Kilroy Realty vs Vornado Realty Trust
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The short version
- Vornado Realty Trust is the larger business, with $1.8B of revenue in fiscal 2025 against $1.1B for Kilroy Realty, about 1.6 times as much.
- Vornado Realty Trust grew revenue faster (1.3%, against −2.0%).
- Vornado Realty Trust turned more of its sales into free cash flow (53.1% FCF margin, against 40.5%).
| Latest fiscal year | KRC · FY25 | VNO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.4B | $6.8B |
| Revenue | $1.1B | $1.8B |
| Free cash flow | $450M | $962M |
| Net income | $303M | $905M |
| Growth | ||
| Revenue growth | −2.0% | 1.3% |
| 5-year growth | 4.4% | 3.5% |
| Share count change | 0.6% | 2.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 27.2% | 50.0% |
| FCF margin | 40.5% | 53.1% |
| Return on capital | — | 17.4% |
| Return on equity | 5.6% | 16.2% |
| Balance sheet | ||
| Net debt | — | $1.4B |
| Net debt / EBITDA | — | 0.8x |
| Dividends and buybacks | $258M | $192M |
| Valuation & quality | ||
| P/E | 20.4x | — |
| Piotroski F-score | — | — |
FY16
KRC $643M
VNO $2.0B
FY17
KRC $719M
VNO $2.1B
FY18
KRC $747M
VNO $2.2B
FY19
KRC $838M
VNO $1.9B
FY20
KRC $898M
VNO $1.5B
FY21
KRC $955M
VNO $1.6B
FY22
KRC $1.1B
VNO $1.8B
FY23
KRC $1.1B
VNO $1.8B
FY24
KRC $1.1B
VNO $1.8B
FY25
KRC $1.1B
VNO $1.8B
KRC
VNO
FY16
KRC —
VNO 28.9%
FY17
KRC —
VNO 29.2%
FY18
KRC —
VNO 26.9%
FY19
KRC —
VNO —
FY20
KRC —
VNO —
FY21
KRC —
VNO —
FY22
KRC —
VNO —
FY23
KRC —
VNO —
FY24
KRC —
VNO —
FY25
KRC —
VNO —
KRC
VNO
FY16
KRC $233M
VNO $608M
FY17
KRC $259M
VNO $589M
FY18
KRC $244M
VNO $568M
FY19
KRC $239M
VNO $593M
FY20
KRC $326M
VNO $423M
FY21
KRC $396M
VNO $759M
FY22
KRC $499M
VNO $796M
FY23
KRC $505M
VNO $615M
FY24
KRC $441M
VNO $538M
FY25
KRC $450M
VNO $962M
KRC
VNO
FY16
KRC —
VNO 7.8%
FY17
KRC —
VNO 8.6%
FY18
KRC —
VNO 9.7%
FY19
KRC —
VNO 52.5%
FY20
KRC —
VNO −2.1%
FY21
KRC —
VNO 5.9%
FY22
KRC —
VNO −0.9%
FY23
KRC —
VNO 3.0%
FY24
KRC —
VNO 3.0%
FY25
KRC —
VNO 17.4%
KRC
VNO
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.