Vornado Realty Trust

Find Ratings Reports
VNO : NYSE : Financial
$101.69 -0.55 | -0.54%
Today's Range: 101.5775 - 102.98
Avg. Daily Volume: 820700.0
03/24/17 - 1:04 PM ET

Financial Analysis


VORNADO REALTY TRUST's gross profit margin for the fourth quarter of its fiscal year 2016 has increased when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same quarter a year ago.

At the same time, stockholders' equity ("net worth") has remained virtually unchanged only increasing by 2.99% from the same quarter last year.

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Income Statement Q4 FY16 Q4 FY15
Net Sales ($mil)760.05676.98
EBITDA ($mil)0.00.0
EBIT ($mil)296.9233.1
Net Income ($mil)667.31251.11


Balance Sheet Q4 FY16 Q4 FY15
Cash & Equiv. ($mil)1599.321943.51
Total Assets ($mil)20814.8521143.29
Total Debt ($mil)10851.6911331.01
Equity ($mil)6898.526697.6


Profitability Q4 FY16 Q4 FY15
Gross Profit Margin39.0634.43
EBITDA Margin0.00.0
Operating Margin39.0634.43
Sales Turnover0.130.12
Return on Assets4.353.59
Return on Equity11.849.41
Debt Q4 FY16 Q4 FY15
Current Ratio0.00.0
Debt/Capital0.610.63
Interest Expense105.04109.4
Interest Coverage2.832.13


Share Data Q4 FY16 Q4 FY15
Shares outstanding (mil)189.1188.58
Div / share0.630.63
EPS3.431.21
Book value / share36.4835.52
Institutional Own % n/a n/a
Avg Daily Volume840821.0966486.0

Valuation


BUY. The current P/E ratio indicates a significant discount compared to an average of 51.97 for the Equity Real Estate Investment Trusts REITs industry and a discount compared to the S&P 500 average of 26.73. To use another comparison, its price-to-book ratio of 2.86 indicates valuation on par with the S&P 500 average of 2.98 and a discount versus the industry average of 3.63. The current price-to-sales ratio is well above the S&P 500 average, but below the industry average. Upon assessment of these and other key valuation criteria, VORNADO REALTY TRUST proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
VNO 24.20 Peers 51.97   VNO 19.71 Peers 19.90

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

VNO is trading at a significant discount to its peers.

 

Average. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

VNO is trading at a valuation on par to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
VNO 41.72 Peers 76.61   VNO NM Peers 4.17

Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations.

VNO is trading at a significant discount to its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

VNO's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
VNO 2.86 Peers 3.63   VNO 29.42 Peers 68.17

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

VNO is trading at a discount to its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, VNO is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
VNO 7.37 Peers 7.83   VNO 3.35 Peers 11.27

Average. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

VNO is trading at a valuation on par with its industry on this measurement.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

VNO significantly trails its peers on the basis of sales growth

 

 

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