Vornado Realty Trust (VNO) Key Metrics
VNO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.52B
- Enterprise value
- $15.03B
- P/E (TTM)
- 823.2 10-yr median 36.0
- Forward P/E
- 57.1
- PEG ratio
- 2.20
- Price / sales
- 3.6 10-yr median 4.9
- Price / book
- 1.4 10-yr median 1.4
- EV / EBITDA
- 16.3 10-yr median 17.6
- Dividend yield
- 2.12% $0.74 a year
- Beta
- 1.59
VNO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVNO valuation Price multiples at each fiscal year-end price.
VNO returns How much profit the business earns on the capital it uses.
VNO per-share figures Results divided by the shares outstanding at year-end.
VNO financial health Debt, liquidity and how easily interest is covered.
VNO efficiency & capital use Working capital cycle and where the cash goes.
VNO valuation history
VNO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VNO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VNO cash returned to shareholders
VNO price vs earnings per share
VNO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.38B | $8.27B | $5.42B | $3.99B | $8.04B | $7.14B | $12.71B | $11.88B | $14.95B | $15.96B |
| Enterprise value | $13.43B | $16.52B | $13.41B | $11.75B | $15.27B | $13.31B | $19.10B | $21.14B | $23.61B | $25.07B |
| P/E ratio | 7.1 | 117.4 | 51.4 | — | 45.7 | — | 4.0 | 26.4 | 65.7 | 16.6 |
| Price / sales | 3.5 | 4.6 | 3.0 | 2.2 | 5.1 | 4.7 | 6.6 | 5.5 | 7.2 | 6.4 |
| Price / book | 1.1 | 1.6 | 1.0 | 0.7 | 1.3 | 1.1 | 1.9 | 2.7 | 2.5 | 2.3 |
| Price / free cash flow | 5.1 | 15.4 | 8.4 | 5.0 | 10.6 | 244.5 | 56.8 | 16.3 | 29.7 | 63.7 |
| Price / operating cash flow | 5.1 | 15.4 | 8.4 | 5.0 | 10.6 | 16.8 | 19.2 | 14.8 | 17.4 | 15.9 |
| EV / sales | 7.4 | 9.2 | 7.4 | 6.5 | 9.6 | 8.7 | 9.9 | 9.8 | 11.3 | 10.0 |
| EV / EBITDA | 7.6 | 18.8 | 15.9 | 27.8 | 18.2 | 65.4 | 4.6 | 16.9 | 20.3 | 17.0 |
| EV / free cash flow | 10.7 | 30.7 | 20.7 | 14.7 | 20.0 | 456.1 | 85.4 | 29.0 | 46.8 | 100.0 |
| Earnings yield | 14.2% | 0.9% | 1.9% | −8.7% | 2.2% | −4.2% | 24.8% | 3.8% | 1.5% | 6.0% |
| Free cash flow yield | 19.7% | 6.5% | 12.0% | 20.0% | 9.5% | 0.4% | 1.8% | 6.1% | 3.4% | 1.6% |
| Dividend yield | 3.2% | 2.5% | 3.5% | 11.7% | 5.9% | 12.5% | 4.4% | 4.5% | 3.8% | 3.5% |
| Shareholder yield (dividends + buybacks) | 4.0% | 2.5% | 4.1% | 11.7% | 9.6% | 12.5% | 4.4% | 8.5% | 3.8% | 3.5% |
| Share price at fiscal year-end | $33.28 | $42.04 | $28.25 | $20.81 | $41.86 | $37.34 | $66.50 | $62.03 | $78.18 | $84.37 |
| Per share | ||||||||||
| Revenue per share | $9.44 | $9.09 | $9.44 | $9.39 | $8.27 | $7.99 | $10.07 | $11.30 | $10.90 | $13.25 |
| Earnings per share | $4.72 | $0.36 | $0.55 | −$1.81 | $0.92 | −$1.55 | $16.47 | $2.35 | $1.19 | $5.08 |
| Operating cash flow per share | $6.56 | $2.73 | $3.38 | $4.17 | $3.97 | $2.22 | $3.47 | $4.19 | $4.50 | $5.29 |
| Free cash flow per share | $6.56 | $2.73 | $3.38 | $4.17 | $3.97 | $0.15 | $1.17 | $3.80 | $2.64 | $1.33 |
| Cash per share | $4.38 | $3.73 | $5.20 | $7.10 | $9.16 | $8.50 | $7.93 | $2.98 | $9.50 | $7.94 |
| Book value per share | $31.22 | $26.23 | $28.71 | $30.45 | $32.46 | $34.18 | $35.23 | $23.32 | $31.33 | $36.48 |
| Tangible book value per share | $30.64 | $25.63 | $28.05 | $29.72 | $31.65 | $34.05 | $35.06 | $22.61 | $30.50 | $35.46 |
| Dividends per share | $1.06 | $1.03 | $1.00 | $2.44 | $2.46 | $4.66 | $2.90 | $2.79 | $2.93 | $2.94 |
| Capex per share | $3.70 | $2.37 | $0.17 | $4.70 | $3.84 | $2.07 | $2.30 | $0.39 | $1.86 | $3.97 |
| Debt per share | $41.12 | $45.73 | $46.83 | $47.58 | $46.77 | $40.81 | $41.36 | $51.38 | $54.79 | $56.12 |
