Ventas, Inc.

VTR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Valuation
Market cap	$36,348	$24,705	$20,055	$18,007	$20,406	$19,576	$23,048	$23,388	$23,955	$24,956	$22,525	$18,471	$14,680	$16,554	$11,030	$7,198	$5,845	$4,103	$4,859	$3,862	$2,665	$2,004	$1,529	$695	$689	$335	$249	$722	$928	$1,214	$1,115
Enterprise value	$48,885	$37,606	$33,288	$30,441	$32,572	$31,128	$35,214	$33,898	$35,161	$35,811	$33,677	$29,271	$24,008	$24,970	$17,451	$10,079	$8,426	$7,152	$8,222	$6,190	$4,466	$2,844	$2,087	$1,401	$1,446	$1,134	$1,483	$1,653	$2,795	$1,903	$1,868
P/E (TTM) at period end	144.59×	304.42×	–	–	416.38×	44.58×	53.23×	57.12×	17.66×	38.44×	53.91×	38.82×	32.37×	45.63×	30.26×	29.24×	21.93×	18.43×	17.75×	29.38×	20.41×	16.57×	9.39×	10.58×	13.62×	–	5.85×	26.99×	7.09×	25.29×	–
P/S (TTM) at period end	6.23×	5.02×	4.46×	4.36×	5.33×	5.16×	5.95×	6.24×	6.70×	7.25×	6.85×	6.65×	5.83×	6.70×	6.37×	7.19×	6.33×	4.46×	6.55×	9.23×	8.21×	8.60×	7.46×	3.54×	3.37×	1.38×	1.07×	4.82×	0.30×	0.47×	0.48×
P/B at period end	2.90×	2.29×	2.11×	1.77×	1.88×	1.92×	2.21×	2.29×	2.20×	2.39×	2.36×	2.13×	1.66×	1.84×	1.19×	3.02×	2.37×	1.90×	2.66×	5.44×	3.99×	12.51×	27.15×	–	–	–	29.80×	–	1.02×	1.38×	1.39×
EV / EBITDA (TTM)	22.16×	19.44×	18.41×	18.10×	20.12×	18.30×	18.50×	19.04×	23.28×	24.60×	19.48×	18.28×	16.38×	17.73×	35.23×	39.86×	20.78×	19.08×	23.39×	25.26×	23.73×	20.86×	13.11×	8.19×	7.81×	3.10×	8.34×	11.72×	6.20×	12.90×	19.09×
EV / Sales (TTM)	8.38×	7.64×	7.40×	7.37×	8.51×	8.20×	9.09×	9.05×	9.84×	10.40×	10.25×	10.54×	9.54×	10.11×	10.08×	10.07×	9.12×	7.78×	11.08×	14.79×	13.75×	12.21×	10.18×	7.12×	7.07×	4.68×	6.36×	11.02×	0.90×	0.74×	0.80×
Returns
Return on equity	2.0%	0.8%	(0.4%)	(0.5%)	0.5%	4.3%	4.1%	4.0%	12.5%	6.2%	4.4%	5.5%	5.1%	4.0%	3.9%	10.3%	10.8%	10.3%	15.0%	18.5%	19.6%	75.5%	289.0%	–	–	–	509.7%	–	14.5%	5.4%	(1.8%)
Return on invested capital	3.3%	–	1.7%	1.8%	1.8%	2.7%	3.8%	4.1%	2.8%	2.6%	4.0%	4.5%	4.6%	4.0%	0.3%	1.0%	4.1%	2.8%	2.4%	–	0.9%	4.9%	19.5%	19.9%	18.6%	47.3%	–	7.6%	7.1%	1.9%	0.1%
Dividend yield	2.4%	3.0%	3.6%	4.0%	3.4%	4.7%	5.0%	4.8%	3.5%	4.1%	4.5%	4.7%	5.5%	4.4%	4.7%	4.7%	5.4%	7.0%	5.8%	4.2%	4.7%	5.2%	5.2%	7.2%	9.5%	12.7%	10.7%	–	–	–	0.2%
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.32×	1.18×	0.41×	0.44×	–	–	–	–	–	–	–	–	2.08×	1.94×	1.84×
Debt / equity	2.08×	–	–	–	1.14×	1.19×	1.25×	–	1.09×	1.08×	1.19×	1.36×	1.10×	0.99×	0.74×	1.22×	1.08×	1.45×	1.84×	3.28×	2.70×	5.26×	11.37×	(13.20×)	(9.32×)	(7.54×)	164.68×	(103.35×)	2.15×	0.87×	0.98×
Effective tax rate	(6.9%)	472.4%	8.3%	18.0%	(3.0%)	(119.8%)	(15.7%)	(10.4%)	(10.2%)	(6.0%)	(11.2%)	(2.5%)	(3.2%)	(2.2%)	(9.3%)	2.3%	(0.9%)	(11.6%)	(25.7%)	101.4%	77.4%	43.4%	(23.7%)	(4.3%)	4.9%	(398.0%)	214.6%	37.8%	39.8%	42.3%	74.2%
Share count
Diluted shares outstanding	463	416	406	403	386	377	370	359	359	348	334	297	295	294	231	158	153	140	123	105	96	84	80	70	69	68	68	69	70	71	72

