Revenue growth reached a peak of 117.1% YoY in 2025Q4, supported by NOI margins that frequently exceeded 90% through 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 468.13M | 476.59M | 228.26M | 198.6M | 187.51M | 190.19M | 175.69M | 159.06M | 155.38M | 131.12M | 103.94M | 73.99M | 58.84M | 48.8M | 42.06M |
| Revenue Growth % | 89.99% | 108.79% | 14.94% | 5.92% | -1.41% | 8.26% | 10.46% | 2.37% | 18.5% | 26.14% | 40.49% | 25.74% | 20.59% | 16.01% | - |
| Property Operating Expenses | 122.74M | 194.8M | 13.55M | 9.59M | 9.37M | 3.57M | 4.71M | 5.95M | 14.89M | 12.99M | 10.39M | 7.87M | 7.2M | 7.31M | 6.54M |
| Net Operating Income (NOI) | 345.39M | 281.79M | 214.71M | 189.01M | 178.13M | 186.62M | 170.98M | 153.11M | 140.49M | 118.13M | 93.55M | 66.11M | 51.64M | 41.49M | 35.52M |
| NOI Margin % | 73.78% | 59.13% | 94.06% | 95.17% | 95% | 98.12% | 97.32% | 96.26% | 90.42% | 90.09% | 90% | 89.36% | 87.77% | 85.03% | 84.44% |
| Operating Expenses | 57.05M | -38.35M | 90.65M | 73M | 74.33M | 82.21M | 69.06M | 68.06M | 58.32M | 60.69M | 41.26M | 31.79M | 34.1M | 28.86M | 22.89M |
| G&A Expenses | -8.67M | 138K | 27.9M | 20.9M | 19.27M | 26.87M | 16.3M | 15.16M | 12.55M | 11.12M | 9.3M | 7.66M | 11.11M | 5.44M | 1.79M |
| EBITDA | 393.01M | 413.22M | 180.89M | 167.2M | 154.19M | 159.8M | 154.74M | 136.92M | 183.24M | 144.9M | 127.35M | 58.46M | 40.54M | 36.05M | 33.73M |
| EBITDA Margin % | 83.95% | 86.7% | 79.25% | 84.19% | 82.23% | 84.02% | 88.08% | 86.08% | 117.93% | 110.51% | 122.52% | 79.01% | 68.89% | 73.87% | 80.19% |
| Depreciation & Amortization | 104.67M | 93.08M | 56.83M | 51.2M | 50.38M | 55.39M | 52.82M | 51.87M | 101.07M | 87.46M | 75.06M | 24.13M | 23M | 23.42M | 21.1M |
| D&A / Revenue % | 22.36% | 19.53% | 24.9% | 25.78% | 26.87% | 29.12% | 30.06% | 32.61% | 65.05% | 66.7% | 72.21% | 32.62% | 39.09% | 47.99% | 50.17% |
| Operating Income | 288.34M | 320.14M | 124.06M | 116M | 103.81M | 104.41M | 101.92M | 85.05M | 82.17M | 57.44M | 52.28M | 34.33M | 17.54M | 12.63M | 12.63M |
| Operating Margin % | 61.59% | 67.17% | 54.35% | 58.41% | 55.36% | 54.89% | 58.01% | 53.47% | 52.88% | 43.81% | 50.3% | 46.39% | 29.81% | 25.88% | 30.02% |
| Interest Expense | 4M | 43.71M | 30.31M | 40.88M | 30.01M | 23.68M | 23.66M | 28.13M | 27.86M | 24.2M | 22.87M | 24.05M | 21.62M | 12.65M | 12.21M |
| Interest Coverage | - | 8.44x | 5.10x | 2.31x | 0.75x | 4.04x | 4.42x | 2.65x | 3.01x | 2.07x | 2.28x | 1.42x | 0.62x | 0.98x | 1.02x |
| Non-Operating Income | -101.81M | -48.86M | -30.65M | 21.4M | 81.31M | 8.75M | -2.61M | 10.57M | 45.77M | -4.55M | -22.61M | 243K | 4.06M | 255K | 189K |
| Pretax Income | 341.87M | 325.29M | 124.4M | 53.72M | -7.51M | 71.98M | 80.87M | 46.36M | 57.92M | 25.87M | 29.35M | 10.03M | -8.14M | -272K | 232K |
| Pretax Margin % | 73.03% | 68.25% | 54.5% | 27.05% | -4% | 37.85% | 46.03% | 29.15% | 37.28% | 19.73% | 28.24% | 13.56% | -13.84% | -0.56% | 0.55% |
| Income Tax | 7.27M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 3.62M | 24.2M | 23.2M | 0 | 0 | 123K | 122K |
| Effective Tax Rate % | 2.13% | 1.54% | 0% | 0% | 0% | 0% | 0% | 0% | 6.24% | 93.51% | 79.03% | 0% | 0% | -45.22% | 52.59% |
| Net Income | 334.95M | 320.54M | 125.08M | 53.73M | -7.51M | 71.98M | 80.87M | 46.36M | 57.92M | 25.87M | 29.35M | 10.03M | -8.14M | -395K | 110K |
| Net Margin % | 71.55% | 67.26% | 54.8% | 27.06% | -4% | 37.85% | 46.03% | 29.15% | 37.28% | 19.73% | 28.24% | 13.56% | -13.84% | -0.81% | 0.26% |
| Net Income Growth % | 106.58% | 156.27% | 132.77% | 815.89% | -110.43% | -10.99% | 74.44% | -19.96% | 123.87% | -11.85% | 192.54% | 223.22% | -1961.52% | -459.09% | - |
| Funds From Operations (FFO) | 439.62M | 413.62M | 181.91M | 104.93M | 42.87M | 127.38M | 133.69M | 98.22M | 158.99M | 113.33M | 104.41M | 34.17M | 14.86M | 23.02M | 21.21M |
| FFO Margin % | 93.91% | 86.79% | 79.69% | 52.84% | 22.86% | 66.97% | 76.09% | 61.76% | 102.33% | 86.44% | 100.45% | 46.18% | 25.25% | 47.18% | 50.43% |
| FFO Growth % | 514.72% | 127.38% | 73.36% | 144.76% | -66.34% | -4.72% | 36.1% | -38.22% | 40.29% | 8.54% | 205.6% | 129.97% | -35.47% | 8.53% | - |
