Ventas, Inc. (VTR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.1	$0.1	0.0%	—	$1.7B	—
Q4 25	$0.06	$0.15	+150.0%	—	$1.6B	—
Q3 25	$0.05	$0.12	+140.0%	—	$1.5B	—
Q2 25	$0.14	$0.15	+7.1%	—	$1.4B	—
Q1 25	$0.07	$0.1	+42.9%	—	$1.4B	—
Q4 24	$0.05	$0.13	+160.0%	—	$1.3B	—
Q3 24	-$0.02	$0.05	+350.0%	—	$1.2B	—
Q2 24	$0.01	$0.02	+100.0%	—	$1.2B	—
Q1 24	-$0.38	-$0.03	+92.1%	—	$1.2B	—
Q4 23	-$0.17	-$0.3	-76.5%	—	$1.2B	—
Q3 23	-$0.01	-$0.18	-1700.0%	—	$1.1B	—
Q2 23	$0.02	$0.18	+800.0%	—	$1.1B	—
Q1 23	-$0.1	$0.04	+140.0%	—	$1.1B	—
Q4 22	—	-$0.11	—	—	$1.1B	—
Q3 22	-$0.08	$0.76	+1050.0%	—	$1B	—
Q2 22	$0.01	-$0.11	-1200.0%	—	$1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.55	—	—	$5.8B	—
FY24	—	$0.2	—	—	$4.9B	—
FY23	—	-$0.1	—	—	$4.5B	—
FY22	—	-$0.12	—	—	$4.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.4B	$3.6B	$3.7B	$3.9B	$3.8B	$3.8B	$4.1B	$4.5B	$4.9B	$5.8B
YoY change	+4.78%	+3.79%	+4.8%	+3.39%	-2%	+0.86%	+7.87%	+8.93%	+9.48%	+18.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.4B	3.6B	3.7B	3.9B	3.8B	3.8B	4.1B	4.5B	4.9B	5.8B
Cost of revenue	1.4B	1.5B	1.7B	1.8B	1.9B	2.1B	2.3B	2.6B	2.8B	3.4B
Gross profit	2B	2.1B	2.1B	2.1B	1.9B	1.7B	1.8B	1.9B	2.1B	2.4B
Gross margin	58.1%	58.4%	54.8%	53.2%	48.9%	45.4%	44.7%	43.1%	42.6%	41.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	126.9M	135.5M	146M	158.7M	130.2M	129.8M	144.9M	148.9M	163M	177.4M
Operating expenses	126.9M	135.5M	146M	158.7M	130.2M	129.8M	144.9M	148.9M	163M	177.4M
Operating income	975.6M	1.1B	988.9M	857.9M	591.4M	421.4M	483.8M	415.5M	681.2M	857.5M
Operating margin	28.3%	29.8%	26.4%	22.2%	15.6%	11%	11.7%	9.24%	13.8%	14.7%
Non-operating income, net	65.2M	685.4M	-170.4M	-23.2M	222.8M	80M	-74.1M	118.8M	-27.8M	2.1M
Pretax income	621.1M	1.3B	376M	383M	344.7M	61.4M	-57.9M	-39.8M	50.6M	247.4M
Income tax	-31.3M	-59.8M	-40M	-56.3M	-96.5M	4.8M	-16.9M	-9.5M	-37.8M	-14.2M
Net income	651.5M	1.4B	416M	439.3M	441.2M	56.6M	-40.9M	-30.3M	88.4M	261.5M
Net margin	18.9%	38.1%	11.1%	11.3%	11.6%	1.48%	-0.99%	-0.67%	1.79%	4.48%
EBITDA	1.9B	1.9B	1.8B	1.9B	1.7B	1.6B	1.6B	1.9B	1.9B	2.2B
EPS	1.88	3.82	1.15	1.18	1.18	0.13	-0.12	-0.1	0.2	0.55
Diluted EPS	1.86	3.78	1.14	1.17	1.17	0.13	-0.12	-0.1	0.19	0.54

