Alexandria Real Estate Equities
ARE · Office REITs
$43.02
0.7%Vornado Realty Trust
VNO · Office REITs
$34.80
1.3%The short version
- Alexandria Real Estate Equities is the larger business, with $3.0B of revenue in fiscal 2025 against $1.8B for Vornado Realty Trust, about 1.7 times as much.
- Vornado Realty Trust grew revenue faster (1.3%, against −2.9%).
- Vornado Realty Trust turned more of its sales into free cash flow (53.1% FCF margin, against −15.1% FCF margin).
| Latest fiscal year | ARE · FY25 | VNO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.3B | $6.8B |
| Revenue | $3.0B | $1.8B |
| Free cash flow | −$457M | $962M |
| Net income | −$1.4B | $905M |
| Growth | ||
| Revenue growth | −2.9% | 1.3% |
| 5-year growth | 9.9% | 3.5% |
| Share count change | −1.0% | 2.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | −47.2% | 50.0% |
| FCF margin | −15.1% | 53.1% |
| Return on capital | — | 17.4% |
| Return on equity | −8.6% | 16.2% |
| Balance sheet | ||
| Net debt | $11.9B | $1.4B |
| Net debt / EBITDA | — | 0.8x |
| Dividends and buybacks | $1.1B | $192M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | — |
FY16
ARE $922M
VNO $2.0B
FY17
ARE $1.1B
VNO $2.1B
FY18
ARE $1.3B
VNO $2.2B
FY19
ARE $1.5B
VNO $1.9B
FY20
ARE $1.9B
VNO $1.5B
FY21
ARE $2.1B
VNO $1.6B
FY22
ARE $2.6B
VNO $1.8B
FY23
ARE $2.9B
VNO $1.8B
FY24
ARE $3.1B
VNO $1.8B
FY25
ARE $3.0B
VNO $1.8B
ARE
VNO
FY16
ARE —
VNO 28.9%
FY17
ARE —
VNO 29.2%
FY18
ARE —
VNO 26.9%
FY19
ARE —
VNO —
FY20
ARE —
VNO —
FY21
ARE —
VNO —
FY22
ARE —
VNO —
FY23
ARE —
VNO —
FY24
ARE —
VNO —
FY25
ARE —
VNO —
ARE
VNO
FY16
ARE −$428M
VNO $608M
FY17
ARE −$443M
VNO $589M
FY18
ARE −$357M
VNO $568M
FY19
ARE −$541M
VNO $593M
FY20
ARE −$563M
VNO $423M
FY21
ARE −$1.1B
VNO $759M
FY22
ARE −$2.0B
VNO $796M
FY23
ARE −$1.8B
VNO $615M
FY24
ARE −$918M
VNO $538M
FY25
ARE −$457M
VNO $962M
ARE
VNO
FY16
ARE —
VNO 7.8%
FY17
ARE —
VNO 8.6%
FY18
ARE —
VNO 9.7%
FY19
ARE —
VNO 52.5%
FY20
ARE —
VNO −2.1%
FY21
ARE —
VNO 5.9%
FY22
ARE —
VNO −0.9%
FY23
ARE —
VNO 3.0%
FY24
ARE —
VNO 3.0%
FY25
ARE —
VNO 17.4%
ARE
VNO
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.