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Ventas

VTR NYSE Health Care REITs Financials FY2016–FY2025

Ventas' revenue rose 18.5% to $5.8 billion in fiscal 2025. Its net margin was 4.5%, up from 1.8% a year earlier. It paid out $860 million in dividends and buybacks. The diluted share count rose 11.1%.

Last close · Oct 23, 2026

$86.80

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$5.8B
18.5% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$262M
195.8%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.4%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$43.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
163.8x
On $0.53 EPS (TTM)

About these figures. Debt is Ventas' senior notes payable and other debt as its balance sheet shows it, which already includes its commercial paper. Ventas' filings tag its spending on its properties under different labels from year to year, and from 2020 together with acquisitions, so capital spending and free cash flow are left blank.

What Ventas does

No business description yet.

Legal name
Ventas, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000740260-26-000006
0000740260

Revenue and margins

Ventas had $5.8B of revenue in fiscal 2025, up 18.5% 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 −12.8% 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 — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

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

Ventas returned $860M to shareholders in fiscal 2025. The diluted share count rose 11.1%.

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

Value Ventas 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 −$12.3B and divides by 462.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 163.8x · peers 66.5x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ventas can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $150M$123M$509M$898M$741M
Debt incl. finance leases $12.0B$12.3B$13.5B$13.5B$13.0B
Net debt / EBITDA 8.1x7.8x7.0x6.8x5.6x
Debt / equity 1.1x1.2x1.4x1.3x1.0x
Interest coverage 0.6x0.8x0.8x1.0x1.3x
Total assets $24.7B$24.2B$24.7B$26.2B$27.6B
Total liabilities $13.5B$13.7B$14.9B$15.0B$14.6B
Shareholders' equity $10.9B$10.2B$9.5B$10.8B$12.5B
Net debt (− = net cash) $11.9B$12.2B$13.0B$12.6B$12.3B