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Revenue and gross profit
Revenue	$6,442	$5,834	$4,924	$4,498	$4,129	$3,828	$3,795	$3,873	$3,746	$3,574	$3,444	$3,286	$2,777	$2,517	$2,470	$1,732	$1,001	$923	$919	$742	$418	$325	$233	$205	$197	$205	$242	$233	$150	$3,116	$2,578	$2,324
Cost of revenue	($3,848)	($6,178)	($2,827)	($2,561)	($2,283)	($2,088)	($1,940)	($1,811)	($1,691)	($1,486)	($1,442)	($1,410)	($1,212)	($1,118)	($979)	($679)	($325)	($303)	($307)	($198)	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$2,600	($344)	$2,097	$1,937	$1,846	$1,740	$1,856	$2,062	$2,055	$2,088	$2,001	$1,876	$1,508	$1,342	$1,506	$1,086	$691	$629	$623	$574	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($191)	($177)	($163)	($149)	($145)	($130)	($130)	($159)	($146)	($135)	($127)	($128)	($122)	($115)	($99)	($75)	($50)	($39)	($41)	($36)	($26)	($23)	($17)	($13)	($10)	($10)	($10)	($8)	($6)	–	($1,491)	–
Total operating expenses	($1,766)	$1,171	($1,416)	($1,521)	($1,362)	($1,318)	($1,264)	($1,204)	($1,193)	($1,466)	($1,445)	($1,041)	($632)	($506)	($812)	($1,035)	($639)	($421)	($478)	($447)	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($5,608)	($5,007)	($4,243)	($4,082)	($3,645)	($3,407)	($3,204)	($3,015)	($2,885)	($2,952)	($2,887)	($2,452)	($1,901)	($1,681)	($1,776)	($1,681)	($948)	($715)	($774)	($616)	($293)	($224)	($146)	($85)	($67)	($60)	$80	($98)	($38)	($2,789)	($2,530)	($2,316)
Operating income	$833	$827	$681	$416	$484	$421	$591	$858	$861	$622	$557	$835	$876	$836	$694	$51	$52	$208	$145	$126	$125	$100	$87	$120	$130	$145	$323	$135	$112	$327	$48	$8
Earnings
EBITDA	$2,333	$2,206	$1,934	$1,808	$1,682	$1,619	$1,701	$1,903	$1,781	$1,510	$1,456	$1,729	$1,601	$1,466	$1,409	$495	$253	$405	$375	$351	$245	$188	$136	$159	$171	$185	$366	$178	$141	$451	$148	$98
Interest income	$16	$21	$28	$11	$4	$15	$8	$11	$25	$6	$1	$1	$4	$2	$1	$1	$0	$1	$3	$3	$3	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($629)	($612)	($603)	($574)	($468)	($440)	($470)	($452)	($442)	($448)	($420)	($367)	($292)	($249)	($289)	($224)	($172)	($174)	($203)	($195)	($137)	–	–	($80)	($86)	–	–	–	–	–	–	–
Pre-tax income	$210	$204	($8)	($116)	($94)	($162)	$81	$359	$385	$585	$519	$352	$351	$364	$283	$330	$223	$192	$138	$109	$131	$121	$100	$97	$51	$54	($61)	$43	$56	$224	$83	$32
