A Business at a Glance
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LTC PROPERTIES INC
LTC
$2.0B
Mkt Cap
$42.18
+0.98%
LTC PROPERTIES INC (LTC) has a current P/E ratio of 16.7, compared to its historical median P/E of 12.6. The stock is currently considered Expensive based on its historical valuation range.
LTC PROPERTIES INC (LTC) has a 5-year average return on invested capital (ROIC) of 6.8%. This is below average and may indicate limited pricing power.
LTC PROPERTIES INC (LTC) has a market capitalization of $2.1B. It is classified as a mid-cap stock.
Yes, LTC PROPERTIES INC (LTC) pays a dividend with a trailing twelve-month yield of 5.21%.
Based on historical P/E analysis, LTC PROPERTIES INC (LTC) appears expensive. The current P/E of 16.7 is 32% above its historical median of 12.6. The estimated fair value CAGR (P/E method) is -5.2%.
LTC PROPERTIES INC (LTC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
LTC PROPERTIES INC (LTC) reported annual revenue of $263 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. BUSINESS LTC Properties, Inc., a real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. Historically we have invested primarily in seniors housing and health care properties primarily through ownership, sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions including preferred equity, bridge and mezzanine lending. Unless otherwise expressly stated or the context otherwise requires, when we refer to “we,” “our,” “us,” “registrant,” “our company,” “the Company” or similar terms in this Annual Report on Form 10-K, we mean LTC Properties, Inc. and its consolidated subsidiaries. Investment Policies and Strategies Our investment policy is to invest primarily in seniors housing and health care properties.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 309M | 263M | 210M | 197M | 175M | 155M |
| Net Income | 120M | 117M | 90M | 89M | 99M | 55M |
| EPS | $2.47 | $2.52 | $2.04 | $2.16 | $2.48 | $1.41 |
| Free Cash Flow | 129M | 129M | 112M | 95M | 97M | 85M |
| ROIC | 10.8% | 10.4% | 6.8% | 7.2% | 6.0% | 3.6% |
| Gross Margin | - | 40.3% | 72.5% | 62.8% | 66.5% | 61.9% |
| Debt/Equity | 1.04 | 1.02 | 0.86 | 1.35 | 1.08 | 1.13 |
| Dividends/Share | $2.20 | $2.31 | $2.27 | $2.30 | $2.28 | $2.28 |
| Operating Income | 243M | 205M | 131M | 136M | 99M | 55M |
| Operating Margin | 78.5% | 77.9% | 62.3% | 69.0% | 56.6% | 35.3% |
| ROE | 10.8% | 11.5% | 9.8% | 10.4% | 12.7% | 7.4% |
| Shares Outstanding | 50M | 47M | 44M | 41M | 40M | 39M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 119M | 136M | 162M | 168M | 169M | 185M | 159M | 155M | 175M | 197M | 210M | 263M | 309M |
| Gross Margin | 78.3% | 75.7% | 76.9% | 76.6% | 77.6% | 69.5% | 63.3% | 61.9% | 66.5% | 62.8% | 72.5% | 40.3% | 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 | 12M | 15M | 17M | 18M | 19M | 18M | 20M | 21M | 24M | 24M | 27M | 31M | 33M |
| EBIT | 68M | 71M | 84M | 85M | 185M | 82M | 96M | 55M | 99M | 136M | 131M | 205M | 243M |
| Op. Margin | 57.5% | 51.9% | 52.0% | 50.6% | N/A | 44.2% | 60.0% | 35.3% | 56.6% | 69.0% | 62.3% | 77.9% | 78.5% |
