Digital Realty vs Ventas
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The short version
- Digital Realty is the larger business, with $6.1B of revenue in fiscal 2025 against $5.8B for Ventas.
- Ventas grew revenue faster (18.5%, against 10.0%).
- Investors pay more for each dollar of Ventasβs earnings: a P/E of 163.8x against 45.6x for Digital Realty.
| Latest fiscal year | DLR Β· FY25 | VTR Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $60.9B | $43.2B |
| Revenue | $6.1B | $5.8B |
| Free cash flow | β$769M | β |
| Net income | $1.3B | $262M |
| Growth | ||
| Revenue growth | 10.0% | 18.5% |
| 5-year growth | 9.4% | 9.0% |
| Share count change | 4.9% | 11.1% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 10.8% | β |
| Net margin | 21.4% | 4.5% |
| FCF margin | β12.6% | β |
| Return on capital | β | 3.4% |
| Return on equity | 5.9% | 2.2% |
| Balance sheet | ||
| Net debt | β | $12.3B |
| Net debt / EBITDA | β | 5.6x |
| Dividends and buybacks | $1.7B | $860M |
| Valuation & quality | ||
| P/E | 45.6x | 163.8x |
| Piotroski F-score | β | β |
Revenue
FY16
DLR $2.1B
VTR $3.4B
FY17
DLR $2.5B
VTR $3.6B
FY18
DLR $3.0B
VTR $3.7B
FY19
DLR $3.2B
VTR $3.9B
FY20
DLR $3.9B
VTR $3.8B
FY21
DLR $4.4B
VTR $3.8B
FY22
DLR $4.7B
VTR $4.1B
FY23
DLR $5.5B
VTR $4.5B
FY24
DLR $5.6B
VTR $4.9B
FY25
DLR $6.1B
VTR $5.8B
DLR
VTR
Operating margin
FY16
DLR 23.2%
VTR β
FY17
DLR 18.4%
VTR β
FY18
DLR 18.1%
VTR β
FY19
DLR 18.5%
VTR β
FY20
DLR 14.3%
VTR β
FY21
DLR 15.7%
VTR β
FY22
DLR 12.6%
VTR β
FY23
DLR 9.6%
VTR β
FY24
DLR 8.5%
VTR β
FY25
DLR 10.8%
VTR β
DLR
VTR
Free cash flow
FY16
DLR $153M
VTR β
FY17
DLR β$127M
VTR β
FY18
DLR $60.2M
VTR β
FY19
DLR $76.9M
VTR β
FY20
DLR β$358M
VTR β
FY21
DLR β$819M
VTR β
FY22
DLR β$984M
VTR β
FY23
DLR β$1.9B
VTR β
FY24
DLR β$570M
VTR β
FY25
DLR β$769M
VTR β
DLR
VTR
Return on capital
FY16
DLR β
VTR 4.5%
FY17
DLR β
VTR 4.8%
FY18
DLR β
VTR 3.8%
FY19
DLR β
VTR 3.7%
FY20
DLR β
VTR 2.5%
FY21
DLR β
VTR 1.0%
FY22
DLR β
VTR 1.3%
FY23
DLR β
VTR 1.6%
FY24
DLR β
VTR 2.0%
FY25
DLR β
VTR 3.4%
DLR
VTR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.