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1.2B	1.2B	1.2B	1.2B	1.3B	1.4B	1.4B	1.5B	1.6B	1.7B	1.7B
Cost of revenue	657.9M	669.4M	689.3M	681.8M	715M	741.1M	785.7M	826.9M	869.9M	937.4M	1B	1B
Gross profit	491.9M	495M	510.7M	519.2M	521.4M	546M	572.4M	594M	619.1M	628.6M	653.6M	687M
Gross margin	42.8%	42.5%	42.6%	43.2%	42.2%	42.4%	42.1%	41.8%	41.6%	40.1%	39.4%	39.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	33.3M	36.4M	48.7M	37.7M	35.1M	41.4M	53.1M	42.9M	40.4M	41M	62.7M	47M
Operating expenses	33.3M	36.4M	48.7M	37.7M	35.1M	41.4M	53.1M	42.9M	40.4M	41M	62.7M	47M
Operating income	88.3M	23.4M	161.7M	141.6M	182.1M	195.8M	197.7M	203.4M	221.5M	234.9M	208.4M	232.3M
Operating margin	7.68%	2.01%	13.5%	11.8%	14.7%	15.2%	14.6%	14.3%	14.9%	15%	12.6%	13.4%
Non-operating income, net	-11.6M	51.4M	-27.4M	36.5M	-7.6M	-29.4M	-10.5M	22.2M	-1M	-8.6M	-9.1M	-25.7M
Pretax income	-71.2M	-80M	-15.5M	28.9M	24M	13.2M	37.8M	75.3M	62.4M	71.9M	43.1M	46.6M
Income tax	-1.7M	4.7M	-3M	7.8M	3M	-45.5M	-10.6M	3.9M	-6.3M	-1.1M	-15.9M	-25.6M
Net income	-69.6M	-84.7M	-12.5M	21.2M	21M	58.7M	48.4M	71.5M	68.7M	73M	59M	72.2M
Net margin	-6.05%	-7.28%	-1.05%	1.76%	1.7%	4.56%	3.56%	5.03%	4.61%	4.66%	3.56%	4.18%
EBITDA	450.6M	480.9M	446.5M	479.2M	494.5M	480.5M	521.9M	550.9M	590.4M	579.6M	583.1M	635.6M
EPS	-0.18	-0.23	-0.04	0.05	0.05	0.13	0.11	0.15	0.14	0.15	0.12	0.14
Diluted EPS	-0.18	-0.23	-0.04	0.05	0.05	0.13	0.1	0.15	0.14	0.15	0.11	0.14

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	21.6B	21.3B	20.9B	21.1B	18.3B	19.6B	18B	20B	24.2B	—	44.6B
Enterprise value	32.3B	32.5B	31.3B	33.2B	29.8B	31.6B	30.4B	33.2B	37.1B	—	57.7B
Shares outstanding	344.7M	355.3M	356.3M	366M	373.4M	382.8M	399.5M	401.8M	411.8M	455.1M	455.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	33.1	15.7	50.2	48.1	41.5	346	—	—	274.5	—	158.8
P/S	6.26	5.97	5.57	5.46	4.82	5.11	4.36	4.45	4.92	—	6.98
P/B	2.05	1.95	2.03	2	1.78	1.79	1.76	2.1	2.24	—	3.06
EV/EBITDA	17.2	16.7	17.4	17.2	17.3	19.7	18.5	17.5	19.5	—	24.2
EV/Sales	9.39	9.08	8.36	8.57	7.84	8.27	7.35	7.38	7.53	—	8.99
Earnings yield	3.02%	6.38%	1.99%	2.08%	2.41%	0.29%	—	—	0.36%	—	0.63%
FCF yield	5.07%	4.68%	4.4%	4.15%	5.03%	3.03%	3.7%	2.38%	2.99%	—	3.33%
PEG	—	—	—	—	—	—	—	—	—	—	-23.8

