A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
Ventas, Inc.
VTR
$46.8B
Mkt Cap
$100.53
+2.67%
Ventas, Inc. (VTR) has a current P/E ratio of 186.2, compared to its historical median P/E of 35.2. The stock is currently considered Expensive based on its historical valuation range.
Ventas, Inc. (VTR) has a 5-year average return on invested capital (ROIC) of 2.5%. This is below average and may indicate limited pricing power.
Ventas, Inc. (VTR) has a market capitalization of $48.9B. It is classified as a large-cap stock.
Yes, Ventas, Inc. (VTR) pays a dividend with a trailing twelve-month yield of 1.82%.
Based on historical P/E analysis, Ventas, Inc. (VTR) appears expensive. The current P/E of 186.2 is 428% above its historical median of 35.2. The estimated fair value CAGR (P/E method) is -28.3%.
Ventas, Inc. (VTR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Ventas, Inc. (VTR) reported annual revenue of $5.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Ventas, Inc. is an S&P 500 real estate investment trust (REIT) that owns and invests in senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities across North America and the United Kingdom, with 1,374 properties as of December 31, 2025. The company operates through three reportable segments: Senior Housing Operating Portfolio (SHOP), which generates 49.4% of net operating income and comprises 752 independent living, assisted living, memory care and continuing care retirement communities where Ventas participates directly in operational performance through third-party managers; Outpatient Medical and Research (OM&R), contributing 24.7% of NOI across 409 multi-tenant medical buildings and research centers leased to health systems, medical practices, universities and life sciences companies; and Triple-Net Leased Properties (NNN), representing 24.6% of NOI from 213 properties where tenants bear property-level expenses. Ventas generates revenue primarily through resident fees in senior housing (with limited government reimbursement reliance) and tenant rents in medical and research properties, supported by a proprietary data analytics platform called Ventas OI that enables real-time operational insights and performance optimization across its portfolio. The company's competitive advantages include its scale, operator relationships with firms like Atria (17.7% of SHOP NOI), Sunrise Senior Living (6.8%) and Le Groupe Maurice (5.6%), access to institutional capital through its Ventas Investment Management platform, and strategic positioning to serve the aging population, with senior housing now representing over 60% of the business and serving nearly 100,000 residents.
【Strong secular demand tailwinds】 Management expects continued double-digit same-store NOI growth in senior housing through 2026, driven by favorable supply-demand fundamentals as the over-80 population surges and senior housing supply remains constrained with record-low new construction starts. The company is pursuing aggressive capital deployment of $2.5 billion to $3 billion in senior housing investments in 2026, targeting low to mid-teens unlevered IRRs, while leveraging the Ventas OI platform and operator partnerships to drive occupancy growth, pricing power, and margin expansion across the portfolio. Management anticipates continued deleverage through organic growth and equity-funded investments, with leverage approaching 5x pro forma for unsettled equity, and expects the business to benefit from structural demand growth as nearly 70 million baby boomers begin turning 80 in 2026 and beyond. The company is also focused on expanding its operator network and capturing value from recent Brookdale community transitions, with expectations to double NOI across this group over time through capital refresh projects and operational improvements.
