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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 0.06
VNO's Cash to Debt is ranked higher than
69% of the 582 Companies
in the Global REIT - Diversified industry.

( Industry Median: 0.06 vs. VNO: 0.06 )
VNO' s 10-Year Cash to Debt Range
Min: 0.05   Max: 0.37
Current: 0.06

0.05
0.37
Equity to Asset 0.34
VNO's Equity to Asset is ranked higher than
54% of the 590 Companies
in the Global REIT - Diversified industry.

( Industry Median: 0.49 vs. VNO: 0.34 )
VNO' s 10-Year Equity to Asset Range
Min: 0.24   Max: 0.52
Current: 0.34

0.24
0.52
Interest Coverage 0.28
VNO's Interest Coverage is ranked lower than
57% of the 509 Companies
in the Global REIT - Diversified industry.

( Industry Median: 2.37 vs. VNO: 0.28 )
VNO' s 10-Year Interest Coverage Range
Min: 0.13   Max: 3.67
Current: 0.28

0.13
3.67
F-Score: 4
Z-Score: 0.77
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating margin (%) 6.62
VNO's Operating margin (%) is ranked lower than
53% of the 611 Companies
in the Global REIT - Diversified industry.

( Industry Median: 39.87 vs. VNO: 6.62 )
VNO' s 10-Year Operating margin (%) Range
Min: 4.04   Max: 52.57
Current: 6.62

4.04
52.57
Net-margin (%) 23.56
VNO's Net-margin (%) is ranked higher than
64% of the 612 Companies
in the Global REIT - Diversified industry.

( Industry Median: 33.54 vs. VNO: 23.56 )
VNO' s 10-Year Net-margin (%) Range
Min: 5.27   Max: 52.66
Current: 23.56

5.27
52.66
ROE (%) 7.04
VNO's ROE (%) is ranked higher than
74% of the 598 Companies
in the Global REIT - Diversified industry.

( Industry Median: 6.45 vs. VNO: 7.04 )
VNO' s 10-Year ROE (%) Range
Min: 1.7   Max: 35.3
Current: 7.04

1.7
35.3
ROA (%) 2.37
VNO's ROA (%) is ranked higher than
67% of the 602 Companies
in the Global REIT - Diversified industry.

( Industry Median: 3.17 vs. VNO: 2.37 )
VNO' s 10-Year ROA (%) Range
Min: 0.53   Max: 10.86
Current: 2.37

0.53
10.86
ROC (Joel Greenblatt) (%) 0.90
VNO's ROC (Joel Greenblatt) (%) is ranked lower than
52% of the 500 Companies
in the Global REIT - Diversified industry.

( Industry Median: 5.42 vs. VNO: 0.90 )
VNO' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 0.5   Max: 24.9
Current: 0.9

0.5
24.9
Revenue Growth (%) -6.80
VNO's Revenue Growth (%) is ranked higher than
59% of the 499 Companies
in the Global REIT - Diversified industry.

( Industry Median: 0.80 vs. VNO: -6.80 )
VNO' s 10-Year Revenue Growth (%) Range
Min: -7.5   Max: 47.4
Current: -6.8

-7.5
47.4
EBITDA Growth (%) -18.90
VNO's EBITDA Growth (%) is ranked higher than
51% of the 449 Companies
in the Global REIT - Diversified industry.

( Industry Median: 2.30 vs. VNO: -18.90 )
VNO' s 10-Year EBITDA Growth (%) Range
Min: -18.9   Max: 36.2
Current: -18.9

-18.9
36.2
» VNO's 10-Y Financials

Financials


Revenue & Net Income
Equity & Asset
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2013

VNO Guru Trades in Q2 2013

Chris Davis 987,304 sh (+22.89%)
Ron Baron 86,437 sh (+9.5%)
Pioneer Investments 84,820 sh (+1.46%)
Manning & Napier Advisors, Inc 25,520 sh (unchged)
Mason Hawkins 339,902 sh (unchged)
Jim Simons Sold Out
Steven Cohen Sold Out
Jeremy Grantham 48,328 sh (-0.21%)
Third Avenue Management 660,419 sh (-0.33%)
Murray Stahl 206,798 sh (-5.38%)
» More
Q3 2013

