Vornado Realty Trust Financial Ratios — VNO-PO Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	3.23	2.9	2.26	4.19	3.6	4.32	1.19	2.6	17.75	-1.72	1.05	-2.05	0.65	0.44	5.74
Return on Capital (%)	9.02	8.17	- -	9.5	- -	9.51	4.81	9.54	39.44	- -	- -	- -	4.98	4.18	17.87
Return on Invested Capital (%)	4.32	3.84	- -	3.76	- -	3.08	3.15	3.57	2.55	- -	- -	- -	1.03	0.81	1.8
Gross Margin (%)	94.6	91.45	98.6	100	100	57.85	57.46	55.47	52.31	48.36	49.83	51.45	50.02	100	100
EBITDA Margin (%)	52.85	49.5	54.86	55.86	60.34	59.38	55.04	50.13	44.51	36.8	42.64	45.23	41.86	41.02	41.63
Operating Margin (%)	31.36	28.45	30.42	30.63	31.83	29.67	29.62	28.28	21.7	9.44	15.42	15.99	16.6	14.76	15.03
Incremental Operating Margin (%)	-14.5	175.3	15.48	66.89	23.36	-205.05	28.42	-6.98	81.21	68.91	164.37	20.33	113.98	156.37	36.41
Pretax Margin (%)	22.14	18.2	-0.53	18.71	27.75	29.19	15.34	21.24	178.61	-27.83	12.4	-20.05	3.43	2.4	52.51
Profit Margin (%)	24.5	23.3	20.7	37.4	38.3	45.26	10.91	20.8	163.55	-19.44	11.07	-19.25	5.82	3.94	49.99
Net Income to Common Margin (%)	22.08	20.4	17.1	33.88	34.24	41.47	7.77	18.46	160.95	-22.82	6.93	-22.7	2.4	0.46	46.56
Effective Tax Rate (%)	4	1.69	- -	2.15	- -	1.35	13.25	8.19	3.01	- -	- -	- -	47.05	53.05	1.42
Dvd Payout Ratio (%)	86.02	146.77	20,954.89	112.71	72.55	83.35	199.3	140.66	14.52	-123.79	234.44	-84.55	-126.74	-152.93	15.57
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	10,077	11,127	9,979	9,530	11,091	9,447	9,729	9,837	7,905	7,800	8,986	9,125	8,984	8,993	7,885
ST Debt	138	1,170	296	- -	550	116	- -	80	575	575	575	575	575	575	720
LT Debt	9,939	9,957	9,683	9,530	10,541	9,331	9,729	9,757	7,330	7,225	8,411	8,550	8,409	8,418	7,165
Total Debt/EBITDA	7.05	8.48	7.91	7.38	9.26	7.94	8.48	9.07	9.23	13.87	13.26	11.21	11.85	12.26	10.46
Net Debt/EBITDA	6.63	7.75	7.45	6.45	7.72	6.68	6.9	8.54	6.88	10.27	10.12	9.21	9.57	10.24	8.42
Total Debt/EBIT	11.89	14.77	14.27	13.45	17.55	15.89	15.76	16.08	18.93	54.05	36.68	31.7	29.89	34.08	28.97
Net Debt/EBIT	11.17	13.49	13.43	11.76	14.65	13.37	12.82	15.14	14.11	40.01	27.98	26.05	24.13	28.46	23.31
EBITDA to Interest Expense	2.86	2.84	3.14	3.52	4.28	3.99	3.68	3.43	3.26	2.67	3.21	3.16	2.33	1.99	2.25
EBITDA-CapEx/Interest Expense	2.16	2.84	3.14	3.52	2.58	3.99	2.54	3.43	3.26	2.67	3.21	3.16	2.33	1.99	2.25
EBIT to Interest Expense	1.7	1.63	1.74	1.93	2.26	1.99	1.98	1.94	1.59	0.68	1.16	1.12	0.92	0.72	0.81
Interest Expense	500	462	402	367	280	298	312	316	263	211	211	258	326	368	335
Common Equity/Total Assets	-6.82	-7.1	-8.6	-7.08	-8.32	-6.78	-24	-24.21	-10.64	-17.05	-17.79	-23.57	-24.72	-25.84	-22.45
