Vornado Realty Trust
Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-… Read more
Vornado Realty Trust (VNORP) - Net Assets
Latest net assets as of December 2025: $6.80 Billion USD
Based on the latest financial reports, Vornado Realty Trust (VNORP) has net assets worth $6.80 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($15.52 Billion) and total liabilities ($8.72 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $6.80 Billion |
| % of Total Assets | 43.84% |
| Annual Growth Rate | 16.72% |
| 5-Year Change | -5.54% |
| 10-Year Change | -23.52% |
| Growth Volatility | 66.72 |
Vornado Realty Trust - Net Assets Trend (1990–2025)
This chart illustrates how Vornado Realty Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Vornado Realty Trust (1990–2025)
The table below shows the annual net assets of Vornado Realty Trust from 1990 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $6.80 Billion | +10.25% |
| 2024-12-31 | $6.17 Billion | -2.71% |
| 2023-12-31 | $6.34 Billion | -2.60% |
| 2022-12-31 | $6.51 Billion | -9.59% |
| 2021-12-31 | $7.20 Billion | -4.64% |
| 2020-12-31 | $7.55 Billion | -7.87% |
| 2019-12-31 | $8.20 Billion | +39.18% |
| 2018-12-31 | $5.89 Billion | -1.69% |
| 2017-12-31 | $5.99 Billion | -32.64% |
| 2016-12-31 | $8.90 Billion | +2.20% |
| 2015-12-31 | $8.71 Billion | -1.38% |
| 2014-12-31 | $8.83 Billion | +2.66% |
| 2013-12-31 | $8.60 Billion | -2.82% |
| 2012-12-31 | $8.85 Billion | +2.07% |
| 2011-12-31 | $8.67 Billion | +6.26% |
| 2010-12-31 | $8.16 Billion | +3.26% |
| 2009-12-31 | $7.90 Billion | +8.90% |
| 2008-12-31 | $7.26 Billion | -4.69% |
| 2007-12-31 | $7.61 Billion | +4.58% |
| 2006-12-31 | $7.28 Billion | +11.64% |
| 2005-12-31 | $6.52 Billion | +9.38% |
| 2004-12-31 | $5.96 Billion | +19.24% |
| 2003-12-31 | $5.00 Billion | +7.16% |
| 2002-12-31 | $4.66 Billion | +15.18% |
| 2001-12-31 | $4.05 Billion | +14.57% |
| 2000-12-31 | $3.53 Billion | +7.86% |
| 1999-12-31 | $3.28 Billion | +47.90% |
| 1998-12-31 | $2.22 Billion | +48.49% |
| 1997-12-31 | $1.49 Billion | +361.76% |
| 1996-12-31 | $323.20 Million | +66.34% |
| 1995-12-31 | $194.30 Million | +55.32% |
| 1994-12-31 | $125.10 Million | -17.04% |
| 1993-12-31 | $150.80 Million | +4812.50% |
| 1992-12-31 | $-3.20 Million | -106.69% |
| 1991-12-31 | $47.80 Million | +57.24% |
| 1990-12-31 | $30.40 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Vornado Realty Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 2771.5% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $7.63 Million | 0.13% |
| Other Comprehensive Income | $-5.00K | 0.00% |
| Other Components | $9.47 Billion | 158.20% |
| Total Equity | $5.99 Billion | 100.00% |
Vornado Realty Trust Competitors by Market Cap
The table below lists competitors of Vornado Realty Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Jefferies Financial Group Inc
NYSE:JEF
|
$6.25 Billion |
|
Amdocs Limited
F:AOS
|
$6.26 Billion |
|
Arcadium Lithium plc
NYSE:ALTM
|
$6.26 Billion |
|
Fukuoka Financial Group Inc
F:4FK
|
$6.27 Billion |
|
Albertsons Companies
NYSE:ACI
|
$6.24 Billion |
|
The Sherwin-Williams Company
SA:S1HW34
|
$6.24 Billion |
|
Antofagasta PLC
PINK:ANFGF
|
$6.24 Billion |
|
Ormat Technologies Inc
NYSE:ORA
|
$6.23 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Vornado Realty Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 5,158,242,000 to 5,986,727,000, a change of 828,485,000 (16.1%).
