest filed snapshot
Total assets
$15.52B
everything owned
Total liabilities
$8.72B
everything owed
Stockholders' equity
$5.99B
shareholder claim
Net debt
$1.42B
LT debt minus cash

Recent performance · 75 quarters

Revenue↓-0.9% -$4M
$454M
Net Income↓-3.6% -$602K
$16M
Free Cash Flow↓-29.1% -$60M
$146M
Operating Margin↓-5.0pts
24.8%

Drill down

VNO Sankey

See VORNADO REALTY TRUST's revenue flow into every line item of the income statement and balance sheet — every dollar accounted for, with prior-period comparison.

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VNO Charts

75 quarters of historical line items — Income, Cash Flow, Balance Sheet, plus margins. Click any chart for the trend dialog.

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VNO Key Metrics

EPS, BVPS, FCF/Share, ROE, ROA, ROIC, D/E, Current Ratio, Quick Ratio, Asset Turnover — 10 CFA-grade fundamentals derived from EDGAR data.

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