Long-Term Debt/Equity (%)	114.64	112.53	112.61	107.97	121.09	104.88	162.36	165.61	89.39	95.64	116.76	131.27	132.56	136.39	105.3
Long-Term Debt/Capital (%)	86.09	77.8	85.22	83.66	83.55	84.28	120.11	122.04	88.13	99.83	104.3	120.53	120.14	119.33	111.93
Long-Term Debt/Total Assets (%)	48.61	45.13	48.18	45.04	49.86	44.83	55.92	56.79	40.08	44.54	48.71	51.84	51.95	52.61	46.16
Total Debt/Equity (%)	116.24	125.76	116.05	107.97	127.41	106.18	162.36	166.96	96.4	103.25	124.74	140.1	141.62	145.7	115.88
Total Debt/Capital (%)	87.28	86.94	87.83	83.66	87.91	85.33	120.11	123.04	95.04	107.78	111.43	128.63	128.35	127.48	123.18
Total Debt/Total Assets (%)	49.28	50.43	49.65	45.04	52.46	45.38	55.92	57.25	43.23	48.08	52.04	55.33	55.5	56.21	50.8
Net Debt to Equity	109.24	114.9	109.27	94.39	106.32	89.31	132.03	157.27	71.85	76.44	95.17	115.14	114.36	121.66	93.24
Net Debt/Capital (%)	86.58	85.88	87.17	81.74	85.85	83.02	125.92	124.81	86.61	102.89	108.75	120.87	120.85	118.81	114.1
EBITDA	1,429	1,311	1,261	1,292	1,198	1,190	1,147	1,085	857	562	678	814	758	733	754
EBITDA-CapEx	1,079	1,311	1,261	1,292	722	1,190	791	1,085	857	562	678	814	758	733	754
Operating Income (Loss)	848	754	699	708	632	595	617	612	418	144	245	288	301	264	272

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	2.4	0.58	0.81	2.68	2	2.93	4.37	1.12	1.07	1.62	1.42	1.28	0.98	0.77	0.77
Current Ratio	3.07	1.4	2.45	5.07	2.99	4.96	6.98	3.57	2.02	2.6	2.2	2.17	2	1.81	1.8
Quick Ratio	4.22	1.29	2.08	4.68	3.03	4.77	6.74	3.09	1.66	2.37	2.02	2.01	1.74	1.58	1.67
CFO/Avg Current Liab	0.75	0.74	0.88	1.95	0.93	1.32	1.85	1.73	0.69	0.35	0.68	0.69	0.62	0.55	1.23
Common Equity/Total Assets	-6.82	-7.1	-8.6	-7.08	-8.32	-6.78	-24	-24.21	-10.64	-17.05	-17.79	-23.57	-24.72	-25.84	-22.45
Long-Term Debt/Equity (%)	114.64	112.53	112.61	107.97	121.09	104.88	162.36	165.61	89.39	95.64	116.76	131.27	132.56	136.39	105.3
Long-Term Debt/Capital (%)	86.09	77.8	85.22	83.66	83.55	84.28	120.11	122.04	88.13	99.83	104.3	120.53	120.14	119.33	111.93
Long-Term Debt/Total Assets (%)	48.61	45.13	48.18	45.04	49.86	44.83	55.92	56.79	40.08	44.54	48.71	51.84	51.95	52.61	46.16
Total Debt/Equity (%)	116.24	125.76	116.05	107.97	127.41	106.18	162.36	166.96	96.4	103.25	124.74	140.1	141.62	145.7	115.88
Total Debt/Capital (%)	87.28	86.94	87.83	83.66	87.91	85.33	120.11	123.04	95.04	107.78	111.43	128.63	128.35	127.48	123.18
Total Debt/Total Assets (%)	49.28	50.43	49.65	45.04	52.46	45.38	55.92	57.25	43.23	48.08	52.04	55.33	55.5	56.21	50.8
CFO/Total Liabilities	5.96	6.24	9.05	9.21	5.4	8.35	7.54	7.11	6.57	4.89	7.57	8.01	6.58	5.47	14.44
