Ventas (VTR)
Real Estate · $44.6B market cap · SEC CIK 0000740260
fundamentals score out of 100
Next reports on Oct 27, 2026, with analysts expecting $0.18 in earnings per share.
The case for VTR
- Revenue up 21.5% on the year.
- Earnings per share up 26.0%.
- Moves less than the market (beta 0.79).
- Pays a modest 2.3% dividend.
The case against
- Very expensive at 169.6× earnings. Years of growth are already in the price.
- Burned $1.3B of free cash in FY2025.
- Long-term debt of $13.0B would take 8 years of operating cash flow to repay.
- Return on equity of only 2%.
- Current liabilities exceed current assets (ratio 0.13).
- Dividend takes 353% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 19 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 77 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 20 |
| Momentumhow the price has behaved lately | 67 |
| Stabilityhow violently it moves, what it owes and what it pays you | 46 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 169.6× |
|---|---|
| Price / book | 2.85× |
| Price / sales | 6.9× |
| Revenue growth (YoY) | +21.5% |
| EPS growth (YoY) | +26.0% |
| Gross margin | 40% |
| Operating margin | 14% |
| Net margin | 4% |
| Return on equity | 2% |
| Debt / equity | 0.84× |
| Current ratio | 0.13 |
| Dividend yield | 2.26% |
| Beta | 0.79 |
| 52-week range | $66.54 – $101.60 |
| Position in that range | 58% of the way up |
| 3-month return | +6.7% |
| 1-year return | +29.6% |
Five years of financials, as filed
Pulled from Ventas's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $5.8B | $4.9B | $4.5B | $4.1B | $3.8B |
| Operating cash flow | $1.6B | $1.3B | $1.1B | $1.1B | $1.0B |
| Capital expenditure | $2.9B | $2.5B | $649M | $901M | $1.8B |
| Total assets | $27.6B | $26.2B | $24.7B | $24.2B | $24.7B |
| Total liabilities | $14.6B | $15.0B | $14.9B | $13.7B | $13.5B |
| Shareholder equity | $12.5B | $10.8B | $9.5B | $10.2B | $10.9B |
| Cash | $741M | $898M | $509M | $123M | $150M |
| Long-term debt | $13.0B | $13.5B | $13.5B | $12.3B | $12.0B |
| Free cash flow | -$1.3B | -$1.2B | $470M | $219M | -$776M |
| Diluted shares | 463M | 416M | 406M | 403M | 386M |
Share count is up 19.8% over 4 years. Your slice has been diluted.
What Ventas says it does
BUSINESS Overview Ventas, Inc. is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2025, we owned or had investments in 1,409 properties consisting of 1,374 properties in our reportable segments ("Segment Properties") and 35 properties held by unconsolidated real estate entities in our non-segment operations. We are headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York. We elected to be taxed as a real estate investment trust ("REIT") under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our…
Risk factors VTR lists in its 10-K
- Risks Relating to Our Business Operations and Strategy
- Macroeconomic trends, including trends relating to labor costs, unemployment, inflation, interest rates and exchange rates, may affect our business and financial results
- To the extent that we or our managers, tenants and borrowers are unable to navigate successfully the trends affecting our or their businesses and the industries in which we or they operate, we may be adversely affected."
- We may face increased risks and costs associated with volatility in materials and labor prices or as a result of supply chain or procurement disruptions, which may adversely affect the status of our construction projects
- If our managers’, tenants’ or borrowers’ financial condition or business prospects deteriorate, our business, financial condition and results of operations could be adversely affected
- Changes in the U.S. political and regulatory environment could affect availability of government funding that we or our managers, tenants or borrowers rely on, which could negatively impact our business
- Our managers and tenants operate or exert substantial control over the properties that they manage or lease from us, which limits our control and influence over operations and results
- We face potential adverse consequences from the bankruptcy or insolvency of our managers, tenants, borrowers and other obligors
- A significant portion of our revenues and operating income is dependent on a limited number of tenants and managers, including Ardent, Kindred, Atria, Sunrise and Le Groupe Maurice
- We are vulnerable to adverse changes affecting our specific asset classes and the real estate industry generally
- Ownership of properties or operation of our business outside the United States may subject us to different or greater risks than those associated with our domestic operations
- We and our managers, tenants and borrowers may be adversely affected by regulation and enforcement
- The hospitals on or near the campuses where our outpatient medical buildings are located and their affiliated health systems may not remain competitive or financially viable
- Our research tenants face unique levels of expense and uncertainty