A Business at a Glance
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Sabra Health Care REIT, Inc.
SBRA
$5.4B
Mkt Cap
$22.36
+1.50%
Sabra Health Care REIT, Inc. (SBRA) has a current P/E ratio of 34.9, compared to its historical median P/E of 17.5. The stock is currently considered Expensive based on its historical valuation range.
Sabra Health Care REIT, Inc. (SBRA) has a 5-year average return on invested capital (ROIC) of 1.8%. This is below average and may indicate limited pricing power.
Sabra Health Care REIT, Inc. (SBRA) has a market capitalization of $5.6B. It is classified as a mid-cap stock.
Yes, Sabra Health Care REIT, Inc. (SBRA) pays a dividend with a trailing twelve-month yield of 5.21%.
Based on historical P/E analysis, Sabra Health Care REIT, Inc. (SBRA) appears expensive. The current P/E of 34.9 is 100% above its historical median of 17.5. The estimated fair value CAGR (P/E method) is -8.1%.
Sabra Health Care REIT, Inc. (SBRA) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Sabra Health Care REIT, Inc. (SBRA) reported annual revenue of $775 million in its most recent fiscal year, based on SEC EDGAR filings.
Sabra Health Care REIT is a self-administered, self-managed REIT that owns and invests in healthcare real estate across the United States and Canada, primarily through leasing properties to third-party operators and managing senior housing communities through property management agreements. The company's portfolio comprises skilled nursing and transitional care facilities, senior housing communities (both leased and managed), behavioral health facilities, specialty hospitals, and other healthcare properties, along with investments in joint ventures, loans receivable, and preferred equity. Sabra generates revenue through triple-net leases with healthcare operators and through management fees from operated senior housing properties, employing a disciplined investment strategy focused on assets offering attractive dividend growth and asset appreciation while maintaining balance sheet strength. The company benefits from favorable industry tailwinds including an aging U.S. population projected to grow at 10.1% annually for those age 75 and older through 2035, cost-containment measures driving higher-acuity patient treatment in skilled nursing facilities, and a fragmented operator landscape presenting consolidation opportunities. The company operates through an UPREIT structure and targets portfolio diversification by tenant, facility type, and geography while pursuing development opportunities with select developers.
【Strong investment momentum continuing】 Management expects to materially exceed 2025 investment volumes, with $400 million in deals closed or awarded year-to-date as of Q1 2026, and anticipates robust deal flow to continue supporting growth. The skilled nursing and senior housing portfolio is expected to deliver sturdy NOI growth in 2026, with same-store managed senior housing cash NOI projected to grow in the low-to-mid-teens range and transition facilities expected to contribute additional uplift as they continue to improve. Regulatory conditions remain stable with Medicare and Medicaid rate environments tracking within management expectations, and the company expects to maintain leverage at its targeted 5.0x net debt to adjusted EBITDA while deploying capital on a leverage-neutral basis. Management is pursuing a strategic shift toward increasing senior housing exposure from 26% to a new target of 40% of the portfolio, with the lion's share of investment activity expected to remain focused on skilled nursing and senior housing opportunities.
| Metric | Target | Period |
|---|---|---|
| Normalized FFO per share | $1.49–$1.53 | FY2026 |
| Normalized AFFO per share | $1.49–$1.53 | FY2026 |
| Same-store managed senior housing cash NOI growth | low-to-mid-teens | FY2026 |
| General and administrative expense | approximately $52 million | FY2026 |
| Cash interest expense | one hundred and three million dollars | FY2026 |
Normalized FFO per share (FY2026): “Our full year 2026 guidance on a diluted per share basis is as follows: Net income, $0.60-$0.64. FFO and normalized FFO, $1.49-$1.53.”
Normalized AFFO per share (FY2026): “At the midpoint, we expect both normalized FFO per share and normalized AFFO per share to increase approximately 5% over 2025.”
Same-store managed senior housing cash NOI growth (FY2026): “Average full-year cash NOI growth for our same-store managed senior housing portfolio is expected to be in the low-to-mid-teens.”
General and administrative expense (FY2026): “General and administrative expense at the midpoint is expected to be approximately $52 million, which includes $12 million of stock-based compensation expense.”
