What is the 13F Pro Quality Score for VNO?

13F Pro ranks VORNADO REALTY TRUST (VNO) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View VNO's current score at https://13fpro.ai/research/VNO (free sign-up required for the full ranking).

Which hedge funds own the most VNO stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of VNO include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, FRANKLIN RESOURCES. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/VNO as soon as new 13F filings post.

Where does 13F Pro source VNO data?

All VORNADO REALTY TRUST fundamentals and ownership data come directly from SEC EDGAR. VORNADO REALTY TRUST files with the SEC under CIK 899689. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is VNO in?

VORNADO REALTY TRUST (VNO) is classified in the Real Estate sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/real-estate.

What drives VNO's revenue?

Per VORNADO REALTY TRUST's latest 10-Q filed with the SEC on 2026-05-04, the biggest revenue drivers are: Rental revenues ($399.2M, -1.4% YoY); Fee and other income ($59.9M, +5.4% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/VNO.

What are VNO's largest expenses?

VORNADO REALTY TRUST's latest 10-Q reports these as the largest expense items: Operating expenses ($246.6M, +9.8% YoY); Depreciation and amortization ($118.5M, +2.0% YoY); Interest and debt expense ($89.2M, -6.9% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is VNO research updated on 13F Pro?

VNO's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

VORNADO REALTY TRUST(VNO)Stock Analysis

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13F Pro Quality Score

69.1/100

Rank #383 of 2,879 stocksTOP 25%

View Real Estate peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

33.6/100

Profitability

95.1/100

Balance Sheet

73.5/100

Earnings Quality

94.6/100

Free Cash Flow

94.8/100

Institutional Flow

36.5/100

Revenue Scale

60.7/100

Dilution Risk

48.6/100

VNO Stock Analysis & AI Quality Score

AI stock analysis and institutional research for VORNADO REALTY TRUST (VNO), a Real Estate sector company. 13F Pro's AI-powered ranking engine scores VNO at 69.1/100 on a 32-signal composite quality model, placing it at rank #383 of 2,879 stocks — the top 25% of the AI-ranked universe. VNO scores in the top quartile across profitability (95.1), free cash flow (94.8), earnings quality (94.6). Areas of concern include revenue growth (33.6) and institutional flow (36.5), which score below median versus the broader universe. Shareholder dilution risk is elevated at 48.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), VORNADO REALTY TRUST reports quarterly revenue of $459.1M, net income of $-7.3M, free cash flow of $47.7M. Top institutional holders of VNO by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, FRANKLIN RESOURCES, based on the most recent SEC filings. VNO trades on the NYSE exchange and files with the SEC under CIK 899689. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate VNO daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for VORNADO REALTY TRUST directly from SEC EDGAR. VORNADO REALTY TRUST's 13F Pro composite quality score has ranged between 68 and 69 since 2026, currently 69.1 — a stable long-term trajectory across 8 quarterly and live scoring snapshots.

What's Driving VNO's Business? Latest 10-Q Breakdown

✓ 28/28 datapoints verified

AI-extracted from VORNADO REALTY TRUST's 10-Q filed 2026-05-04 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Vornado reported Q1 net loss of $22.8M despite $459.1M in total revenues, as interest expense and depreciation exceeded operational gains.

Biggest Revenue Drivers

Total revenue: $459.1M-0.5% YoY

Rental revenues$399.2M-1.4% YoY

Decline due to acquisitions, dispositions and same-store operations changes, partially offset by trade shows and tenant services increases.

Fee and other income$59.9M+5.4% YoY

Increase driven by BMS cleaning fees and management and leasing fees.

Largest Expense Items

Operating expenses$246.6M+9.8% YoY

Increase primarily due to same-store operations and acquisition impacts.

Depreciation and amortization$118.5M+2.0% YoY

Slight increase from same-store depreciation, partially offset by acquisition-related adjustments.

Interest and debt expense$89.2M-6.9% YoY

Lower average debt balances offset by higher rates from $500M senior notes issuance.

General and administrative$42.2M+9.5% YoY

Increase from stock-based compensation and operational costs.

Margins: Operating margins compressed as operating expense growth of 9.8% outpaced revenue decline of 0.5%, driven by same-store operations pressures and acquisitions. NOI at share declined 7.2% to $272.1M due to lower income from partially owned entities, which fell from $97.0M to $12.8M.

Watch Items from the Filing

888 Seventh Avenue $244.5M mortgage matured December 2025 and defaulted; forbearance agreement through March 2027 defers payment but requires ongoing interest accrual.
555 California Street same-store NOI declined 51.2% on cash basis YoY; property showing significant operational challenges.
New York segment occupancy declined to 90.3% from 90.0% YoY; office occupancy 91.6% and retail 78.3%, indicating sector-wide softness.
PENN 1 ground lease litigation ongoing: if lessor prevails, annual rent could increase from $15M to $20.2M retroactive to June 2023.
Acquired 3 East 54th Street for $141M (January 2026); $623 Fifth Avenue redevelopment at $234.2M expended of $450M budget with 2027 completion expected.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$459.1M

Net Income

Q1 2026

$-7.3M

Free Cash Flow

Q1 2026

$47.7M

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+0.6% YoY

$1.81BFY 2023

FY18 $2.16BFY19 $1.92BFY22 $1.80BFY23 $1.81B

Net Income

+109.5% YoY

$33.0MFY 2023

FY18 $450.0MFY19 $3.15BFY22 $-346.5MFY23 $33.0M

Operating Income

—FY 2023

FY18 $583.0MFY19 —FY22 —FY23 —

EPS (Diluted)

