Start with its own history
At 33.60×, VNO is 80.8% below its 8-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · VNOREIT - OfficeUpdated Nov 5, 2026
Vornado Realty Trust P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
33.60×
80.8% belowthe 8-observation annual average
Share price36.29
÷Earnings per share1.08
Price and EPS in quote currency. Calculation details
Investors are paying 33.60 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 174.92×
3-year average393.80×3 positive annual observations
5-year average315.09×4 positive annual observations
10-year average174.92×8 positive annual observations
Peer median · TTM23.11×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 7.56× | -99.3% |
| Dec 31, 2024 | 1051.00× | +755.7% |
| Dec 31, 2023 | 122.83× | N/M |
| Dec 31, 2022 | N/M | N/M |
| Dec 31, 2021 | 78.98× | N/M |
| Dec 31, 2020 | N/M | N/M |
| Dec 31, 2019 | 4.10× | -84.4% |
| Dec 31, 2018 | 26.28× | -71.4% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 91.98× | +453.9% |
| Dec 31, 2016 | 16.60× | -25.8% |
| Dec 31, 2015 | 22.38× | +8.6% |
| Dec 31, 2014 | 20.61× | -33.4% |
| Dec 31, 2013 | 30.95× | +55.8% |
| Dec 31, 2012 | 19.87× | +15.1% |
| Dec 31, 2011 | 17.26× | -7.5% |
| Dec 31, 2010 | 18.65× | -89.8% |
| Dec 31, 2009 | 182.82× | +711.3% |
| Dec 31, 2008 | 22.54× | +11.3% |
| Dec 31, 2007 | 20.25× | -21.0% |
| Dec 31, 2006 | 25.63× | +51.8% |
| Dec 31, 2005 | 16.88× | +35.4% |
| Dec 31, 2004 | 12.47× | +19.5% |
| Dec 31, 2003 | 10.43× | -25.7% |
| Dec 31, 2002 | 14.04× | +15.2% |
| Dec 31, 2001 | 12.18× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How VNO compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 VNO This stockVornado Realty Trust | 33.60× |
 DLRDigital Realty Trust, Inc. | 73.95× |
 STAGSTAG Industrial, Inc. | 26.84× |
 FRFirst Industrial Realty Trust, Inc. | 20.56× |
 NNNNNN REIT, Inc. | 19.73× |
 CTRECareTrust REIT, Inc. | 23.57× |
 STWDStarwood Property Trust, Inc. | 19.29× |
 FRTFederal Realty Investment Trust | 22.65× |
 KRCKilroy Realty Corporation | 151.32× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does VNO’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 23.11×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take VNO into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("VNO", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 36.29 ÷ EPS 1.08 = 33.60×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
VNO P/E ratio: common questions
The essentials behind the numbers.
Vornado Realty Trust's current P/E is 33.60× based on the quote data last updated Nov 5, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.