- Net income of 904,955,000 contributed positively to equity growth.
- Dividend payments of 203,381,000 reduced retained earnings.
- Share repurchases of 50,991,000 reduced equity.
- Other comprehensive income decreased equity by 57,705,000.
- Other factors increased equity by 235,607,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $904.96 Million | +15.12% |
| Dividends Paid | $203.38 Million | -3.4% |
| Share Repurchases | $50.99 Million | -0.85% |
| Other Comprehensive Income | $-57.70 Million | -0.96% |
| Other Changes | $235.61 Million | +3.94% |
| Total Change | $- | 16.06% |
Book Value vs Market Value Analysis
This analysis compares Vornado Realty Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.66x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 181.79x to 2.66x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1990-12-31 | $0.46 | $82.99 | x |
| 1991-12-31 | $0.24 | $82.99 | x |
| 1992-12-31 | $-0.10 | $82.99 | x |
| 1993-12-31 | $2.47 | $82.99 | x |
| 1994-12-31 | $1.09 | $82.99 | x |
| 1995-12-31 | $4.09 | $82.99 | x |
| 1996-12-31 | $2.59 | $82.99 | x |
| 1997-12-31 | $22.37 | $82.99 | x |
| 1998-12-31 | $21.18 | $82.99 | x |
| 1999-12-31 | $23.12 | $82.99 | x |
| 2000-12-31 | $22.98 | $82.99 | x |
| 2001-12-31 | $27.37 | $82.99 | x |
| 2002-12-31 | $23.49 | $82.99 | x |
| 2003-12-31 | $25.87 | $82.99 | x |
| 2004-12-31 | $29.55 | $82.99 | x |
| 2005-12-31 | $36.60 | $82.99 | x |
| 2006-12-31 | $40.10 | $82.99 | x |
| 2007-12-31 | $40.27 | $82.99 | x |
| 2008-12-31 | $35.82 | $82.99 | x |
| 2009-12-31 | $35.98 | $82.99 | x |
| 2010-12-31 | $34.29 | $82.99 | x |
| 2011-12-31 | $36.71 | $82.99 | x |
| 2012-12-31 | $36.73 | $82.99 | x |
| 2013-12-31 | $36.04 | $82.99 | x |
| 2014-12-31 | $35.75 | $82.99 | x |
| 2015-12-31 | $35.33 | $82.99 | x |
| 2016-12-31 | $36.48 | $82.99 | x |
| 2017-12-31 | $22.68 | $82.99 | x |
| 2018-12-31 | $23.32 | $82.99 | x |
| 2019-12-31 | $35.23 | $82.99 | x |
| 2020-12-31 | $34.18 | $82.99 | x |
| 2021-12-31 | $32.46 | $82.99 | x |
| 2022-12-31 | $30.45 | $82.99 | x |
| 2023-12-31 | $28.71 | $82.99 | x |
| 2024-12-31 | $26.23 | $82.99 | x |
| 2025-12-31 | $31.22 | $82.99 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Vornado Realty Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 15.12%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 49.99%
- • Asset Turnover: 0.12x
- • Equity Multiplier: 2.59x
- Recent ROE (15.12%) is above the historical average (14.76%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1990 | 27.92% | 13.15% | 0.08x | 25.19x | $2.76 Million |
| 1991 | 125.93% | 25.12% | 0.10x | 48.57x | $9.39 Million |
| 1992 | 0.00% | 2.96% | 0.10x | 0.00x | $1.52 Million |
| 1993 | 24.20% | 58.33% | 0.12x | 3.33x | $16.43 Million |
| 1994 | 35.30% | 46.87% | 0.22x | 3.37x | $29.53 Million |
| 1995 | 27.28% | 51.56% | 0.21x | 2.53x | $33.57 Million |
| 1996 | 22.22% | 52.34% | 0.21x | 2.05x | $33.77 Million |
| 1997 | 4.64% | 30.11% | 0.08x | 1.92x | $-70.38 Million |
