Is Vornado Realty Trust overvalued or undervalued?

As of 31 October 2025, the valuation grade for Vornado Realty Trust has moved from attractive to very attractive. The company appears to be undervalued, especially in comparison to its peers. Key valuation ratios include a P/E ratio of 51, an EV to EBITDA of 10.46, and a PEG ratio of 0.62, which suggests that the stock may be priced favorably relative to its growth prospects.
In comparison to peers, Vornado Realty Trust's P/E ratio is significantly higher than that of AGNC Investment Corp. at 28.50 and Rithm Capital Corp. at 8.42, indicating a potential mispricing in the market. The company has also underperformed the S&P 500 over various time frames, with a year-to-date return of -14.70% compared to the index's 16.30%, reinforcing the notion that it may be undervalued despite its recent grade upgrade.