CUZ vs ESRT vs VNO Stock Comparison

Cousins Properties, Empire State Realty Trust and Vornado Realty Trust Prices as of Oct 28, 2026 Peers: Industry group
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CUZ Cousins Properties Inc
$28.50 +1.5% 1M +8.2% 1Y
Market cap
$4.77B
P/E
742.3x
Revenue (TTM)
$1.03B
Div. yield
0.05%
Office REITs Real Estate
5 wins
VNO Vornado Realty Trust
$34.35 +0.7% 1M -12.6% 1Y
Market cap
$6.54B
P/E
1,132x
Revenue (TTM)
$1.83B
Div. yield
–
Office REITs Real Estate
3 wins

Head to Head

11 decided of 12

Cousins Properties leads on 5 of the 12 questions below (Cousins Properties 5, Vornado Realty Trust 3, Empire State Realty Trust 3). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionCUZESRTVNOLeader
Larger companyMarket capitalisation $4.77B $863.75M $6.54B VNO
Cheaper on earningsLower P/E, profitable companies only 742.3x 281.1x 1,132x ESRT
Cheaper on forward earningsLower price / next fiscal year consensus EPS 135.7x — — –
Faster revenue growthRevenue growth, trailing twelve months +11.9% +2.0% +1.4% CUZ
More profitableNet margin, trailing twelve months 0.6% 0.4% 0.3% CUZ
Better return on capitalReturn on invested capital — -1.1% 2.3% VNO
Less leveragedLower net debt / EBITDA 34.6x 5.0x 7.1x ESRT
Higher dividend yieldTrailing dividend yield 0.05% 0.03% 0.00% CUZ
Better 1-year returnPrice return, last 12 months +8.2% -36.1% -12.6% CUZ
Better 5-year returnAnnualised price return, 5 years -6.4%/yr -12.5%/yr -4.2%/yr VNO
Less volatileAnnualised volatility, 1 year 27.1% 36.5% 32.7% CUZ
Higher overall scoreMean of the five percentile scores vs peers 29/100 35/100 28/100 ESRT

Percentile Scorecard

CUZESRTVNO

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisCUZESRTVNO
Valuation 29 #103 of 145 78 #33 of 145 24 #110 of 145
Growth 28 #102 of 142 1 #140 of 142 13 #124 of 142
Profitability 31 #94 of 135 25 #101 of 135 37 #85 of 135
Financial Health 37 #86 of 136 57 #59 of 136 33 #91 of 136
Shareholder Returns 19 #107 of 131 12 #115 of 131 35 #86 of 131
Overall 29 35 28
  • CUZ ranked among 149 companies in Property REITs
  • ESRT ranked among 149 companies in Property REITs
  • VNO ranked among 149 companies in Property REITs

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodCUZESRTVNOSPY
1 month +1.5%+22.7%+0.7% +0.9%
3 months -11.8%-14.3%-15.5% +5.9%
6 months +13.7%-11.4%+17.0% +8.5%
Year to date +10.6%-23.6%+3.2% +13.3%
1 year +8.2%-36.1%-12.6% +12.4%
3 years +59.4%-37.9%+75.9% +88.1%
3 years, per year +16.8%-14.7%+20.7% +23.5%
5 years -28.0%-48.6%-19.4% +68.2%
5 years, per year -6.4%-12.5%-4.2% +11.0%
10 years -7.8%-74.0%-53.4% +263.4%
10 years, per year -0.8%-12.6%-7.4% +13.8%