| Net Income | 70M | 70M | 85M | 87M | 154M | 80M | 95M | 55M | 99M | 89M | 90M | 117M | 120M |
| Net Margin | 58.5% | 51.5% | 52.4% | 51.8% | 91.5% | 43.2% | 59.5% | 35.7% | 56.8% | 45.2% | 43.1% | 44.6% | 38.9% |
| Non-Recurring | 0 | 2.3M | 766K | 1.9M | 0 | 5.5M | 4.0M | 0 | 3.4M | 16M | 7.0M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.4% | 6.3% | 6.0% | 5.7% | 11.9% | 5.2% | 6.3% | 3.6% | 6.0% | 7.2% | 6.8% | 10.4% | 10.8% |
| ROE | 10.8% | 10.6% | 12.1% | 11.6% | 19.5% | 10.0% | 12.3% | 7.4% | 12.7% | 10.4% | 9.8% | 11.5% | 10.8% |
| ROA | 7.3% | 6.3% | 6.3% | 6.1% | 10.4% | 5.3% | 6.4% | 3.7% | 6.3% | 5.1% | 5.0% | 6.1% | 5.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 96M | 102M | 106M | 105M | 116M | 122M | 116M | 91M | 106M | 104M | 126M | 136M | 137M |
| Free Cash Flow | 82M | 95M | 99M | 102M | 112M | 120M | 109M | 85M | 97M | 95M | 112M | 129M | 129M |
| Owner Earnings | 67M | 69M | 65M | 62M | 72M | 77M | 70M | 45M | 60M | 59M | 80M | 89M | 87M |
| CapEx | 14M | 7.5M | 6.8M | 2.9M | 3.2M | 2.8M | 6.9M | 6.3M | 9.0M | 9.7M | 14M | 7.3M | 8.6M |
| Maint. CapEx | 26M | 29M | 36M | 38M | 38M | 39M | 39M | 38M | 37M | 37M | 36M | 38M | 41M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 26M | 29M | 36M | 38M | 38M | 39M | 39M | 38M | 37M | 37M | 36M | 38M | 41M |
| CapEx/OCF | 14.6% | 7.4% | 6.4% | 2.8% | 2.8% | 2.3% | 6.0% | 6.9% | 8.5% | 9.3% | 10.9% | 5.3% | 6.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 74M | 77M | 85M | 90M | 90M | 91M | 90M | 90M | 92M | 95M | 101M | 107M | 109M |
| Dividend Yield | 10.6% | 9.1% | 8.1% | 8.0% | 8.7% | 7.4% | 8.7% | 8.3% | 7.6% | 8.1% | 7.3% | 6.8% | 5.2% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 18M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 1.6% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 3.3M | 4.0M | 4.3M | 5.2M | 5.9M | 6.6M | 7.0M | 7.8M | 8.0M | 8.5M | 9.1M | 9.3M | 9.1M |
| Debt Repayment | 0 | 200M | 164M | 155M | 139M | 160M | 68M | 231M | 223M | 154M | 234M | 527M | 527M |
| Balance Sheet | |||||||||||||
| Net Debt | 255M | 679M | 709M | 759M | 754M | 783M | 732M | 828M | 887M | 1.2B | 820M | 1.1B | 1.1B |
| Cash & Equiv. | 25M | 13M | 8.0M | 5.2M | 2.7M | 4.2M | 7.8M | 5.2M | 10M | 20M | 9.4M | 14M | 22M |
| Long-Term Debt | 281M | 572M | 609M | 668M | 645M | 693M | 649M | 723M | 768M | 891M | 685M | 842M | 867M |
| Debt/Equity | 0.43 | 1.05 | 0.97 | 1.01 | 0.92 | 1.01 | 0.96 | 1.13 | 1.08 | 1.35 | 0.86 | 1.02 | 1.04 |
| Interest Coverage | 5.2 | 4.0 | 3.2 | 2.8 | 6.1 | 2.7 | 3.2 | 2.0 | 3.2 | 2.9 | 3.2 | 5.8 | 6.4 |
| Equity | 660M | 659M | 740M | 755M | 825M | 777M | 767M | 737M | 828M | 881M | 961M | 1.1B | 1.1B |
| Total Assets | 965M | 1.3B | 1.4B | 1.5B | 1.5B | 1.5B | 1.5B | 1.5B | 1.7B | 1.9B | 1.8B | 2.1B | 2.1B |
| Total Liabilities | 305M | 616M | 655M | 707M | 681M | 729M | 684M | 760M | 806M | 939M | 733M | 900M | 919M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13M | 7.2M | 6.5M | 6.3M |
