Vornado Realty (VNO) Price & Analysis
VNO Stock Chart & Stats
- Day’s Range
- N/A
- 52-Week Range
- N/A
- Previous Close
- N/A
- Volume
- N/A
- Average Volume (3M)
- N/A
- Market Cap
- MXN 132.00B
- Enterprise Value
- MXN 17.10B
- Total Cash (Recent Filing)
- MXN 675.35M
- Total Debt (Recent Filing)
- MXN 9.06B
- Price to Earnings (P/E)
- 1118.1
- Beta
- N/A
- Next Earnings
- Nov 02, 2026
- EPS Estimate
- -3.74
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- N/A
Bulls Say, Bears Say
Bulls Say
Improving Occupancy And Leasing
Rising occupancy and a large leasing pipeline support stronger recurring rental income across Vornado’s New York portfolio. The improvement from the prior trough, alongside signed leases and positive mark-to-market spreads, indicates that leasing execution can continue lifting cash flow and property-level earnings over the next several quarters.
Strong Same-store NOI Growth
Broad same-store NOI growth demonstrates that Vornado is improving earnings from its existing properties, not relying solely on acquisitions or development. Higher property-level income strengthens recurring cash generation, supports reinvestment, and provides a durable operating base as occupancy and rents continue to recover.
Substantial Liquidity
A substantial liquidity position gives Vornado financial flexibility to fund leasing, property improvements, and development commitments while managing maturities and operating needs. Cash and available credit also provide a buffer against uneven property cash flows, helping the company pursue opportunities without relying entirely on asset sales or new capital.
Bears Say
Historically Elevated Leverage
Historically elevated leverage can reduce financial flexibility because interest expense and refinancing needs absorb more of the property portfolio’s cash flow. This is particularly important for an office-focused REIT, where capital requirements and leasing cycles can be extended, limiting capacity to fund growth during weaker conditions.
Weaker And Uneven Cash Generation
The sharp decline in trailing free cash flow indicates that reported operating progress has not translated consistently into distributable or reinvestable cash. Uneven conversion can constrain debt reduction, redevelopment funding, and shareholder distributions, leaving Vornado more dependent on financing or asset monetization when capital needs rise.
Capital Intensity Of 350 Park Development
The 350 Park project creates a multi-year gap between required investment and realized returns, while demolition removes existing income from the asset. Large equity needs and execution timing could pressure liquidity and near-term cash flow, increasing exposure to construction outcomes before the development contributes earnings.
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Vornado Realty Stock Smart Score
Company Description
Vornado Realty
Vornado's property holdings are predominantly focused on the crucial New York City market, complemented by a top-tier asset in both Chicago and San Francisco. The company is also at the forefront of the real estate sector regarding its sustainability initiatives. Demonstrating this commitment, Vornado manages an extensive portfolio exceeding 23 million square feet of LEED-certified buildings and was recognized with the Energy Star Partner of the Year Award for Sustained Excellence in 2019. A significant corporate milestone was reached in 2012 when Vornado celebrated five decades of being listed on the New York Stock Exchange.
- Sector
- Realestate
- Industry
- REIT - Office
- CEO
- Steven Roth
- Employees
- 3,145
- Website
- www.vno.com
- Address
- 888 Seventh Avenue, New York City, NY, 10019-4499, US
Vornado Realty (VNO) Earnings & Revenues
VNO Earnings Call
Earnings Call SentimentPositive
The call presented a majority of positive operational and financial developments: a clear beat to FFO, strong same-store NOI growth, accelerating Manhattan leasing with rising starting rents, a large leasing pipeline (including a 1 million sq ft Citadel commitment), accretive acquisitions (Park Avenue Plaza, 623 Fifth Avenue), and robust liquidity and buybacks. Offsetting concerns include higher net interest expense, lag between signed leases and GAAP earnings recognition, capital intensity and timing risk for major development (350 Park Avenue), and a material stock NAV discount. Overall, the positives (strong leasing momentum, NOI gains, pipeline, liquidity and accretive deals) materially outweigh the near-term lowlights and execution/timing risks.
View all MX:VNO earnings summaries