CFO/CapEx	2.01	- -	- -	- -	1.41	- -	2.42	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.24	0.17	0.17	0.23	0.19	0.21	0.07	- -	0.13	- -	-0.01	-0.07	-0.1	-0.14	-0.07

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	3.13	2.9	2.47	2.56	2.06	2.03	2.16	2.17	2.08	1.92	2.14	2.38	2.34	2.33	2.27
Days Sales Outstanding	116.6	125.93	148.04	142.72	177.08	179.93	169.15	168.17	175.07	189.87	170.84	153.31	155.92	156.92	160.84
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	0.34	1.07	- -	- -	- -	- -	4.26	2.28	2.11	1.82	1.53	2.85	- -	- -	- -
Accounts Payable Turnover Days	1,078.79	341.06	- -	- -	- -	- -	85.59	160.39	173.16	200.58	238.21	128.12	- -	- -	- -
Cash Conversion Cycle	-962.19	-215.13	148.04	- -	- -	179.93	83.56	7.78	1.91	-10.71	-67.36	25.2	155.92	- -	- -
Inventory to Cash Days	116.6	125.93	148.04	- -	- -	179.93	169.15	168.17	175.07	189.87	170.84	153.31	155.92	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	607	960	583	1,198	1,836	1,501	1,818	571	1,515	1,624	1,760	890	997	734	841
+ Preferred Equity and Hybrid Capital	1,022	1,240	1,277	1,277	1,277	1,038	892	891	891	1,182	1,182	1,182	1,182	1,182	1,182
+ Minority/Non Controlling Interest	1,841	1,997	1,833	2,082	2,008	1,998	1,655	1,426	1,468	1,021	968	673	835	1,014	818
+ Total Debt	10,077	11,127	9,979	9,530	11,091	9,447	9,729	9,837	7,905	7,800	8,986	9,125	8,984	8,993	7,885
Enterprise Value	11,591	13,405	12,506	11,691	12,389	10,982	10,459	11,583	8,749	8,379	9,376	9,619	10,004	10,455	9,045
Total Capital	11,545	12,799	11,362	11,391	12,616	11,071	8,101	7,995	8,317	7,237	8,065	7,094	7,000	7,054	6,401
Total Debt/Capital (%)	87.28	86.94	87.83	83.66	87.91	85.33	120.11	123.04	95.04	107.78	111.43	128.63	128.35	127.48	123.18
Total Debt / EV	0.87	0.83	0.8	0.82	0.9	0.86	0.93	0.85	0.9	0.93	0.96	0.95	0.9	0.86	0.87
EV/Sales	4.29	5.06	5.44	5.06	6.24	5.48	5.02	5.35	4.55	5.48	5.9	5.34	5.52	5.85	5
EV/EBITDA	8.11	10.22	9.91	9.05	10.34	9.23	9.12	10.68	10.21	14.9	13.84	11.81	13.2	14.26	12
EV/EBIT	13.68	17.79	17.88	16.5	19.61	18.47	16.94	18.93	20.95	58.06	38.27	33.42	33.28	39.62	33.23
EV/Cash Flow to Firm	9.8	10.48	10.85	7.82	12.45	8.52	9.25	10.6	9.54	12.83	9.53	8.97	12.19	14.71	5.69
EV/Free Cash Flow to Firm	7.57	10.48	10.85	7.82	8.42	8.52	7.04	10.6	9.54	12.83	9.53	8.97	12.19	14.71	5.69
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	12,333	13,405	12,506	11,691	12,540	10,982	10,459	11,583	8,749	8,379	9,376	10,091	10,004	10,455	9,045
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2,703	2,649	2,299	2,313	1,985	2,004	2,084	2,164	1,925	1,528	1,589	1,800	1,811	1,788	1,810
