A Business at a Glance
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CareTrust REIT, Inc.
CTRE
$8.8B
Mkt Cap
$43.25
+2.13%
CareTrust REIT, Inc. (CTRE) has a current P/E ratio of 27.5, compared to its historical median P/E of 24.7. The stock is currently considered Fair based on its historical valuation range.
CareTrust REIT, Inc. (CTRE) has a 5-year average return on invested capital (ROIC) of 5.7%. This is below average and may indicate limited pricing power.
CareTrust REIT, Inc. (CTRE) has a market capitalization of $9.8B. It is classified as a mid-cap stock.
Yes, CareTrust REIT, Inc. (CTRE) pays a dividend with a trailing twelve-month yield of 2.86%.
Based on historical P/E analysis, CareTrust REIT, Inc. (CTRE) appears fair. The current P/E of 27.5 is 11% above its historical median of 24.7. The estimated fair value CAGR (P/E method) is 0.2%.
CareTrust REIT, Inc. (CTRE) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
CareTrust REIT, Inc. (CTRE) reported annual revenue of $476 million in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. Business Our Company CareTrust REIT is a self-administered, publicly-traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties. As of December 31, 2025, CareTrust REIT owned, directly or indirectly in consolidated joint ventures, and leased to independent operators, 407 skilled nursing facilities (each, a “SNF”), senior housing communities and other properties consisting of 37,628 operational beds and units located in 32 states and the United Kingdom (the “U.K.”), with the highest concentration of properties by rental income located in California, the U.K., Texas, and Tennessee. As of December 31, 2025, we also had other real estate related investments consisting of four preferred equity investments, 16 real estate secured loans receivable and five mezzanine loans receivable with a carrying value of $899.3 million and one financing receivable with a carrying value of $92.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 523M | 476M | 296M | 218M | 196M | 192M |
| Net Income | 334M | 320M | 125M | 53M | -7.9M | 71M |
| EPS | $1.53 | $1.57 | $0.80 | $0.50 | $-0.08 | $0.74 |
| Free Cash Flow | 0 | 392M | 244M | 155M | 144M | 157M |
| ROIC | 0.0% | 9.3% | 6.4% | 5.5% | 1.3% | 6.1% |
| Gross Margin | - | 76.8% | 59.9% | 55.4% | 27.3% | 69.4% |
| Debt/Equity | 0.22 | 0.22 | 0.14 | 0.42 | 0.99 | 0.82 |
| Dividends/Share | $1.23 | $1.34 | $1.16 | $1.12 | $1.10 | $1.06 |
| Operating Income | 0 | 369M | 155M | 94M | 22M | 95M |
| Operating Margin | 0.0% | 77.4% | 52.3% | 43.3% | 11.2% | 49.5% |
| ROE | 8.1% | 9.2% | 5.8% | 4.7% | -0.9% | 7.8% |
| Shares Outstanding | 227M | 204M | 156M | 107M | 99M | 97M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 59M | 75M | 105M | 133M | 157M | 163M | 178M | 192M | 196M | 218M | 296M | 476M | 523M |
| Gross Margin | 57.1% | 64.6% | 67.0% | 43.4% | 61.4% | 53.8% | 67.8% | 69.4% | 27.3% | 55.4% | 59.9% | 76.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 7.4M | 7.7M | 9.3M | 11M | 13M | 15M | 16M | 27M | 20M | 22M | 29M | 52M | 58M |
