Vornado Realty Trust Common Stock (VNO)

FairStock Score: 61/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Vornado as a REIT, not as a typical earnings stock. Depreciation distorts EPS and P/E, so I ignore FairStock's P/E of 1,127.67. FFO/AFFO, the right REIT measures, are not in my data. What I can see is a 26 million square-foot portfolio concentrated in premier New York City office, retail, and multifamily, including the Penn District. That location and asset quality may be a durable moat, but office demand remains the key uncertainty. Revenue has been steady: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $462.2M, up from $441.4M in fiscal Q2 2025, the quarter ended 2025-06-30. Net income was $32.0M in fiscal Q2 2026, after a $7.3M loss in fiscal Q1 2026, the quarter ended 2026-03-31. Full-year fiscal 2025, the year ended 2025-12-31, net income was $905.0M, but that was far above fiscal 2024's $70.4M and fiscal 2023's $105.5M, so I would not treat it as recurring until FFO/AFFO confirms. The balance sheet is my main worry: D/E is 1.22, and the FairStock Altman Z-Score is 0.18, a distress signal. FairStock also shows ROE of 0.60% and ROCE of 1.01%, both weak. On valuation, at the 2026-10-13 close of $33.83, price-to-book is 1.32, FCF yield is 6.2%, and dividend yield is 2.12%. The FairStock Lynch category is TURNAROUND because it returned to profit after a loss within the last three years, and its Piotroski F-Score is 7/9. This is not a classic Graham bargain, but for a leveraged NYC office REIT, the price looks fair, not distressed, and the cash generation is real.

In plain English: Vornado owns a large portfolio of high-end New York City office, retail, and apartment buildings. The business brings in steady revenue and cash, but profits are thin and uneven, and the company carries a lot of debt. At $33.83 a share, the price looks roughly fair against its asset value and cash flow rather than clearly cheap or expensive.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer