Alexandria Real Estate Equities vs Vornado Realty Trust
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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 β2.9%).
- Vornado Realty Trust turned more of its sales into free cash flow (53.1% FCF margin, against β15.1%).
| Latest fiscal year | ARE Β· FY25 | VNO Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.3B | $6.8B |
| Revenue | $3.0B | $1.8B |
| Free cash flow | β$457M | $962M |
| Net income | β$1.4B | $905M |
| Growth | ||
| Revenue growth | β2.9% | 1.3% |
| 5-year growth | 9.9% | 3.5% |
| Share count change | β1.0% | 2.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | β47.2% | 50.0% |
| FCF margin | β15.1% | 53.1% |
| Return on capital | β | 17.4% |
| Return on equity | β8.6% | 16.2% |
| Balance sheet | ||
| Net debt | $11.9B | $1.4B |
| Net debt / EBITDA | β | 0.8x |
| Dividends and buybacks | $1.1B | $192M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | β | β |
Revenue
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
Operating margin
FY16
ARE β
VNO 28.9%
FY17
ARE β
VNO 29.2%
FY18
ARE β
VNO 26.9%
FY19
ARE β
VNO β
FY20
ARE β
VNO β
FY21
ARE β
VNO β
FY22
ARE β
VNO β
FY23
ARE β
VNO β
FY24
ARE β
VNO β
FY25
ARE β
VNO β
ARE
VNO
Free cash flow
FY16
ARE β$428M
VNO $608M
FY17
ARE β$443M
VNO $589M
FY18
ARE β$357M
VNO $568M
FY19
ARE β$541M
VNO $593M
FY20
ARE β$563M
VNO $423M
FY21
ARE β$1.1B
VNO $759M
FY22
ARE β$2.0B
VNO $796M
FY23
ARE β$1.8B
VNO $615M
FY24
ARE β$918M
VNO $538M
FY25
ARE β$457M
VNO $962M
ARE
VNO
Return on capital
FY16
ARE β
VNO 7.8%
FY17
ARE β
VNO 8.6%
FY18
ARE β
VNO 9.7%
FY19
ARE β
VNO 52.5%
FY20
ARE β
VNO β2.1%
FY21
ARE β
VNO 5.9%
FY22
ARE β
VNO β0.9%
FY23
ARE β
VNO 3.0%
FY24
ARE β
VNO 3.0%
FY25
ARE β
VNO 17.4%
ARE
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.