Is Vornado Realty Trust overvalued or undervalued?

As of 24 April 2025, Vornado Realty Trust's valuation grade has moved from very expensive to fair, indicating a significant adjustment in its perceived market value. The company is currently fairly valued, with a P/E ratio of 51, a Price to Book Value of 1.58, and an EV to EBITDA ratio of 10.46. Notably, its PEG ratio stands at a favorable 0.62, suggesting potential for growth relative to its price.
In comparison to its peers, Vornado Realty Trust's P/E ratio is higher than that of AGNC Investment Corp., which is very attractive at a P/E of 19.95, and also higher than Agree Realty Corp. at 41.43. Meanwhile, Terreno Realty Corp. is also rated fair with a P/E of 30.79. This context highlights that while Vornado is fairly valued, it remains relatively expensive compared to its peers. Over the past year, Vornado has outperformed the S&P 500 with a return of 53.35% compared to the index's 10.26%, reinforcing its valuation story amidst a competitive landscape.