Cash interest expense (FY2026): “Cash interest expense is expected to be one hundred and three million dollars at the midpoint.”
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 | 813M | 775M | 703M | 648M | 625M | 570M |
| Net Income | 156M | 156M | 127M | 14M | -78M | -113M |
| EPS | $0.63 | $0.64 | $0.54 | $0.06 | $-0.34 | $-0.52 |
| Free Cash Flow | 353M | -104M | 174M | 274M | 243M | 257M |
| ROIC | 2.9% | 5.0% | 4.6% | 0.3% | -1.4% | 0.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.08 | 0.97 | 0.92 | 0.90 | 0.88 | 0.71 |
| Dividends/Share | $1.16 | $1.20 | $1.20 | $1.20 | $1.20 | $1.20 |
| Operating Income | 14M | 270M | 243M | -84M | -89M | 22M |
| Operating Margin | 1.7% | 34.8% | 34.6% | -13.0% | -14.3% | 3.8% |
| ROE | 5.6% | 5.6% | 4.6% | 0.5% | -2.4% | -3.3% |
| Shares Outstanding | 252M | 243M | 235M | 229M | 228M | 218M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 184M | 239M | 261M | 408M | 623M | 662M | 599M | 570M | 625M | 648M | 703M | 775M | 813M |
| 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 | 24M | 16M | 18M | 32M | 37M | 31M | 33M | 35M | 40M | 47M | 50M | 54M | 56M |
| EBIT | 84M | 129M | 11M | 237M | 419M | -102M | 240M | 22M | -89M | -84M | 243M | 270M | 14M |
| Op. Margin | 45.6% | 54.1% | 4.1% | 58.1% | 67.3% | -15.4% | 40.0% | 3.8% | -14.3% | -13.0% | 34.6% | 34.8% | 1.7% |
| Net Income | 37M | 69M | 60M | 148M | 269M | 69M | 138M | -113M | -78M | 14M | 127M | 156M | 156M |
| Net Margin | 20.0% | 29.0% | 23.0% | 36.3% | 43.2% | 10.4% | 23.1% | -19.9% | -12.4% | 2.1% | 18.0% | 20.1% | 19.2% |
| Non-Recurring | 0 | 0 | 30M | 1.3M | 1.4M | 122M | 4.0M | 9.5M | 94M | 14M | 18M | 7.3M | 7.3M |
| Returns on Capital | |||||||||||||
| ROIC | 5.0% | 5.4% | 2.6% | 5.1% | 5.9% | 1.1% | 4.1% | 0.4% | -1.4% | 0.3% | 4.6% | 5.0% | 2.9% |
| ROE | 5.2% | 6.9% | 5.8% | 6.7% | 8.1% | 2.0% | 4.0% | -3.3% | -2.4% | 0.5% | 4.6% | 5.6% | 5.6% |
| ROA | 2.3% | 3.1% | 2.5% | 3.2% | 3.9% | 1.1% | 2.3% | -1.9% | -1.3% | 0.2% | 2.4% | 2.9% | 2.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 85M | 121M | 176M | 136M | 361M | 372M | 355M | 356M | 316M | 301M | 311M | 349M | 367M |
| Free Cash Flow | -686M | -340M | 22M | -284M | 99M | 321M | 262M | 257M | 243M | 274M | 174M | -104M | 353M |
| Owner Earnings | 32M | 52M | 100M | 14M | 162M | 181M | 170M | 169M | 120M | 110M | 132M | 150M | 158M |
| CapEx | 771M | 461M | 154M | 420M | 262M | 51M | 93M | 99M | 73M | 27M | 136M | 453M | 14M |
| Maint. CapEx | 43M | 63M | 68M | 114M | 191M | 182M | 177M | 179M | 188M | 183M | 170M | 187M | 197M |
| Growth CapEx | 728M | 398M | 85M | 306M | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 266M | 0 |
| D&A | 43M | 63M | 68M | 114M | 191M | 182M | 177M | 179M | 188M | 183M | 170M | 187M | 197M |
| CapEx/OCF | 904.0% | 380.9% | 87.3% | 309.2% | 72.5% | 13.7% | 26.2% | 27.9% | 29.2% | 26.1% | 43.9% | 129.9% | 3.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 81M | 110M | 119M | 182M | 325M | 335M | 278M | 263M | 277M | 277M | 280M | 289M | 294M |
