Vornado Realty Trust now trades meaningfully below both analyst targets and one estimate of intrinsic value, after a choppy stretch for the share price. How wide is that gap in practical terms, and what does it say about fair value?<\/p>\n
Most Popular Narrative: 15.3% Undervalued <\/p>\n
Against a last close of $33.81, the most followed narrative pegs Vornado Realty Trust\u2019s fair value at about $39.92, implying a double digit discount that hinges on how its New York portfolio and redevelopment pipeline convert into earnings over time.<\/p>\n
Vornado Realty Trust continues to benefit from tight conditions in high quality Manhattan offices, with vacancy in this segment reported near 6% and new leases signing at triple digit starting rents, which supports further revenue and same store NOI growth as remaining space in this pool is leased. Large scale redevelopments and repositionings such as PENN 1, PENN 2, 350 Park Avenue, 623 Fifth Avenue and Park Avenue Plaza are intended to drive higher rent per square foot and occupancy, which flows through to higher revenue and earnings as leases roll and commence on upgraded space.<\/p>\n
See why 5 investors see Vornado Realty Trust as 15% undervalued<\/a>.<\/p>\n Result: Fair Value of $39.92 (UNDERVALUED)<\/p>\n Still, the bullish story around Vornado Realty Trust can unravel if higher refinancing costs squeeze earnings or if tenant improvement spending remains elevated for longer than expected.<\/p>\n Find out about the key risks to this Vornado Realty Trust narrative<\/a>.<\/p>\n Another View on Vornado Realty Trust\u2019s Valuation <\/p>\n The first take leans on analyst fair value around $39.92, which points to upside from today\u2019s $33.81. A different lens tells a cooler story. On a price-to-sales ratio (P\/S) of 3.4x, Vornado Realty Trust trades richer than the US Office REITs average of 2x and only slightly below peers at 3.6x, even though the fair ratio is 3.7x. That combination suggests less obvious mispricing and more debate about how much risk you are really being compensated for.<\/p>\n See what the numbers say about this price \u2014 find out in our valuation breakdown.<\/a><\/p>\n Mixed messages on Vornado Realty Trust\u2019s valuation and risk reward profile make this a stock you need to inspect directly rather than rely on headlines. To see how the trade off between potential upside and the concerns showing up in the data stacks up, start by reviewing the 1 key reward and 6 important warning signs<\/a>.<\/p>\n Looking for more investment ideas beyond Vornado Realty Trust? <\/p>\n If Vornado Realty Trust has caught your attention, you can use that momentum and line up a few other candidates so you are not dependent on a single story.<\/p>\n This article by Simply Wall St is general in nature. We provide commentary based on historical data New: Manage All Your Stock Portfolios in One Place<\/p>\n We’ve created the ultimate portfolio companion for stock investors, and it’s free.<\/p>\n \u2022 Connect an unlimited number of Portfolios and see your total in one currency Try a Demo Portfolio for Free<\/a><\/p>\n Have feedback on this article? Concerned about the content? Get in touch<\/a> with us directly. Alternatively, email editorial-team@simplywallst.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Vornado Realty Trust (VNO) is back in focus after recent price moves that left the stock down about…\n","protected":false},"author":2,"featured_media":369263,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63],"class_list":["post-369262","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/369262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=369262"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/369262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/369263"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=369262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=369262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=369262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"NYSE:VNO](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/10\/1791546172150.png\")
<\/a>NYSE:VNO P\/S Ratio as at Oct 2026Next Steps <\/p>\n
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\n Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
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