| EBIT | 13M | 34M | 52M | 50M | 86M | 74M | 104M | 95M | 22M | 94M | 155M | 369M | 0 |
| Op. Margin | 22.9% | 45.5% | 49.9% | 37.7% | 54.7% | 45.4% | 58.4% | 49.5% | 11.2% | 43.3% | 52.3% | 77.4% | 0.0% |
| Net Income | -8.1M | 10M | 29M | 26M | 58M | 46M | 81M | 71M | -7.9M | 53M | 125M | 320M | 334M |
| Net Margin | -13.8% | 13.4% | 28.0% | 19.5% | 36.9% | 28.2% | 45.2% | 37.2% | -4.1% | 24.5% | 42.1% | 67.1% | 64.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79M | 36M | 42M | 2.5M | 2.5M |
| Returns on Capital | |||||||||||||
| ROIC | 2.9% | 6.0% | 6.2% | 4.4% | 6.5% | 5.2% | 6.9% | 6.1% | 1.3% | 5.5% | 6.4% | 9.3% | 0.0% |
| ROE | -5.9% | 5.3% | 8.2% | 4.9% | 8.5% | 5.4% | 8.7% | 7.8% | -0.9% | 4.7% | 5.8% | 9.2% | 8.1% |
| ROA | -1.8% | 1.7% | 3.7% | 2.5% | 4.7% | 3.3% | 5.3% | 4.5% | -0.5% | 2.9% | 4.5% | 7.4% | 6.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 22M | 40M | 64M | 89M | 99M | 126M | 146M | 157M | 144M | 155M | 244M | 394M | 413M |
| Free Cash Flow | 2.6M | 40M | 64M | 88M | 98M | 123M | 146M | 157M | 144M | 155M | 244M | 392M | 0 |
| Owner Earnings | -1.2M | 15M | 31M | 49M | 52M | 72M | 91M | 91M | 90M | 98M | 185M | 289M | 298M |
| CapEx | 19M | 276K | 151K | 403K | 1.8M | 2.9M | 0 | 0 | 0 | 0 | 0 | 1.8M | 0 |
| Maint. CapEx | 23M | 24M | 32M | 39M | 46M | 52M | 53M | 55M | 50M | 51M | 57M | 93M | 104M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| D&A | 23M | 24M | 32M | 39M | 46M | 52M | 53M | 55M | 50M | 51M | 57M | 93M | 104M |
| CapEx/OCF | 88.0% | 0.7% | 0.2% | 0.5% | 1.8% | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 33M | 22M | 37M | 53M | 63M | 81M | 93M | 101M | 106M | 115M | 172M | 259M | 280M |
| Dividend Yield | 32.1% | 7.9% | 8.1% | 6.2% | 6.9% | 5.2% | 6.9% | 5.8% | 6.7% | 6.0% | 4.5% | 4.2% | 2.9% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 154K | 1.5M | 1.5M | 866K | 1.3M | 2.5M | 2.0M | 11M | 4.5M | 5.2M | 2.5M | 12M | 10M |
| Debt Repayment | 89M | 0 | 205M | 168M | 135M | 278M | 75M | 190M | 115M | 310M | 0 | 650M | 650M |
| Balance Sheet | |||||||||||||
| Net Debt | 325M | 427M | 537M | 717M | 548M | 594M | 577M | 734M | 831M | 301M | 183M | 696M | 671M |
| Cash & Equiv. | 25M | 11M | 7.5M | 6.9M | 37M | 20M | 19M | 20M | 13M | 294M | 214M | 198M | 223M |
| Long-Term Debt | 351M | 394M | 450M | 559M | 490M | 555M | 546M | 673M | 719M | 596M | 397M | 894M | 895M |
| Debt/Equity | 3.09 | 1.67 | 1.20 | 1.22 | 0.76 | 0.66 | 0.65 | 0.82 | 0.99 | 0.42 | 0.14 | 0.22 | 0.22 |
| Interest Coverage | 0.6 | 1.4 | 2.3 | 2.1 | 3.1 | 2.6 | 4.4 | 4.0 | 0.7 | 2.3 | 5.1 | 8.4 | 8.4 |
| Equity | 113M | 262M | 452M | 595M | 768M | 928M | 914M | 916M | 849M | 1.4B | 2.9B | 4.0B | 4.1B |
| Total Assets | 475M | 673M | 925M | 1.2B | 1.3B | 1.5B | 1.5B | 1.6B | 1.6B | 2.1B | 3.4B | 5.1B | 5.2B |
| Total Liabilities | 362M | 411M | 473M | 590M | 524M | 591M | 589M | 725M | 771M | 666M | 508M | 1.1B | 1.1B |