+110.8% YoY

$0.23FY 2023

FY18 $2.01FY19 $16.21FY22 $-2.13FY23 $0.23

Total Assets

-1.9% YoY

$16.19BFY 2023

FY18 $17.18BFY19 $18.29BFY22 $16.49BFY23 $16.19B

Total Debt

+0.1% YoY

$2.56BFY 2023

FY18 $1.67BFY19 $1.77BFY22 $2.56BFY23 $2.56B

Op. Cash Flow

-18.9% YoY

$648.2MFY 2023

FY18 $802.6MFY19 $662.5MFY22 $798.9MFY23 $648.2M

Metric	FY 2023	FY 2022	FY 2019	FY 2018	FY 2017	FY 2016
Revenue	$1.81B +0.6%	$1.80B -6.5%	$1.92B -11.0%	$2.16B +3.8%	$2.08B +4.0%	$2.00B
Net Income	$33.0M +109.5%	$-346.5M -111.0%	$3.15B +599.6%	$450.0M +97.9%	$227.4M -74.9%	$906.9M
Operating Income	—	—	—	$583.0M -4.2%	$608.7M +5.0%	$579.8M
EPS (Diluted)	$0.23 +110.8%	$-2.13 -113.1%	$16.21 +706.5%	$2.01 +136.5%	$0.85 -80.4%	$4.34
Total Assets	$16.19B -1.9%	$16.49B -9.8%	$18.29B +6.4%	$17.18B -1.2%	$17.40B -16.4%	$20.81B
Total Debt	$2.56B +0.1%	$2.56B +44.9%	$1.77B +5.9%	$1.67B +4.8%	$1.59B +19.4%	$1.33B
Operating Cash Flow	$648.2M -18.9%	$798.9M +20.6%	$662.5M -17.5%	$802.6M -6.7%	$860.1M -13.6%	$995.1M

AI Insight: VNO Financial Trends

VNO's revenue flatlined around $450M while operating cash flow collapsed to $48M in Q1 2026, the lowest in two years, as debt surged 24% sequentially.

• Revenue stagnant: $450M–$462M range across eight quarters (Q2 2024–Q1 2026), with no growth trajectory.

• Operating cash flow deteriorated sharply to $48M in Q1 2026 from $146M in Q4 2025 and $1,027M in Q2 2025.

• Total debt jumped 24% from $2,265M in Q4 2025 to $2,799M in Q1 2026 while equity remained flat near $6B.

⚠ Net income volatile and near-zero: swung from +$759M in Q2 2025 to –$7M in Q1 2026, suggesting non-recurring gains masked operational weakness.

⚠ Leverage accelerating: debt-to-equity ratio climbed to 0.47x in Q1 2026 from 0.37x in Q4 2025.

AI Insight: VNO Ratio Trends

Vornado's trailing twelve-month metrics mask severe quarterly deterioration—Q1 2026 turned negative across profitability while leverage crept back up.

• Q2 2025 drove TTM strength with 185.2% OpMargin and 39.8% ROIC; all other quarters since Q2 2024 remained in low single digits or negative.

• Leverage improved from 0.50 D/E in Q4 2024 to 0.35 in Q2 2025, then deteriorated back to 0.47 in Q1 2026—highest since Q3 2024.

• Q1 2026 showed negative OpMargin (-3.5%), NPM (-1.6%), ROE (-0.5%), ROA (-0.2%), and ROIC (-0.7%)—worst quarter in the dataset.

⚠ Q2 2025's outsized metrics (185% OpMargin, 172% NPM) appear one-off; normal operating environment suggests low-to-mid single-digit returns.

⚠ D/E rising back to 0.47 in Q1 2026 after five quarters of deleveraging signals renewed pressure on capital structure or earnings headwinds.

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Available Research

13F Pro tracks comprehensive data for VORNADO REALTY TRUST including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of VNO

BlackRock, Inc.
$592.2M22,785,627 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$380.4M14,637,038 sh
FRANKLIN RESOURCES INC
$342.0M13,159,589 sh
STATE STREET CORP
$212.3M8,169,899 sh
VANGUARD CAPITAL MANAGEMENT LLC
$198.5M7,637,167 sh
Resolution Capital Ltd
$193.9M7,459,981 sh
PRINCIPAL FINANCIAL GROUP INC
$153.2M5,895,193 sh
Kemnay Advisory Services Inc.
$151.6M5,834,481 sh
GEODE CAPITAL MANAGEMENT, LLC
$92.7M3,567,789 sh
CENTERSQUARE INVESTMENT MANAGEMENT LLC
$89.1M3,429,047 sh

Fund	Value	Shares
BlackRock, Inc.	$592.2M	22,785,627
VANGUARD PORTFOLIO MANAGEMENT LLC	$380.4M	14,637,038
FRANKLIN RESOURCES INC	$342.0M	13,159,589
STATE STREET CORP	$212.3M	8,169,899
VANGUARD CAPITAL MANAGEMENT LLC	$198.5M	7,637,167
Resolution Capital Ltd	$193.9M	7,459,981
PRINCIPAL FINANCIAL GROUP INC	$153.2M	5,895,193
Kemnay Advisory Services Inc.	$151.6M	5,834,481
GEODE CAPITAL MANAGEMENT, LLC	$92.7M	3,567,789
CENTERSQUARE INVESTMENT MANAGEMENT LLC	$89.1M	3,429,047

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Is VNO a good stock to buy?

13F Pro's AI-powered analysis of VORNADO REALTY TRUST (VNO) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for VNO are available on the VNO stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own VNO?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling VNO. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of VORNADO REALTY TRUST's investment landscape.