| Metric | Target | Period |
|---|---|---|
| Normalized FFO per share | $3.82–$3.89 | FY2026 |
| Senior housing investment volume | $2.5 billion–$3 billion | FY2026 |
| Total company same-store cash NOI growth | nearly 10% | FY2026 |
| SHOP occupancy growth | approximately 300 basis points | FY2026 |
| SHOP revenue growth | approximately 8.75% | FY2026 |
Normalized FFO per share (FY2026): “We now expect normalized FFO per share to range from $3.82- $3.89, or $3.86 at the midpoint”
Senior housing investment volume (FY2026): “We have now increased our 2026 investment volume guidance to $3 billion”
Total company same-store cash NOI growth (FY2026): “We're also increasing our total company same store cash NOI growth outlook to nearly 10% at the midpoint”
SHOP occupancy growth (FY2026): “This is driven by a higher expectation of occupancy growth of approximately 300 basis points”
SHOP revenue growth (FY2026): “which is leading to increased revenue growth expectations of approximately 8.75%”
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 | 6.1B | 5.8B | 4.9B | 4.5B | 4.1B | 3.8B |
| Net Income | 260M | 251M | 81M | -41M | -47M | 49M |
| EPS | $0.55 | $0.54 | $0.19 | $-0.10 | $-0.12 | $0.13 |
| Free Cash Flow | 0 | -1.3B | -1.2B | 470M | 219M | -776M |
| ROIC | 0.0% | 3.5% | 2.8% | 2.3% | 1.8% | 2.0% |
| Gross Margin | - | 17.9% | 17.3% | 12.2% | 15.9% | 14.3% |
| Debt/Equity | 0.42 | 1.04 | 1.26 | 1.42 | 1.25 | 1.13 |
| Dividends/Share | $1.83 | $1.92 | $1.80 | $1.80 | $1.80 | $1.80 |
| Operating Income | 0 | 849M | 646M | 524M | 403M | 494M |
| Operating Margin | 0.0% | 14.6% | 13.1% | 11.6% | 9.8% | 12.9% |
| ROE | 2.0% | 2.2% | 0.8% | -0.4% | -0.5% | 0.5% |
| Shares Outstanding | 486M | 466M | 427M | 410M | 395M | 377M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.8B | 3.3B | 3.4B | 3.6B | 3.7B | 3.9B | 3.8B | 3.8B | 4.1B | 4.5B | 4.9B | 5.8B | 6.1B |
| Gross Margin | 30.8% | 30.7% | 30.9% | 32.7% | 26.0% | 26.3% | 19.7% | 14.3% | 15.9% | 12.2% | 17.3% | 17.9% | 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 | 122M | 128M | 127M | 135M | 146M | 159M | 130M | 130M | 145M | 149M | 163M | 177M | 187M |
| EBIT | 759M | 746M | 1.0B | 1.7B | 812M | 828M | 812M | 494M | 403M | 524M | 646M | 849M | 0 |
| Op. Margin | 27.3% | 22.7% | 30.1% | 48.8% | 21.7% | 21.4% | 21.4% | 12.9% | 9.8% | 11.6% | 13.1% | 14.6% | 0.0% |
| Net Income | 476M | 418M | 649M | 1.4B | 409M | 433M | 439M | 49M | -47M | -41M | 81M | 251M | 260M |
| Net Margin | 17.1% | 12.7% | 18.9% | 38.0% | 10.9% | 11.2% | 11.6% | 1.3% | -1.1% | -0.9% | 1.6% | 4.3% | 4.2% |
| Non-Recurring | 57M | 42M | 98M | 722M | 99M | 26M | 262M | 219M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.0% | 3.7% | 4.9% | 8.1% | 3.8% | 3.8% | 3.7% | 2.0% | 1.8% | 2.3% | 2.8% | 3.5% | 0.0% |
| ROE | 5.4% | 4.6% | 6.5% | 12.7% | 3.9% | 4.2% | 4.3% | 0.5% | -0.5% | -0.4% | 0.8% | 2.2% | 2.0% |
| ROA | 2.3% | 1.9% | 2.9% | 5.8% | 1.8% | 1.8% | 1.8% | 0.2% | -0.2% | -0.2% | 0.3% | 0.9% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.5B | 1.0B | 1.1B | 1.1B | 1.3B | 1.6B | 1.7B |
| Free Cash Flow | 1.2B | 1.3B | 1.2B | 1.3B | 1.2B | 1.3B | 843M | -776M | 219M | 470M | -1.2B | -1.3B | 0 |
| Owner Earnings | 509M | 485M | 435M | 514M | 432M | 358M | 319M | -203M | -108M | -304M | 45M | 229M | 235M |
