Financials

Ventas Inc. financials

VTR Health Care REITs

Ventas Inc. is a healthcare-focused real estate investment trust established in 1998, with a diversified portfolio that includes senior housing, medical offices, hospitals, and life science centers. The company generates revenue via long-term lease agreements and strategic acquisitions aimed at addressing the growing healthcare demands of an aging population. Under CEO Debra A. Reed’s leadership, Ventas consistently ranks among the top healthcare REITs in the United States. Strategic initiatives in portfolio optimization and expansion into life science segments further underscore its growth potential.

Snapshot

Ventas Inc. reported $1.50B in revenue in fiscal 2025, up -0.0% year over year, with an operating margin of 51.7%.

Revenue (FY2025): $1.50B
YoY growth: +-0.0%
Operating margin: 51.7%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Property Revenue	1,496,670	1,496,940	1,486,400	1,399,310
Service and Other Revenue	4,293,710	3,390,160	2,977,060	2,678,090
Total Revenues	5,790,380	4,887,100	4,463,460	4,077,400
Property Expenses	3,413,340	2,820,560	2,555,150	2,276,720
Service and Other Expenses	6,579	6,507	6,101	6,194
Total Property Expenses	3,419,920	2,827,070	2,561,250	2,282,920
Gross Profit	2,370,460	2,060,030	1,902,220	1,794,480
Selling, General & Administrative Expenses	177,400	162,990	148,876	144,874
Depreciation & Amortization Expenses	1,379,140	1,253,140	1,392,460	1,197,800
Other Operating Expenses	40,785	85,704	(7,786)	89,152
Operating Profit	773,136	558,189	368,664	362,656
Net Gains on Disposal of Properties	38,579	57,009	62,119	7,780
Interest and Investment Income	48,071	38,734	47,992	80,295
Interest Expense	(612,246)	(602,835)	(574,112)	(467,557)
Non-Operating Income	(172)	(521)	(2,753)	355
Total Non-Operating Income	(525,768)	(507,613)	(466,754)	(379,127)
Income Before Provision for Income Taxes	247,368	50,576	(98,090)	(16,471)
Provision for Income Taxes	(14,150)	(37,775)	(9,539)	(16,926)
Consolidated Net Income	261,518	88,351	(30,297)	(40,931)
Net Income Attributable to Minority Interests and Other	10,137	7,198	10,676	6,516
Net Income Attributable to Common Shareholders	251,381	81,153	(40,973)	(47,447)
Basic EPS	0.55	0.20	-0.10	-0.12
Diluted EPS	0.54	0.19	-0.10	-0.12
Basic Weighted Average Shares Outstanding	455,082	411,770	401,809	399,549
Diluted Weighted Average Shares Outstanding	462,615	416,366	405,670	403,454
Shares Outstanding	474,926	437,095	402,380	399,697

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	741,067	897,850	508,794	122,564
Total Cash and Cash Equivalents	741,067	897,850	508,794	122,564
Restricted Cash	45,070	59,383	54,668	48,181
Total Current Assets	786,137	957,233	563,462	170,745
Net Property, Plant & Equipment	24,126,900	22,600,500	21,749,000	21,160,500
Goodwill	1,046,070	1,044,920	1,045,180	1,044,420
Long-Term Investments	761,484	770,994	626,192	1,117,020
Other Long-Term Assets	871,319	813,219	741,653	665,206
Total Assets	27,591,900	26,186,900	24,725,400	24,157,800
Accounts Payable	1,240,820	1,152,310	1,041,620	1,031,690
Accrued Expenses	143,104	143,345	117,403	110,542
Total Current Liabilities	1,383,920	1,295,650	1,159,020	1,142,230
Long-Term Debt	13,011,000	13,522,600	13,490,900	12,296,800
Leases	208,602	218,003	194,734	190,440
Other Long-Term Liabilities	27,441	10,876	33,743	42,062
Total Long-Term Liabilities	13,247,100	13,751,400	13,719,400	12,529,300
Total Liabilities	14,631,000	15,047,100	14,878,400	13,671,500
Common Stock	118,732	109,119	100,648	99,912
Treasury Stock	(34)	(25,155)	(13,764)	(536)
Additional Paid-in Capital	19,976,200	17,607,500	15,650,700	15,539,800
Accumulated Other Comprehensive Income	(39,851)	(33,526)	(35,757)	(36,800)
Retained Earnings	(7,527,780)	(6,886,650)	(6,213,800)	(5,449,390)
Total Common Shareholders' Equity	12,527,300	10,771,300	9,488,060	10,153,000
Minority Interests and Other	433,709	368,558	358,983	333,359
Total Shareholders' Equity	12,585,800	10,829,600	9,544,410	10,221,700
Total Liabilities and Shareholders' Equity	27,591,900	26,186,900	24,725,400	24,157,800