| Dividend Yield | 5.3% | 5.3% | 6.2% | 15.1% | 17.1% | 15.1% | 13.7% | 10.7% | 12.0% | 11.7% | 8.5% | 7.0% | 5.2% |
| Share Buybacks | 0 | 0 | 725K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 9.9M | 6.1M | 7.5M | 8.4M | 7.6M | 9.8M | 7.9M | 7.9M | 7.5M | 7.9M | 9.0M | 11M | 12M |
| Debt Repayment | 0 | 0 | 0 | 0 | 2.0M | 11M | 0 | 30M | 0 | 0 | 0 | 2.9M | 2.9M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.1B | 1.6B | 1.2B | 3.5B | 3.8B | 2.4B | 2.3B | 2.3B | 2.7B | 2.5B | 2.5B | 2.7B | 2.9B |
| Cash & Equiv. | 62M | 7.4M | 26M | 519M | 50M | 39M | 59M | 112M | 49M | 41M | 60M | 72M | 117M |
| Long-Term Debt | 1.1B | 1.4B | 1.2B | 3.4B | 3.2B | 2.4B | 2.4B | 2.4B | 2.5B | 2.4B | 2.4B | 2.5B | 2.7B |
| Debt/Equity | 1.23 | 1.57 | 1.22 | 1.18 | 1.19 | 0.69 | 0.70 | 0.71 | 0.88 | 0.90 | 0.92 | 0.97 | 1.08 |
| Interest Coverage | 1.8 | 2.2 | 0.2 | 2.7 | 2.9 | -0.8 | 2.4 | 0.2 | -0.8 | -0.7 | 2.1 | 2.4 | 10.7 |
| Equity | 942M | 1.1B | 1.0B | 3.4B | 3.3B | 3.5B | 3.4B | 3.4B | 3.1B | 2.8B | 2.7B | 2.8B | 2.8B |
| Total Assets | 2.1B | 2.5B | 2.3B | 7.0B | 6.7B | 6.1B | 6.0B | 6.0B | 5.7B | 5.4B | 5.3B | 5.5B | 5.6B |
| Total Liabilities | 1.1B | 1.4B | 1.3B | 3.6B | 3.4B | 2.6B | 2.6B | 2.6B | 2.7B | 2.6B | 2.6B | 2.7B | 2.8B |
| Intangibles | N/A | N/A | 26M | 167M | 131M | 102M | 83M | 54M | 40M | 31M | 27M | 65M | 67M |
| 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 | 146M | 143M | 142M | 137M | N/A | N/A | 118M |
| Per Share Data | |||||||||||||
| EPS | 0.26 | 0.37 | 0.31 | 1.40 | 1.51 | 0.37 | 0.67 | -0.52 | -0.34 | 0.06 | 0.54 | 0.64 | 0.63 |
| Owner EPS | 0.23 | 0.28 | 0.51 | 0.13 | 0.91 | 0.97 | 0.82 | 0.78 | 0.53 | 0.48 | 0.56 | 0.62 | 0.63 |
| Book Value | 6.67 | 5.64 | 5.19 | 32.44 | 18.22 | 18.71 | 16.50 | 15.52 | 13.39 | 12.22 | 11.68 | 11.61 | 11.05 |
| Cash Flow/Share | 0.60 | 0.65 | 0.90 | 1.28 | 2.02 | 2.00 | 1.72 | 1.64 | 1.38 | 1.31 | 1.32 | 1.43 | 1.40 |
| Dividends/Share | 0.50 | 0.53 | 0.56 | 1.73 | 1.80 | 1.80 | 1.35 | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 1.16 |
| Shares Out. | 141.2M | 186.9M | 195.8M | 105.8M | 178.4M | 186.5M | 206.6M | 217.8M | 228.3M | 229.3M | 234.7M | 243.1M | 252.2M |
| Valuation | |||||||||||||
| P/E Ratio | 15.8 | 7.9 | 11.9 | 6.9 | 6.0 | 34.2 | 17.5 | N/A | N/A | 206.8 | 29.0 | 28.9 | 35.3 |
| P/FCF | N/A | N/A | 96.1 | N/A | 16.4 | 7.3 | 9.2 | 8.1 | 8.9 | 10.4 | 21.1 | N/A | 16.0 |
| EV/EBIT | 20.1 | 17.0 | 481.9 | 87.2 | 41.8 | N/A | 391.0 | 202.9 | 7.8 | N/A | 7.6 | 414.0 | 612.7 |
| Price/Book | 0.6 | 0.5 | 0.7 | 0.3 | 0.5 | 0.7 | 0.7 | 0.6 | 0.7 | 1.0 | 1.3 | 1.6 | 2.0 |
| Price/Sales | 2.8 | 2.9 | 2.5 | 2.9 | 3.0 | 3.4 | 3.4 | 4.3 | 3.7 | 3.7 | 4.7 | 5.4 | 6.9 |
| FCF Yield | -118.4% | -62.5% | 3.1% | -27.9% | 6.1% | 13.6% | 10.8% | 12.4% | 11.2% | 9.6% | 4.7% | -2.3% | 6.3% |
