— Know what they know.
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Not Investment Advice

VTR

NYSE · USD
Ventas, Inc.
Real Estate · REIT - Healthcare Facilities
CEO Debra A. Cafaro Employees 542 R&D / revenue 0.0%
Last price
$85.86+1.18%last session
Market cap
$44.0B
P/E (TTM)
156.1x
From 52w high
−15.5%
From 52w low
+26.0%
1-year return
+23.4%
RSI 14 · vs SMA200
51.9 · −0.2%
IS score
53.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

VTR   SPY   XLRE (sector ETF) · weekly closes
100110120130140Jan 26Apr 26Jul 26Oct 26VTR 123SPY 116XLRE 101

Score DNA

Each bar is a 0-100 score within the scored universe
25
Profitability
72
Growth
42
Value
98
Momentum
30
Risk (safety)
64
Quality
33
Balance sheet
78
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 1.7Beta 0.724 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.20M bought
Form 144 notices (12m): 21, $59.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-03-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+23
111 new holders, 75 closed
955 filers hold 109.4% · 413 added, 292 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+420
1,317 funds adding shares
897 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
70.3%
20-day avg 55.5%, 50-day avg 57.5%
Latest 14.8 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.8B
Revenue growth YoY+18.5%
Gross margin-5.9%
Operating income$826.8M
Operating margin14.2%
Net income$251.4M
Net margin4.3%
EPS (diluted)$0.54
Cash flow
Operating cash flow$1.7B
Capital expenditure$363.9M
Free cash flow$1.3B
FCF conversion (FCF / OCF)78.3%
Stock-based compensation$0
FCF less SBC$1.3B
Buybacks$0
Dividends$860.1M
Balance sheet & returns
Cash & short-term investments$741.1M
Total debt$13.0B
Net debt$12.3B
Shareholders' equity$12.6B
Goodwill & intangibles$1.1B
Debt / equity0.93
ROE (TTM)2.0%
ROIC (TTM)22.3%
Operating margin by fiscal year
11.0%FY202111.7%FY20229.2%FY202313.8%FY202414.2%FY2025
Revenue $3.8B (FY2021) to $5.8B (FY2025), a 11.1% CAGR.

Valuation

P/E (TTM)156.1x
EV / EBITDA23.2x
Price / sales6.84x
Price / FCF27.4x
FCF yield3.64%
Buyback yield0.00%
SBC / revenue0.5%
Price / book2.83x
Forward P/E FY2026145.6x
Forward P/E FY202790.8x
Forward P/E FY202867.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $101.50 across 8 analysts last quarter is theirs, not ours.

VTR vs industry median

33 companies in REIT - Healthcare Facilities
Gross margin -2.6% 58.9% Operating margin 12.9% 27.2% Net margin 4.1% 7.9% ROIC 22.3% 3.5%
VTR (TTM)Industry median Asset turnover 0.22 vs industry 0.13 · financial leverage 2.02

Earnings delivery

Next report 2026-10-27 · consensus EPS $0.16
67%
beat rate, 8 of 12 quarters
+1.3%
median EPS surprise
5
longest beat streak
+1+0+5+1+0+4150+2+2+1+49-2-2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
VTR Ventas, Inc. $44.0B156.1x2.0%4.1%+18.5% +23.4%
OHI Omega Healthcare Investors, $13.8B15.8x16.5%—+15.9% +14.9%
AHR American Healthcare REIT, In $11.6B78.2x4.0%4.5%+16.4% +25.4%
WELL Welltower Inc. $169.2B121.7x3.3%6.8%+38.1% +37.1%
PEAK Healthpeak Properties, Inc. $9.4B48.9x5.9%6.8%−6.1% —
CTRE CareTrust REIT, Inc. $8.6B22.7x9.1%55.2%+96.2% +8.2%
HR Healthcare Realty Trust Inco $6.1Bn/m-1.9%-15.4%−4.8% —
SBRA Sabra Health Care REIT, Inc. $4.9B73.3x2.4%-10.7%+17.3% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-09-15Officer/Director Change
2026-07-29Earnings Release; Exhibits
2026-06-15Officer/Director Change; Other Events
2026-05-15Officer/Director Change; Shareholder Vote; Other Events; Exhibits
2026-04-27Earnings Release; Exhibits
2026-02-20Departure/Election of Directors; Appointment of Officers

