First Industrial Realty (FR) vs Vornado Realty (VNO)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
First Industrial Realty (FR) has outperformed Vornado Realty (VNO) over the past year, gaining 12.6% versus a loss of 16.7%. Over five years, FR leads with a +2.7% price change compared with -25.1% for VNO. First Industrial Realty is the larger company by market cap ($8.04 billion vs $6.65 billion), about 1.2 times the size.
On valuation, First Industrial Realty trades at a lower forward P/E (31.1x vs 108.3x for Vornado Realty). First Industrial Realty offers the higher dividend yield (3.22% vs 2.20%). Vornado Realty converts more of its revenue into profit, with a net margin of 50.0% versus 34.0%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FR | VNO |
|---|---|---|
| Share price | $58.67 | $33.57 |
| Market cap | $8.04B | $6.65B |
| 1-day change | +0.84% | -0.62% |
| YTD return | +1.59% | +1.50% |
| 1-year return | +12.62% | -16.70% |
| 5-year return | +2.72% | -25.13% |
| P/E ratio (TTM) | 21.33 | 839.25 |
| Forward P/E | 31.12 | 108.29 |
| EPS (TTM) | $2.75 | $0.04 |
| Dividend yield | 3.22% | 2.20% |
| Annual dividend | $1.89 | $0.74 |
| Revenue (latest FY) | $727.08M | $1.81B |
| Revenue growth (YoY) | +8.58% | +1.27% |
| Net income (latest FY) | $247.44M | $904.96M |
| Net margin | 34.03% | 49.99% |
| 52-week high | $69.88 | $41.60 |
| 52-week low | $50.24 | $24.57 |
| Distance from 52-week high | -16.04% | -19.30% |
| Analyst consensus | buy | hold |
| Avg. price target upside | +23.15% | +18.92% |
| Average volume | 1.03M | 1.45M |
| Shares outstanding | 132.57M | 186.72M |
| Employees | 151 | 3,145 |
| Sector | Real Estate | Real Estate |
| Industry | Real Estate Investment Trusts | Real Estate Investment Trusts |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- FR has outperformed VNO by 29.3 percentage points over the past year.
- Vornado Realty trades at a higher earnings multiple (839.3x vs 21.3x trailing P/E).
- First Industrial Realty offers a meaningfully higher dividend yield (3.22% vs 2.20%).
- Vornado Realty is more profitable, keeping 50.0 cents of every revenue dollar as net income versus 34.0 cents for First Industrial Realty.
- First Industrial Realty grew revenue faster in its latest fiscal year (+8.58% vs +1.27%).
About First Industrial Realty
FR stock →First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.
Real Estate · Real Estate Investment Trusts · 151 employees
About Vornado Realty
VNO stock →Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco.
Real Estate · Real Estate Investment Trusts · 3,145 employees
FR vs VNO FAQ
Which is bigger, First Industrial Realty or Vornado Realty?
First Industrial Realty (FR) is larger, with a market capitalization of $8.04B compared with $6.65B for Vornado Realty (VNO).
Which stock has performed better over the past year, FR or VNO?
FR returned +12.62% over the past 12 months, compared with -16.70% for VNO (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FR or VNO?
FR has the lower trailing P/E at 21.3, versus 839.3 for VNO. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, First Industrial Realty or Vornado Realty?
First Industrial Realty has the higher yield at 3.22%, compared with 2.20% for Vornado Realty.
Are First Industrial Realty and Vornado Realty in the same industry?
Yes. Both are classified in the Real Estate Investment Trusts industry within the Real Estate sector.