| CapEx | 87M | 107M | 117M | 133M | 132M | 157M | 607M | 1.8B | 901M | 649M | 2.5B | 2.9B | 0 |
| Maint. CapEx | 725M | 894M | 899M | 888M | 920M | 1.0B | 1.1B | 1.2B | 1.2B | 1.4B | 1.3B | 1.4B | 1.4B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 605M | 0 | 0 | 1.3B | 1.5B | 0 |
| D&A | 725M | 894M | 899M | 888M | 920M | 1.0B | 1.1B | 1.2B | 1.2B | 1.4B | 1.3B | 1.4B | 1.4B |
| CapEx/OCF | 7.0% | 7.7% | 8.6% | 9.3% | 9.5% | 10.9% | 10.2% | 18.1% | 19.8% | 23.2% | 21.2% | 22.1% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 876M | 1.0B | 1.0B | 827M | 1.1B | 1.2B | 929M | 687M | 720M | 724M | 740M | 860M | 891M |
| Dividend Yield | 6.6% | 6.7% | 6.9% | 5.1% | 7.7% | 6.2% | 7.2% | 3.9% | 4.1% | 4.2% | 3.4% | 2.8% | 1.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 1.4M | 2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 21M | 20M | 21M | 27M | 30M | 34M | 21M | 32M | 31M | 31M | 31M | 39M | 45M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 10.7B | 11.1B | 10.8B | 11.2B | 10.5B | 12.4B | 11.2B | 12.2B | 12.6B | 13.0B | 12.6B | 12.3B | 5.3B |
| Cash & Equiv. | 55M | 53M | 287M | 81M | 72M | 106M | 413M | 150M | 123M | 509M | 898M | 741M | 184M |
| Long-Term Debt | 10.8B | 11.2B | 11.1B | 11.3B | 10.7B | 12.2B | 11.9B | 12.0B | 12.3B | 13.5B | 13.5B | 13.0B | 5.4B |
| Debt/Equity | 1.25 | 1.17 | 1.06 | 1.04 | 1.05 | 1.22 | 1.17 | 1.13 | 1.25 | 1.42 | 1.26 | 1.04 | 0.42 |
| Interest Coverage | 2.6 | 2.0 | 2.5 | 3.9 | 1.8 | 1.8 | 1.7 | 1.1 | 0.9 | 0.9 | 1.1 | 1.4 | 1.4 |
| Equity | 8.7B | 9.6B | 10.5B | 10.9B | 10.2B | 10.4B | 10.2B | 10.9B | 10.2B | 9.5B | 10.8B | 12.5B | 13.1B |
| Total Assets | 21.2B | 22.3B | 23.2B | 24.0B | 22.6B | 24.7B | 23.9B | 24.7B | 24.2B | 24.7B | 26.2B | 27.6B | 27.7B |
| Total Liabilities | 12.2B | 12.4B | 12.4B | 12.9B | 12.1B | 13.9B | 13.4B | 13.5B | 13.7B | 14.9B | 15.0B | 14.6B | 14.1B |
| Intangibles | 475M | 725M | 8.2M | 6.5M | 5.6M | 5.1M | 4.7M | 7.3M | 6.4M | 5.6M | 12M | 11M | 10M |
| Retained Earnings | -1.5B | -2.1B | -2.5B | -2.2B | -2.9B | -3.7B | -4.0B | -4.7B | -5.4B | -6.2B | -6.9B | -7.5B | -7.7B |
| Working Capital | N/A | N/A | 781M | 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 | 1.7B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 751M | 779M | 908M | 1.2B | 1.1B | 1.1B | 1.1B | 1.1B | 1.0B | 1.0B | 1.2B | 1.2B | 1.2B |
| Per Share Data | |||||||||||||
| EPS | 1.60 | 1.25 | 1.86 | 3.78 | 1.14 | 1.17 | 1.17 | 0.13 | -0.12 | -0.10 | 0.19 | 0.54 | 0.55 |
| Owner EPS | 1.71 | 1.45 | 1.25 | 1.43 | 1.20 | 0.97 | 0.85 | -0.54 | -0.27 | -0.74 | 0.11 | 0.49 | 0.48 |
| Book Value | 29.19 | 28.61 | 29.97 | 30.28 | 28.44 | 28.22 | 27.12 | 28.79 | 25.68 | 23.16 | 25.22 | 26.91 | 27.00 |
| Cash Flow/Share | 4.22 | 4.18 | 3.88 | 3.98 | 3.85 | 3.88 | 3.86 | 2.72 | 2.83 | 2.73 | 3.11 | 3.54 | 3.50 |
| Dividends/Share | 2.97 | 3.04 | 2.97 | 3.12 | 3.16 | 3.17 | 2.14 | 1.80 | 1.80 | 1.80 | 1.80 | 1.92 | 1.83 |
| Shares Out. | 297.4M | 334.3M | 349.0M | 358.9M | 359.2M | 370.1M | 375.3M | 377.0M | 395.4M | 409.7M | 427.1M | 465.5M | 486.1M |
| Valuation | |||||||||||||
| P/E Ratio | 31.9 | 29.0 | 22.4 | 11.3 | 38.8 | 38.7 | 35.2 | 332.8 | N/A | N/A | 299.2 | 146.5 | 181.5 |
| P/FCF | 13.0 | 9.4 | 11.7 | 11.8 | 12.7 | 13.1 | 18.4 | N/A | 72.3 | 41.4 | N/A | N/A | N/A |
| EV/EBIT | 34.1 | 31.1 | 24.2 | 15.1 | N/A | 49.3 | 47.3 | N/A | 690.0 | N/A | 998.8 | N/A | N/A |