Risk

MeasureCUZESRTVNOSPY
Volatility, 1Y 27.1%36.5%32.7% 12.7%
Downside volatility, 1Y 28.8%41.7%33.5% 12.7%
Beta vs S&P 500, 1Y 0.590.320.99 1.00
Return / volatility, 1Y 0.30-0.99-0.38 0.98
Max drawdown, 5Y -58.2%-65.6%-73.6% -25.4%
From 52-week high -11.8%-36.1%-16.0% -0.9%
52-week high $32.30$7.79$40.91 $779.14
52-week low $21.34$3.93$24.71 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleCUZESRTVNO
P/E now vs peer median 730.0xmedian 25.8x 277.2xmedian 25.8x 1,113xmedian 25.8x
P/S now vs peer median 4.5xmedian 4.0x 1.1xmedian 4.0x 3.5xmedian 4.0x
EV/EBITDA now vs peer median 78.1xmedian 14.2x 9.9xmedian 14.2x 13.9xmedian 14.2x
P/FCF now vs peer median -12.7xmedian 23.0x -2.0xmedian 23.0x -15.4xmedian 23.0x
P/B now vs peer median 1.0xmedian 1.3x 0.5xmedian 1.3x 1.1xmedian 1.3x
PEG now vs peer median -11.07median 1.91 -4.63median 1.91 42.35median 1.91

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsCUZESRTVNO
Revenue $1.03B $784.18M $1.83B
Gross profit $704.58M – –
Operating income -$322.93M -$34.52M –
Net income $6.88M $9.26M $49.20M
Free cash flow -$369.91M -$437.31M -$416.33M
EPS (diluted) $0.04 $0.01 $0.03
Cash & equivalents $6.70M $85.61M $675.35M
Total debt $3.73B $4.54B $7.44B
Shares (diluted) 165.29M 268.95M 194.20M
Enterprise value $4.75B $422.55M $2.94B

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricCUZESRTVNO
P/E 730.0x 277.2x 1,113x
P/FCF -12.7x -2.0x -15.4x
P/Operating cash flow 10.9x 3.8x 16.4x
P/S 4.5x 1.1x 3.5x
P/B 1.0x 0.5x 1.1x
P/Tangible book 1.0x 0.5x 1.1x
EV/EBITDA 78.1x 9.9x 13.9x
EV/EBIT -26.1x -50.0x 32.8x
EV/Revenue 8.1x 2.2x 7.2x
EV/FCF -22.8x -3.9x -31.7x
EV/Operating cash flow 19.5x 7.6x 33.7x
PEG (3Y EPS CAGR) -11.07 -4.63 42.35

Growth

14 metrics
MetricCUZESRTVNO
Revenue growth (1Y) 11.9% 2.0% 1.4%
Revenue CAGR (3Y) 9.1% 2.9% 0.1%
Gross profit growth (1Y) 11.0% – –
Gross profit CAGR (3Y) 10.2% – –
Operating income growth (1Y) -45.3% -123.1% –
Operating income CAGR (3Y) -21.9% -31.0% –
Net income growth (1Y) -88.7% -86.5% -94.6%
Net income CAGR (3Y) -64.2% -51.3% 28.4%
EPS growth (1Y) -89.1% -92.4% -99.3%
EPS CAGR (3Y) -65.9% -59.8% 26.3%
Operating cash flow growth (1Y) 4.4% -13.3% -71.9%
Operating cash flow CAGR (3Y) 5.4% -0.8% -19.3%
Free cash flow growth (1Y) 47.5% -169.4% -145.3%
Free cash flow CAGR (3Y) -98.0% -149.9% -66.0%

Profitability

14 metrics
MetricCUZESRTVNO
Gross margin 68.1% – –
EBITDA margin 10.4% 22.1% 52.0%
Operating margin -31.2% -4.4% –
Pretax margin -48.2% 1.3% 2.9%
Net margin 0.6% 0.4% 0.3%
FCF margin -35.7% -55.8% -22.8%
Operating cash flow margin 41.7% 29.0% 21.4%
Return on equity 0.2% 0.5% 0.7%
Return on assets 0.1% 0.2% 0.3%
Return on invested capital – -1.1% 2.3%
Return on capital employed – – –
Asset turnover 0.1x 0.2x 0.1x
Cash conversion (OCF / net income) 62.8x 24.6x 7.9x
Stock comp / revenue 1.6% 3.9% 1.4%