| Intangibles | N/A | 0 | 1.9M | 2.4M | 2.4M | N/A | N/A | N/A | N/A | N/A | 3.5M | 49M | 49M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | -0.36 | 0.26 | 0.52 | 0.35 | 0.72 | 0.49 | 0.85 | 0.74 | -0.08 | 0.50 | 0.80 | 1.57 | 1.53 |
| Owner EPS | -0.06 | 0.38 | 0.55 | 0.66 | 0.65 | 0.76 | 0.96 | 0.94 | 0.90 | 0.92 | 1.19 | 1.42 | 1.32 |
| Book Value | 5.02 | 6.80 | 8.01 | 8.04 | 9.55 | 9.87 | 9.64 | 9.48 | 8.55 | 13.28 | 18.67 | 19.81 | 18.24 |
| Cash Flow/Share | 0.97 | 1.04 | 1.14 | 1.20 | 1.24 | 1.34 | 1.54 | 1.62 | 1.45 | 1.45 | 1.57 | 1.93 | 1.94 |
| Dividends/Share | 1.46 | 0.64 | 0.68 | 0.74 | 0.82 | 0.90 | 1.00 | 1.06 | 1.10 | 1.12 | 1.16 | 1.34 | 1.23 |
| Shares Out. | 22.6M | 38.6M | 56.4M | 73.9M | 80.4M | 94.0M | 94.8M | 96.6M | 99.3M | 106.7M | 155.8M | 203.7M | 226.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 25.4 | 18.3 | 32.0 | 18.2 | 30.6 | 20.5 | 24.7 | N/A | 41.6 | 32.1 | 23.2 | 28.3 |
| P/FCF | 62.1 | 6.4 | 8.3 | 9.4 | 10.8 | 11.4 | 11.3 | 11.3 | 10.9 | 14.3 | 16.4 | 18.9 | N/A |
| EV/EBIT | 36.3 | 15.0 | 16.7 | 25.4 | 16.0 | 23.3 | 20.2 | 24.4 | 88.3 | 21.6 | 25.6 | 20.1 | N/A |
| Price/Book | 1.4 | 1.0 | 1.2 | 1.4 | 1.4 | 1.5 | 1.8 | 1.9 | 1.8 | 1.6 | 1.4 | 1.8 | 2.4 |
| Price/Sales | 1.7 | 3.7 | 4.4 | 6.4 | 5.8 | 9.5 | 7.6 | 9.1 | 7.7 | 8.9 | 13.0 | 13.0 | 18.7 |
| FCF Yield | 1.6% | 15.7% | 12.0% | 10.7% | 9.2% | 8.7% | 8.8% | 8.8% | 9.7% | 6.9% | 6.1% | 5.3% | N/A |
| Market Cap | 163M | 255M | 536M | 828M | 1.1B | 1.4B | 1.7B | 1.8B | 1.5B | 2.2B | 4.0B | 7.4B | 9.8B |
| Avg. Price | 4.55 | 7.15 | 8.18 | 11.43 | 11.33 | 16.47 | 14.18 | 17.91 | 16.06 | 18.07 | 24.70 | 30.37 | 43.25 |
| Year-End Price | 7.23 | 6.60 | 9.50 | 11.20 | 13.12 | 14.98 | 17.43 | 18.31 | 15.92 | 20.81 | 25.68 | 36.35 | 43.25 |
CareTrust REIT, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
CareTrust REIT, Inc. trades at 27.5x trailing earnings, compared to its 15-year median P/E of 24.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 22.5x vs a median of 11.3x. The company's 5-year average ROIC is 5.7% with a gross margin of 57.8%. Total shareholder yield (dividends) is 2.9%. At current prices, the estimated annualized return to fair value is +3.2%.
CareTrust REIT, Inc. (CTRE) has a net profit margin of 67.1%. This is a strong margin indicating high profitability.
CareTrust REIT, Inc. (CTRE) generated $392 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CareTrust REIT, Inc. (CTRE) has a debt-to-equity ratio of 0.22. This indicates a conservatively financed balance sheet.
CareTrust REIT, Inc. (CTRE) reported earnings per share (EPS) of $1.57 in its most recent fiscal year.
CareTrust REIT, Inc. (CTRE) has a return on equity (ROE) of 9.2%. This indicates moderate shareholder returns.
CareTrust REIT, Inc. (CTRE) has a 5-year average gross margin of 57.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for CareTrust REIT, Inc. (CTRE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CareTrust REIT, Inc. (CTRE) has a book value per share of $19.81, based on its most recent annual SEC filing.