Context

Shares outstanding512,946,000
Free float99.5%
Institutional ownership109.4%
Beta0.72
Dividend yield2.38%
Last dividend$0.52 on 2026-09-30
50 / 200-day average$88.45 / $86.06
Large-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where VTR sits among 17 scored companies in REIT - Healthcare Facilities (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureVTRIndustry medianIndustry percentileSector median
P/E (TTM) 165.4x 27.5x
100th		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) 3.99 1.22
86th		 1.55
Price / sales 6.8x 5.2x
75th		 3.7x
Price / book 3.0x 1.8x
81st		 1.3x
Price / tangible book 3.7x 2.4x
86th		 1.6x
Price / free cash flow 27.4x 23.7x
55th		 15.1x
Price / operating cash flow 24.0x 14.6x
77th		 12.3x
Enterprise value $57.5B $7.4B
94th		 $7.5B
EV / sales 8.9x 8.9x
56th		 9.4x
EV / EBITDA 23.0x 18.5x
81st		 15.7x
EV / EBIT 56.9x 28.6x
77th		 27.2x
EV / free cash flow 35.8x 29.3x
55th		 29.4x
Earnings yield 0.6% 1.7%
25th		 3.2%
FCF yield 3.6% 2.3%
62nd		 5.6%
Operating cash flow yield 4.2% 6.0%
38th		 7.9%
Graham number (per share) $19.03 $19.03
50th		 $22.48

Profitability (TTM)

MeasureVTRIndustry medianIndustry percentileSector median
Gross margin -2.6% 38.8%
19th		 51.4%
EBITDA margin 38.9% 45.5%
36th		 54.9%
Operating margin 12.9% 22.6%
31st		 29.0%
EBIT margin 15.7% 22.2%
40th		 31.7%
Net margin 4.1% 8.6%
25th		 12.2%
NOPAT margin 15.7% 17.6%
40th		 25.5%
FCF margin 24.9% 11.8%
62nd		 21.8%
Operating cash flow margin 28.5% 38.5%
38th		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 3.0% 4.2%
13th		 6.6%
Stock comp / revenue 0.5% 1.3%
27th		 1.2%
Effective tax rate -21.5% 1.6%
7th		 1.9%

Returns on capital

MeasureVTRIndustry medianIndustry percentileSector median
ROE (on average equity) 2.0% 3.3%
31st		 5.3%
ROA 0.9% 2.1%
31st		 1.6%
ROIC 3.6% 3.6%
50th		 3.7%
ROCE 3.5% 3.3%
56th		 4.4%
Return on tangible assets 3.6% 3.3%
56th		 3.8%
Cash ROIC (OCF / invested capital) 6.5% 6.5%
50th		 5.7%
Gross profitability (GP / assets) -0.6% 4.4%
19th		 5.3%
ROIC, 3-yr average 1.2% 1.5%
36th		 2.4%
ROIC, 5-yr average 0.8% 1.5%
31st		 2.6%
ROE, 5-yr average 0.6% 2.1%
31st		 4.4%
Incremental ROIC 22.3% -3.3%
86th		 6.5%

Growth

MeasureVTRIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 21.5% 16.4%
64th		 8.4%
Revenue growth (QoQ) 4.4% 3.5%
69th		 2.2%
Revenue CAGR, 3 yr 14.7% 13.4%
54th		 5.8%
Revenue CAGR, 5 yr 11.9% 12.4%
46th		 9.5%
Gross profit CAGR, 3 yr —
Operating income CAGR, 3 yr 17.4% 17.4%
50th		 3.0%
Net income growth (TTM YoY) 39.3% 39.3%
50th		 21.3%
Net income CAGR, 3 yr 51.1% 25.7%
62nd		 8.5%
EPS growth (TTM YoY) 29.9% 29.9%
50th		 17.6%
EPS CAGR, 3 yr 41.5% 22.6%
75th		 5.7%
EPS CAGR, 5 yr 6.1% 5.6%
62nd		 5.6%
FCF growth (TTM YoY) 49.6% 11.8%
80th		 3.0%
FCF CAGR, 3 yr 38.8% 10.7%
89th		 5.6%
Operating cash flow CAGR, 3 yr 17.8% 10.9%
80th		 3.7%
Book value CAGR, 3 yr 6.5% -3.3%
77th		 -2.0%
Dividend CAGR, 3 yr -1.2% -1.4%
54th		 -1.2%
Sustainable growth rate -5.1% -1.8%
33rd		 -1.4%