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	58.1%	58.4%	54.8%	53.2%	48.9%	45.4%	44.7%	43.1%	42.6%	41.4%	39.7%
Operating margin	28.3%	29.8%	26.4%	22.2%	15.6%	11%	11.7%	9.24%	13.8%	14.7%	14.8%
Net margin	18.9%	38.1%	11.1%	11.3%	11.6%	1.48%	-0.99%	-0.67%	1.79%	4.48%	4.09%
ROE	6.19%	12.5%	4.05%	4.17%	4.29%	0.52%	-0.4%	-0.32%	0.82%	2.08%	2.01%
ROA	2.81%	5.68%	1.84%	1.78%	1.84%	0.23%	-0.17%	-0.12%	0.34%	0.95%	2.17%
ROIC	4.58%	4.82%	4.77%	3.79%	2.72%	1.69%	2.14%	1.83%	2.88%	3.42%	3.27%
Return on tangible assets	3.09%	6.22%	2.03%	1.95%	2.02%	0.25%	-0.19%	-0.13%	0.37%	1.03%	0.99%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.25	1.03	0.56	0.72	1.06	0.62	0.61	0.73	1.04	0.96	0.29
Quick ratio	1.25	1.03	0.56	0.72	1.06	0.62	0.61	0.73	1.04	0.96	0.59
Debt / equity	1.06	1.03	1.04	1.18	1.18	1.12	1.22	1.43	1.27	1.05	0.85
Debt / assets	0.48	0.47	0.48	0.5	0.51	0.49	0.52	0.55	0.52	0.48	0.44
Net debt / EBITDA	5.74	5.72	5.81	6.24	6.65	7.53	7.52	6.95	6.76	5.56	5.33
Interest coverage	2.48	3.9	1.85	1.85	1.73	1.14	0.88	0.93	1.08	1.4	1.36
Effective tax rate	0%	0%	0%	0%	0%	7.86%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.99	10.1	10.5	10.6	10.2	10	10.3	11.2	12	12.8	13.6
EPS (basic)	1.88	3.82	1.15	1.18	1.18	0.13	-0.12	-0.1	0.2	0.55	0.55
EPS (diluted)	1.86	3.78	1.14	1.17	1.17	0.13	-0.12	-0.1	0.19	0.54	0.55
Book value per share	30.5	30.8	28.8	28.8	27.5	28.6	25.6	23.8	26.3	27.7	28.6
FCF per share	3.17	2.81	2.58	2.4	2.47	1.55	1.67	1.19	1.76	2.2	2.19
Cash per share	0.99	0.38	0.78	0.94	1.74	0.39	0.31	1.27	2.18	1.63	0.39
Capex per share	—	—	—	—	—	—	—	—	—	1.42	1.43

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	11%	11%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	39.1%	39.4%
Payout ratio	157.3%	60.8%	271%	263.5%	210.5%	1.2K%	-1.8K%	-2.4K%	837.9%	328.9%	363.6%
Dividend yield	4.76%	3.88%	5.4%	5.48%	5.07%	3.51%	4%	3.61%	3.05%	—	2.39%

Yield

2.39%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.52

ex-dividend Jun 30, 2026

Payout ratio

364%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.52
Mar 31, 2026	$0.52
Dec 31, 2025	$0.48

