The power, phase noise, frequency of oscillation, offset from carrier trade offs all are taken in the FOM value:

.
w0 is the oscillation frequency
dw is the frequency
dw is the offset from the carrier
L(dw) is the phase noise at the specified offset
Pdiss is the DC power consumed by the VCO core.
FOMT also factors in the tuning range.
FOMT is given by:

.
where FTR is the frequency tuning range of the VCO.
See a spread sheet of the FOM calculation