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Ventas, Inc.

VTR Real Estate Reit Healthcare Facilities

Ventas, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.8 billion, up 18.5% from fiscal 2024.

Revenue
+23.0%
EPS
−6.50%
Free cash flow
+20.5%
Total debt
−1.07%

Quarter to September 2026, against a year earlier

88.88 0.16 −0.18%
Market cap
$48.1B
P/E
164×
Fwd P/E
140×
Dividend yield
2.30%
F-score
7/9
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
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • SHOP
  • OM&R
  • NNN
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.20
Sold, $m 7.88
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — — — —
Sell — 2 3 — — 1 — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 48,100.00
Revenue ttm 6,784.37
Net income ttm 271.54
Free cash flow ttm 1,455.37
Net debt Q 12,207.02
Valuation
P/E 164.32 (above 35: high)
Forward P/E 140.00 (above 35: high)
Price / sales 6.73
Forward P/S Powerpack
Price / FCF 31.39
Price / book 2.88
Financial health
Current ratio Q 0.43
Debt / equity Q 0.78
Interest coverage Q 1.44
Growth
Revenue growth Q +23.02% (above 0%: growing)
Operating income growth Q +4.61% (above 0%: growing)
EPS, this year +6.00%
EPS, next year A +56.97% (at or above 15%: strong)
Revenue, next year A +21.84% (at or above 10%: strong)
EPS, past 5 yrs −14.33% (below 0%: weak)
EPS, next 5 yrs A +31.79% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.5×, against a ten-year median of 8.4×; over the ten years it ranged from 5.4× in 2020 to 10.9× in 2016.
P/E against its own 10 years 81.14%
10-year low 10-year high
P/S against its own 10 years 87.83%
10-year low 10-year high
P/B against its own 10 years 93.11%
10-year low 10-year high
EV/Sales against its own 10 years 55.28%
10-year low 10-year high
EV/FCF against its own 10 years 90.80%
10-year low 10-year high

Dividends

Yield
2.30%
Annual rate
2.04
Payout ratio
385.1%
Growth, 2017–25
−5.87%/yr
  1. 3.12 ’17
  2. 3.16 ’18 +2
  3. 3.17 ’19 +0
  4. 2.14 ’20 −32
  5. 1.80 ’21 −16
  6. 1.80 ’22 +0
  7. 1.80 ’23 +0
  8. 1.80 ’24 +0
  9. 1.92 ’25 +7
  10. 2.08 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 563 957 786 230
Receivables 28 145 144 —
Inventory — — — —
Other — — — —
591 1,102 930 672
2023 2024 2025 Q'26
Payables 1,042 1,152 1,241 1,470
ST’ Debt — — — —
Other — — — —
1,159 1,296 1,384 1,567

Compound Annual Growth %

10y 5y 3y
Sales 5.91% 8.98% 12.21%
Cash Flow 1.64% 2.57% 13.71%
Earnings (4.95%) (10.56%) 0.00%
Book Value 2.72% 4.13% 7.18%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.98 Actual 0.99

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.89 0.89 Met by 0.00
Q1 FY26 0.91 0.94 Beat by 0.03
Q2 FY26 0.96 0.97 Beat by 0.01
Q3 FY26 0.98 0.99 Beat by 0.01
Q4 FY26 1.00 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.11 0.14 0.13 — —
’25 0.10 0.15 0.14 0.15 0.54
’24 (0.04) 0.05 0.05 0.13 0.19
’23 0.04 0.26 (0.18) (0.23) (0.10)
’22 0.10 (0.11) 0.00 (0.11) (0.12)
’21 (0.15) 0.23 0.16 (0.10) 0.13
’20 1.26 (0.42) 0.03 0.29 1.17
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,657 1,730 1,832 — —
’25 1,358 1,421 1,489 1,566 5,834
’24 1,200 1,201 1,236 1,287 4,924
’23 1,077 1,106 1,150 1,164 4,498
’22 1,018 1,023 1,037 1,051 4,129
’21 910 919 976 1,022 3,828
’20 1,012 943 919 921 3,795
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 395 557 490 — —
’25 321 475 379 472 1,647
’24 266 336 354 374 1,330
’23 243 312 286 279 1,120
’22 275 278 300 267 1,120
’21 238 291 231 266 1,026
’20 314 406 434 296 1,450
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 322 455 345 — —
’25 262 400 286 334 1,283
’24 217 263 282 286 1,048
’23 199 259 222 180 860
’22 238 224 237 200 898
’21 208 247 186 200 841
’20 288 379 394 242 1,302
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 8.1% a year for ten years. It grew −6.5% a year over the last ten.

