A Business at a Glance
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OMEGA HEALTHCARE INVESTORS INC
OHI
$15.3B
Mkt Cap
$51.72
+1.47%
OMEGA HEALTHCARE INVESTORS INC (OHI) has a current P/E ratio of 26.7, compared to its historical median P/E of 19.2. The stock is currently considered Fair based on its historical valuation range.
OMEGA HEALTHCARE INVESTORS INC (OHI) has a 5-year average return on invested capital (ROIC) of 7.2%. This is below average and may indicate limited pricing power.
OMEGA HEALTHCARE INVESTORS INC (OHI) has a market capitalization of $15.4B. It is classified as a large-cap stock.
Yes, OMEGA HEALTHCARE INVESTORS INC (OHI) pays a dividend with a trailing twelve-month yield of 5.13%.
Based on historical P/E analysis, OMEGA HEALTHCARE INVESTORS INC (OHI) appears fair. The current P/E of 26.7 is 39% above its historical median of 19.2. The estimated fair value CAGR (P/E method) is 2.5%.
OMEGA HEALTHCARE INVESTORS INC (OHI) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
OMEGA HEALTHCARE INVESTORS INC (OHI) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Omega Healthcare Investors, Inc. is a Maryland-incorporated REIT that invests in healthcare real estate properties across the United States, United Kingdom, and Canada, with a portfolio primarily comprising skilled nursing facilities, assisted living facilities, independent living facilities, specialty hospitals and rehabilitation centers, and continuing care retirement communities. The company earns revenue through triple-net leases with third-party healthcare operators and managers, as well as through real estate-secured financing and selective equity investments in healthcare operating companies, with a focus on operators meeting rigorous standards for management quality, creditworthiness, and operational performance. Omega's investment strategy emphasizes geographic and operator diversification, targeting unlevered internal rates of return in the low- to mid-teens range, and evaluates potential investments based on operator quality, facility cash flow generation, construction quality, location, regulatory environment, occupancy rates, and payor mix. The company has expanded its investment structures beyond traditional triple-net leases to include joint ventures, minority equity interests, and RIDEA-like structures to align with high-quality operators and achieve higher returns over time. Omega operates as an umbrella partnership REIT with approximately 95% ownership of its operating partnership, OHI Healthcare Properties Limited Partnership, and maintains a geographically diverse portfolio across multiple property types and operator relationships to provide stable, long-term returns while supporting healthcare operators in delivering quality resident care.
【Active portfolio management driving growth】 Management expects capital allocation and active portfolio management to drive significant future AFFO and FAD growth, supported by a robust pipeline of investment opportunities and continued improvement in operator credit quality and industry fundamentals. The company anticipates deploying capital at mid-teens IRRs through selective acquisitions and alternative structures, with proceeds from asset sales and loan repayments being redeployed into accretive investments. Management remains confident in the long-term demographic tailwinds supporting the senior housing industry over the next two decades and expects continued occupancy and coverage metric improvements across the portfolio. The company is positioned to opportunistically access capital markets to fund its active investment pipeline while maintaining a targeted leverage range of 4 to 5 times net funded debt.