| Market Cap | 580M | 544M | 716M | 1.0B | 1.6B | 2.4B | 2.4B | 2.1B | 2.2B | 2.8B | 3.7B | 4.5B | 5.6B |
| Avg. Price | 10.95 | 11.13 | 9.78 | 11.37 | 10.63 | 11.91 | 9.82 | 11.33 | 10.11 | 10.33 | 14.08 | 17.13 | 22.36 |
| Year-End Price | 12.32 | 8.73 | 10.97 | 9.61 | 9.09 | 12.65 | 11.70 | 9.55 | 9.51 | 12.41 | 15.67 | 18.51 | 22.36 |
Sabra Health Care REIT, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Sabra Health Care REIT, Inc. trades at 34.9x trailing earnings, compared to its 15-year median P/E of 17.5x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 1.8%. Total shareholder yield (dividends) is 5.2%. At current prices, the estimated annualized return to fair value is -7.3%.
Sabra Health Care REIT, Inc. (SBRA) has a net profit margin of 20.1%. This is a strong margin indicating high profitability.
Sabra Health Care REIT, Inc. (SBRA) generated $-104 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Sabra Health Care REIT, Inc. (SBRA) has a debt-to-equity ratio of 0.97. This indicates moderate leverage.
Sabra Health Care REIT, Inc. (SBRA) reported earnings per share (EPS) of $0.64 in its most recent fiscal year.
Sabra Health Care REIT, Inc. (SBRA) has a return on equity (ROE) of 5.6%. This indicates moderate shareholder returns.
The Ledger Terminal provides 15 years of financial data for Sabra Health Care REIT, Inc. (SBRA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Sabra Health Care REIT, Inc. (SBRA) has a book value per share of $11.61, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to materially exceed 2025 investment volumes, with $400 million in deals closed or awarded year-to-date as of Q1 2026, and anticipates robust deal flow to continue supporting growth. The skilled nursing and senior housing portfolio is expected to deliver sturdy NOI growth in 2026, with same-store managed senior housing cash NOI projected to grow in the low-to-mid-teens range and transition facilities expected to contribute additional uplift as they continue to improve. Regulatory conditions remain stable with Medicare and Medicaid rate environments tracking within management expectations, and the company expects to maintain leverage at its targeted 5.0x net debt to adjusted EBITDA while deploying capital on a leverage-neutral basis. Management is pursuing a strategic shift toward increasing senior housing exposure from 26% to a new target of 40% of the portfolio, with the lion's share of investment activity expected to remain focused on skilled nursing and senior housing opportunities.
Based on recent SEC filings and earnings calls, Sabra Health Care REIT, Inc. (SBRA) has provided the following forward guidance: Normalized FFO per share: $1.49–$1.53 (FY2026); Normalized AFFO per share: $1.49–$1.53 (FY2026); Same-store managed senior housing cash NOI growth: low-to-mid-teens (FY2026); General and administrative expense: approximately $52 million (FY2026); Cash interest expense: one hundred and three million dollars (FY2026).