Margin history & stability

MeasureVTRIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 27.4% 42.4%
29th		 59.1%
Operating margin, 3-yr average 12.1% 18.4%
43rd		 28.6%
Net margin, 3-yr average 1.5% 8.8%
36th		 12.3%
FCF margin, 3-yr average 20.0% 31.4%
36th		 27.4%
Revenue stability (0-1) 0.91 0.68
71st		 0.82
Earnings stability (0-1) 0.09 0.27
0th		 0.36
Margin stability (0-1) 0.40 0.80
21st		 0.83

Liquidity (latest quarter)

MeasureVTRIndustry medianIndustry percentileSector median
Cash & short-term investments $199.0M $116.8M
75th		 $141.2M
Net cash (− = net debt) −$13.5B −$2.3B
6th		 −$3.3B
Working capital −$532.1M $13.0M
12th		 $19.5M
Current ratio 0.27 0.72
18th		 1.02
Quick ratio 0.27 0.72
18th		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.27 0.27
50th		 0.36
Defensive interval (days) —

Leverage & solvency (latest quarter)

MeasureVTRIndustry medianIndustry percentileSector median
Total debt $13.7B $2.4B
94th		 $3.5B
Debt / equity 0.93 0.97
38th		 1.33
Net debt / equity 0.92 0.95
44th		 1.26
Debt / assets 46.0% 47.6%
38th		 51.3%
Debt / capital 48.2% 49.2%
38th		 57.1%
Debt / EBITDA 5.45 5.90
38th		 6.47
Net debt / EBITDA 5.37 5.87
44th		 6.15
Interest coverage (EBIT / interest) 1.3x 1.5x
38th		 1.5x
Cash interest coverage 2.4x 2.4x
44th		 2.1x
Debt payback (years of OCF) 7.4 yrs 7.3 yrs
54th		 8.9 yrs
Liabilities / assets 48.7% 50.1%
38th		 60.0%
IS credit model rating B+ — —
Implied credit spread (bps) 650 400
62nd		 650

Efficiency

MeasureVTRIndustry medianIndustry percentileSector median
Asset turnover 0.23 0.16
69th		 0.12
Fixed asset turnover 11.76 0.55
88th		 0.90
Inventory turnover —
Receivables turnover 27.0 17.9
64th		 7.6
Days sales outstanding 13 days 16 days
44th		 37 days
Days inventory outstanding —
Days payables outstanding 69 days 5 days
81st		 53 days
Cash conversion cycle (days) −55 days 8 days
19th		 −6 days
Capex / revenue 3.6% 4.6%
40th		 4.4%
Capex / depreciation 0.15 0.29
33rd		 0.32
Operating expense ratio 27.3% 28.8%
38th		 30.9%

Cash flow & earnings quality

MeasureVTRIndustry medianIndustry percentileSector median
Operating cash flow / net income 6.89 2.51
100th		 1.83
FCF / net income 6.03 1.59
100th		 1.43
FCF / operating cash flow 87.5% 87.5%
50th		 82.5%
Capex / operating cash flow 12.5% 12.5%
50th		 17.9%
Accruals ratio -5.6% -4.7%
6th		 -3.1%
Sloan accruals ratio -7.0% -5.5%
31st		 -3.3%
Earnings quality score (0-1) 0.75 1.00
8th		 1.00

Dividends & buybacks

MeasureVTRIndustry medianIndustry percentileSector median
Dividend yield 2.4% 5.5%
31st		 5.2%
Dividend per share (TTM) $2.04 $1.50
62nd		 $1.21
Payout ratio (dividends / net income) 349.0% 152.4%
83rd		 110.2%
Dividends / FCF 57.9% 85.8%
0th		 79.1%
Dividend growth (YoY) 9.5% 1.2%
86th		 2.3%
Buyback yield 0.0% 0.0%
6th		 0.1%
Shareholder yield (dividends + buybacks) 2.1% 5.4%
31st		 5.9%
Share count change (YoY) 7.2% 3.6%
71st		 0.5%
Buybacks, last 5 years $0 $0
0th		 $15.9M

