Vornado Realty Trust key statistics and ratios

In fiscal 2025, Vornado Realty Trust had return on equity of 16.2%, a net margin of 50.0% and debt equal to 37.8% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Vornado Realty Trust: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Operating margin	28.9%	29.2%	26.9%	—	—	—	—	—	—	—	—
Net margin	45.3%	10.9%	20.8%	163.6%	−19.4%	11.1%	−19.3%	5.8%	3.9%	50.0%	0.5%
Free-cash-flow margin	30.3%	39.8%	10.5%	30.8%	27.7%	47.7%	44.2%	34.0%	30.1%	53.1%	7.5%
Return on equity	13.1%	4.0%	10.2%	56.2%	−4.5%	2.8%	−5.7%	1.9%	1.3%	16.2%	0.2%
Return on assets	4.4%	1.2%	2.6%	17.8%	−1.7%	1.1%	−2.1%	0.6%	0.4%	5.7%	0.1%
Asset turnover	0.10	0.11	0.13	0.11	0.09	0.09	0.11	0.11	0.11	0.11	0.12
Debt to equity	19.3%	36.7%	37.4%	26.2%	27.8%	41.1%	43.8%	46.5%	49.8%	37.8%	44.5%
Effective tax rate	1.4%	13.3%	8.2%	3.0%	—	−5.3%	—	47.0%	53.0%	1.4%	—
Capital spending as % of revenue	19.3%	1.5%	26.6%	3.6%	0.1%	0.2%	0.2%	1.8%	0.0%	16.4%	14.7%
Free cash flow ÷ net income	67.0%	364.8%	50.6%	18.8%	—	431.1%	—	583.0%	764.0%	106.3%	>999%
Dividends ÷ net income	52.5%	218.3%	106.5%	16.0%	—	230.7%	—	122.3%	200.5%	15.6%	—
Dividends and buybacks ÷ free cash flow	78.3%	59.9%	210.4%	85.0%	195.5%	53.5%	51.1%	25.7%	26.2%	20.0%	133.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Vornado Realty Trust: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Net margin	3.7%	22.2%	172.0%	6.0%	3.6%	−1.6%	6.9%	−6.8%
Free-cash-flow margin	45.0%	11.3%	227.5%	−34.3%	13.5%	−27.0%	35.4%	8.1%
Debt to equity	49.8%	39.8%	34.8%	37.3%	37.8%	46.5%	44.9%	44.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

46 /100

Moderate moat

How hard Vornado Realty Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 0.7% of total assets over 10 years.
Durability 0 / 20

Net margin has been a median 5.7%; its worst year was -18.0%.
Cash conversion 20 / 20

Free cash flow was positive in 7 of 7 years, at a median 35.3% of revenue.
Discipline 16 / 20

The diluted share count rose 0.7% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Vornado Realty Trust's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vornado Realty Trust.