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Omega Healthcare Investors, Inc.

OHI Real Estate Reit Healthcare Facilities

Omega Healthcare Investors, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 13.2% from fiscal 2024.

Revenue
+9.30%
EPS
−52.4%
Free cash flow
−12.1%
Total debt
−19.5%

Quarter to September 2026, against a year earlier

48.21 0.22 +0.46%
Market cap
$14.5B
P/E
19.2×
Fwd P/E
19.5×
Dividend yield
5.60%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Omega Healthcare Investors, Inc. (OHI) valuation and DCF model

What the price implies · reverse DCF

At $48.21 the price implies FFO a share growing 3.2% a year for ten years.

FFO a share grew 1.4% a year over the last ten years, 4.3% over the last five. The price asks for about twice its ten-year rate. The industry’s median company is priced for 5.1%.

In December 2017 the price assumed −5.2% a year; Omega Healthcare Investors, Inc. went on to grow FFO a share −0.8% a year to FY2025.

Q3 2026’s FFO a share is the $0.60 Omega Healthcare Investors, Inc. reported, in its results release. Ours, from its filings, came out 8.1% lower. It reported AFFO of $0.82 a share for Q3 2026.

Price implies
3.2%
Last 5 years, reported
4.3%
Last 10 years, reported
1.4%
Industry median implies
5.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
3.2% a year for ten years
$48.21
today’s price
Its base case
1.4% a year for five years, then 0.9%
$41.34
14.2% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Omega Healthcare Investors, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 3.2% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Omega Healthcare Investors, Inc.’s own cost of capital: risk-free 4.3% + beta 0.55 × equity premium 4.5% = 6.8% cost of equity; weighted, 6.8%.

Use 6.8%
Base case value per share $41.34 ten years discounted, and what follows
Current price $48.21 market price per share
Below today’s price 14.2% downside at the base case’s assumptions

How we got there$19.75 10 years of FFO+$21.59 terminal value=$41.34 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Healthcare Facilities).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 19.16× 22.54× 28.70× 33% below 25.44× 25% below
P/FCF 43.45× 58.37× 48.88× 11% below 18.55× 134% above
P/B 2.54× 2.14× 1.98× 28% above 1.72× 48% above
EV/EBITDA 17.58× 15.89× 16.11× 9% above 17.56× 0% above
EV/Sales 14.07× 12.87× 13.00× 8% above 8.15× 73% above
P/FFO 16.68× 15.07× 13.83× 21% above — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
10.77×12.26×13.75×15.24×10Y avg 13.00×2017201820192020202120222023202420252026

OHI trades at 14.07× EV/Sales, against a 10-year average of 13.00× (range 10.90×–15.22×). That is dearer than 78% of the last 9 year-end readings; re-rating to the average implies $43.61 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.