Vornado Realty Trust
$34.00
+1.3%Vornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
High confidenceValuation multiple is compressed (P/E 7.7).
Valuation inputs: P/E 7.7, earnings yield +12.9%, momentum +1.3%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is acceptable (ROE +15.1%, ROIC +1.8%).
Profitability stack: net margin +50.0%, ROE +15.1%, ROIC +1.8%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceDownside profile looks controlled across current risk inputs.
Risk factors: liabilities/assets +56.2%, momentum +1.3%, net margin +50.0%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Vornado Realty Trust Market vs Earnings Trajectory
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Vornado Realty Trust Fair Value Envelope
Vornado Realty Trust Profit Bridge
Profitability Analysis
Gross Margin
Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.
Operating Margin
Healthy operating margins demonstrate effective cost control and strong business fundamentals.
Net Profit Margin
Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.
Effective Tax Rate
Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.
Profitability Insight
High margin compression: Large gap between gross and net margins suggests operational inefficiencies or heavy debt burden. Focus on expense management and deleveraging.
Vornado Realty Trust Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.
FCF Growth Trend
Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.
Working Capital Impact
Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.
Cash Flow Quality Insight
Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.
Vornado Realty Trust Funding & Solvency Profile
Financial Health Analysis
Working Capital
Strong working capital position provides significant operational flexibility and financial cushion.
Asset Composition
Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.
Vornado Realty Trust Street Expectations Map
Wall Street analysts project that VNO stock may experience modest gains over the coming 12 months. The consensus 1-year price target stands at 36.17, with estimates ranging from a low of 33.00 to a high of 42.00.
The consensus 1-year price target stands at 36.17, with estimates ranging from a low of 33.00 to a high of 42.00.
Analyst Consensus Analysis
Upside Potential
Moderate upside. Analysts expect positive returns but with limited margin of safety. Consider entry timing.
Analyst Agreement
Good consensus alignment. Moderate target spread reflects general agreement on value drivers with some variance in assumptions.
Risk-Reward Profile
Favorable risk-reward. Potential upside significantly exceeds downside risk, offering asymmetric return profile attractive for risk-tolerant investors.
Analyst Conviction
Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.
Market Sentiment Insight
Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.
Vornado Realty Trust Insider Positioning
During the last 12 months, insiders have purchased $5.63M and sold $1.19M worth of VNO shares, resulting in $4.44M of net buying activity.
3 Months
30.0K
766.50K
0
0.00
+767K
+$767K
3-6 Months
180.0K
4.87M
0
0.00
+4.9M
+$4.87M
6-9 Months
0
0.00
0
0.00
+0
+$0
9-12 Months
0
0.00
30.0K
1.19M
-1.2M
-$1.19M
Top Buyers
Tisch Daniel R
Director
$5.63M
Top Sellers
Chera Haim
Officer: Evp- Head Of Retail
$1.19M
Insider Activity Analysis
Net Insider Sentiment
Strong bullish signal with $4.44M net buying. Insiders are aggressively accumulating shares, suggesting significant confidence in future prospects.
Buy/Sell Ratio
Exceptional buy/sell ratio. Buying dramatically outweighs selling—one of the strongest possible insider signals.
Recent Trend (3 Months)
Very strong recent buying momentum. Recent insider purchases significantly outpace sales, suggesting near-term optimism.
Insider Participation
1 insider buyers and 1 sellers. Equal participation suggests mixed or neutral insider views.
Insider Activity Insight
Sustained buying momentum: Consistent net buying over multiple quarters suggests insiders maintain conviction in the company's prospects. This is particularly meaningful if buying continued through market volatility.
vno Dividend History
Learning Layer
Related Guides
Build conviction on VNO by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.