Omega Healthcare Investors vs Ventas
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The short version
- Ventas is the larger business, with $5.8B of revenue in fiscal 2025 against $1.2B for Omega Healthcare Investors, about 4.9 times as much.
- Ventas grew revenue faster (18.5%, against 13.2%).
- Omega Healthcare Investors earned a higher return on the capital invested in it (8.8%, against 3.4%).
- Investors pay more for each dollar of Ventas’s earnings: a P/E of 163.8x against 16.5x for Omega Healthcare Investors.
| Latest fiscal year | OHI · FY25 | VTR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.6B | $43.2B |
| Revenue | $1.2B | $5.8B |
| Free cash flow | $798M | — |
| Net income | $590M | $262M |
| Growth | ||
| Revenue growth | 13.2% | 18.5% |
| 5-year growth | 5.9% | 9.0% |
| Share count change | 12.8% | 11.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 49.6% | 4.5% |
| FCF margin | 67.0% | — |
| Return on capital | 8.8% | 3.4% |
| Return on equity | 12.2% | 2.2% |
| Balance sheet | ||
| Net debt | $4.2B | $12.3B |
| Net debt / EBITDA | 3.6x | 5.6x |
| Dividends and buybacks | $780M | $860M |
| Valuation & quality | ||
| P/E | 16.5x | 163.8x |
| Piotroski F-score | — | — |
Revenue
FY16
OHI $901M
VTR $3.4B
FY17
OHI $908M
VTR $3.6B
FY18
OHI $882M
VTR $3.7B
FY19
OHI $929M
VTR $3.9B
FY20
OHI $892M
VTR $3.8B
FY21
OHI $1.1B
VTR $3.8B
FY22
OHI $878M
VTR $4.1B
FY23
OHI $950M
VTR $4.5B
FY24
OHI $1.1B
VTR $4.9B
FY25
OHI $1.2B
VTR $5.8B
OHI
VTR
Operating margin
FY16
OHI 62.2%
VTR —
FY17
OHI 34.7%
VTR —
FY18
OHI 56.4%
VTR —
FY19
OHI 59.4%
VTR —
FY20
OHI —
VTR —
FY21
OHI —
VTR —
FY22
OHI —
VTR —
FY23
OHI —
VTR —
FY24
OHI —
VTR —
FY25
OHI —
VTR —
OHI
VTR
Free cash flow
FY16
OHI $584M
VTR —
FY17
OHI $540M
VTR —
FY18
OHI $470M
VTR —
FY19
OHI $501M
VTR —
FY20
OHI $677M
VTR —
FY21
OHI $677M
VTR —
FY22
OHI $579M
VTR —
FY23
OHI $580M
VTR —
FY24
OHI $712M
VTR —
FY25
OHI $798M
VTR —
OHI
VTR
Return on capital
FY16
OHI 6.9%
VTR 4.5%
FY17
OHI 3.6%
VTR 4.8%
FY18
OHI 5.9%
VTR 3.8%
FY19
OHI 6.2%
VTR 3.7%
FY20
OHI 4.1%
VTR 2.5%
FY21
OHI 7.0%
VTR 1.0%
FY22
OHI 7.3%
VTR 1.3%
FY23
OHI 5.6%
VTR 1.6%
FY24
OHI 7.3%
VTR 2.0%
FY25
OHI 8.8%
VTR 3.4%
OHI
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.