Latest Ratios: P/E Ratio 9.7x · EV/EBITDA 19.5x · ROE 13.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.6B | $6.4B | $8.3B | $5.4B | $4.0B | $8.0B | $7.1B | $12.7B | $11.9B | $15.0B | $16.0B |
| Enterprise Value | $14.7B | $13.4B | $16.5B | $13.4B | $12.2B | $15.3B | $13.3B | $19.1B | $21.1B | $22.9B | $25.1B |
| P/E Ratio → | 9.66 | 7.92 | 1051.00 | 122.83 | — | 78.98 | — | 4.10 | 26.40 | 91.98 | 16.60 |
| P/S Ratio | 4.22 | 3.52 | 4.62 | 2.99 | 2.22 | 5.06 | 4.67 | 6.60 | 5.49 | 7.17 | 6.36 |
| P/B Ratio | 1.14 | 0.94 | 1.34 | 0.85 | 0.61 | 1.12 | 0.94 | 1.55 | 2.02 | 2.50 | 1.79 |
| P/FCF | 6.07 | 5.07 | 15.37 | 8.36 | 5.00 | 10.56 | 244.52 | 56.83 | 16.31 | 29.65 | 63.65 |
| P/OCF | 6.07 | 5.07 | 15.37 | 8.36 | 5.00 | 10.56 | 16.82 | 19.18 | 14.80 | 17.38 | 15.94 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.42 | 9.24 | 7.40 | 6.79 | 9.61 | 8.71 | 9.92 | 9.77 | 10.97 | 10.00 |
| EV / EBITDA | 19.48 | 17.82 | 22.54 | 17.68 | 15.02 | 22.53 | 23.68 | 22.29 | 9.56 | 9.42 | 12.44 |
| EV / EBIT | 53.93 | 10.45 | 40.19 | 34.55 | — | 37.43 | — | 5.16 | 27.26 | 36.22 | 28.38 |
| EV / FCF | — | 10.67 | 30.73 | 20.69 | 15.30 | 20.04 | 456.09 | 85.41 | 29.04 | 45.34 | 100.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 50.0% | 51.4% | 49.8% | 48.4% | 52.3% | 55.5% | 57.5% | 59.1% |
| Operating Margin | 15.0% | 15.0% | 14.8% | 16.6% | 16.0% | 15.4% | 9.4% | 21.7% | 26.9% | 29.1% | 22.0% |
| Net Profit Margin | 50.0% | 50.0% | 3.9% | 5.8% | -19.3% | 11.1% | -19.4% | 163.6% | 20.8% | 10.9% | 38.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.9% | 13.9% | 1.1% | 1.6% | -5.1% | 2.4% | -3.8% | 44.7% | 7.6% | 3.1% | 10.9% |
| ROA | 5.7% | 5.7% | 0.4% | 0.6% | -2.1% | 1.1% | -1.7% | 17.8% | 2.6% | 1.2% | 4.6% |
| ROIC | 1.4% | 1.4% | 1.4% | 1.6% | 1.5% | 1.3% | 0.8% | 2.1% | 3.0% | 2.9% | 2.3% |
| ROCE | 1.8% | 1.8% | 1.7% | 2.0% | 1.8% | 1.6% | 0.9% | 2.5% | 3.5% | 3.3% | 2.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.16 | 1.16 | 1.46 | 1.42 | 1.40 | 1.25 | 1.03 | 0.96 | 1.67 | 1.62 | 1.19 |
| Debt / EBITDA | 10.46 | 10.46 | 12.26 | 11.85 | 11.21 | 13.26 | 13.87 | 9.23 | 4.45 | 4.01 | 5.27 |
| Net Debt / Equity | — | 1.04 | 1.34 | 1.26 | 1.26 | 1.00 | 0.82 | 0.78 | 1.57 | 1.32 | 1.02 |
| Net Debt / EBITDA | 9.35 | 9.35 | 11.26 | 10.54 | 10.12 | 10.66 | 10.98 | 7.46 | 4.19 | 3.26 | 4.52 |
| Debt / FCF | — | 5.60 | 15.36 | 12.32 | 10.31 | 9.49 | 211.57 | 28.58 | 12.73 | 15.69 | 36.36 |
| Interest Coverage | 3.63 | 3.63 | 1.05 | 1.11 | -0.37 | 1.77 | -0.94 | 12.91 | 2.23 | 1.83 | 2.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.80 | 1.80 | 1.81 | 2.00 | 2.17 | 2.20 | 2.60 | 2.02 | 3.57 | 6.98 | 4.75 |
| Quick Ratio | 1.80 | 1.80 | 1.81 | 2.00 | 2.17 | 2.20 | 2.60 | 2.02 | 3.62 | 7.04 | 4.79 |
| Cash Ratio | 0.77 | 0.77 | 0.77 | 0.98 | 1.28 | 1.42 | 1.62 | 1.07 | 1.12 | 4.37 | 2.61 |
| Asset Turnover | — | 0.12 | 0.11 | 0.11 | 0.11 | 0.09 | 0.09 | 0.11 | 0.13 | 0.12 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 2.2% | 1.7% | 2.4% | 10.2% | 5.0% | 11.6% | 4.0% | 4.5% | 3.3% | 3.0% |
| Payout Ratio | 15.6% | 15.6% | 200.5% | 122.3% | — | 230.7% | — | 16.0% | 118.8% | 218.3% | 49.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.3% | 12.6% | 0.1% | 0.8% | — | 1.3% | — | 24.4% | 3.8% | 1.1% | 6.0% |
| FCF Yield | 16.5% | 19.7% | 6.5% | 12.0% | 20.0% | 9.5% | 0.4% | 1.8% | 6.1% | 3.4% | 1.6% |
| Buyback Yield | 0.7% | 0.8% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 4.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.5% | 3.0% | 1.7% | 2.9% | 10.2% | 5.1% | 11.6% | 4.0% | 8.5% | 3.3% | 3.0% |
| Shares Outstanding | — | $192M | $197M | $192M | $192M | $192M | $191M | $191M | $191M | $191M | $189M |