| Metric | Target | Period |
|---|---|---|
| Adjusted FFO per share | $3.19–$3.25 | FY2026 |
| AFFO accretion from capital redeployment | approximately $0.03 | annual |
Adjusted FFO per share (FY2026): “we narrowed our full-year Adjusted FFO guidance to a range between $3.19 and $3.25 per share”
AFFO accretion from capital redeployment (annual): “We expect the redeployment of this capital will result in approximately $0.03 of annual AFFO and FAD accretion”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 1.2B | 1.1B | 950M | 878M | 1.1B |
| Net Income | 616M | 572M | 406M | 242M | 427M | 417M |
| EPS | $2.08 | $1.94 | $1.55 | $1.00 | $1.80 | $1.75 |
| Free Cash Flow | 843M | 798M | 712M | 580M | 579M | 677M |
| ROIC | 10.4% | 8.5% | 7.3% | 5.6% | 7.4% | 7.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.22 | 0.87 | 1.07 | 1.42 | 1.47 | 1.34 |
| Dividends/Share | $2.65 | $2.68 | $2.68 | $2.68 | $2.68 | $2.68 |
| Operating Income | 12M | 802M | 639M | 484M | 665M | 655M |
| Operating Margin | 1.0% | 67.4% | 60.8% | 51.0% | 75.7% | 61.6% |
| ROE | 11.9% | 11.8% | 10.0% | 6.7% | 11.4% | 10.8% |
| Shares Outstanding | 298M | 295M | 262M | 242M | 237M | 238M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 505M | 744M | 901M | 908M | 882M | 929M | 892M | 1.1B | 878M | 950M | 1.1B | 1.2B | 1.2B |
| Gross Margin | 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 |
| 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 | 26M | 39M | 46M | 48M | 64M | 58M | 60M | 65M | 69M | 82M | 88M | 104M | 98M |
| EBIT | 345M | 411M | 560M | 315M | 498M | 552M | 388M | 655M | 665M | 484M | 639M | 802M | 12M |
| Op. Margin | 68.4% | 55.3% | 62.2% | 34.7% | 56.4% | 59.4% | 43.4% | 61.6% | 75.7% | 51.0% | 60.8% | 67.4% | 1.0% |
| Net Income | 221M | 225M | 366M | 100M | 282M | 341M | 159M | 417M | 427M | 242M | 406M | 572M | 616M |
| Net Margin | 43.8% | 30.2% | 40.7% | 11.1% | 31.9% | 36.7% | 17.9% | 39.2% | 48.6% | 25.5% | 38.6% | 48.1% | 49.8% |
| Non-Recurring | 6.5M | 24M | 50M | 54M | 25M | 56M | 19M | 162M | 360M | 80M | 13M | 67M | 67M |
| Returns on Capital | |||||||||||||
| ROIC | 9.2% | 7.2% | 7.0% | 3.7% | 5.9% | 6.2% | 4.1% | 7.2% | 7.4% | 5.6% | 7.3% | 8.5% | 10.4% |
| ROE | 16.4% | 8.7% | 9.6% | 2.7% | 8.0% | 9.0% | 4.0% | 10.8% | 11.4% | 6.7% | 10.0% | 11.8% | 11.9% |
| ROA | 6.0% | 3.8% | 4.3% | 1.1% | 3.2% | 3.7% | 1.7% | 4.4% | 4.5% | 2.6% | 4.3% | 5.7% | 6.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 338M | 464M | 625M | 578M | 499M | 554M | 708M | 722M | 626M | 618M | 749M | 879M | 912M |
| Free Cash Flow | 320M | 431M | 582M | 533M | 470M | 501M | 677M | 677M | 579M | 580M | 712M | 798M | 843M |
| Owner Earnings | 206M | 242M | 344M | 275M | 202M | 237M | 360M | 359M | 266M | 263M | 408M | 509M | 544M |
| CapEx | 18M | 33M | 43M | 45M | 30M | 53M | 31M | 45M | 47M | 38M | 38M | 81M | 69M |
| Maint. CapEx | 123M | 211M | 267M | 288M | 281M | 302M | 330M | 342M | 332M | 320M | 305M | 325M | 330M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 123M | 211M | 267M | 288M | 281M | 302M | 330M | 342M | 332M | 320M | 305M | 325M | 330M |