| Price/Book | 1.7 | 1.3 | 1.4 | 1.4 | 1.6 | 1.6 | 1.5 | 1.5 | 1.6 | 2.1 | 2.3 | 2.9 | 3.7 |
| Price/Sales | 4.8 | 4.6 | 4.3 | 4.5 | 3.9 | 4.8 | 3.4 | 4.5 | 4.3 | 3.8 | 4.4 | 5.3 | 8.0 |
| FCF Yield | 7.7% | 10.7% | 8.5% | 8.5% | 7.9% | 7.6% | 5.4% | -4.8% | 1.4% | 2.4% | -4.9% | -3.5% | N/A |
| Market Cap | 15.2B | 12.1B | 14.5B | 15.3B | 15.9B | 16.8B | 15.5B | 16.3B | 15.9B | 19.5B | 24.3B | 36.8B | 48.9B |
| Avg. Price | 44.48 | 44.75 | 42.76 | 45.02 | 40.50 | 50.08 | 34.50 | 46.19 | 44.48 | 42.02 | 51.01 | 66.72 | 100.53 |
| Year-End Price | 51.03 | 36.25 | 41.60 | 42.56 | 44.28 | 45.26 | 41.21 | 43.27 | 40.11 | 47.48 | 56.84 | 79.14 | 100.53 |
Ventas, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Ventas, Inc. trades at 186.2x trailing earnings, compared to its 15-year median P/E of 35.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 36.5x vs a median of 13.1x. The company's 5-year average ROIC is 2.5% with a gross margin of 15.5%. Total shareholder yield (dividends) is 1.8%. At current prices, the estimated annualized return to fair value is -6.8%.
Ventas, Inc. (VTR) has a net profit margin of 4.3%. This is a modest margin.
Ventas, Inc. (VTR) generated $-1.3 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Ventas, Inc. (VTR) has a debt-to-equity ratio of 1.04. This indicates moderate leverage.
Ventas, Inc. (VTR) reported earnings per share (EPS) of $0.54 in its most recent fiscal year.
Ventas, Inc. (VTR) has a return on equity (ROE) of 2.2%. This indicates moderate shareholder returns.
Ventas, Inc. (VTR) has a 5-year average gross margin of 15.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for Ventas, Inc. (VTR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Ventas, Inc. (VTR) has a book value per share of $26.91, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued double-digit same-store NOI growth in senior housing through 2026, driven by favorable supply-demand fundamentals as the over-80 population surges and senior housing supply remains constrained with record-low new construction starts. The company is pursuing aggressive capital deployment of $2.5 billion to $3 billion in senior housing investments in 2026, targeting low to mid-teens unlevered IRRs, while leveraging the Ventas OI platform and operator partnerships to drive occupancy growth, pricing power, and margin expansion across the portfolio. Management anticipates continued deleverage through organic growth and equity-funded investments, with leverage approaching 5x pro forma for unsettled equity, and expects the business to benefit from structural demand growth as nearly 70 million baby boomers begin turning 80 in 2026 and beyond. The company is also focused on expanding its operator network and capturing value from recent Brookdale community transitions, with expectations to double NOI across this group over time through capital refresh projects and operational improvements.
Based on recent SEC filings and earnings calls, Ventas, Inc. (VTR) has provided the following forward guidance: Normalized FFO per share: $3.82–$3.89 (FY2026); Senior housing investment volume: $2.5 billion–$3 billion (FY2026); Total company same-store cash NOI growth: nearly 10% (FY2026); SHOP occupancy growth: approximately 300 basis points (FY2026); SHOP revenue growth: approximately 8.75% (FY2026).