TTM EBITDA	1,429	1,311	1,261	1,292	1,198	1,190	1,147	1,085	857	562	678	814	758	733	754
TTM Operating Income	848	754	699	708	632	595	617	612	418	144	245	288	301	264	272
TTM Cash Flow to Firm	1,182	1,279	1,153	1,495	995	1,289	1,130	1,093	917	653	984	1,072	821	711	1,588
TTM Free Cash Flow to Firm	1,532	1,279	1,153	1,495	1,471	1,289	1,486	1,093	917	653	984	1,072	821	711	1,588

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	13.68	17.79	17.88	16.5	19.61	18.47	16.94	18.93	20.95	58.06	38.27	33.42	33.28	39.62	33.23
Enterprise Value	11,591	13,405	12,506	11,691	12,389	10,982	10,459	11,583	8,749	8,379	9,376	9,619	10,004	10,455	9,045
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.19	12.98	9.2	12.12	12.51
EV/Sales	4.29	5.06	5.44	5.06	6.24	5.48	5.02	5.35	4.55	5.48	5.9	5.34	5.52	5.85	5
EV/EBITDA	8.11	10.22	9.91	9.05	10.34	9.23	9.12	10.68	10.21	14.9	13.84	11.81	13.2	14.26	12
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	4.56	5.06	5.44	5.06	6.32	5.48	5.02	5.35	4.55	5.48	5.9	5.61	5.52	5.85	5
EV/Sales High	4.56	5.06	5.44	5.06	6.32	5.48	5.02	5.35	4.55	5.48	5.9	5.61	5.52	5.85	5
EV/Sales Low	4.56	5.06	5.44	5.06	6.32	5.48	5.02	5.35	4.55	5.48	5.9	5.61	5.52	5.85	5
EV/EBITDA Average	8.63	10.22	9.91	9.05	10.47	9.23	9.12	10.68	10.21	14.9	13.84	12.39	13.2	14.26	12
EV/EBITDA High	8.63	10.22	9.91	9.05	10.47	9.23	9.12	10.68	10.21	14.9	13.84	12.39	13.2	14.26	12
EV/EBITDA Low	8.63	10.22	9.91	9.05	10.47	9.23	9.12	10.68	10.21	14.9	13.84	12.39	13.2	14.26	12
EV/EBIT Average	14.55	17.79	17.88	16.5	19.84	18.47	16.94	18.93	20.95	58.06	38.27	35.06	33.28	39.62	33.23
EV/EBIT High	14.55	17.79	17.88	16.5	19.84	18.47	16.94	18.93	20.95	58.06	38.27	35.06	33.28	39.62	33.23
EV/EBIT Low	14.55	17.79	17.88	16.5	19.84	18.47	16.94	18.93	20.95	58.06	38.27	35.06	33.28	39.62	33.23
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.7	13.6	13.57	15.8	14.25
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	27.45	24.65	16.94	17.34	16.26
Enterprise Value Average	12,333	13,405	12,506	11,691	12,540	10,982	10,459	11,583	8,749	8,379	9,376	10,091	10,004	10,455	9,045
Enterprise Value High	12,333	13,405	12,506	11,691	12,540	10,982	10,459	11,583	8,749	8,379	9,376	10,091	10,004	10,455	9,045
Enterprise Value Low	12,333	13,405	12,506	11,691	12,540	10,982	10,459	11,583	8,749	8,379	9,376	10,091	10,004	10,455	9,045

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	185	187	187	188	189	189	190	191	191	191	192	192	190	191	191
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Vornado Realty Trust

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)