VNO Guru Trades in Q3 2013

Ron Baron 92,537 sh (+7.06%)
Murray Stahl 208,278 sh (+0.72%)
Third Avenue Management 660,669 sh (+0.04%)
Jeremy Grantham 48,028 sh (-0.62%)
Mason Hawkins 232,202 sh (-31.69%)
Pioneer Investments 53,400 sh (-37.04%)
Chris Davis 447,516 sh (-54.67%)
Manning & Napier Advisors, Inc 9,330 sh (-63.44%)
» More
Q4 2013

VNO Guru Trades in Q4 2013

George Soros 84,133 sh (New)
Michael Price 100,000 sh (New)
Steven Cohen 133,662 sh (New)
Ron Baron 109,904 sh (+18.77%)
Mason Hawkins 232,202 sh (unchged)
Third Avenue Management 659,703 sh (-0.15%)
Jeremy Grantham 47,881 sh (-0.31%)
Pioneer Investments 45,100 sh (-15.54%)
Manning & Napier Advisors, Inc 7,590 sh (-18.65%)
Murray Stahl 166,356 sh (-20.13%)
Chris Davis 244,365 sh (-45.4%)
» More
Q1 2014

VNO Guru Trades in Q1 2014

Manning & Napier Advisors, Inc Sold Out
» More
» Details

Insider Trades

Latest Guru Trades with VNO

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Michael Price 2013-12-31 New Buy1.1%$83.15 - $91.11 $ 101.2114%100000
George Soros 2013-12-31 New Buy0.06%$83.15 - $91.11 $ 101.2114%84133
Mason Hawkins 2013-09-30 Reduce -31.69%0.04%$79.58 - $88.91 $ 101.2120%232202
Mason Hawkins 2013-03-31 Reduce -21.24%0.03%$80.08 - $85.75 $ 101.2122%339902
Ron Baron 2013-03-31 Add 559.62%0.03%$80.08 - $85.75 $ 101.2122%78937
Mason Hawkins 2012-12-31 New Buy0.15%$73.23 - $82.33 $ 101.2130%431551
Ron Baron 2012-12-31 Reduce -39.2%$73.23 - $82.33 $ 101.2130%11967
Ron Baron 2012-09-30 Add 37.58%$79.93 - $86.4 $ 101.2122%19682
Ron Baron 2012-06-30 Reduce -45.11%0.01%$79.39 - $87.65 $ 101.2122%14306
Ray Dalio 2012-03-31 Sold Out 0.03%$75.77 - $86.01 $ 101.2131%0
Ron Baron 2012-03-31 Reduce -24.1%$75.77 - $86.01 $ 101.2131%26062
Ray Dalio 2011-12-31 New Buy0.03%$69.97 - $83.77 $ 101.2133%20763
Ron Baron 2011-09-30 Add 364.82%0.01%$72.87 - $98.6 $ 101.2117%35415
Ron Baron 2011-06-30 Reduce -35.19%$87.54 - $98.38 $ 101.219%7619
Premium More recent guru trades are included for Premium Members only!!
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Preferred stocks of Vornado Realty Trust

SymbolPriceYieldDescription
VNORP136.702.38Series A Convertible Preferred Shares of Beneficial Interest
VNOPRI0.006.566.625% Series I Cumulative Redeemable Preferred Shares
VNOPRL0.006.19
VNOPRJ0.006.676 7/8 % Cum Red Pfd Shs of Benef Interest Series -J-
VNOPRK0.006.29
VNOPRG0.006.566.625% Series G Cumulative Redeemable Preferred Shares

Top Ranked Articles about Vornado Realty Trust

Weekly 52-Week Highs Highlight: DPS, VNO, EIX, ADM, TOT
According to GuruFocus list of 52-week highs; Dr. Pepper Snapple Group Inc., Vornado Realty Trust, Edison International, Archer-Daniels Midland Company and Total SA have all reached their 52-week highs. Read more...
Kinder Morgan Leads Dividend Growers of the Week
During the past week, GuruFocus recognized five companies as dividend growers. In order to be qualified for this list, the company had to: Read more...
Weekly Top Insider Buys
GuruFocus Insider Data, these are the largest insider buys during the past week. The overall trend of insiders is illustrated in the chart below: Read more...
ServiceSource, Vornado and Signature Group Report Large CEO and CFO Buys
This week several CEOs have been making hefty buys into their companies. The following three companies reported insider buys coming from their CEOs valued at over $100,000. It’s interesting to note when CEOs make such large changes in their holdings, as they are expected to have the most insight into the inner workings of their respective companies. GuruFocus insider data has shown that top executives like CEOs and CFOs have beaten the market on average by six percentage points a year. Read more...
CFO of Vornado Realty Trust Stephen W. Theriot Bought 3,100 Shares
Vornado Realty Trust is a fully integrated real estate investment trust and conducts its business through Vornado Realty L.P. Vornado Realty Trust has a market cap of $14.77 billion; its shares were traded at around $79.85 with a P/E ratio of 118.60 and P/S ratio of 6.50. The dividend yield of Vornado Realty Trust stocks is 3.50%. Vornado Realty Trust had an annual average earnings growth of 7.7% over the past five years. Read more...
Southeastern Asset Reduces Eight, Major Slash on Building Materials
In the first quarter of 2013, Guru Mason Hawkins, chairman and CEO of Southeastern Asset Management, reduced his position with eight companies, three of them in the building materials sector. Here’s a review of his reductions as of March 31, 2013: [b] Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 48.40
VNO's P/E(ttm) is ranked lower than
60% of the 535 Companies
in the Global REIT - Diversified industry.

