Is Vornado Realty Trust overvalued or undervalued?

As of 31 October 2025, Vornado Realty Trust's valuation grade has moved from attractive to very attractive, indicating a more favorable assessment. The company appears to be undervalued, with a P/E ratio of 51, a Price to Book Value of 1.58, and an EV to EBITDA of 10.46. In comparison, peers such as AGNC Investment Corp. have a P/E of 28.50 and Agree Realty Corp. has a P/E of 41.08, suggesting that Vornado is trading at a lower valuation relative to its peers.
Despite the positive valuation indicators, Vornado has underperformed against the S&P 500 over various periods, with a year-to-date return of -10.28% compared to the S&P 500's 16.30%. This performance highlights the potential for recovery and growth in the company's valuation moving forward.