Financial Health

11 metrics
MetricCUZESRTVNO
Debt / assets 41.3% 22.4% 47.7%
Debt / equity 0.8x 0.5x 1.2x
Net debt / EBITDA 34.6x 5.0x 7.1x
Debt / FCF -10.1x -2.2x -17.9x
Liabilities / assets 50.3% 58.1% 61.8%
Equity / assets 49.7% 41.9% 38.2%
Interest coverage -1.8x -0.3x 1.2x
Current ratio – – –
Quick ratio – – –
Cash ratio – – –
Altman Z-score – – –

Shareholder Returns

7 metrics
MetricCUZESRTVNO
Dividend yield 4.5% 3.1% 2.2%
Net buyback yield – – 2.1%
Shareholder yield 4.5% 3.1% 4.2%
Payout ratio (earnings) 3,132% 259.1% –
Payout ratio (FCF) -58.2% -5.5% –
Dividend growth (1Y) 4.8% 2.2% –
Dividend CAGR (3Y) 3.2% 1.9% –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusCUZESRTVNO
Forward P/E 135.7xFY2026 – –
EPS, next fiscal year $0.21FY2026 $-0.35FY2027 $-0.40FY2026
EPS growth, next FY -12.5%FY2026 -240.0%FY2027 -109.5%FY2026
EPS growth, the year after +128.6% – –
Revenue, next fiscal year $1.04BFY2026 $758.24MFY2026 $1.78BFY2026
Revenue growth, next FY +5.6%FY2026 -1.3%FY2026 -1.9%FY2026
Revenue growth, the year after +10.4% +4.5% +24.9%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersCUZESRTVNO
Held by institutions 100.0% 83.6% 99.2%
Institutions holding 393 228 433
Change in shares held, QoQ +0.6% +0.4% +14.6%
Institutions buying 200 141 233
Institutions selling 139 51 126
Buyers to sellers 1.44 2.76 1.85

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

CUZESRTVNO
CUZ 1.00 0.49 0.72
ESRT 0.49 1.00 0.51
VNO 0.72 0.51 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, CUZ, ESRT and VNO?

Vornado Realty Trust (VNO) is the largest by market capitalisation: Cousins Properties (CUZ) $4.77B, Empire State Realty Trust (ESRT) $863.75M, Vornado Realty Trust (VNO) $6.54B.

Which stock is cheaper, CUZ, ESRT and VNO?

Empire State Realty Trust (ESRT) trades on the lowest price-to-earnings ratio (Cousins Properties (CUZ) 742.3x, Empire State Realty Trust (ESRT) 281.1x, Vornado Realty Trust (VNO) 1,132x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Cousins Properties (CUZ) grew revenue fastest over the trailing twelve months: Cousins Properties (CUZ) +11.9%, Empire State Realty Trust (ESRT) +2.0%, Vornado Realty Trust (VNO) +1.4%.

Which company is more profitable?

Cousins Properties (CUZ) has the highest net margin (Cousins Properties (CUZ) 0.6%, Empire State Realty Trust (ESRT) 0.4%, Vornado Realty Trust (VNO) 0.3%). On return on invested capital, Vornado Realty Trust (VNO) leads (Empire State Realty Trust (ESRT) -1.1%, Vornado Realty Trust (VNO) 2.3%).

Which stock has performed better?

Over the past year Cousins Properties (CUZ) returned the most: Cousins Properties (CUZ) +8.2%, Empire State Realty Trust (ESRT) -36.1%, Vornado Realty Trust (VNO) -12.6%. Over five years, Vornado Realty Trust (VNO) compounded fastest (Cousins Properties (CUZ) -6.4%/yr, Empire State Realty Trust (ESRT) -12.5%/yr, Vornado Realty Trust (VNO) -4.2%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Cousins Properties (CUZ) has the highest dividend yield: Cousins Properties (CUZ) 0.05%, Empire State Realty Trust (ESRT) 0.03%, Vornado Realty Trust (VNO) 0.00%. Vornado Realty Trust (VNO) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Cousins Properties (CUZ) has been the steadiest (Cousins Properties (CUZ) 27.1%, Empire State Realty Trust (ESRT) 36.5%, Vornado Realty Trust (VNO) 32.7%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, CUZ, ESRT and VNO?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Cousins Properties (CUZ) leads on 5. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.