Vornado Realty TrustVNO +0.88%75 Piotroski F-Score is 8 as of Jun. 25, 2026, which is 60% above its 10-year median of 5.00. GuruFocus rates VNO with a GF Score™ of 75/100 and a GF Value™ of $32.08 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 888 REITs companies, Vornado Realty Trust ranks better than 98.42% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Vornado Realty Trust has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Vornado Realty Trust's Piotroski F-Score or its related term are showing as below:
VNO'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 8
Current: 8
During the past 13 years, the highest Piotroski F-Score of Vornado Realty Trust was 8. The lowest was 3. And the median was 5.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Vornado Realty Trust Piotroski F-Score Related Terms
Vornado Realty Trust Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Vornado Realty Trust's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
VNO vs CUZ, ARE, KRC: Piotroski F-Score Comparison
For the REIT - Office subindustry, Vornado Realty Trust's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Vornado Realty Trust Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Vornado Realty Trust's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Vornado Realty Trust's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Vornado Realty Trust's current Net Income (TTM) was 795.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Vornado Realty Trust's return on assets of this year was 0.05098136. Vornado Realty Trust's return on assets of last year was 0.01025843.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Vornado Realty Trust's gearing of this year was 0.4907603. Vornado Realty Trust's gearing of last year was 0.49634139.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Vornado Realty Trust's current ratio of this year was 2.07778018. Vornado Realty Trust's current ratio of last year was 1.65037418.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Vornado Realty Trust's number of shares in issue this year was 189.682. Vornado Realty Trust's number of shares in issue last year was 200.735.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Vornado Realty Trust's gross margin of this year was 1. Vornado Realty Trust's gross margin of last year was 1.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Vornado Realty Trust's asset turnover of this year was 0.1159. Vornado Realty Trust's asset turnover of last year was 0.11185732.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Vornado Realty Trust has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Vornado Realty Trust (VNO) has a Piotroski F-Score of 8 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Vornado Realty Trust and its competitors. This is 60% above median its historical median of 5.00. Over the past decade, Vornado Realty Trust's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Vornado Realty Trust ranks #14 out of 888 companies in the REITs industry, placing it in the top 1.6%.
Is Vornado Realty Trust's Piotroski F-Score too high?
Vornado Realty Trust's current Piotroski F-Score of 8 is 60% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The REITs industry median Piotroski F-Score is 6.00. Vornado Realty Trust's value of 8 is 33.3% above this industry median. Based on the distribution chart, Vornado Realty Trust ranks #14 out of 888 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Vornado Realty Trust has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Vornado Realty Trust's Piotroski F-Score compare to CUZ and ARE?
According to the REITs industry distribution chart, Vornado Realty Trust ranks #14 out of 888 companies for Piotroski F-Score. This places Vornado Realty Trust in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Vornado Realty Trust's value of 8 is 33.3% above this benchmark. Historically, Vornado Realty Trust's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Vornado Realty Trust has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 888 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Vornado Realty Trust's current Piotroski F-Score of 8 is 33.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Vornado Realty Trust and its competitors. For the REITs industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vornado Realty Trust's current Piotroski F-Score is 8, which is 60% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vornado Realty Trust stock overvalued right now?
Based on GuruFocus' analysis, Vornado Realty Trust (VNO) is currently considered Modestly Overvalued. The stock's GF Value™ is $32.08, compared to a current price of $37.98 — trading 18.4% above its estimated fair value. The current Piotroski F-Score is 8, which is 60% above median its 10-year median of 5.00 and 33.3% above the REITs industry median of 6.00. Vornado Realty Trust's overall GF Score™ is 75/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Vornado Realty Trust (VNO), the current Piotroski F-Score is 8 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Vornado Realty Trust (VNO) Overvalued in 2026?
Based on GuruFocus' analysis, Vornado Realty Trust stock appears to be overvalued.
The current stock price of $37.98 is trading 18.4% above its estimated GF Value™ of $32.08.
GuruFocus considers Vornado Realty Trust to be Modestly Overvalued.
Key valuation signals for VNO:
Piotroski F-Score: 8 (60% above median its 10-year median of 5.00)
GF Value™: $32.08 vs. price of $37.98 (18.4% above fair value)
Industry Position: 33.3% above the REITs median (#14 of 888)
No single metric tells the full story. See the VNO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Vornado Realty Trust is a fully integrated real estate investment trust with a portfolio of New York City office, retail, and multifamily assets, and the developer of the new Penn District. While concentrated in New York, the trust also owns assets in both Chicago and San Francisco. It generates revenue in the form of property rentals, fees charged for trade shows, parking revenues, management and leasing fees, etc. Vornado operates in the following reportable segments: New York (its key revenue-generating market) and Other.
75GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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