NYC Office Market Concentration
As reported in recent quarterly filings, Vornado's NOI margin experienced a sharp contraction to -5.4% in 2026Q1, signaling that property-level operating expenses are currently outpacing rental income and challenging the historical profitability of the firm's concentrated Manhattan office portfolio in a difficult leasing environment.
The sudden shift from historical 100% NOI margins to negative territory suggests that the company's cost structure is becoming increasingly rigid relative to its revenue-generating capacity. Investors should monitor whether this margin compression is a temporary result of specific redevelopment outlays or a structural decline in the profitability of the Penn District assets.
Based on the provided financial data, the FFO payout ratio has exhibited extreme volatility, reaching 116.6% in 2025Q4, which indicates that the dividend is currently consuming more than the entirety of the company's funds from operations and raises significant questions regarding long-term distribution sustainability.
The lack of consistent AFFO reporting makes it difficult to determine the true cash-after-capex available for shareholders, but the erratic payout ratios suggest that the dividend is not currently supported by stable recurring cash flows. This volatility warrants caution, as the company may be forced to prioritize capital preservation over shareholder returns if market conditions do not improve.
According to reported financial statements, the debt-to-equity ratio has remained persistently above 1.1x, a figure that appears to understate the true leverage profile of the REIT when considering the significant off-balance-sheet obligations inherent in its complex joint venture structures and ongoing capital-intensive redevelopment projects.
The interest coverage ratio, which dipped to 0.82 in 2026Q1, suggests that the company's ability to service its debt obligations is becoming increasingly constrained in the current interest rate environment. Investors should be wary of relying on simple D/E ratios, as they fail to capture the full extent of the company's financial risk and sensitivity to refinancing.
As noted in institutional research standards, the P/E ratio is fundamentally misapplied to Vornado because it includes non-cash depreciation charges that significantly distort earnings, thereby obscuring the REIT's true cash-generating capacity and leading to a misleading valuation of its underlying real estate assets.
Analysts should instead utilize P/FFO or P/AFFO to normalize for these non-cash accounting distortions, which are particularly pronounced in capital-intensive office REITs. Relying on P/E ignores the reality that depreciation is an accounting convention rather than a cash expense, leading to a systematic undervaluation of the company's actual operational performance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VNO stock.
Vornado Realty Trust's current P/E ratio is 9.7x. The historical average is 33.4x. This places it at the 7th percentile of its historical range.
Vornado Realty Trust's current EV/EBITDA is 19.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
Vornado Realty Trust's return on equity (ROE) is 13.9%. The historical average is 8.1%.
Based on historical data, Vornado Realty Trust is trading at a P/E of 9.7x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vornado Realty Trust's current dividend yield is 1.82% with a payout ratio of 15.6%.
Vornado Realty Trust has 100.0% gross margin and 15.0% operating margin. Operating margin between 10-20% is typical for established companies.
Vornado Realty Trust's Debt/EBITDA ratio is 10.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.