Implied
8.1%
10 years, reported
−6.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,444 3,574 3,746 3,873 3,795 3,828 4,129 4,498 4,924 5,834 6,784 +6.0% 7,108 7,888 9,119 +16.1%
Gross margin, % 94.22 93.39 93.46 92.53 92.59 92.77 93.26 93.03 93.49 94.38 95.06 +0.2 pt
EBT 519 585 385 359 81 (162) (94) (116) (8) 204 219 (9.8%)
EBT margin, % 15.06 16.36 10.27 9.28 2.12 (4.24) (2.28) (2.57) (0.16) 3.50 3.22 (11.6) pt
Net income 651 1,361 416 439 441 57 (41) (30) 88 262 272 (9.6%)
Per share, $
Per share, $ Revenue 9.99 10.06 10.51 10.58 10.17 10.00 10.33 11.19 11.96 12.82 13.20 +2.8%
Earnings 1.88 3.82 1.15 1.18 1.18 0.13 (0.12) (0.10) 0.20 0.55 0.54 (12.8%)
Cash flow 3.93 4.02 3.88 3.93 3.88 2.68 2.80 2.79 3.23 3.62 3.72 (0.9%)
Capex (0.34) (0.37) (0.37) (0.43) (0.40) (0.48) (0.56) (0.65) (0.68) (0.80) (0.89) +9.9%
Free cash flow 3.59 3.65 3.51 3.50 3.49 2.20 2.25 2.14 2.55 2.82 2.83 (2.6%)
Book value 30.54 30.77 28.83 28.81 27.53 28.60 25.58 23.75 26.30 27.66 30.86 (1.1%)
Shares, m 345 355 356 366 373 383 400 402 412 455 484 +3.1%
Valuation, ×
Valuation, × P/E 33.05 15.69 50.95 48.52 41.91 365.14 0.00 0.00 309.95 140.69 164.32 100.6
P/S 6.22 5.94 5.57 5.46 4.82 5.11 4.39 4.52 4.92 6.04 6.73 5.3
P/B 2.03 1.94 2.03 2.00 1.78 1.79 1.77 2.13 2.24 2.80 2.88 2.1
EV/Sales 9.34 9.04 8.40 8.56 7.84 8.20 7.33 7.39 7.48 8.13 8.53 8.2
EV/FCF 26.01 24.94 25.19 25.87 22.85 37.34 33.69 38.64 35.13 36.98 39.77 30.7
Cash, $m
Cash, $m Operating cash flow 1,355 1,429 1,381 1,438 1,450 1,026 1,120 1,120 1,330 1,647 1,912 +2.2%
Capex (117) (133) (132) (157) (148) (185) (222) (259) (282) (364) (457) +13.4%
Free cash flow 1,237 1,296 1,250 1,281 1,302 841 898 860 1,048 1,283 1,455 +0.4%
Balance, $m
Balance, $m Working capital 78 257 (558) (406) (187) (470) (434) (568) (194) (454) (896) n/m
Net debt 10,760 11,088 10,602 12,013 11,444 11,831 12,126 12,927 12,565 12,225 12,207 +1.4%
Shareholders’ equity 10,529 10,932 10,272 10,545 10,278 10,946 10,222 9,544 10,830 12,586 15,860 +2.0%
Returns, %
Returns, % ROA 2.86 5.76 1.76 1.83 1.81 0.20 (0.19) (0.17) 0.32 0.93 0.91 (1.9) pt
ROIC 2.86 3.02 2.96 2.38 1.77 1.13 1.41 1.10 1.82 2.16 2.02 (0.7) pt
ROE 6.44 12.64 3.86 4.16 4.22 0.46 (0.45) (0.41) 0.80 2.15 1.85 (4.3) pt
People
People Employees 493 493 500 516 448 434 451 486 498 542 — +1.1%
Revenue/emp, $m 6.98 7.25 7.49 7.51 8.47 8.82 9.16 9.25 9.89 10.76 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Business profile

Updated

Ventas is a real estate investment trust, or REIT, that owns and invests in senior housing and healthcare properties. Founded in 1998, it is headquartered in Chicago. Debra A. Cafaro is its chairman and chief executive officer. As of December 31, 2025, Ventas owned or had investments in 1,409 properties across North America and the United Kingdom.

