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Omega Healthcare Investors

OHI NYSE Health Care REITs Financials FY2016–FY2025

Omega Healthcare Investors' revenue rose 13.2% to $1.2 billion in fiscal 2025. Its net margin was 49.6%, up from 38.6% a year earlier. Free cash flow was $798 million, up 12.1%. It paid out $780 million in dividends and buybacks, 98% of free cash flow. The diluted share count rose 12.8%.

Last close · Oct 23, 2026

$46.23

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$1.2B
13.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$590M
45.3%
Free cash flow Cash from operations minus capital spending.
$798M
12.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.8%
1.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$14.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.5x
On $2.80 EPS (TTM)

What Omega Healthcare Investors does

No business description yet.

Legal name
OMEGA HEALTHCARE INVESTORS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000888491-26-000008
0000888491

Revenue and margins

Omega Healthcare Investors had $1.2B of revenue in fiscal 2025, up 13.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 0.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $798M in fiscal 2025, 67.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Omega Healthcare Investors returned $780M to shareholders in fiscal 2025, 98% of free cash flow. The diluted share count rose 12.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Omega Healthcare Investors yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$4.2B and divides by 305.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.5x · peers 75.2x · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably Omega Healthcare Investors can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $20.5M$297M$443M$518M$27.0M
Debt incl. finance leases $5.3B$5.3B$5.1B$4.8B$4.3B
Net debt / EBITDA 5.3x5.0x5.7x4.5x3.6x
Debt / equity 1.3x1.5x1.4x1.1x0.8x
Interest coverage 2.8x2.9x2.1x2.9x3.9x
Total assets $9.6B$9.4B$9.1B$9.9B$10.0B
Total liabilities $5.5B$5.6B$5.4B$5.2B$4.6B
Shareholders' equity $3.9B$3.6B$3.6B$4.5B$5.2B
Net debt (− = net cash) $5.2B$5.0B$4.6B$4.3B$4.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.4M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Nov 6, 2025 Vikas GuptaChief Investment Officer Bought 11,500 $42.97 $0.5M Form 4
Nov 5, 2025 Pickett C TaylorChief Executive Officer, Director Bought 20,000 $43.14 $0.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −4.1%−3.6%−2.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Omega Healthcare Investors OHI $14.6B 13.2% — 67.0% 8.8% 16.5x —
Healthcare Realty Trust HR $6.1B −6.9% — 10.8% — — — Compare →
Sabra Health Care REIT SBRA $4.9B 10.2% — — 5.1% 75.2x — Compare →
American Healthcare REIT AHR $10.2B 9.2% 18.4% — — 78.0x — Compare →
Healthpeak Properties DOC $13.3B 4.5% — 12.7% 3.2% 55.0x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $901M $908M $882M $929M $892M $1.1B $878M $950M $1.1B $1.2B
Operating income $560M $315M $498M $552M — — — — — —
Interest expense $164M $189M $193M $209M $223M $235M $233M $236M $222M $215M
