NYSE: VNO · Office REITs
Vornado Realty Trust (VNO) fair value: undervalued or overvalued?
As of 31 Oct 2026, Faircurve's model values Vornado Realty Trust (VNO) at $17.12 a share. The stock last closed at $35.87, which puts the model's fair value 52.3% below the price. On the model's bands that reads as Overvalued.
Revalued . Price is the close of 5 Nov 2026. Vornado Realty Trust.
The report adds the live price, the chart against the range the options market prices and the next earnings date. No account needed.
This week, in three parts
What happenedThe run of 31 Oct 2026 held the fair value at $17.12, within 1% of the run of 24 Oct 2026.
What the model makes of itThe price of $35.87 is 52.3% above it: Overvalued, on a high evidence grade.
What's nextNext report on 8 Feb 2027. Options prices imply a move of about 13% either way over the next month. The next weekly run is on Saturday 7 Nov 2026.
What price range does the model give VNO?
The calibrated range for VNO over 63 trading days is $31.47 to $42.12. It sits around the last close, and its width comes from the volatility that VNO's own options imply (44% a year), calibrated weekly against realised prices (n = 6,661 past valuations, refreshed 31 Oct 2026). Ranges built this way held the price 60% of the time at this horizon. The fair value is the model's opinion and rides beside the range. It is not the centre of it.
The model's own range is $15.97 to $18.22.
Faircurve Insights · 31 Oct 2026
Vornado Realty Trust (VNO) is an office REIT. Its property holdings are predominantly focused on the crucial New York City market, complemented by a top-tier asset in both Chicago and San Francisco.
Faircurve's model put the fair value at $17.12 a share on 31 Oct 2026, against $17.29 on the previous run, on 24 Oct 2026, a move of -1.0%. The fair value blends the valuation methods that could be applied, out of three: a cash-flow multiple against comparable companies, a dividend model, and the value of the properties. The calibrated range over 63 trading days is $29.73 to $39.76, built around the price from the volatility the stock's own options imply. Ranges built this way held the price 60% of the time at this horizon, based on 6,661 past valuations. The evidence grade is High. For REITs it looks at the dividend record: at least three years of paid dividends with no cut. It does not say whether the fair value is right.
The facts sheet gives no quality scores for Vornado, so this note cannot report how the business ranks against its peers on quality. The model compares Vornado with Cousins Properties Incorporated (CUZ), Kilroy Realty Corporation (KRC), BXP, Inc. (BXP), COPT Defense Properties (CDP), Highwoods Properties, Inc. (HIW) and Douglas Emmett, Inc. (DEI), each of which has a fair value of its own on the site. Alexandria Real Estate Equities, Inc. (ARE) and SL Green Realty Corp. (SLG) are also compared, but have no verdict on this date.
Written from the figures on this page for the 31 Oct 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
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When does VNO report earnings, and how has the stock reacted?
Vornado Realty Trust's next earnings report is scheduled for 8 Feb 2027. Companies can move their dates.
Options prices on 5 Nov 2026 imply a move of about 6.6% in either direction through the nearest expiry, about 14 days out. That is the size the market is pricing, not a direction. VNO's 30 day implied volatility works out to about 12.7% over one month.
On 4 Nov 2026 VNO moved 7.1% in one session, against the 2.5% a day that options had priced: 2.9 times the implied size.
Around its last 8 reports: what the options market priced, and what followed
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across VNO's last 8 reports, ignoring direction, was 1.9%.
What the options market has priced for a month's move in VNO
How does VNO compare with similar companies?
The companies in office reits closest to Vornado Realty Trust in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| ARE Alexandria Real Estate Equities, Inc. | $45.17 | $35.36 | -21.7% | Low evidence grade |
| CUZ Cousins Properties Incorporated | $29.51 | $20.92 | -29.1% | Overvalued |
| KRC Kilroy Realty Corporation | $36.26 | $27.65 | -23.7% | Overvalued |
| BXP BXP, Inc. | $65.24 | $47.45 | -27.3% | Overvalued |
| CDP COPT Defense Properties | $32.35 | $19.80 | -38.8% | Overvalued |
| SLG SL Green Realty Corp. | $51.55 | $19.00 | -63.1% | Gap wider than 60% |
| HIW Highwoods Properties, Inc. | $31.72 | $29.30 | -7.6% | Overvalued |
| DEI Douglas Emmett, Inc. | $10.42 | $13.60 | +30.5% | Undervalued |
Vornado Realty Trust at a glance
Vornado's property holdings are predominantly focused on the crucial New York City market, complemented by a top-tier asset in both Chicago and San Francisco.
- Market value
- $6.5B
- Sector
- Real Estate
- Industry
- Office REITs
- Beta to the US market
- 0.73
- First valued by Faircurve
- 11 Jul 2026
At the close of 5 Nov 2026, 56.0% of the 1,065 graded US stocks the model covers traded below the model's fair value. VNO was not among them.
How the fair value is worked out: the model values Vornado Realty Trust in up to three ways and blends those that could be applied; the range around the fair value comes from 2,000 simulations of the dividend model. The full method is documented here.
What changed in the latest valuation?
On 24 Oct 2026 the model's fair value for VNO was $17.29. As of 31 Oct 2026 it is $17.12, a change of -1.0%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about Vornado Realty Trust's valuation
Is Vornado Realty Trust stock undervalued or overvalued?
On Faircurve's model, VNO reads as Overvalued as of 31 Oct 2026. The model's fair value is $17.12 a share against a last close of $35.87, a gap of -52.3%.
What is VNO's fair value?
$17.12 a share as of 31 Oct 2026. The fair value blends the valuation methods that could be applied, out of three: a cash-flow multiple against comparable companies, a dividend model, and the value of the properties. The model's own range is $15.97 to $18.22.
What price range does the model give VNO?
$31.47 to $42.12 over 63 trading days. Ranges built this way held the price 60% of the time across 6,661 past valuations, refreshed 31 Oct 2026.
When does Vornado Realty Trust report earnings next?
The next report is scheduled for 8 Feb 2027. Companies can move their dates.
How much has VNO moved on past earnings reports?
Across its last 8 reports the median two session move was 1.9%, ignoring direction. The largest was -5.5% around the report of 3 Nov 2025.
How confident is the model in this valuation?
The model's evidence grade for VNO is high. For real estate investment trusts (REITs) the grade looks at the dividend record: at least three years of paid dividends with no cut. It is not a probability that the fair value is right, or that the price reaches it.
The model's own ideas on VNO
The model holds no idea open on VNO today. Signed-in readers see the rule each idea runs on, the floor and the exit level the model set and its time limit, and the model's closed ideas on VNO with their outcomes. A free account is enough.