Its senior housing communities serve older adults who need varying levels of support. Independent living properties offer housing and services such as meals and housekeeping; assisted living adds help with daily activities. Other communities provide memory care or a combination of care levels. Residents generally pay for room, board and services from private sources.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
SHOP 4,276 73.30%
OM&R 898 15.39%
NNN 602 10.31%
Other, not broken out 58 1.00%
Gross margin 94.38%
Operating margin 14.70%
Pre-tax margin 3.50%

Revenue by segment since 2009

Ventas, Inc. vs peers in Reit Healthcare Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WELL Welltower Inc. $180.1B 103× — (loss-making) +38.35% (above 0%: growing) +36.36% (above 0%: growing) +20.36% (above 0%: growing) 39.55% 15.36% Compare
VTR Ventas, Inc. $48.1B 164× 140× +23.02% (above 0%: growing) −6.50% (below 0%: shrinking) +20.48% (above 0%: growing) 95.33% 12.65%
OHI Omega Healthcare Investors, Inc. $14.5B 19.2× 19.0× +9.30% (above 0%: growing) −52.38% (below 0%: shrinking) −12.12% (below 0%: shrinking) 100.00% 35.62% Compare
DOC Healthpeak Properties, Inc. $14.2B 35.3× 40.2× +16.29% (above 0%: growing) n/m −1,493.36% (below 0%: shrinking) 53.78% 13.33% Compare
AHR American Healthcare REIT, Inc. $12.3B 118× 86.5× +29.53% (above 0%: growing) −57.58% (below 0%: shrinking) +9.53% (above 0%: growing) 22.21% 6.36% Compare
CTRE CareTrust REIT, Inc. $8.8B 24.0× 23.4× +33.16% (above 0%: growing) 0.00% +200.68% (above 0%: growing) 98.38% 0.00% Compare
HR Healthcare Realty Trust Incorporated $6.5B — (loss-making) — (loss-making) −3.74% (below 0%: shrinking) n/m −65.19% (below 0%: shrinking) 64.26% 14.64% Compare
SBRA Sabra Healthcare REIT, Inc. $5.5B 74.7× 48.8× +31.32% (above 0%: growing) +24.11% (above 0%: growing) +26.70% (above 0%: growing) 100.00% 25.59% Compare
NHI National Health Investors, Inc. $3.5B 20.5× 16.5× +33.81% (above 0%: growing) +45.57% (above 0%: growing) +2,585.45% (above 0%: growing) 72.18% 41.09% Compare
Median of peers $10.5B 35.3× 31.8× +30.43% +12.06% +14.95% 68.22% 15.00%

All 17 Reit Healthcare Facilities stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 101.53%
Held by the ten largest 57.72%
Holder Shares Stake Change
Vanguard 79.73m 15.54% +2.45m
BlackRock 55.78m 10.87% −800.81k
JPMorgan Chase 43.69m 8.52% +8.31m
State Street 30.53m 5.95% +727.70k
Fidelity (FMR) 26.25m 5.12% −1.00m
Geode Capital Management 14.01m 2.73% +507.32k
Principal Financial 13.98m 2.73% −1.36m
Capital Group 11.80m 2.30% +1.63m
APG Asset Management US Inc. 11.31m 2.21% 0.00
T. Rowe Price 8.98m 1.75% −672.44k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.50m 40.51m 187.19
2024 14.44m 21.87m 138.59
2023 13.52m 10.14m 113.40
2022 14.06m 17.81m 98.54
2021 14.26m 9.91m 107.75

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 13.50%
BlackRock, Inc. 8.80%
JPMorgan Chase & Co. 5.90%
State Street Corporation One Congress Street, Suite 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ventas, Inc. (VTR) Latest News

29 Oct

Impact 4 · · MarketBeat transcript

28 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · Moby transcript
Impact 3 · · Associated Press earnings
Impact 3 · · Simply Wall St.

27 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Barchart

22 Oct

Impact 3 · · Zacks

17 Oct

Impact 3 · · 24/7 Wall St.

13 Oct

Impact 4 · · Insider Monkey

12 Oct

Impact 3 · · Insider Monkey

7 Oct

Impact 3 · · 24/7 Wall St.

6 Oct

Impact 3 · · Zacks

30 Sep

Impact 4 · · 24/7 Wall St.

15 Sep

Impact 3 ·

14 Aug

Impact 3 ·

7 Aug

Impact 4 · · The Motley Fool transcript

1 Aug

Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·
Impact 3 ·

29 Jul

Impact 3 ·
Impact 3 ·

24 Jul

Impact 3 ·

23 Jul

Impact 3 ·

8 Jun

Impact 3 · · Simply Wall St.

VTR metrics, ten years each

stockrow.com/VTR · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com