| CapEx/OCF | N/A | N/A | 6.8% | 6.5% | 6.0% | 9.6% | 4.4% | 6.2% | 7.5% | 6.2% | 5.0% | 9.2% | 7.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 259M | 358M | 453M | 503M | 529M | 564M | 612M | 638M | 633M | 644M | 685M | 780M | 790M |
| Dividend Yield | 14.0% | 12.9% | 15.4% | 16.3% | 15.9% | 11.5% | 12.9% | 11.4% | 12.0% | 10.8% | 8.4% | 7.0% | 5.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 142M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.8% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 8.6M | 11M | 14M | 15M | 16M | 15M | 19M | 21M | 27M | 35M | 37M | 44M | 39M |
| Debt Repayment | 1.1B | 1.7B | 1.3B | 29M | 8K | 4.8M | 18M | 49M | 389K | 3.8M | 7.0M | 27M | 27M |
| Balance Sheet | |||||||||||||
| Net Debt | 2.5B | 3.8B | 4.5B | 4.8B | 4.8B | 5.2B | 5.1B | 5.2B | 5.0B | 4.6B | 4.3B | 4.5B | 1.1B |
| Cash & Equiv. | 4.5M | 5.4M | 94M | 86M | 10M | 24M | 164M | 21M | 297M | 443M | 518M | 27M | 26M |
| Long-Term Debt | 2.4B | 3.6B | 4.4B | 4.6B | 4.5B | 5.1B | 5.2B | 5.3B | 5.3B | 5.1B | 4.8B | 4.3B | 719M |
| Debt/Equity | 1.76 | 1.02 | 1.18 | 1.37 | 1.41 | 1.27 | 1.37 | 1.34 | 1.47 | 1.42 | 1.07 | 0.87 | 0.22 |
| Interest Coverage | 2.9 | 2.8 | 3.4 | 1.7 | 2.6 | 2.6 | 1.7 | 2.8 | 2.8 | 2.1 | 2.9 | 3.7 | 0.1 |
| Equity | 1.4B | 3.7B | 3.9B | 3.6B | 3.4B | 4.1B | 3.8B | 3.9B | 3.6B | 3.6B | 4.5B | 5.2B | 5.2B |
| Total Assets | 3.9B | 8.0B | 8.9B | 8.8B | 8.6B | 9.8B | 9.5B | 9.6B | 9.4B | 9.1B | 9.9B | 10.0B | 10.2B |
| Total Liabilities | 2.5B | 3.9B | 4.7B | 4.9B | 4.8B | 5.5B | 5.5B | 5.5B | 5.6B | 5.4B | 5.2B | 4.6B | 4.8B |
| Intangibles | 0 | 0 | 0 | 0 | 0 | 28M | 1.9M | 1.6M | 1.4M | 682K | 28M | 27M | 26M |
| Retained Earnings | 1.1B | 1.4B | 1.7B | 1.8B | 2.1B | 2.5B | 2.6B | 3.0B | 3.4B | 3.7B | 4.1B | 4.7B | 4.8B |
| 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 | 142M | 334M | 361M | 295M | 272M | 312M | 281M | 277M | 315M | 288M | 328M | 353M | 338M |
| Per Share Data | |||||||||||||
| EPS | 1.74 | 1.29 | 1.90 | 0.51 | 1.40 | 1.58 | 0.70 | 1.75 | 1.80 | 1.00 | 1.55 | 1.94 | 2.08 |
| Owner EPS | 1.62 | 1.39 | 1.78 | 1.40 | 1.00 | 1.10 | 1.58 | 1.51 | 1.12 | 1.09 | 1.56 | 1.73 | 1.83 |
| Book Value | 11.02 | 21.48 | 20.01 | 18.06 | 17.13 | 19.15 | 16.88 | 16.41 | 15.22 | 14.76 | 17.31 | 17.57 | 17.43 |
| Cash Flow/Share | 2.65 | 2.67 | 3.24 | 2.94 | 2.48 | 2.56 | 3.11 | 3.03 | 2.64 | 2.55 | 2.86 | 2.98 | 3.17 |
| Dividends/Share | 2.02 | 2.18 | 2.36 | 2.54 | 2.64 | 2.65 | 2.68 | 2.68 | 2.68 | 2.68 | 2.68 | 2.68 | 2.65 |
| Shares Out. | 127.2M | 174.0M | 192.8M | 196.9M | 201.1M | 215.9M | 227.6M | 238.1M | 237.2M | 242.2M | 262.1M | 294.9M | 297.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 7.6 | 27.8 | 14.2 | 16.0 | 35.0 | 11.8 | 11.9 | 26.4 | 22.4 | 22.6 | 24.8 |
| P/FCF | 6.6 | 6.3 | 4.8 | 5.2 | 8.5 | 10.9 | 8.2 | 7.3 | 8.8 | 11.0 | 12.8 | 16.2 | 18.3 |
| EV/EBIT | N/A | N/A | 13.0 | N/A | 2.6 | 3.8 | 6.0 | 2.4 | 3.2 | 7.0 | 8.1 | 10.9 | N/A |