| 1998 | 8.58% | 33.65% | 0.10x | 2.48x | $-25.37 Million |
| 1999 | 9.85% | 30.52% | 0.12x | 2.67x | $-3.04 Million |
| 2000 | 11.26% | 29.12% | 0.13x | 3.06x | $26.12 Million |
| 2001 | 10.26% | 26.92% | 0.14x | 2.64x | $6.70 Million |
| 2002 | 8.86% | 16.23% | 0.16x | 3.43x | $-29.83 Million |
| 2003 | 14.97% | 30.65% | 0.16x | 3.09x | $152.95 Million |
| 2004 | 14.78% | 34.73% | 0.15x | 2.89x | $191.64 Million |
| 2005 | 10.25% | 21.18% | 0.19x | 2.59x | $13.25 Million |
| 2006 | 9.11% | 20.65% | 0.15x | 2.92x | $-54.94 Million |
| 2007 | 10.39% | 21.38% | 0.13x | 3.67x | $23.85 Million |
| 2008 | 6.97% | 14.65% | 0.13x | 3.78x | $-171.41 Million |
| 2009 | 1.70% | 3.87% | 0.14x | 3.23x | $-518.11 Million |
| 2010 | 10.26% | 23.31% | 0.14x | 3.25x | $16.31 Million |
| 2011 | 9.70% | 22.72% | 0.14x | 2.99x | $-20.53 Million |
| 2012 | 9.01% | 22.31% | 0.13x | 3.21x | $-67.83 Million |
| 2013 | 7.04% | 17.24% | 0.14x | 2.97x | $-200.55 Million |
| 2014 | 12.82% | 32.81% | 0.12x | 3.15x | $190.31 Million |
| 2015 | 11.35% | 30.39% | 0.12x | 3.16x | $90.67 Million |
| 2016 | 13.92% | 38.33% | 0.12x | 3.02x | $270.72 Million |
| 2017 | 5.24% | 10.91% | 0.12x | 4.01x | $-206.35 Million |
| 2018 | 10.08% | 20.80% | 0.13x | 3.85x | $3.43 Million |
| 2019 | 46.76% | 163.55% | 0.11x | 2.72x | $2.47 Billion |
| 2020 | -4.55% | -19.44% | 0.09x | 2.48x | $-950.32 Million |
| 2021 | 2.82% | 11.07% | 0.09x | 2.77x | $-447.64 Million |
| 2022 | -5.93% | -19.25% | 0.11x | 2.82x | $-930.47 Million |
| 2023 | 1.91% | 5.82% | 0.11x | 2.94x | $-445.41 Million |
| 2024 | 1.36% | 3.94% | 0.11x | 3.10x | $-445.44 Million |
| 2025 | 15.12% | 49.99% | 0.12x | 2.59x | $306.28 Million |
Industry Comparison
This section compares Vornado Realty Trust's net assets metrics with peer companies in the REIT - Office industry.
Industry Context
- Industry: REIT - Office
- Average net assets among peers: $1,287,555,700
- Average return on equity (ROE) among peers: 2.47%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Vornado Realty Trust (VNORP) | $6.80 Billion | 27.92% | 1.28x | $6.25 Billion |
| Allied Properties Real Estate Investment Trust (APYRF) | $215.70 Million | 3.58% | 1.33x | $973.59 Million |
| Alexandria Real Estate Equities Inc (ARE) | $1.58 Billion | 5.93% | 1.94x | $7.61 Billion |
| Brandywine Realty Trust (BDN) | $1.69 Billion | 2.03% | 1.41x | $496.31 Million |
| BTB Real Estate Investment Trust (BTBIF) | $248.95 Million | 11.32% | 2.06x | $199.14 Million |
| Boston Properties Inc (BXP) | $3.00 Billion | 14.79% | 1.81x | $7.87 Billion |
| COPT Defense Properties (CDP) | $1.68 Billion | 4.55% | 1.53x | $3.58 Billion |
| City Office (CIO) | $772.63 Million | -0.35% | 0.96x | $2.76 Million |
| CLS Holdings plc (CLIHF) | $929.20 Million | -26.88% | 1.33x | $263.93 Million |
| Creative Media & Community Trust Corporation (CMCT) | $42.90 Million | 0.00% | 0.01x | $114.98K |
| Cromwell Property Group (CMWCF) | $2.71 Billion | 9.71% | 0.86x | $445.64 Million |