Scores & forensic checks

MeasureVTRIndustry medianIndustry percentileSector median
IS score 53 49
62nd		 43
IS profitability 25 37
31st		 44
IS growth 72 64
86th		 58
IS value 42 48
19th		 53
IS momentum 98 88
93rd		 77
IS risk (safety) 30 15
62nd		 15
IS quality 64 64
50th		 59
IS balance sheet 33 42
44th		 35
IS earnings quality 78 72
69th		 72
IS cash flow 78 65
81st		 61
Piotroski F-score (0-9) 6 6
50th		 6
Altman Z-score 1.7 1.0
75th		 0.8
Beneish M-score −2.09 −2.87
85th		 −2.71
Ohlson O-score −8.23 −7.60
25th		 −6.91
IS credit score 31 45
38th		 34

Per share

MeasureVTRIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $0.54 $0.63
44th		 $0.78
Book value per share $29.76 $15.33
81st		 $15.91
Tangible book per share $25.33 $12.63
75th		 $16.11
Revenue per share $13.09 $6.23
88th		 $6.28
FCF per share $3.26 $1.37
81st		 $1.49
Operating cash flow per share $3.73 $1.94
88th		 $1.95
Cash per share $0.40 $0.49
25th		 $0.95

Size (TTM)

MeasureVTRIndustry medianIndustry percentileSector median
Market cap $44.0B $3.3B
94th		 $2.5B
Revenue $6.4B $1.1B
94th		 $956.7M
EBITDA $2.5B $390.9M
94th		 $399.5M
Net income $266.3M $68.0M
81st		 $109.6M
Free cash flow $1.6B $134.8M
94th		 $157.8M
Total assets $29.7B $5.5B
94th		 $6.6B
Shareholders' equity $14.6B $2.8B
94th		 $1.8B
Employees 542 121
73rd		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Smith Maurice S
Director
 Award / grant 66$84.86$5,61031,891
2026-10-15Smith Maurice S
Director
 Award / grant 81$84.86$6,84431,972
2026-10-15Roy Sumit
Director
 Award / grant 55$84.86$4,68125,300
2026-10-15Roy Sumit
Director
 Award / grant 81$84.86$6,84425,381
2026-10-15Rodriguez Joe Vasquez Jr.
Director
 Award / grant 55$84.86$4,6369,998
2026-10-15Nader Marguerite M
Director
 Award / grant 81$84.86$6,84423,624
2026-10-15Martino Roxanne M
Director
 Award / grant 199$84.86$16,89967,663
2026-10-15Lustig Matthew J
Director
 Award / grant 239$84.86$20,26996,421
2026-10-15Lustig Matthew J
Director
 Award / grant 81$84.86$6,84496,502
2026-10-15Embler Michael J
Director
 Award / grant 81$84.86$6,84419,354
2026-10-15Barnes Melody C
Director
 Award / grant 81$84.86$6,84435,459
2026-10-13Smith Maurice S
Director
 Award / grant 18$83.85$1,50031,825

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayJunJulAugOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired4847,643$4.3M
Open-market buyAcquired12,500$197,025
Open-market saleDisposed11,152$103,915
Tax withholdingDisposed36,214$546,956
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 21 notices · 797,266 shares · $59.8M
FiledFilerShares proposedEst. proceeds
2026-03-02Gregory Liebbe17,248$1.5M
2026-02-11Carey Shea Roberts35,532$3.0M
2026-02-06Cafaro Debra A10,322$848,751
2026-02-02Cafaro Debra A10,322$801,606
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (2 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2026-01-09Gilbert CisnerosHouseSale (Partial)$1,001 - $15,0002026-02-13
2026-01-08Gilbert Ray CisnerosHouseSale (Partial)$1,001 - $15,0002026-02-13
2025-11-12Gilbert CisnerosHousePurchase$1,001 - $15,0002025-12-15
2025-11-11Gilbert Ray CisnerosHousePurchase$1,001 - $15,0002025-12-15
2020-04-07Kelly LoefflerSenateSale (Full)$100,001 - $250,0002020-05-01
2020-04-07Kelly LoefflerSenateSale (Full)$100,001 - $250,0002020-04-30
2017-06-15Patty MurraySenateSale (Full)$1,001 - $15,0002017-06-22
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.55,781,968$5.0B10.87%
JPMORGAN CHASE & CO43,472,416$3.9B8.48%
VANGUARD PORTFOLIO MANAGEMENT LLC42,627,293$3.8B8.31%
VANGUARD CAPITAL MANAGEMENT LLC31,759,575$2.8B6.19%
STATE STREET CORP30,526,195$2.7B5.95%
FMR LLC26,246,531$2.3B5.12%
GEODE CAPITAL MANAGEMENT, LLC14,008,360$1.2B2.73%
PRINCIPAL FINANCIAL GROUP INC13,969,657$1.2B2.72%
Capital World Investors11,665,969$1.0B2.27%
APG Asset Management US Inc.11,314,857$1.0B2.21%
PRICE T ROWE ASSOCIATES INC /MD/8,975,186$797.0M1.75%
WCM INVESTMENT MANAGEMENT, LLC7,824,883$698.8M1.53%
MORGAN STANLEY7,512,555$667.1M1.46%
DIMENSIONAL FUND ADVISORS LP7,393,600$656.6M1.44%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC6,942,533$616.5M1.35%