| Retained Earnings | 855M | 928M | 1.0B | 1.1B | 1.3B | 1.3B | 1.4B | 1.4B | 1.5B | 1.6B | 1.7B | 1.8B | 1.9B |
| 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 | 1.99 | 1.94 | 2.21 | 2.20 | 3.89 | 2.02 | 2.42 | 1.41 | 2.48 | 2.16 | 2.04 | 2.52 | 2.47 |
| Owner EPS | 1.91 | 1.91 | 1.71 | 1.58 | 1.82 | 1.93 | 1.79 | 1.15 | 1.50 | 1.42 | 1.82 | 1.91 | 1.75 |
| Book Value | 18.86 | 18.23 | 19.30 | 19.10 | 20.80 | 19.58 | 19.58 | 18.75 | 20.66 | 21.35 | 21.69 | 23.10 | 22.30 |
| Cash Flow/Share | 2.74 | 2.83 | 2.76 | 2.66 | 2.91 | 3.09 | 2.96 | 2.32 | 2.63 | 2.53 | 2.84 | 2.92 | 3.23 |
| Dividends/Share | 2.04 | 2.07 | 2.19 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.30 | 2.27 | 2.31 | 2.20 |
| Shares Out. | 35.0M | 36.2M | 38.3M | 39.5M | 39.7M | 39.7M | 39.2M | 39.3M | 40.1M | 41.3M | 44.3M | 46.5M | 49.8M |
| Valuation | |||||||||||||
| P/E Ratio | 11.5 | 12.2 | 12.0 | 12.1 | 6.9 | 14.8 | 11.7 | 18.3 | 11.5 | 13.1 | 15.7 | 13.4 | 17.1 |
| P/FCF | 9.8 | 9.0 | 10.3 | 10.3 | 9.6 | 9.9 | 10.2 | 12.0 | 11.8 | 12.4 | 12.6 | 12.2 | 16.3 |
| EV/EBIT | 15.0 | 19.8 | 20.0 | 20.1 | 11.2 | 22.9 | 18.2 | 29.7 | 18.1 | 21.4 | 15.2 | 14.3 | 13.3 |
| Price/Book | 1.2 | 1.3 | 1.4 | 1.4 | 1.3 | 1.5 | 1.4 | 1.4 | 1.4 | 1.3 | 1.5 | 1.5 | 1.9 |
| Price/Sales | 5.9 | 6.2 | 6.4 | 6.7 | 6.1 | 6.6 | 6.5 | 7.1 | 6.8 | 5.9 | 6.6 | 6.0 | 6.8 |
| FCF Yield | 10.2% | 11.1% | 9.7% | 9.7% | 10.5% | 10.1% | 9.8% | 8.4% | 8.5% | 8.1% | 7.9% | 8.2% | 6.1% |
| Market Cap | 798M | 856M | 1.0B | 1.1B | 1.1B | 1.2B | 1.1B | 1.0B | 1.1B | 1.2B | 1.4B | 1.6B | 2.1B |
| Avg. Price | 20.11 | 23.41 | 27.15 | 28.41 | 26.06 | 30.78 | 26.44 | 27.89 | 29.91 | 28.22 | 31.12 | 33.74 | 42.18 |
| Year-End Price | 22.81 | 23.68 | 26.56 | 26.68 | 27.03 | 29.91 | 28.34 | 25.83 | 28.49 | 28.38 | 31.94 | 33.83 | 42.18 |
LTC PROPERTIES INC passes 3 of 9 quality checks, indicating weak fundamentals.
LTC PROPERTIES INC trades at 16.7x trailing earnings, compared to its 15-year median P/E of 12.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 15.9x vs a median of 11.1x. The company's 5-year average ROIC is 6.8% with a gross margin of 60.8%. Total shareholder yield (dividends) is 5.2%. At current prices, the estimated annualized return to fair value is -3.0%.
LTC PROPERTIES INC (LTC) has a net profit margin of 44.6%. This is a strong margin indicating high profitability.
LTC PROPERTIES INC (LTC) generated $129 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LTC PROPERTIES INC (LTC) has a debt-to-equity ratio of 1.02. This indicates moderate leverage.
LTC PROPERTIES INC (LTC) reported earnings per share (EPS) of $2.52 in its most recent fiscal year.
LTC PROPERTIES INC (LTC) has a return on equity (ROE) of 11.5%. This indicates moderate shareholder returns.
LTC PROPERTIES INC (LTC) has a 5-year average gross margin of 60.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for LTC PROPERTIES INC (LTC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LTC PROPERTIES INC (LTC) has a book value per share of $23.10, based on its most recent annual SEC filing.