( Industry Median: 19.80 vs. VNO: 48.40 )
VNO' s 10-Year P/E(ttm) Range
Min: 11.52   Max: 200.11
Current: 48.4

11.52
200.11
P/B 3.40
VNO's P/B is ranked lower than
75% of the 555 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.24 vs. VNO: 3.40 )
VNO' s 10-Year P/B Range
Min: 0.86   Max: 3.95
Current: 3.4

0.86
3.95
P/S 9.40
VNO's P/S is ranked lower than
68% of the 616 Companies
in the Global REIT - Diversified industry.

( Industry Median: 6.91 vs. VNO: 9.40 )
VNO' s 10-Year P/S Range
Min: 2.3   Max: 10.16
Current: 9.4

2.3
10.16
PFCF 33.10
VNO's PFCF is ranked lower than
63% of the 363 Companies
in the Global REIT - Diversified industry.

( Industry Median: 16.00 vs. VNO: 33.10 )
VNO' s 10-Year PFCF Range
Min: 9.34   Max: 90.62
Current: 33.1

9.34
90.62
EV-to-EBIT 250.00
VNO's EV-to-EBIT is ranked lower than
79% of the 596 Companies
in the Global REIT - Diversified industry.

( Industry Median: 28.57 vs. VNO: 250.00 )
VNO' s 10-Year EV-to-EBIT Range
Min: 16   Max: 2095.8
Current: 250

16
2095.8
PEG 3.90
VNO's PEG is ranked higher than
52% of the 256 Companies
in the Global REIT - Diversified industry.

( Industry Median: 2.40 vs. VNO: 3.90 )
VNO' s 10-Year PEG Range
Min: 0.77   Max: 26.62
Current: 3.9

0.77
26.62
Shiller P/E 42.20
VNO's Shiller P/E is ranked lower than
54% of the 300 Companies
in the Global REIT - Diversified industry.

( Industry Median: 30.40 vs. VNO: 42.20 )
VNO' s 10-Year Shiller P/E Range
Min: 7.79   Max: 42.2
Current: 42.2

7.79
42.2

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 2.89
VNO's Dividend Yield is ranked lower than
80% of the 611 Companies
in the Global REIT - Diversified industry.

( Industry Median: 4.77 vs. VNO: 2.89 )
VNO' s 10-Year Dividend Yield Range
Min: 2.13   Max: 12.68
Current: 2.89

2.13
12.68
Dividend Payout 1.58
VNO's Dividend Payout is ranked lower than
51% of the 500 Companies
in the Global REIT - Diversified industry.

( Industry Median: 0.95 vs. VNO: 1.58 )
VNO' s 10-Year Dividend Payout Range
Min: 0.5   Max: 7.41
Current: 1.58

0.5
7.41
Dividend growth (3y) 3.90
VNO's Dividend growth (3y) is ranked higher than
70% of the 357 Companies
in the Global REIT - Diversified industry.

( Industry Median: 4.30 vs. VNO: 3.90 )
VNO' s 10-Year Dividend growth (3y) Range
Min: -13.3   Max: 13.9
Current: 3.9

-13.3
13.9
Yield on cost (5-Year) 4.20
VNO's Yield on cost (5-Year) is ranked lower than
61% of the 611 Companies
in the Global REIT - Diversified industry.

( Industry Median: 5.26 vs. VNO: 4.20 )
VNO' s 10-Year Yield on cost (5-Year) Range
Min: 3.09   Max: 18.37
Current: 4.2

3.09
18.37
Share Buyback Rate -0.60
VNO's Share Buyback Rate is ranked higher than
89% of the 478 Companies
in the Global REIT - Diversified industry.

