Vornado Realty Trust (VNO) intrinsic value & 10-year financials
Vornado Realty Trust (VNO) has a Graham intrinsic value of $28.19 per share. At $32.93 on Oct 17, 2026, the stock trades 17% above that value. Over the last 10 fiscal years revenue shrank 1.1% a year to $1.8B, with an average return on invested capital of 8.7%.
- Graham intrinsic value
- $28.19
- Share price (Oct 17, 2026)
- $32.93
- Price vs Graham value
- 17% above
- Market cap
- $6.6B
- Revenue (FY2025)
- $1.8B
- Revenue growth (10-yr CAGR)
- -1.1%
- ROIC (10-yr avg)
- 8.7%
- Free cash flow (FY2025)
- —
VNO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.8B | $905.0M | $4.20 | — | — | 12.6% |
| FY2024 | $1.8B | $70.4M | $0.04 | — | — | 1.0% |
| FY2023 | $1.8B | $105.5M | $0.23 | — | — | 1.4% |
| FY2022 | $1.8B | -$346.5M | -$2.13 | — | — | -4.8% |
| FY2021 | $1.6B | $176.0M | $0.53 | — | — | 2.6% |
| FY2020 | $1.5B | -$297.0M | -$1.83 | — | — | -4.3% |
| FY2019 | $1.9B | $3.1B | $16.21 | — | — | 50.2% |
| FY2018 | $2.2B | $450.0M | $2.01 | — | 26.9% | 11.1% |
| FY2017 | $2.1B | $227.4M | $0.85 | — | 29.1% | 9.5% |
| FY2016 | $2.0B | $906.9M | $4.34 | — | 27.5% | 8.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
VORNADO REALTY TRUST is facing top-line stagnation, with revenue contracting over the decade.
VORNADO REALTY TRUST returns on capital have been average, hovering around 8.7% ROIC over the decade.
Over the decade, VORNADO REALTY TRUST shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, VORNADO REALTY TRUST is modeled at -0.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $28.19 per share.