| Shares outstanding | 191.8M | 196.6M | 191.9M | 191.8M | 192.1M | 191.1M | 191.1M | 191.5M | 191.3M | 189.1M |
| Change in shares outstanding | −2.5% | +2.5% | +0.0% | −0.2% | +0.5% | +0.0% | −0.2% | +0.1% | +1.1% | −0.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 16.2% | 1.3% | 1.9% | −5.7% | 2.8% | −4.5% | 56.2% | 8.6% | 3.5% | 14.1% |
| Return on invested capital (ROIC) | 2.0% | 1.0% | 1.2% | 1.7% | 1.9% | 0.9% | 3.0% | 3.8% | 3.5% | 3.4% |
| Return on assets (ROA) | 5.7% | 0.4% | 0.6% | −2.1% | 1.1% | −1.7% | 17.8% | 2.6% | 1.2% | 4.6% |
| Return on tangible assets | 5.9% | 0.4% | 0.7% | −2.1% | 1.0% | −1.8% | 17.2% | 2.6% | 1.3% | 4.7% |
| Free cash flow margin | 69.5% | 30.1% | 35.8% | 44.4% | 47.9% | 1.9% | 11.6% | 33.6% | 24.2% | 10.0% |
| Income quality (OCF / net income) | 1.39 | 7.64 | 6.14 | — | 4.33 | — | 0.21 | 1.78 | 3.78 | 1.04 |
| Financial health | ||||||||||
| Total debt | $7.89B | $8.99B | $8.98B | $9.13B | $8.99B | $7.80B | $7.90B | $9.84B | $10.48B | $10.61B |
| Cash & short-term investments | $840.9M | $733.9M | $997.0M | $1.36B | $1.76B | $1.62B | $1.52B | $570.9M | $1.82B | $1.50B |
| Net debt | $7.04B | $8.26B | $7.99B | $7.76B | $7.23B | $6.18B | $6.39B | $9.27B | $8.66B | $9.11B |
| Debt / equity | 1.32 | 1.74 | 1.63 | 1.56 | 1.44 | 1.19 | 1.17 | 2.20 | 1.75 | 1.54 |
| Debt / assets | 0.51 | 0.56 | 0.56 | 0.55 | 0.52 | 0.48 | 0.43 | 0.57 | 0.60 | 0.51 |
| Net debt / EBITDA | 3.99 | 9.38 | 9.45 | 18.34 | 8.60 | 30.34 | 1.54 | 7.42 | 7.46 | 6.16 |
| Current ratio | 1.80 | 1.81 | 2.00 | 2.17 | 2.20 | 2.60 | 2.02 | 3.57 | 6.98 | 4.75 |
| Quick ratio | 1.80 | 1.81 | −0.30 | 2.34 | 2.22 | 2.60 | 2.02 | 3.62 | 7.04 | 4.79 |
| Interest coverage | 0.8 | 0.7 | 0.9 | 1.0 | 1.1 | 0.6 | 1.5 | 1.7 | 1.8 | 1.7 |
| Working capital | $876.6M | $766.5M | $1.01B | $1.25B | $1.49B | $1.61B | $1.44B | $1.31B | $2.48B | $2.15B |
| Invested capital | $13.03B | $13.42B | $13.50B | $13.60B | $13.46B | $12.71B | $13.12B | $13.73B | $14.65B | $16.01B |
| Tangible asset value | $6.69B | $6.05B | $6.22B | $6.37B | $7.05B | $7.53B | $8.17B | $5.75B | $5.83B | $8.70B |
| Net current asset value | −$6.74B | −$8.11B | −$7.81B | −$7.67B | −$7.34B | −$6.06B | −$7.23B | −$9.46B | −$8.51B | −$9.19B |
| Graham number | $57.58 | $14.54 | $18.85 | — | $25.87 | — | $114.26 | $35.12 | $28.95 | $64.57 |
| Graham net-net per share | −$37.18 | −$43.32 | −$37.02 | −$42.39 | −$40.39 | −$33.90 | −$41.58 | −$52.10 | −$46.34 | −$51.39 |
| Capital allocation | ||||||||||
| Dividends paid | $203.4M | $203.2M | $191.2M | $468.7M | $472.0M | $891.6M | $553.9M | $534.5M | $561.0M | $556.1M |
| Share buybacks (net) | $51.0M | $0 | $29.2M | $85,000 | $300.0M | $0 | $893,000 | $470.0M | $418,000 | $186,000 |
| Dividend payout ratio | 22.5% | 288.7% | 181.2% | — | 268.2% | — | 17.6% | 118.8% | 246.7% | 57.9% |
| Dividends + buybacks / free cash flow | 20.2% | 37.8% | 34.0% | 58.7% | 101.3% | — | 248.1% | 138.0% | 111.3% | 222.0% |
| Capex / revenue | 39.2% | 26.0% | 1.8% | 50.0% | 46.5% | 25.9% | 22.8% | 3.4% | 17.1% | 29.9% |
| Capex / operating cash flow | 56.4% | 86.6% | 5.1% | 112.7% | 96.9% | 93.1% | 66.3% | 9.3% | 41.4% | 75.0% |
| Capex / depreciation | 1.47 | 0.99 | 0.07 | 1.71 | 1.71 | 0.95 | 1.00 | 0.16 | 0.67 | 1.26 |
| Stock-based compensation / revenue | 1.4% | 1.7% | 2.4% | 1.6% | 2.4% | 3.2% | 2.8% | 1.5% | 1.6% | 1.4% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.6% | 8.3% | 9.0% | 7.4% | 8.5% | 11.9% | 8.8% | 6.6% | 7.6% | 7.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 177.6 | 156.9 | 155.9 | 153.3 | 170.8 | 189.9 | 175.1 | 168.2 | 169.1 | 143.9 |