( Industry Median: -7.20 vs. VNO: -0.60 )
VNO' s 10-Year Share Buyback Rate Range
Min: 2.5   Max: -51.9
Current: -0.6

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 3.70
VNO's Price/Tangible Book is ranked lower than
71% of the 546 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.30 vs. VNO: 3.70 )
VNO' s 10-Year Price/Tangible Book Range
Min: 1.71   Max: 6.63
Current: 3.7

1.71
6.63
Price/DCF (Projected) 2.20
VNO's Price/DCF (Projected) is ranked higher than
57% of the 309 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.60 vs. VNO: 2.20 )
VNO' s 10-Year Price/DCF (Projected) Range
Min: 0.88   Max: 4.04
Current: 2.2

0.88
4.04
Price/Median PS Value 1.60
VNO's Price/Median PS Value is ranked lower than
66% of the 550 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.10 vs. VNO: 1.60 )
VNO' s 10-Year Price/Median PS Value Range
Min: 0.52   Max: 2.22
Current: 1.6

0.52
2.22
Price/Graham Number 4.20
VNO's Price/Graham Number is ranked lower than
68% of the 503 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.00 vs. VNO: 4.20 )
VNO' s 10-Year Price/Graham Number Range
Min: 0.91   Max: 3.74
Current: 4.2

0.91
3.74
Earnings Yield (Greenblatt) 0.40
VNO's Earnings Yield (Greenblatt) is ranked lower than
61% of the 593 Companies
in the Global REIT - Diversified industry.

( Industry Median: 3.70 vs. VNO: 0.40 )
VNO' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.1   Max: 6.2
Current: 0.4

0.1
6.2
Forward Rate of Return (Yacktman) -2.30
VNO's Forward Rate of Return (Yacktman) is ranked higher than
63% of the 452 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.50 vs. VNO: -2.30 )
VNO' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -3.3   Max: 30.5
Current: -2.3

-3.3
30.5

Business Description

Industry: REITs » REIT - Diversified
Compare:ARI, NLY, IVR, WSR, HRUFF » details
Traded in other countries:VO7.Germany, VNORP.USA
Vornado Realty Trust is a real estate investment trust and conducts its business through Vornado Realty L.P., a Delaware limited partnership. The Company operates in the five business segments: New York Office Properties, Washington, DC Office Properties, Retail Properties, Merchandise Mart Properties and Toys 'R' US. New York Office properties portfolio consisted of 30 office properties in Midtown Manhattan aggregating 20.8 million square feet. In addition, it owns 1.0 million square feet of retail space in New York City. The New York Office Properties segment also includes 7 garages totaling 385,000 square feet which are managed by, or leased to, third parties. New York Office Properties lease terms generally range from five to seven years for smaller tenants to as long as 15 years for major tenants, and may provide for extension options at market rates. Washington, DC Office Properties segment portfolio consisted of 77 properties aggregating 20.5 million square feet. In addition, the Washington, DC Office Properties segment includes 59 garages totaling approximately 9.6 million square feet which are managed by or leased to third parties. Washington, DC Office Properties lease terms generally range from five to seven years, and may provide for extension options at either pre-negotiated or market rates. Leases typically provide for periodic step-ups in rent over the term of the lease and pass through to tenants, the tenants' share of increases in real estate taxes and certain property operating expenses over a base year. Periodic step-ups in rent are usually based upon either fixed percentage increases or the consumer price index. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant's initial construction costs of its premises. Retail Properties segment portfolio consisted of 155 retail properties, of which 127 are strip shopping centers and single tenant retail assets located primarily in the Northeast, Mid-Atlantic and California; seven are regional malls located in New York, New Jersey, Virginia and San Juan, Puerto Rico; and 21 are retail properties located in Manhattan. Merchandise Mart Properties segment owns 5 Merchandise Mart Properties containing an aggregate of 5.7 million square feet. The Merchandise Mart Properties segment also contains 7 garages totaling 914,000 square feet. Office lease terms generally range from three to seven years for smaller tenants to as long as 15 years for major tenants. TOYS 'R' US, INC. segment owns a 32.7% interest in Toys, a worldwide specialty retailer of toys and baby products, which has a significant real estate component. The Company competes with a large number of real estate property owners and developers. The Company's operations and properties are subject to various federal, state and local laws and regulations concerning the protection of the environment, including air and water quality, hazardous or toxic substances an

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