# Vornado Realty Trust (VNO)

> Source: Nexqual · https://nexqual.com/VNO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Vornado Realty Trust (VNO), nexqual.com/VNO" · informational, not investment advice.

**Price:** USD 34.34 (+4.41% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 32.89 · day 32.52–34.72 · 52w 24.57–41.6 · market cap $6.80B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.83B, net income $67.9M (3.7% margin) (SEC filings).
- Valuation: P/E 100.2x (avg 58.7x at the last 3 fiscal year-ends), net debt $1.92B.
- 1 of 80 tracked superinvestors hold VNO (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $7.9M; 2 not under a Rule 10b5-1 plan ($7.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $68K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (13 analysts), mean target USD 39.23 (range 31–50).
- Total return with dividends: 1Y -10.7% vs S&P 500 +14.9%; 5Y -11.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD -0.22, revenue estimate $477M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.59B | $1.80B | $1.81B | $1.79B | $1.81B | $1.83B |
| Net income | $176M | -$346M | $105M | $70.4M | $905M | $67.9M |
| EPS (diluted) | $0.53 | -$2.13 | $0.23 | $0.04 | $4.20 | — |
| Net margin | 11.1% | -19.2% | 5.8% | 3.9% | 50.0% | 3.7% |
| Revenue growth | +4.0% | +13.3% | +0.6% | -1.3% | +1.3% | — |
| Cash + short-term investments | $1.76B | $1.36B | $997M | — | — | — |
| Total debt | $2.56B | $2.56B | $2.56B | $2.57B | $2.26B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 100.2x · P/S 3.7x · EV/Sales 4.8x · P/B 1.2x · Earnings yield 1.00% · Net debt $1.92B · EV $8.73B
P/E at fiscal year-ends: Dec 2025 7.4x, Dec 2024 117.4x, Dec 2023 51.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VNO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 0.83% | $66.2M | Added +0.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-29 | Chera Haim | EVP - HEAD OF RETAIL | 90,000 | $3.1M | 45% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Fascitelli Michael D | Director | 133,350 | $4.9M | 11.6% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $68K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-08 | Wight Russell B Jr | Director | 4,000 | $68K | 16.94 | Too little history (no open-market trades in 2025) |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 13 analysts; mean target USD 39.23 (low 31, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Neutral | $44 → $37 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $46 → $43 |
| 2026-09-21 | Truist Securities | Target lowered | Hold | $39 → $35 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Perform | $41 → $39 |
| 2026-09-15 | JP Morgan | Target raised | Neutral | $37 → $39 |
| 2026-09-02 | Scotiabank | Target raised | Sector Perform | $40 → $41 |
| 2026-08-10 | Citigroup | Target raised | Neutral | $34 → $40 |
| 2026-08-05 | Piper Sandler | Target raised | Neutral | $42 → $44 |
| 2026-08-05 | Evercore ISI Group | Target raised | Outperform | $45 → $46 |
| 2026-07-22 | Morgan Stanley | Downgrade | Equal-Weight → Underweight | $32 |
| 2026-07-21 | Scotiabank | Target raised | Sector Perform | $38 → $40 |
| 2026-07-21 | Piper Sandler | Target raised | Neutral | $28 → $42 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -10.7% | -11.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -10.8% | -2.4% |
| Volatility (annualized) | 32.6% | 40.9% |
| Max drawdown | -35.9% (Oct 2025→Mar 2026) | -70.5% (Mar 2022→May 2023) |

## Peers (REIT - Office)
ARE (Alexandria Real Estate Equities) USD 43.33 +2.53% · CUZ (Cousins Properties Incorporated) USD 28.67 +3.39% · KRC (Kilroy Realty Corporation) USD 35.96 +4.44% · BXP (BXP, Inc.) USD 61.49 +4.86% · CDP (COPT Defense Properties) USD 33.83 +2.24% · SLG (SL Green Realty Corp) USD 49.19 +5.38%

## More
Full page: https://nexqual.com/VNO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VNO's own 10-K filed 2026-02-09 (https://www.sec.gov/Archives/edgar/data/899689/000089968926000009/vno-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Hudson Pacific Properties and Blackstone | "On August 28, 2023, we, together with Hudson Pacific Properties and Blackstone Inc., formed a joint venture to develop Pier 94 into a 266,000 square foot purpose-built studio campus in Manhattan." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| New York | $380.3M | 82.3% | +6.7% |
| Other | $81.9M | 17.7% | -3.5% |
| Total revenue | $462.2M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rental revenues | $405.1M | 87.6% | +6.0% |
| Fee and other income | $57.2M | 12.4% | -3.4% |
| — Building Maintenance Service (part of Fee and other income) | $33.3M | 7.2% | -10.9% |
| — Product & Service Other (part of Fee and other income) | $21.2M | 4.6% | +12.4% |
| — Management & Leasing Fees (part of Fee and other income) | $2.7M | 0.6% | -9.2% |
| Tenant Services | $10.5M | 2.3% | +15.6% |
| Parking Revenue | $5.2M | 1.1% | +4.3% |
| Total revenue | $462.2M | 100% | — |
The lines above cover 103.4% of total revenue.

## Company outlook (8-K filed 2026-08-03)

- "NYSE: VNO | WWW.VNO.COM PAGE 6 OF 17 Active Development/Redevelopment Summary as of June 30, 2026: (Amounts in thousands, except square feet) (at Vornado's share) Projected Incremental Cash Yield Active Development Projects: Property Rentable Sq."
- "Budget Cash Amount Expended Remaining Expenditures Projected Leasing Stabilization Year 623 Fifth Avenue office condominium 383,000 $ 450,000 (1) $ 244,255 $ 205,745 2028 10.1% ________________________________ (1) Includes purchase price."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.22 | $0.02 | -1200.0% | $476.5M | 1 |
| Next quarter (ends 2026-12-31) | $-0.21 | $0.03 | -800.0% | $483.7M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.51 | $-0.02 | +2450.0% | $1.88B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.31 | $0.25 | +24.0% | $2.01B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±10.2%; last 8 reports averaged ±2.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 45.4% | ±10.2% |
| 2026-12-18 | 56 | 48.9% | ±16.2% |
| 2027-01-15 | 84 | 37.4% | ±15.3% |
| 2027-03-19 | 147 | 43.5% | ±21.5% |
| 2027-06-17 | 237 | 36.3% | ±22.6% |