Institutional ownership by quarter

2023-092026-06109.4%
% of shares held by 13F filers
2023-092026-06955
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30955109.4%11141329275
2026-03-31932103.1%11440228093
2025-12-31929100.9%16836626542
2025-09-3082593.4%10534824670
2025-06-3079892.6%7933726779
2025-03-3181190.8%13333123667
2024-12-3176087.4%11830522872
2024-09-3072482.9%10028922858
2024-06-3069280.1%11224623063
2024-03-3165278.6%8322124584
2023-12-3165978.7%11421824155
2023-09-3061278.8%5721623166

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-27SCHEDULE 13G/AJPMORGAN CHASE & CO.8.7%42,614,309
2026-05-12SCHEDULE 13G/AJPMORGAN CHASE & CO7.1%33,872,732
2026-05-04SCHEDULE 13G/AJPMORGAN CHASE & CO.7.1%33,872,732
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%35,893,818
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VNQ2.34%$1.6B
VGSLX2.34%$1.6B
VGSNX2.34%$1.6B
VITSX0.06%$1.4B
VTI0.06%$1.4B
VSMPX0.06%$1.4B

Share structure

Shares outstanding512,946,000
Float510,187,889
Free float99.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.8B$4.1B$4.5B$4.9B$5.8B
Cost of revenue$2.1B$2.3B$2.6B$2.8B$6.2B
Gross profit$1.7B$1.8B$1.9B$2.1B−$344.2M
R&D$0$0$0$0$0
SG&A$129.8M$144.9M$148.9M$163.0M$177.4M
Operating income$421.4M$483.8M$415.5M$681.2M$826.8M
EBITDA$1.7B$1.6B$1.9B$1.9B$2.2B
Pretax income$61.4M−$57.9M−$39.8M$50.6M$247.4M
Income tax$4.8M−$16.9M−$9.5M−$37.8M−$14.2M
Net income$49.0M−$47.4M−$41.0M$81.2M$251.4M
EPS, diluted$0.13$-0.13$-0.10$0.19$0.54
Diluted shares386.3M373.4M405.7M416.4M462.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$149.7M$122.6M$508.8M$897.9M$741.1M
Receivables$726.0M$748.9M$248.2M$375.7M$415.6M
Inventory$0$0$0$0$0
Total current assets$951.0M$964.6M$868.2M$1.4B$1.3B
PP&E, net$0$0$0$0$0
Goodwill & intangibles$1.1B$1.1B$1.1B$1.1B$1.1B
Total assets$24.7B$24.2B$24.7B$26.2B$27.6B
Accounts payable$1.1B$1.0B$1.0B$1.2B$1.2B
Total current liabilities$1.5B$1.6B$1.2B$1.3B$1.4B
Long-term debt$11.7B$11.9B$13.5B$13.5B$13.0B
Total liabilities$13.8B$13.9B$15.2B$15.4B$15.0B
Shareholders' equity$10.9B$10.2B$9.5B$10.8B$12.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$56.6M−$40.9M−$30.3M$88.4M$251.4M
Depreciation & amortization$1.2B$1.2B$1.4B$1.3B$1.3B
Stock-based compensation$32.0M$30.7M$31.0M$31.0M$0
Change in working capital−$43.8M−$40.8M−$53.6M$43.8M$49.4M
Operating cash flow$1.0B$1.1B$1.1B$1.3B$1.7B
Capital expenditure−$433.0M−$454.1M−$259.4M−$603.8M−$363.9M
Free cash flow$593.1M$666.1M$860.5M$725.8M$1.3B
Investing cash flow−$724.1M−$859.2M−$184.7M−$2.4B−$2.7B
Net debt issued / repaid−$420.8M$477.6M$139.6M$285.0M−$670.5M
Buybacks−$96,000−$1.5M$0$0$0
Dividends paid−$686.9M−$720.3M−$723.6M−$740.3M−$860.1M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin45.4%44.7%43.1%42.6%-5.9%
Operating margin11.0%11.7%9.2%13.8%14.2%
Net margin1.3%-1.1%-0.9%1.6%4.3%
FCF margin15.5%16.1%13.8%16.4%22.6%
ROE0.5%-0.5%-0.4%0.8%2.2%
ROIC1.7%1.7%1.4%5.0%3.5%
ROA0.2%-0.2%-0.2%0.3%0.9%
Debt / equity1.131.231.441.281.06
Interest coverage1.1x0.9x0.9x1.1x1.1x
Current ratio0.620.610.731.040.96
Revenue growth+0.9%+7.9%+8.9%+9.5%+18.5%
EPS growth−89.5%−197.7%+15.2%+288.5%+175.5%
P/E at year end368.4xn/mn/m303.7x148.0x
EV / EBITDA at year end17.6x17.7x16.6x19.5x22.2x
FCF yield at year end3.29%4.07%3.23%3.27%3.54%
Dividend payout1,401.6%——912.3%342.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Senior Living Operations$2.3B$2.7B$3.0B$3.4B$4.3B
Outpatient Medical And Research Portfolio————$897.9M
Medical Office Building Operations$802.7M$803.6M$869.7M$877.6M—
Triple Net Leased Properties$653.8M$598.2M$619.2M$622.1M$601.6M

