Vornado Realty Trust vs W. P. Carey
Add, change or remove companies; up to four.
The short version
- Vornado Realty Trust is the larger business, with $1.8B of revenue in fiscal 2025 against $1.7B for W. P. Carey.
- W. P. Carey grew revenue faster (8.4%, against 1.3%).
- Vornado Realty Trust earned a higher return on the capital invested in it (17.4%, against 4.6%).
| Latest fiscal year | VNO · FY25 | WPC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | $14.5B |
| Revenue | $1.8B | $1.7B |
| Free cash flow | $962M | — |
| Net income | $905M | $466M |
| Growth | ||
| Revenue growth | 1.3% | 8.4% |
| 5-year growth | 3.5% | 7.3% |
| Share count change | 2.3% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 50.0% | 27.2% |
| FCF margin | 53.1% | — |
| Return on capital | 17.4% | 4.6% |
| Return on equity | 16.2% | 5.6% |
| Balance sheet | ||
| Net debt | $1.4B | $8.6B |
| Net debt / EBITDA | 0.8x | 6.5x |
| Dividends and buybacks | $192M | $790M |
| Valuation & quality | ||
| P/E | — | 21.8x |
| Piotroski F-score | — | — |
Revenue
FY16
VNO $2.0B
WPC $942M
FY17
VNO $2.1B
WPC $848M
FY18
VNO $2.2B
WPC $886M
FY19
VNO $1.9B
WPC $1.2B
FY20
VNO $1.5B
WPC $1.2B
FY21
VNO $1.6B
WPC $1.3B
FY22
VNO $1.8B
WPC $1.5B
FY23
VNO $1.8B
WPC $1.7B
FY24
VNO $1.8B
WPC $1.6B
FY25
VNO $1.8B
WPC $1.7B
VNO
WPC
Operating margin
FY16
VNO 28.9%
WPC —
FY17
VNO 29.2%
WPC —
FY18
VNO 26.9%
WPC —
FY19
VNO —
WPC —
FY20
VNO —
WPC —
FY21
VNO —
WPC —
FY22
VNO —
WPC —
FY23
VNO —
WPC —
FY24
VNO —
WPC —
FY25
VNO —
WPC —
VNO
WPC
Free cash flow
FY16
VNO $608M
WPC —
FY17
VNO $589M
WPC —
FY18
VNO $568M
WPC —
FY19
VNO $593M
WPC —
FY20
VNO $423M
WPC —
FY21
VNO $759M
WPC —
FY22
VNO $796M
WPC —
FY23
VNO $615M
WPC —
FY24
VNO $538M
WPC —
FY25
VNO $962M
WPC —
VNO
WPC
Return on capital
FY16
VNO 7.8%
WPC 8.0%
FY17
VNO 8.6%
WPC 5.9%
FY18
VNO 9.7%
WPC 5.8%
FY19
VNO 52.5%
WPC 4.0%
FY20
VNO −2.1%
WPC 5.0%
FY21
VNO 5.9%
WPC 4.3%
FY22
VNO −0.9%
WPC 5.2%
FY23
VNO 3.0%
WPC 6.0%
FY24
VNO 3.0%
WPC 4.5%
FY25
VNO 17.4%
WPC 4.6%
VNO
WPC
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.