Vornado Realty Trust

Find Ratings Reports
VNO : NYSE : Financial
$107.2 up 1.41 | 1.33%
Today's Range: 105.59 - 107.42
Avg. Daily Volume: 1053200.0
01/23/17 - 4:02 PM ET

Financial Analysis

VORNADO REALTY TRUST's gross profit margin for the third quarter of its fiscal year 2016 is essentially unchanged when compared to the same period a year ago. Even though sales increased, the net income has decreased, representing a decrease to the bottom line.

During the same period, stockholders' equity ("net worth") has decreased by 5.48% from the same quarter last year.

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Income Statement Q3 FY16 Q3 FY15
Net Sales ($mil)644.91632.1
EBITDA ($mil)0.00.0
EBIT ($mil)200.87195.94
Net Income ($mil)92.58219.23

Balance Sheet Q3 FY16 Q3 FY15
Cash & Equiv. ($mil)1464.64896.1
Total Assets ($mil)20859.3719971.93
Total Debt ($mil)11200.2410007.01
Equity ($mil)6315.836682.15

Profitability Q3 FY16 Q3 FY15
Gross Profit Margin31.1531.0
EBITDA Margin0.00.0
Operating Margin31.1531.0
Sales Turnover0.120.13
Return on Assets2.355.22
Return on Equity6.267.1
Debt Q3 FY16 Q3 FY15
Current Ratio0.00.0
Interest Expense104.12121.35
Interest Coverage1.931.61

Share Data Q3 FY16 Q3 FY15
Shares outstanding (mil)188.99188.54
Div / share0.630.63
Book value / share33.4235.44
Institutional Own % n/a n/a
Avg Daily Volume1043910.0753416.0


HOLD. VORNADO REALTY TRUST's P/E ratio indicates a discount compared to an average of 58.00 for the Equity Real Estate Investment Trusts REITs industry and a significant premium compared to the S&P 500 average of 25.41. To use another comparison, its price-to-book ratio of 3.15 indicates a premium versus the S&P 500 average of 2.83 and a discount versus the industry average of 3.60. 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.

1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
VNO 50.34 Peers 58.00   VNO 24.75 Peers 20.21

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

VNO is trading at a discount to its peers.


Premium. 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 premium to its peers.

1 2 3 4 5
premium   discount
  Price to
1 2 3 4 5
premium   discount
VNO 56.41 Peers 54.40   VNO NM Peers 3.93

Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations.

VNO is trading at a significant premium 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.

1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
VNO 3.15 Peers 3.60   VNO -16.40 Peers 63.37

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.

1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
VNO 7.66 Peers 7.85   VNO 1.34 Peers 16.28

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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