Pretax income $384M $106M $297M $344M $162M $416M $436M $255M $429M $624M
Income tax $1.4M $3.2M $3.0M $2.8M $4.9M $3.8M $4.6M $6.3M $10.9M $14.7M
Net income $383M $105M $294M $352M $164M $428M $439M $242M $406M $590M
Diluted EPS $1.90 $0.51 $1.40 $1.58 $0.70 $1.75 $1.80 $1.00 $1.55 $1.94
Diluted shares 0.20B 0.21B 0.21B 0.22B 0.24B 0.24B 0.24B 0.25B 0.27B 0.31B
Cash flow
Cash from operations $625M $578M $499M $554M $708M $722M $626M $618M $749M $879M
Capital expenditure $40.5M $37.8M $29.8M $52.9M $31.1M $44.9M $47.2M $38.0M $37.8M $80.9M
Free cash flow $584M $540M $470M $501M $677M $677M $579M $580M $712M $798M
Depreciation and amortization $267M $288M $281M $302M $330M $342M $332M $320M $305M $325M
Stock-based compensation $13.8M $15.2M $16.0M $15.4M $18.8M $21.4M $27.3M $35.1M $36.7M $44.2M
Acquisitions $1.0B $413M $106M $59.6M $5.1M $604M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $142M $0.0M $0.0M $0.0M
Dividends paid $453M $503M $529M $564M $612M $638M $633M $644M $685M $780M
Dividends and buybacks $453M $503M $529M $564M $612M $638M $775M $644M $685M $780M
Balance sheet
Cash and short-term investments $93.7M $85.9M $10.3M $24.1M $164M $20.5M $297M $443M $518M $27.0M
Total debt $4.4B $4.6B $4.5B $5.1B $5.2B $5.3B $5.3B $5.1B $4.8B $4.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $8.9B $8.8B $8.6B $9.8B $9.5B $9.6B $9.4B $9.1B $9.9B $10.0B
Total liabilities $4.7B $4.9B $4.8B $5.5B $5.5B $5.5B $5.6B $5.4B $5.2B $4.6B
Shareholders' equity $3.9B $3.6B $3.4B $4.1B $3.8B $3.9B $3.6B $3.6B $4.5B $5.2B
Margins
Operating margin 62.2% 34.7% 56.4% 59.4% — — — — — —
EBITDA margin 91.8% 66.4% 88.3% 91.9% 80.2% 93.4% 114.1% 85.3% 90.8% 97.9%
Net margin 42.6% 11.6% 33.3% 37.9% 18.3% 40.3% 50.0% 25.5% 38.7% 49.6%
FCF margin 64.9% 59.5% 53.3% 53.9% 75.9% 63.7% 65.9% 61.0% 67.7% 67.0%
Returns
Return on capital 6.9% 3.6% 5.9% 6.2% 4.1% 7.0% 7.3% 5.6% 7.3% 8.8%
Return on equity 10.1% 2.8% 8.4% 9.3% 4.1% 11.1% 11.7% 6.7% 10.0% 12.2%
Return on assets 4.5% 1.2% 3.4% 3.8% 1.7% 4.5% 4.6% 2.6% 4.3% 5.9%
Growth
Revenue growth — 0.8% −2.9% 5.4% −3.9% 19.1% −17.4% 8.1% 10.7% 13.2%
Net income growth 64.3% −72.6% 180.1% 19.8% −53.5% 161.9% 2.5% −44.8% 67.8% 45.3%
EPS growth 47.3% −73.2% 174.5% 12.9% −55.7% 150.0% 2.9% −44.4% 55.0% 25.2%
FCF growth 33.6% −7.6% −13.1% 6.7% 35.2% 0.0% −14.6% 0.2% 22.8% 12.1%
Share count change 11.7% 2.6% 1.4% 5.9% 5.8% 3.9% −0.0% 2.5% 8.0% 12.8%
Financial health
Net debt / EBITDA 5.2x 7.4x 5.8x 6.0x 7.0x 5.3x 5.0x 5.7x 4.5x 3.6x
Debt / equity 1.1x 1.3x 1.3x 1.2x 1.4x 1.3x 1.5x 1.4x 1.1x 0.8x
Interest coverage 3.4x 1.7x 2.6x 2.6x 1.7x 2.8x 2.9x 2.1x 2.9x 3.9x
Capital allocation
Capex / revenue 4.5% 4.2% 3.4% 5.7% 3.5% 4.2% 5.4% 4.0% 3.6% 6.8%
Stock comp / revenue 1.5% 1.7% 1.8% 1.7% 2.1% 2.0% 3.1% 3.7% 3.5% 3.7%
Payouts / FCF 77.6% 93.1% 112.6% 112.6% 90.4% 94.2% 134.0% 111.1% 96.3% 97.8%
Quality scores
Accruals ratio −2.9% −5.3% −2.4% −2.2% −5.7% −3.1% −2.0% −4.1% −3.6% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0000888491). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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