| Days of inventory on hand | — | — | 433.4 | -42.3 | -4.3 | -1.0 | -6.2 | -10.3 | -10.1 | 23.0 |
| Days payables outstanding | — | 154.4 | 173.8 | 222.3 | 238.2 | 200.6 | 173.2 | 160.4 | 26.3 | -112.9 |
| Cash conversion cycle (days) | — | 2.5 | 415.5 | -111.3 | -71.7 | -11.7 | -4.3 | -2.5 | 132.7 | 279.8 |
| Receivables turnover | 2.06 | 2.33 | 2.34 | 2.38 | 2.14 | 1.92 | 2.08 | 2.17 | 2.16 | 2.54 |
| Payables turnover | — | 2.36 | 2.10 | 1.64 | 1.53 | 1.82 | 2.11 | 2.28 | 13.86 | — |
| Inventory turnover | — | — | 0.84 | — | — | — | — | — | — | — |
| Asset turnover | 0.11 | 0.11 | 0.11 | 0.11 | 0.09 | 0.09 | 0.11 | 0.13 | 0.11 | 0.12 |
| Average receivables | $880.8M | $768.5M | $773.7M | $756.1M | $743.9M | $794.8M | $923.2M | $996.9M | $965.8M | $987.8M |
| Average payables | — | $392.5M | $431.0M | $532.2M | $520.3M | $433.6M | $435.5M | $423.4M | $64.0M | −$317.0M |
| Average inventory | — | — | $1.07B | −$101.4M | −$9.5M | −$2.2M | −$15.7M | −$27.3M | −$24.6M | $64.6M |
| Intangibles / total assets | 0.7% | 0.7% | 0.8% | 0.8% | 0.9% | 0.1% | 0.2% | 0.8% | 0.9% | 0.9% |
Computed from VNO's annual financial statements (latest annual report filed February 9, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VNO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Vornado Realty traded at 7.1 times earnings, against a 10-year median of 36.0. Based on the latest twelve months, the trailing P/E is 823.2 and the forward P/E is 57.1. Vornado Realty earned a return on equity of 16.2% and a return on invested capital of 2.0% in fiscal 2025. It ended the year with $7.9 billion of debt and $840.9 million in cash and short-term investments, net debt of $7.0 billion. It returned $254.4 million to shareholders: $203.4 million in dividends and $51.0 million in share buybacks, 20% of free cash flow.
See the VNO income statement, the VNO chart for price history, or the VNO stock overview for the latest quote and news.
VNO key metrics FAQ
What is Vornado Realty's P/E ratio?
Vornado Realty's trailing P/E ratio is 823.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 57.1. At the end of fiscal 2025 it was 7.1, compared with a 10-year median of 36.0.
What is Vornado Realty's EV/EBITDA?
Vornado Realty's enterprise value was 7.6 times EBITDA at the end of fiscal 2025 (enterprise value $13.4 billion, EBITDA $1.8 billion); the current EV/EBITDA is 16.3.
What is Vornado Realty's return on equity?
Vornado Realty's return on equity (ROE) was 16.2% in fiscal 2025: net income of $905.0 million on average shareholders' equity of $5.6 billion.
What is Vornado Realty's ROIC?
Vornado Realty's return on invested capital was 2.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Vornado Realty have?
Vornado Realty had total debt of $7.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.32 and $7.0 billion of net debt (3.99 times EBITDA).
What is Vornado Realty's dividend yield?
Vornado Realty's forward dividend yield is 2.12%. Vornado Realty paid $203.4 million in dividends in fiscal 2025 ($1.06 per share), a payout ratio of 22.5%.
Does Vornado Realty buy back its shares?
Yes. Vornado Realty spent $51.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.5% over the year, to 191.8M..
What is Vornado Realty's free cash flow yield?
Vornado Realty generated $1.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 19.7% on its market value at year-end ($6.4 billion).
What is Vornado Realty's current ratio?
Vornado Realty's current ratio was 1.80 at the end of fiscal 2025: current assets were 1.80 times current liabilities.