• Vornado Realty Trust average ebitda margin for 2023 was 41.62%, a 4.04% decline from 2022.
• Vornado Realty Trust average ebitda margin for 2022 was 43.37%, a 62.37% decline from 2021.
• Vornado Realty Trust average ebitda margin for 2021 was 26.71%, a 27.99% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.