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	261,518	88,351	(30,297)	(40,931)
Depreciation & Amortization	1,411,470	1,283,290	1,414,880	1,210,760
Share-Based Compensation Expense	38,733	30,991	30,987	30,715
Other Adjustments	(114,423)	(116,814)	(242,096)	(39,591)
Changes in Accounts Payable	81,035	133,969	(6,405)	7,197
Changes in Accrued Expenses	(922)	27,205	1,252	4,915
Changes in Other Operating Activities	(30,683)	(117,363)	(48,445)	(52,897)
Cash from Operating Activities	1,646,730	1,329,630	1,119,870	1,120,160
Capital Expenditure	(2,938,380)	(2,529,800)	(649,471)	(900,697)
Proceeds from Sale of Property, Plant & Equipment	213,161	329,094	399,534	112,926
Purchases of Investments	(935)	(125,363)	(2,750)	(30,700)
Proceeds from Sale of Investments	48,815	6,870	44,630	890
Proceeds from Business Divestments	—	—	50,054	—
Other Investing Activities	(17,075)	(57,887)	(26,661)	(41,637)
Cash from Investing Activities	(2,694,420)	(2,377,090)	(184,664)	(859,218)
Issuance of Short-Term Debt	(6,768)	(7,103)	(414,764)	95,235
Net Issuance / (Repayments) of Short-Term Debt	(6,768)	(7,103)	(414,764)	95,235
Issuance of Long-Term Debt	1,130,500	1,913,430	2,527,480	957,781
Repayments of Long-Term Debt	(1,779,760)	(1,621,320)	(1,973,130)	(575,391)
Net Issuance / (Repayments) of Long-Term Debt	(649,264)	292,115	554,350	382,390
Issuance of Common Shares	2,454,550	1,990,920	110,191	8,691
Net Issuance / (Repurchases) of Common Shares	2,454,550	1,990,920	110,191	8,691
Common Share Dividends Paid	(860,060)	(740,326)	(723,559)	(720,319)
Other Financing Activities	(64,701)	(90,385)	(69,967)	(49,925)
Cash from Financing Activities	873,757	1,445,220	(543,749)	(283,928)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	2,839	(3,985)	1,257	(2,869)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(173,935)	397,756	391,460	(22,983)

Key metrics

$36.75B

Market Cap

143.30x

P/E

6.35x

P/S

22.73x

EV/EBITDA

2.2%

Return on Equity

3.1%

Return on Invested Capital

0.57x

Current Ratio

2.4%

Dividend Yield

-22.3%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$353M	+-6.4%	52.5%	$185M
Q4 2025	$359M	+-3.8%	59.7%	$215M
Q3 2025	$386M	+2.6%	50.0%	$193M
Q2 2025	$374M	+0.2%	48.9%	$183M
Q1 2025	$377M	—	48.5%	$183M
Q4 2024	$374M	—	28.4%	$106M
Q3 2024	$376M	—	42.4%	$159M
Q2 2024	$373M	—	33.3%	$124M

Margins

158.4%

Gross margin

51.7%

Operating margin

17.5%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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