WallStSmart

Net Lease Office Properties (NLOP)vsVornado Realty Trust (VNO)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Vornado Realty Trust generates 1660% more annual revenue ($1.86B vs $105.92M). VNO leads profitability with a 48.5% profit margin vs -137.1%. VNO earns a higher WallStSmart Score of 61/100 (C+).

NLOP

Hold

39

out of 100

Grade: F

Growth: 2.7Profit: 3.0Value: 5.0Quality: 5.5
Piotroski: 3/9Altman Z: 0.68

VNO

Buy

61

out of 100

Grade: C+

Growth: 5.3Profit: 6.5Value: 7.3Quality: 4.8
Piotroski: 4/9Altman Z: 0.45
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

Intrinsic value data unavailable for NLOP.

VNOUndervalued (+84.6%)

Margin of Safety

+84.6%

Fair Value

$196.56

Current Price

$25.98

$170.58 discount

UndervaluedFair: $196.56Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

NLOP2 strengths · Avg: 9.5/10
Price/BookValuation
0.7x10/10

Reasonable price relative to book value

Debt/EquityHealth
0.119/10

Conservative balance sheet, low leverage

VNO3 strengths · Avg: 10.0/10
P/E RatioValuation
6.2x10/10

Attractively priced relative to earnings

Price/BookValuation
1.0x10/10

Reasonable price relative to book value

Profit MarginProfitability
48.5%10/10

Keeps 49 of every $100 in revenue as profit

Areas to Watch

NLOP4 concerns · Avg: 3.3/10
EPS GrowthGrowth
2.2%4/10

2.2% earnings growth

Market CapQuality
$213.77M3/10

Smaller company, higher risk/reward

Operating MarginProfitability
4.3%3/10

Operating margin of 4.3%

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

VNO4 concerns · Avg: 2.0/10
PEG RatioValuation
7.372/10

Expensive relative to growth rate

Revenue GrowthGrowth
-8.1%2/10

Revenue declined 8.1%

Free Cash FlowQuality
$-563.27M2/10

Negative free cash flow — burning cash

Altman Z-ScoreHealth
0.452/10

Distress zone — elevated risk

Comparative Analysis Report

WallStSmart Research

Bull Case : NLOP

The strongest argument for NLOP centers on Price/Book, Debt/Equity.

Bull Case : VNO

The strongest argument for VNO centers on P/E Ratio, Price/Book, Profit Margin. Profitability is solid with margins at 48.5% and operating margin at 13.6%.

Bear Case : NLOP

The primary concerns for NLOP are EPS Growth, Market Cap, Operating Margin.

Bear Case : VNO

The primary concerns for VNO are PEG Ratio, Revenue Growth, Free Cash Flow.

Key Dynamics to Monitor

NLOP profiles as a turnaround stock while VNO is a declining play — different risk/reward profiles.

VNO carries more volatility with a beta of 1.53 — expect wider price swings.

VNO is growing revenue faster at -8.1% — sustainability is the question.

NLOP generates stronger free cash flow (21M), providing more financial flexibility.

Bottom Line

VNO scores higher overall (61/100 vs 39/100), backed by strong 48.5% margins. Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Net Lease Office Properties

REAL ESTATE · REIT - OFFICE · USA

Net Lease Office Properties (NLOP) is a leading real estate investment trust (REIT) that focuses on the acquisition and management of high-quality, net leased office properties across the United States. Committed to delivering strong risk-adjusted returns, NLOP maintains a diversified portfolio characterized by long-term leases with financially stable tenants, ensuring reliable cash flows and minimizing risk exposure. The company's strategic emphasis on key metropolitan markets allows it to capitalize on demand trends within the office sector, while its disciplined capital management and robust acquisition strategy position it for sustained growth and attractive yields. With a focus on enhancing shareholder value, NLOP represents a compelling investment opportunity for institutional investors seeking exposure to the commercial real estate market.

Vornado Realty Trust

REAL ESTATE · REIT - OFFICE · USA

Vornado Realty Trust is a real estate investment trust formed in Maryland, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.

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