| Price/Book | N/A | N/A | 0.7 | 0.8 | 1.2 | 1.3 | 1.5 | 1.3 | 1.4 | 1.8 | 2.0 | 2.6 | 3.0 |
| Price/Sales | N/A | 130.2 | 3.3 | 3.4 | 3.8 | 5.3 | 5.3 | 5.3 | 6.0 | 6.3 | 7.8 | 9.6 | 12.5 |
| FCF Yield | 10.2% | 14.7% | 20.8% | 19.1% | 11.8% | 9.2% | 12.1% | 13.8% | 11.3% | 9.1% | 7.8% | 6.0% | 5.5% |
| Market Cap | 3.1B | 2.9B | 2.8B | 2.8B | 4.0B | 5.5B | 5.6B | 4.9B | 5.1B | 6.4B | 9.1B | 13.3B | 15.4B |
| Avg. Price | 14.51 | 15.91 | 15.27 | 15.64 | 16.56 | 22.72 | 20.93 | 23.49 | 22.32 | 24.69 | 31.16 | 37.67 | 51.72 |
| Year-End Price | 16.63 | 15.53 | 14.53 | 14.16 | 19.87 | 25.25 | 24.53 | 20.68 | 21.51 | 26.39 | 34.68 | 43.80 | 51.72 |
OMEGA HEALTHCARE INVESTORS INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
OMEGA HEALTHCARE INVESTORS INC trades at 26.7x trailing earnings, compared to its 15-year median P/E of 19.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.2x vs a median of 8.7x. The company's 5-year average ROIC is 7.2%. Total shareholder yield (dividends) is 5.1%. At current prices, the estimated annualized return to fair value is -0.4%.
OMEGA HEALTHCARE INVESTORS INC (OHI) has a net profit margin of 48.1%. This is a strong margin indicating high profitability.
OMEGA HEALTHCARE INVESTORS INC (OHI) generated $798 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
OMEGA HEALTHCARE INVESTORS INC (OHI) has a debt-to-equity ratio of 0.87. This indicates moderate leverage.
OMEGA HEALTHCARE INVESTORS INC (OHI) reported earnings per share (EPS) of $1.94 in its most recent fiscal year.
OMEGA HEALTHCARE INVESTORS INC (OHI) has a return on equity (ROE) of 11.8%. This indicates moderate shareholder returns.
The Ledger Terminal provides 18 years of financial data for OMEGA HEALTHCARE INVESTORS INC (OHI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OMEGA HEALTHCARE INVESTORS INC (OHI) has a book value per share of $17.57, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects capital allocation and active portfolio management to drive significant future AFFO and FAD growth, supported by a robust pipeline of investment opportunities and continued improvement in operator credit quality and industry fundamentals. The company anticipates deploying capital at mid-teens IRRs through selective acquisitions and alternative structures, with proceeds from asset sales and loan repayments being redeployed into accretive investments. Management remains confident in the long-term demographic tailwinds supporting the senior housing industry over the next two decades and expects continued occupancy and coverage metric improvements across the portfolio. The company is positioned to opportunistically access capital markets to fund its active investment pipeline while maintaining a targeted leverage range of 4 to 5 times net funded debt.
Based on recent SEC filings and earnings calls, OMEGA HEALTHCARE INVESTORS INC (OHI) has provided the following forward guidance: Adjusted FFO per share: $3.19–$3.25 (FY2026); AFFO accretion from capital redeployment: approximately $0.03 (annual).