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

$0.2M

1 insider

Sold, 12 months

$15.0M

5 insiders

Of sales under plans

80%

$11.9M

DateInsiderTradeSharesPriceValueFiling
Jun 3, 2026 Michael J EmblerDirector Bought 2,500 $78.81 $0.2M Form 4
May 14, 2026 Walter C RakowichDirector Sold plan 1,152 $90.20 $0.1M Form 4
Feb 11, 2026 Carey S. RobertsEVP and GC Sold 35,532 $85.00 $3.0M Form 4
Feb 6, 2026 Debra A CafaroChairman and CEO, Director Sold plan 10,322 $82.23 $0.8M Form 4
Feb 2, 2026 Debra A CafaroChairman and CEO, Director Sold plan 10,322 $77.66 $0.8M Form 4
Jan 2, 2026 Debra A CafaroChairman and CEO, Director Sold plan 10,322 $77.26 $0.8M Form 4
Jan 2, 2026 Robert F ProbstEVP and CFO Sold plan 29,930 $77.25 $2.3M Form 4
Dec 1, 2025 Debra A CafaroChairman and CEO, Director Sold plan 10,322 $80.55 $0.8M Form 4
Nov 19, 2025 Peter J. BulgarelliEVP OM&R-Ventas/Pres&CEO-LHS Sold plan 2,229 $80.08 $0.2M Form 4
Nov 18, 2025 Peter J. BulgarelliEVP OM&R-Ventas/Pres&CEO-LHS Sold plan 2,771 $80.01 $0.2M Form 4
Nov 17, 2025 Debra A CafaroChairman and CEO, Director Sold plan 41,294 $79.01 $3.3M Form 4
Nov 12, 2025 Robert F ProbstEVP and CFO Sold plan 33,591 $76.77 $2.6M 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 −4.7%−4.9%−5.2%
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
Ventas VTR $43.2B 18.5% — — 3.4% 163.8x —
Welltower WELL $172.4B 35.6% — — 3.0% 118.1x — Compare →
Healthpeak Properties DOC $13.3B 4.5% — 12.7% 3.2% 55.0x — Compare →
American Healthcare REIT AHR $10.2B 9.2% 18.4% — — 78.0x — Compare →
Omega Healthcare Investors OHI $14.6B 13.2% — 67.0% 8.8% 16.5x — Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.4B $3.6B $3.7B $3.9B $3.8B $3.8B $4.1B $4.5B $4.9B $5.8B
Interest expense $420M $448M $443M $452M $470M $440M $468M $574M $603M $612M
Pretax income $519M $585M $385M $359M $80.6M −$162M −$94.1M −$116M −$8.0M $204M
Income tax −$31.3M −$59.8M −$40.0M −$56.3M −$96.5M $4.8M −$16.9M −$9.5M −$37.8M −$14.1M
Net income $652M $1.4B $416M $439M $441M $56.6M −$40.9M −$30.3M $88.4M $262M
Diluted EPS $1.86 $3.78 $1.14 $1.17 $1.17 $0.13 −$0.12 −$0.10 $0.19 $0.54
Diluted shares 0.35B 0.36B 0.36B 0.37B 0.38B 0.39B 0.40B 0.41B 0.42B 0.46B
Cash flow
Cash from operations $1.4B $1.4B $1.4B $1.4B $1.5B $1.0B $1.1B $1.1B $1.3B $1.6B
Depreciation and amortization $899M $888M $920M $1.0B $1.1B $1.2B $1.2B $1.4B $1.3B $1.4B
Stock-based compensation $21.0M $26.5M $30.0M $33.9M $21.5M $32.0M $30.7M $31.0M $31.0M $38.7M
Acquisitions $1.4B $691M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $1.0B $827M $1.1B $1.2B $929M $687M $720M $724M $740M $860M
Dividends and buybacks $1.0B $827M $1.1B $1.2B $929M $687M $720M $724M $740M $860M
Balance sheet
Cash and short-term investments $287M $81.4M $72.3M $106M $413M $150M $123M $509M $898M $741M
Total debt $11.1B $11.3B $10.7B $12.2B $11.9B $12.0B $12.3B $13.5B $13.5B $13.0B
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 $23.2B $24.0B $22.6B $24.7B $23.9B $24.7B $24.2B $24.7B $26.2B $27.6B
Total liabilities $12.4B $12.9B $12.1B $13.9B $13.4B $13.5B $13.7B $14.9B $15.0B $14.6B
Shareholders' equity $10.5B $10.9B $10.2B $10.4B $10.2B $10.9B $10.2B $9.5B $10.8B $12.5B
Margins
EBITDA margin 53.4% 53.7% 46.6% 47.9% 43.7% 38.5% 38.1% 41.2% 37.5% 37.6%
Net margin 18.9% 38.1% 11.1% 11.3% 11.6% 1.5% −1.0% −0.7% 1.8% 4.5%
Returns
Return on capital 4.5% 4.8% 3.8% 3.7% 2.5% 1.0% 1.3% 1.6% 2.0% 3.4%
Return on equity 6.5% 12.8% 4.0% 4.3% 4.3% 0.5% −0.4% −0.3% 0.9% 2.2%
Return on assets 2.9% 5.8% 1.8% 1.9% 1.8% 0.2% −0.2% −0.1% 0.4% 1.0%
Growth
Revenue growth 4.8% 3.8% 4.8% 3.4% −2.0% 0.9% 7.9% 8.9% 9.5% 18.5%
Net income growth 55.4% 108.9% −69.4% 5.6% 0.4% −87.2% −172.4% — — 196.0%
EPS growth 48.8% 103.2% −69.8% 2.6% 0.0% −88.9% −192.3% — — 184.2%
Share count change 4.3% 2.9% 0.2% 3.0% 1.8% 2.6% 4.4% 0.6% 2.6% 11.1%
Financial health
Net debt / EBITDA 5.9x 5.8x 6.1x 6.5x 6.9x 8.1x 7.8x 7.0x 6.8x 5.6x
Debt / equity 1.1x 1.0x 1.1x 1.2x 1.2x 1.1x 1.2x 1.4x 1.3x 1.0x
Interest coverage 2.2x 2.3x 1.9x 1.8x 1.2x 0.6x 0.8x 0.8x 1.0x 1.3x
Capital allocation
Stock comp / revenue 0.6% 0.7% 0.8% 0.9% 0.6% 0.8% 0.7% 0.7% 0.6% 0.7%
Quality scores
Accruals ratio −3.1% −0.3% −4.2% −4.2% −4.2% −4.0% −4.8% −4.7% −4.9% −5.2%

Source: SEC EDGAR XBRL filings (CIK 0000740260). Data updated October 9, 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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