Revenue by region · FY2025

UNITED STATES$5.2B · 89%
CANADA$552.9M · 9%
UNITED KINGDOM$71.2M · 1%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $0.16 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$6.9B$6.8B – $7.0B$0.59$0.59 – $0.605145.6x
2027$7.7B$7.5B – $7.8B$0.95$0.90 – $0.98690.8x
2028$8.5B$8.3B – $8.5B$1.27$0.94 – $1.50567.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$0.14$0.14−1.6%$1.7B$1.7B+2.9%
2026-04-27$0.12$0.12−2.4%$1.6B$1.7B+4.5%
2026-02-05$0.10$0.15+49.0%$1.5B$1.6B+4.1%
2025-10-29$0.87$0.88+1.1%$1.5B$1.5B−2.8%
2025-07-30$0.85$0.87+2.4%$1.4B$1.4B+1.1%
2025-04-30$0.82$0.84+2.4%$1.3B$1.4B+3.2%
2025-02-12$-0.02$0.81+4,150.0%$1.3B$1.3B+2.6%
2024-10-30$0.80$0.800.0%$1.2B$1.2B+0.4%
2024-08-01$0.79$0.80+1.3%$1.2B$1.2B+0.5%
2024-05-01$0.74$0.78+5.4%$1.2B$1.2B+1.7%
2024-02-14$0.76$0.760.0%$1.1B$1.2B+1.3%
2023-11-02$0.74$0.75+1.4%$1.1B$1.1B+2.8%
2023-08-03$0.74$0.75+1.4%$1.1B$1.1B+1.2%
2023-05-08$0.70$0.74+5.7%$1.1B$1.1B+0.0%
2023-02-09$0.72$0.73+1.4%$1.0B$1.1B+0.9%
2022-11-03$6.19$0.76−87.7%$1.0B$1.0B+1.2%
2022-08-04$0.72$0.720.0%$1.0B$1.0B−1.2%
2022-05-05$0.77$0.79+2.6%$1.0B$1.0B−0.5%
2022-02-17$0.71$0.73+2.8%$957.6M$1.0B+6.8%
2021-11-05$0.73$0.730.0%$1.0B$976.1M−2.6%
2021-08-06$0.72$0.73+1.4%$919.2M$919.2M0.0%
2021-05-07$0.70$0.72+2.9%$900.3M$910.3M+1.1%
2021-02-18$0.73$0.83+13.7%$1.8B$921.2M−48.5%
2020-11-06$0.72$0.75+4.2%$918.9M$918.9M0.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.406-220.306-290.307-060.307-130.307-200.607-270.308-030.408-100.308-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$341.1M3,714,44368,997
2026-08-24$267.8M2,867,89262,141
2026-08-17$349.6M3,792,35474,867
2026-08-10$382.9M4,271,13980,122
2026-08-03$321.2M3,501,89376,946
2026-07-27$586.8M6,138,792102,308

