Vornado Realty TrustVNO +0.68%78 ROC (Joel Greenblatt) % is 21.02% as of Mar. 2026, which is 72% below its 10-year median of 74.23. GuruFocus rates VNO with a GF Score™ of 78/100 and a GF Value™ of $32.29 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 586 REITs companies, Vornado Realty Trust ranks worse than 57.17% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Vornado Realty Trust's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 21.02%.
The historical rank and industry rank for Vornado Realty Trust's ROC (Joel Greenblatt) % or its related term are showing as below:
VNO'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -23.74 Med: 74.23 Max: 434.52
Current: 90.29
During the past 13 years, Vornado Realty Trust's highest ROC (Joel Greenblatt) % was 434.52%. The lowest was -23.74%. And the median was 74.23%.
VNO's ROC (Joel Greenblatt) % is ranked worse than 57.17% of 586
companies
in the REITs industry
Industry Median: 176.06
vs VNO: 90.29
Vornado Realty Trust's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Vornado Realty Trust ROC (Joel Greenblatt) % Related Terms
Vornado Realty Trust ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Vornado Realty Trust's ROC (Joel Greenblatt) % 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 ARE, CUZ, KRC: ROC (Joel Greenblatt) % Comparison
For the REIT - Office subindustry, Vornado Realty Trust's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Vornado Realty Trust's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Vornado Realty Trust's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 21.02% mean?
Vornado Realty Trust (VNO) has a ROC (Joel Greenblatt) % of 21.02% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Vornado Realty Trust and its competitors. This is 72% below median its historical median of 74.23. According to the industry distribution chart, Vornado Realty Trust ranks #335 out of 586 companies in the REITs industry, placing it in the top 57.2%.
Is Vornado Realty Trust's ROC (Joel Greenblatt) % too high?
Vornado Realty Trust's current ROC (Joel Greenblatt) % of 21.02% is 72% below median its 10-year median of 74.23. The REITs industry median ROC (Joel Greenblatt) % is 176.06. Vornado Realty Trust's value of 21.02% is 88.1% below this industry median. Based on the distribution chart, Vornado Realty Trust ranks #335 out of 586 companies in the REITs industry, which is below the industry midpoint. Overall, Vornado Realty Trust has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Vornado Realty Trust's ROC (Joel Greenblatt) % compare to ARE and CUZ?
According to the REITs industry distribution chart, Vornado Realty Trust ranks #335 out of 586 companies for ROC (Joel Greenblatt) %. This places Vornado Realty Trust in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 176.06. Vornado Realty Trust's value of 21.02% is 88.1% below this benchmark. While the company's 10-year median is 74.23 vs. the industry median of 176.06, Vornado Realty Trust has consistently been below 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 ROC (Joel Greenblatt) % for a REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 176.06, based on 586 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Vornado Realty Trust's current ROC (Joel Greenblatt) % of 21.02% is 88.1% below 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Vornado Realty Trust and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 176.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vornado Realty Trust's current ROC (Joel Greenblatt) % is 21.02%, which is 72% below median its own 10-year median of 74.23. 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 $32.29, compared to a current price of $38.35 — trading 18.8% above its estimated fair value. The current ROC (Joel Greenblatt) % is 21.02%, which is 72% below median its 10-year median of 74.23 and 88.1% below the REITs industry median of 176.06. Vornado Realty Trust's overall GF Score™ is 78/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Vornado Realty Trust (VNO), the current ROC (Joel Greenblatt) % is 21.02% as of Mar. 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 $38.35 is trading 18.8% above its estimated GF Value™ of $32.29.
GuruFocus considers Vornado Realty Trust to be Modestly Overvalued.
Key valuation signals for VNO:
ROC (Joel Greenblatt) %: 21.02% (72% below median its 10-year median of 74.23)
GF Value™: $32.29 vs. price of $38.35 (18.8% above fair value)
Industry Position: 88.1% below the REITs median (#335 of 586)
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.
78GF Score
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