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$1.2B	$1.2B	$1.2B	$1.2B	$1.3B	$1.4B	$1.4B	$1.5B	$1.6B	$1.7B	$1.7B
YoY change	+10.9%	+10.7%	+11.4%	+8.55%	+7.52%	+10.5%	+13.2%	+18.3%	+20.4%	+21.7%	+22%	+21.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	341.8M	136M	278.7M	343.7M	650.9M	149.7M	122.6M	508.8M	897.9M	741.1M
Receivables	244.6M	267.8M	250M	278.8M	169.7M	176.9M	187.5M	194.1M	202.7M	250.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.4B	1.9B	1.1B	1.5B	1.5B	951M	964.6M	868.2M	1.4B	1.3B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B
Total assets	23.2B	24B	22.6B	24.7B	23.9B	24.7B	24.2B	24.7B	26.2B	27.6B
Accounts payable	907.9M	1.2B	1.1B	1.1B	1.1B	1.1B	1B	1B	1.2B	1.2B
Short-term debt	146.5M	538.7M	856.4M	848.7M	193.5M	336.4M	428.2M	14M	6.4M	—
Total current liabilities	1.1B	1.9B	2B	2.1B	1.4B	1.5B	1.6B	1.2B	1.3B	1.4B
Long-term debt	11B	10.7B	9.9B	11.6B	11.9B	11.9B	12.1B	13.7B	13.7B	13.2B
Total liabilities	12.6B	13B	12.3B	14.1B	13.7B	13.8B	13.9B	15.2B	15.4B	15B
Shareholders' equity	10.5B	10.9B	10.3B	10.5B	10.3B	10.9B	10.2B	9.5B	10.8B	12.6B
Total debt	11.1B	11.3B	10.7B	12.4B	12.1B	12.2B	12.5B	13.7B	13.7B	13.2B
Net debt	10.8B	11.2B	10.7B	12.3B	11.7B	12.1B	12.4B	13.2B	12.8B	12.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	188.6M	741.1M	183.6M	199M
Receivables	—	—	—	—	—	—	—	—	242.8M	250.8M	254.9M	257.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	849.3M	1.3B	700.1M	1B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	2.1B	2.1B	2.1B	2.1B
Total assets	—	—	—	—	—	—	—	—	26.9B	27.6B	27.7B	29.7B
Accounts payable	—	—	—	—	—	—	—	—	1.2B	1.2B	1.2B	1.3B
Short-term debt	—	—	—	—	—	—	—	—	—	—	65M	265M
Total current liabilities	—	—	—	—	—	—	—	—	1.3B	1.4B	1.4B	1.8B
Long-term debt	—	—	—	—	—	—	—	—	12.8B	13.2B	12.7B	12.7B
Total liabilities	—	—	—	—	—	—	—	—	14.5B	15B	14.5B	15B
Shareholders' equity	—	—	—	—	—	—	—	—	12.4B	12.6B	13.2B	14.7B
Total debt	—	—	—	—	—	—	—	—	12.8B	13.2B	12.7B	12.9B
Net debt	—	—	—	—	—	—	—	—	12.6B	12.5B	12.5B	12.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	651.5M	1.4B	416M	439.3M	441.2M	56.6M	-40.9M	-30.3M	88.4M	261.5M
Depreciation & amortization	909.3M	904M	938.5M	1.1B	1.1B	1.2B	1.2B	1.4B	1.3B	1.4B
Stock-based compensation	21M	26.5M	30M	33.9M	21.5M	32M	30.7M	31M	31M	38.7M
Change in working capital	-62.9M	-93.8M	-83.9M	-126.7M	121.6M	-37.9M	-45.7M	-54.9M	16.6M	50.4M
Operating cash flow	1.4B	2.1B	1.2B	1.3B	1.7B	1.2B	1.1B	1.2B	1.3B	1.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	-644.6M
Investing cash flow	159.9M	-706.8M	641.9M	-214.6M	-282.8M	219.6M	-99.8M	-21M	-184.7M	-647.5M
Dividends paid	-1B	-827.3M	-1.1B	-1.2B	-928.8M	-686.9M	-720.3M	-723.6M	-740.3M	-860.1M
Share repurchases	0	0	-1.4M	-2.2M	-575K	-96K	—	—	—	—
Financing cash flow	96.8M	-687.6M	-1.8B	122.3M	-1.3B	-566.7M	-292.6M	-545.5M	1.4B	762.9M
Net change in cash	1.7B	697.7M	113.8M	1.2B	75.7M	840.6M	719M	667.2M	2.6B	1.8B
Free cash flow	1.1B	997.1M	918.7M	877.1M	921.5M	593.1M	666.1M	476.9M	725.8M	1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-69.6M	-84.7M	-12.5M	21.2M	21M	58.7M	48.4M	71.5M	68.7M	73M	59M	72.2M
Depreciation & amortization	376.9M	442.2M	307.6M	347.4M	311.8M	316.6M	328.9M	354.4M	365.6M	362.6M	391.8M	415.5M
Stock-based compensation	4.9M	5.7M	16.3M	5.8M	4.3M	4.6M	18.8M	7.7M	5.9M	6.3M	24.8M	5.3M
Change in working capital	-9.2M	-8.8M	-37.4M	9.4M	39.9M	4.7M	-14.7M	57.7M	1.8M	5.6M	-17M	50.1M
Operating cash flow	280.6M	311.3M	247.6M	378.8M	363.7M	352M	349.4M	475.3M	378.6M	471.7M	394.6M	556.5M
Capital expenditure	—	—	—	—	—	—	—	-142.2M	-151M	-234.1M	-145.4M	-179.1M
Investing cash flow	-28.8M	-30.7M	-14.4M	-23.1M	-128.7M	-18.6M	-12.5M	-146.7M	-162.8M	-208.3M	-144.1M	-490.2M
Dividends paid	-180.5M	-181.3M	-182.9M	-182.3M	-186.2M	-189M	-199M	-217M	-218.4M	-225.7M	-230.2M	-253.3M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	268.9M	-165.5M	4.8M	-140.3M	620.1M	940.6M	-168.9M	393.6M	346.5M	434.6M	76.7M	1.4B
Net change in cash	520.8M	115.2M	238M	215.5M	855.2M	1.3B	168.1M	722.2M	562.4M	698M	327.2M	1.5B
Free cash flow	127.2M	36.1M	132.3M	183.3M	206.8M	203.4M	203.9M	333.1M	227.5M	237.6M	249.2M	377.5M

Ventas, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history