| FFO per Share | 1.96 | 2.03 | 1.17 | 0.99 | 0.44 | 1.33 | 1.40 | 1.06 | 2.00 | 1.56 | 1.86 | 0.91 | 0.65 | 1.03 | 0.95 |
| FFO Payout Ratio % | 63.64% | 62.7% | 94.64% | 110.06% | 247.57% | 79.12% | 69.69% | 82.08% | 39.62% | 46.4% | 35.69% | 63.78% | 222.12% | 0% | 0% |
| EPS (Diluted) | 1.50 | 1.57 | 0.80 | 0.50 | 0.44 | 0.50 | 0.60 | 0.20 | 0.73 | 0.36 | 0.52 | 0.27 | -0.36 | -0.02 | 0.00 |
| EPS Growth % | 71.74% | 96.25% | 60% | 13.64% | -12% | -16.67% | 200% | -72.6% | 102.78% | -30.77% | 92.59% | 175% | -1922.47% | - | - |
| EPS (Basic) | - | 1.57 | 0.81 | 0.50 | 0.44 | 0.50 | 0.60 | 0.20 | 0.73 | 0.36 | 0.52 | 0.27 | -0.36 | -0.02 | 0.00 |
| Diluted Shares Outstanding | 223.96M | 204.09M | 155.17M | 106.15M | 96.7M | 96.09M | 95.21M | 93.1M | 79.39M | 72.65M | 56.03M | 37.38M | 22.79M | 22.25M | 22.25M |
Tenant concentration and regulation
As reported in recent financial statements, CTRE achieved a significant revenue growth trajectory, peaking at 117.1% YoY in 2025Q4, which suggests a highly aggressive acquisition strategy that substantially outpaces the more moderate growth rates observed in the broader healthcare REIT peer group during the same period.
The rapid escalation in top-line figures appears to be driven by non-linear portfolio expansion rather than organic same-store growth. Investors should monitor whether this pace of acquisition can be sustained without diluting the quality of the underlying operator relationships that define the company's competitive moat.
Based on the provided quarterly data, CTRE maintained exceptionally high NOI margins, frequently exceeding 90% through 2025Q3, which suggests a highly efficient triple-net lease structure that effectively offloads property-level operating expenses to tenants, though this level of profitability warrants further investigation regarding its long-term sustainability.
The sudden compression in NOI margins to 56.9% in 2026Q1 may indicate a shift in the portfolio mix or the integration of new, less efficient assets. Analysts should assess whether this margin contraction represents a permanent structural change or a temporary impact from recent capital deployment activities.
According to the company's quarterly filings, FFO per share exhibited significant volatility, ranging from $0.17 to $0.68 over the last ten quarters, which suggests that while absolute FFO growth is robust, the underlying quality may be sensitive to the timing of large-scale asset acquisitions and equity issuance.
The divergence between FFO and AFFO appears minimal, which implies that the company's reported earnings are relatively clean of heavy non-cash adjustments. However, the reliance on equity-funded growth may create future earnings per share pressure if the company cannot maintain its historical accretive acquisition spreads.
As indicated by the provided data, the reported debt-to-equity ratio of 0.22% appears highly atypical for a REIT, which suggests that either the company is currently operating in an unusually under-leveraged state or there is a significant reporting anomaly that requires further investigation by institutional investors.
This leverage profile contradicts standard industry norms and may mask the true risk profile of the company's capital structure. Investors should exercise caution, as such low leverage might be a temporary artifact of recent capital raises rather than a permanent commitment to a conservative balance sheet.
Quick answers to the most common questions about buying CTRE stock.
For fiscal year 2025, CareTrust REIT, Inc. (CTRE) reported total revenue of $476.6M. This represents a 1033.0% increase compared to $42.1M in 2012.
CareTrust REIT, Inc. (CTRE) is profitable, generating $320.5M in net income for the fiscal year ending 2025 with a net profit margin of 67.3%.
CareTrust REIT, Inc. (CTRE) reported an operating income of $320.1M, resulting in an operating profit margin of 67.2%. This margin reflects the operational efficiency of the business before interest and taxes.
CareTrust REIT, Inc. (CTRE) generated $281.8M in gross profit for the year, representing a gross profit margin of 59.1%. This demonstrates the company's core pricing power and production efficiency.