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1570.3%
DateShort shareShort volumeTotal volume
2026-10-1570.3%1,368,1871,946,459
2026-10-1453.8%922,3291,715,557
2026-10-1338.7%322,773833,805
2026-10-1228.9%359,9261,246,829
2026-10-0965.0%999,2771,538,081
2026-10-0836.5%572,9141,567,765
2026-10-0721.4%325,5881,522,176
2026-10-0625.2%339,8411,350,104
2026-10-0557.0%1,345,2702,360,136
2026-10-0276.6%633,153826,786
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.0Jan-1.1Feb+0.6Mar+4.8Apr+1.4May+1.0Jun+2.4Jul+1.8Aug-0.2Sep+0.1Oct-0.1Nov+7.0Dec
MonthAvg returnUp yearsYears
Jan+2.0%60%20
Feb−1.1%50%20
Mar+0.6%57%21
Apr+4.8%65%20
May+1.4%55%20
Jun+1.0%60%20
Jul+2.4%70%20
Aug+1.8%55%20
Sep−0.2%40%20
Oct+0.1%60%20
Nov−0.1%55%20
Dec+7.0%75%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1451.9
MFI56.5
ADX24.8
Stochastic %K / %D69.2 / 59.7
Williams %R-18.6
CCI42
TSI / signal-21.7 / -31.5
Chaikin money flow-0.08
ATR$1.81
Bollinger width9.3%
Volume vs 20-day avg0.63x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$84.32 (+1.8%)
SMA 50$88.21 (−2.7%)
SMA 200$86.02 (−0.2%)
EMA 21$84.85 (+1.2%)
EMA 50$87.02 (−1.3%)
EMA 200$84.99 (+1.0%)
Bollinger upper$88.26 (−2.7%)
Bollinger lower$80.39 (+6.8%)
Parabolic SAR$81.29 (+5.6%)
Open the live chart, 110+ indicators

About Ventas, Inc.

Ventas, Inc. is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. With approximately 1,450 properties in North America and the United Kingdom, Ventas occupies an essential role in the longevity economy. The Company’s growth is fueled by its more than 900 senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments. Ventas aims to deliver outsized performance by leveraging its operational expertise, data-driven insights from its Ventas OITM platform, extensive relationships and strong financial position. The Ventas portfolio also includes outpatient medical buildings, research centers and healthcare facilities. Ventas, Inc. is based in Illinois, Chicago. Ventas, Inc. was incorporated in 1983 in Maryland.

https://www.ventasreit.com

Key executives

NameTitlePayBorn
Debra A. CafaroChairman & Chief Executive Officer$5.5M1958
Robert F. ProbstExecutive Vice President & Chief Financial Officer$2.5M1968
James Justin HutchensExecutive Vice President of Senior Housing & Chief Investment Officer$2.5M1974
T. Richard RineySenior Advisor$1.9M1958
Bhavana DevulapallySenior Vice President & Chief Information Officer——
Brian K. WoodChief Tax Officer & Senior Vice President——
Kevin BohlSenior VP and Interim General Counsel, Ethics and Compliance Officer & Corporate Secretary——
Laurida SayedSenior Vice President, Chief Accounting Officer & Controller—1982

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Debra A. Cafaro Chairman and Chief Executive Officer2025$1.2M$12.0M$4.1M$17.5M
Robert F. Probst Executive Vice President and Chief Financial Officer2025$727,075$3.9M$1.8M$6.5M
J. Justin Hutchens Executive Vice President, Senior Housing and Chief Investment Officer2025$715,050$3.9M$1.7M$6.3M
Carey S. Roberts Executive Vice President, General Counsel, Ethics & Compliance Officer and Corporate Secretary2025$594,046$2.4M$1.2M$4.2M
Peter J. Bulgarelli Executive Vice President, Outpatient Medical and Research, Ventas, Inc. President and CEO, Lillibridge Healthcare Services, Inc.2025$620,800$2.5M$1.0M$4.2M

Employees

0k20181k20190k20200k20210k20220k20230k20241k2025

Dividends

Ex-dateAmountPaid
2026-09-30$0.522026-10-15
2026-06-30$0.522026-07-16
2026-03-31$0.522026-04-16
2025-12-31$0.482026-01-15
2025-09-30$0.482025-10-16
2025-06-30$0.482025-07-17
2025-03-31$0.482025-04-17
2024-12-31$0.452025-01-16

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage50
Intangibles21
Switching costs31
Network effect55
Efficient scale75
Our component scores (0-100) and overall 42.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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