Income tax expense	$49	$14	$38	$10	$17	($5)	$97	$56	$40	$60	$31	$39	$9	$12	$6	$31	($5)	$2	$16	$28	($132)	($94)	($44)	$23	$2	($3)	($244)	($91)	($21)	($89)	($35)	($24)
Net income	$263	$251	$81	($41)	($47)	$49	$439	$433	$409	$1,356	$649	$418	$476	$454	$363	$364	$246	$266	$223	$274	$131	$131	$121	$163	$66	$51	($65)	$43	$27	$131	$48	($15)
Per share
Diluted EPS (GAAP)	$0.54	$0.54	$0.19	($0.10)	($0.12)	$0.13	$1.17	$1.17	$1.14	$3.78	$1.86	$1.25	$1.60	$1.54	$1.23	$1.58	$1.56	$1.74	$1.59	$2.22	$1.25	$1.36	$1.43	$2.03	$0.93	$0.73	($0.96)	$0.63	$0.39	$1.86	$0.68	($0.21)
Basic EPS (GAAP)	$0.55	$0.55	$0.20	($0.10)	($0.12)	$0.13	$1.18	$1.18	$1.15	$3.82	$1.88	$1.26	$1.62	$1.55	$1.24	$1.60	$1.57	$1.75	$1.59	$2.23	$1.26	$1.37	$1.45	$2.05	$0.95	$0.74	($0.96)	$0.63	$0.39	$1.90	$0.68	($0.24)
Basic shares outstanding	473	455	412	402	400	383	373	366	356	355	345	330	294	293	292	228	157	153	140	123	104	95	83	79	69	68	68	68	68	69	70	62
Margins
Gross margin	40.4%	(5.9%)	42.6%	43.1%	44.7%	45.4%	48.9%	53.2%	54.8%	58.4%	58.1%	57.1%	54.3%	53.3%	61.0%	62.7%	69.1%	68.1%	67.8%	77.3%	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	12.9%	14.2%	13.8%	9.2%	11.7%	11.0%	15.6%	22.2%	23.0%	17.4%	16.2%	25.4%	31.5%	33.2%	28.1%	3.0%	5.2%	22.5%	15.8%	17.0%	30.0%	30.9%	37.4%	58.4%	66.0%	70.7%	133.1%	57.9%	74.7%	10.5%	1.9%	0.4%
Net margin	4.1%	4.3%	1.6%	(0.9%)	(1.1%)	1.3%	11.6%	11.2%	10.9%	38.0%	18.9%	12.7%	17.1%	18.0%	14.7%	21.0%	24.6%	28.9%	24.2%	36.9%	31.4%	40.2%	51.9%	79.4%	33.4%	24.7%	(27.0%)	18.2%	17.8%	4.2%	1.9%	(0.6%)

Analyst consensus

Buy32 analysts

Bearish · 2 · Hold · 12 · Bullish · 18

Earnings history

	EPS	Estimate
Q3 2024	$0.80	$0.80	Match
Q4 2024	$0.13	$0.06	Beat
Q1 2025	$0.11	$0.82	Miss
Q2 2025	$0.15	$0.85	Miss
Q3 2025	$0.14	$0.09	Beat
Q4 2025	$0.15	$0.10	Beat
Q1 2026	$0.11	$0.12	Miss
Q2 2026	$0.14	$0.14	Match

Peers

Company overview

IPO dateMay 5, 1997

CEODebra A. Cafaro

Employees542

SectorReal Estate

IndustryREIT - Healthcare Facilities

CountryUS

ExchangeNew York Stock Exchange

Websitewww.ventasreit.com

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.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.