Vornado Realty Trust (VNO)

NYSE · Real Estate · REIT - Office · USA

Vornado Realty Trust is a mid cap company (market value between $2 billion and $10 billion) in the REIT - Office industry.

Vornado Realty Trust is a fully-integrated real estate investment trust owning office, retail, and residential properties primarily in Manhattan, THE MART in Chicago, and other real estate investments. The company also holds a stake in Alexander's, Inc., and operates Building Maintenance Services providing cleaning and security.

From its FY2025 annual report (Form 10-K)

Intrinsic value, DCF valuation, financial health and value investing analysis for the Vornado Realty Trust stock.

Our verdict on VNO

Overvalued: intrinsic value $18.29 per share, market price $33.11, margin of safety -81.0% (as of 2026-10-20).

Discounting its cash flows at 10.7% (average of 3 methods) values the shares at $18.29; the price of $33.11 is 81% above that value, and 70% of that value comes from beyond year five.

Leak Score: 43/100 on 11 of 12 signals (On Watch).

ETFs with the most weight in VNO

17 more funds hold it; the full list is part of the paid plan.

More on VNO

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Cheaper than VNO in REIT - Office

3 more in this industry show a wider margin of safety.

Is VNO undervalued or overvalued?

VNO is overvalued (as of the 2026-10-20 close). Discounting its cash flows at 10.7% (average of 3 methods) values the shares at $18.29; the price of $33.11 is 81% above that value, and 70% of that value comes from beyond year five.

What is the intrinsic value of VNO?

$18.29 per share (as of the 2026-10-20 close), against a market price of $33.11. That is a margin of safety of -81.0%. The value is the average of the valuation methods that apply to this company, recomputed every night after the US close.

What is Vornado Realty Trust's Leak Score?

43 out of 100, which we rate "On Watch", on 11 of 12 value investing signals.