insiderdelta
CoverageForm 410-K10-Q8-K13D13G13F

VTR · Ventas, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · VTR

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AnnualQuarterly

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$5.83B$4.92B$4.50B$4.13B$3.83B$3.80B
Cost of Revenue------
Gross Profit------
R&D------
SG&A$177.40M$162.99M$148.88M$144.87M$129.76M$130.16M
Total Operating Expenses$5.63B$4.93B$4.61B$4.22B$3.99B$3.71B
D&A$1.38B$1.25B$1.39B$1.20B$1.20B$1.11B
Operating Income$204.32M($8.00M)($115.58M)$80.59M($162.38M)$80.59M
Interest Expense$612.25M$602.84M$574.11M$467.56M$440.09M$469.54M
Income Tax($14.15M)($37.77M)($9.54M)($16.93M)$4.83M($96.53M)
Net Income$251.38M$81.15M($40.97M)($47.45M)$49.01M$439.15M
EPS - Basic$0.55$0.20($0.10)($0.12)$0.13$1.18
EPS - Diluted$0.54$0.19($0.10)($0.12)$0.13$1.17

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$741.07M$897.85M$508.79M$122.56M$149.72M$413.33M
Accounts Receivable$99.87M$108.14M----
Inventory------
Accounts Payable------
Current Assets------
Total Assets$27.59B$26.19B$24.73B$24.16B$24.72B$23.93B
Current Liabilities------
Long-term Debt$13.01B$13.52B$13.49B$12.30B$12.03B$11.90B
Total Liabilities$14.63B$15.05B$14.88B$13.67B$13.49B$13.42B
Stockholders' Equity$12.53B$10.77B$9.49B$10.15B$10.85B$10.18B
Retained Earnings($7.53B)($6.89B)($6.21B)($5.45B)($4.68B)($4.03B)

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$1.65B$1.33B$1.12B$1.12B$1.03B$1.45B
Investing Cash Flow($2.69B)($2.38B)($184.66M)($859.22M)($724.14M)$154.29M
Financing Cash Flow$873.76M$1.45B($543.75M)($283.93M)($558.47M)($1.30B)
CapEx$2.93B$2.53B$649.47M$900.70M$1.80B$607.30M
Free Cash Flow($1.28B)($1.20B)$470.40M$219.47M($775.90M)$842.88M

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin------
Operating margin3.5%-0.2%-2.6%2.0%-4.2%2.1%
EBITDA margin27.1%25.3%28.4%31.0%27.0%31.4%
Net margin4.3%1.6%-0.9%-1.1%1.3%11.6%
Free cash flow margin-22.0%-24.4%10.5%5.3%-20.3%22.2%
FCF / Net income-5.10-14.79-11.48-4.63-15.831.92
R&D / Revenue------
SG&A / Revenue3.0%3.3%3.3%3.5%3.4%3.4%
Effective tax rate-6.0%-87.1%--9.0%-28.2%
Return on assets0.9%0.3%-0.2%-0.2%0.2%1.8%
Return on equity2.0%0.8%-0.4%-0.5%0.5%4.3%
Return on invested capital0.8%-0.0%-0.4%0.3%-0.6%0.4%
Liquidity
Current ratio------
Quick ratio------
Cash ratio------
Leverage
Debt / Equity1.041.261.421.211.111.17
Debt / Assets0.470.520.550.510.490.50
Debt / EBITDA8.2210.8610.579.6211.629.99
Interest coverage0.3x-0.0x-0.2x0.2x-0.4x0.2x
Equity multiplier2.202.432.612.382.282.35
Liabilities / Assets0.530.570.600.570.550.56
Efficiency
Asset turnover0.210.190.180.170.150.16
Inventory turnover------
Days sales outstanding6d8d----
Days inventory outstanding------
Days payable outstanding------
Cash conversion cycle------
Valuation
P / E143.3x309.9x--393.2x41.9x
P / B2.9x2.3x2.1x1.8x1.8x1.8x
P / S6.1x5.0x4.5x4.4x5.2x4.9x
EV / EBITDA30.4x29.8x26.0x23.7x30.6x25.2x
Growth
Revenue growth (YoY)18.5%9.5%8.9%7.9%0.9%-2.0%
Revenue CAGR (3y)12.2%8.8%5.8%2.2%0.7%2.0%
Revenue CAGR (5y)9.0%4.9%3.7%2.9%2.1%2.9%
Gross profit growth (YoY)------
Operating income growth (YoY)-93.1%----
Net income growth (YoY)209.8%-13.6%--88.8%1.4%
EPS growth (YoY)184.2%-16.7%--88.9%0.0%
EPS CAGR (3y)-13.5%---51.5%-32.4%
EPS CAGR (5y)-14.3%-30.5%---41.3%-1.3%
FCF growth (YoY)-6.8%-114.3%---34.2%
FCF CAGR (5y)---17.7%-30.0%--8.1%
Book value growth (YoY)16.3%13.5%-6.5%-6.5%6.6%-2.5%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$5.78B total
Senior Living Operations$4.28B · 74.0%
Outpatient Medical And Research Portfolio$897.90M · 15.5%
Triple Net Leased Properties$601.58M · 10.4%

Product / service

$4.31B total
Resident Feesand Services$4.28B · 99.2%
Third Party Capital Management$17.55M · 0.4%
Management Service$15.70M · 0.4%

Geographic

$5.83B total
US$5.21B · 89.3%
CA$552.92M · 9.5%
GB$71.23M · 1.2%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

6/9
Neutral
  • ✓Net income positive
  • ✓Operating cash flow positive
  • ✓ROA improved YoY
  • ✓Cash flow > net income
  • ✓Long-term debt decreased
  • -Current ratio improved
  • ✗No share dilution
  • -Gross margin improved
  • ✓Asset turnover improved

Peer comparison

Same SIC group: Real Estate Investment Trusts

CompanyRevenue (last FY)Net marginROE
UMH$261.75M2.3%0.7%
ARE---9.2%
SPG$6.36B72.7%88.8%
NYSE: KRC$1.11B0.0%0.0%
IRM$6.90B2.1%-14.7%

Comparing Ventas against the 5 most active filers in the same SIC group.

Dividends

$1.96/share trailing 12 months · +7.1% YoY

Ex-datePer share
Mar 31, 2026$0.5200
Dec 31, 2025$0.4800
Sep 30, 2025$0.4800
Jun 30, 2025$0.4800
Mar 31, 2025$0.4800
Dec 31, 2024$0.4500
Oct 1, 2024$0.4500
Jul 1, 2024$0.4500
Mar 28, 2024$0.4500
Dec 29, 2023$0.4500
Sep 29, 2023$0.4500
Jun 30, 2023$0.4500
Mar 31, 2023$0.4500
Dec 30, 2022$0.4500
Sep 30, 2022$0.4500
Jun 30, 2022$0.4500
Mar 31, 2022$0.4500
Dec 31, 2021$0.4500
Sep 30, 2021$0.4500
Jun 30, 2021$0.4500
Mar 31, 2021$0.4500
Dec 31, 2020$0.4500
Sep 30, 2020$0.4500
Jun 30, 2020$0.4500