CluenexVornado Realty Trust VNO
Vornado Realty Trust scores weak on business quality (3.0 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Vornado Realty Trust does
Vornado Realty Trust owns and leases high-end office and retail properties, generating rental income primarily from prime Manhattan real estate locations. Tenants pay lease fees for premium commercial space.
- What it does best
Vornado commands prime New York City office and retail locations that are hard to replicate, though its gross margin sits at 48% versus BXP's 60% due to asset mix and leasing pressures.
- The main risk
Elevated leverage and a low interest coverage ratio of 0.5x leave the balance sheet vulnerable if refinancing costs remain high or rental income drops further.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin stands at 10.5% with a net margin of 0.3%, reflecting heavy debt servicing and operational costs that compress earnings as scale changes.
New York City real estate density forms its physical barrier, though a gross margin in the bottom quartile of its sector at 48% limits pricing power.
Revenue grew 1.2% to $1.8 billion, marking a slow pace that matches its historical stagnation across recent annual reporting periods.
Total debt of $7.2 billion heavily weighs on the balance sheet with interest coverage at 0.5x, while free cash flow sits negative at -$416 million, showing soft financial health.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
1 sold $3.1M outside pre-planned sales.
Our sealed record on VNO
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Vornado Realty Trust scores weak on the Cluenex quality check (3.0 of 10), measured against its own industry. Profitability is weak, moat fair, growth slow and financial health weak.
In the last 90 days of SEC Form 4 filings: 1 sold $3.1M outside pre-planned sales.
Nov 2, 2026.
See VNO today
- Today's verdict on VNO, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Vornado Realty Trust (VNO)”, https://cluenex.com/stocks/vno/, data as of Oct 10, 2026.