Upside case
Bull case
$52+11.9%
OHI would need investors to value it at roughly 26x earnings — about 3x more generous than today's 23x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
Omega Healthcare Investors, Inc. (OHI) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
28
analysts
7 bullish · 2 bearish · 28 covering OHI
Strong Buy
0
Buy
7
Hold
19
Sell
2
Strong Sell
0
Consensus Target
$49
+6.7% vs today
Scenario Range
$18 – $52
Model bear to bull value window
Coverage
28
Published analyst ratings
Valuation Context
23.4x
Forward P/E · Market cap $13.7B
OHI price targets
Three scenarios for where OHI stock could go
Current
~$46
Confidence
54 / 100
Updated
May 1, 2026
Where we are now
Current · $46
Bear
$18
Base
$50
Bull
$52
Market caseClosest to today
Base case
$50+8.4%
This is close to how the market is already pricing OHI — at roughly 25x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$18-60.2%
If investor confidence fades or macro conditions deteriorate, a 14x multiple contraction could push OHI down roughly 60% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Omega Healthcare Investors, Inc.
OHI · NYSEReal EstateREIT - Healthcare FacilitiesDecember year-end
Omega Healthcare Investors is a real estate investment trust that owns and leases skilled nursing and assisted living facilities to healthcare operators. It generates revenue primarily through triple-net leases — where tenants pay rent plus property expenses — with skilled nursing facilities representing the majority of its portfolio. The company's moat lies in its specialized healthcare real estate expertise and diversified portfolio of essential healthcare properties across the US and UK.
Market Cap
$13.7B
Revenue TTM
$1.2B
Net Income TTM
$632M
Net Margin
51.0%
OHI Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
+9.5%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.77/$0.75
Revenue
$283M/$248M
Q4 2025
EPS
$0.79/$0.77
Revenue
$312M/$287M
Q1 2026
EPS
$0.55/$0.50
Revenue
$261M/$265M
Q2 2026
EPS
$0.47/$0.49
Revenue
$267M/$264M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.77/$0.75 | +2.7% | $283M/$248M | +14.0% |
| Q4 2025 | $0.79/$0.77 | +2.6% | $312M/$287M | +8.5% |
| Q1 2026 | $0.55/$0.50 | +11.1% | $261M/$265M | -1.2% |
| Q2 2026 | $0.47/$0.49 | -4.2% | $267M/$264M | +1.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$1.3B
+7.8% YoY
FY2
$1.5B
+10.8% YoY
EPS Outlook
FY1
$2.09
+4.1% YoY
FY2
$2.10
+0.7% YoY
Trailing FCF (TTM)$912M
FCF Margin: 73.6%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
OHI beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
OHI Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2011
Total disclosed revenue $72M
Product Mix
Latest annual revenue by segment or product family
CommuniCare Health Services
53.5%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
CommuniCare Health Services is the largest disclosed segment at 53.5% of FY 2011 revenue, with no year-over-year comparison yet.
OHI Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $50 — implies +7.4% from today's price.
Upside to Fair Value
7.4%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
OHI
23.7x
vs
S&P 500
25.2x
6% discount
vs Real Estate Trailing P/E
OHI
23.7x
vs
Real Estate
24.3x
In line with benchmark
vs OHI 5Y Avg P/E
Today
23.7x
vs
5Y Average
22.1x
+8% premium
Forward PE
23.4x
S&P 500
19.1x
+23%
Real Estate
26.5x
-12%
5Y Avg
—
—
Trailing PE
23.7x
S&P 500
25.2x
-6%
Real Estate
24.3x
-2%
5Y Avg
22.1x
+8%
PEG Ratio
1.02x
S&P 500
1.75x
-42%
Real Estate
1.22x
-16%
5Y Avg
—
—
EV/EBITDA
16.7x
S&P 500
15.3x
+10%
Real Estate
16.7x
-0%
5Y Avg
15.4x
+8%
Price/FCF
15.6x
S&P 500
21.3x
-27%
Real Estate
15.7x
-1%
5Y Avg
13.3x
+18%
Price/Sales
11.5x
S&P 500
3.1x
+266%
Real Estate
3.0x
+276%
5Y Avg
8.8x
+30%
Dividend Yield
5.45%
S&P 500
1.88%
+190%
Real Estate
4.67%
+17%
5Y Avg
7.77%
-30%
| Metric | OHI | S&P 500 | Real Estate | 5Y Avg OHI |
|---|---|---|---|---|
| Forward PE | 23.4x | 19.1x+23% | 26.5x-12% | — |
| Trailing PE | 23.7x | 25.2x | 24.3x | 22.1x |
| PEG Ratio | 1.02x | 1.75x-42% | 1.22x-16% | — |
| EV/EBITDA | 16.7x | 15.3x | 16.7x | 15.4x |
| Price/FCF | 15.6x | 21.3x-27% | 15.7x | 13.3x+18% |
| Price/Sales | 11.5x | 3.1x+266% | 3.0x+276% | 8.8x+30% |
| Dividend Yield | 5.45% | 1.88% | 4.67% | 7.77% |
OHI trades above S&P 500 benchmarks on 2 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolOHI Financial Health
Verdict
Exceptional
OHI pays 5.5% total shareholder yield with 64.3% operating margin. Leverage is structural for REITs — debt capacity matters more than absolute ratio.
Property Operations
Revenue, margins, and distribution coverage
Revenue (TTM)
Trailing-twelve-month sales base
$1.2B
Revenue Growth
TTM vs prior year
+14.2%
Gross Margin
Gross profit as a share of revenue
85.5%
Operating Margin
Operating income divided by revenue
64.3%
Net Margin
Net income divided by revenue
51.0%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$2.01
Operating Margin
NOI-equivalent margin — key for REIT property economics
64.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.0%
ROA
Return on assets, trailing twelve months
6.1%
Cash & Equivalents
Liquid assets on the balance sheet
$27M
Net Debt
Total debt minus cash
$4.2B
Leverage (Net Debt / FCF)
REITs carry structural leverage — higher ratios are expected
4.6× FCF
Asset-heavy model means debt/FCF above 10× is common and not a distress signal.
ROE
Return on equity, trailing twelve months
11.9%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
5.5%
Dividend
5.5%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$2.51
Payout Ratio
Share of earnings distributed as dividends
132.2%
Shares Outstanding
Current diluted share count
298M
All figures from the trailing twelve months. REITs carry structural leverage — debt/FCF ratios above 10× are normal and do not indicate distress.
Open full ratios pageOHI Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Tenant Financial Health
OHI's reliance on rental income from tenants, primarily skilled nursing facilities and senior housing operators, poses significant risks. Instances of tenants struggling to pay rent raise concerns about OHI's ability to recover investments, particularly in cases of bankruptcy, such as Genesis Healthcare's Chapter 11 filing.
High Risk
Regulatory and Industry Risks
Changes in government policies affecting Medicare and Medicaid reimbursement rates can significantly impact healthcare operators' financial performance. This, in turn, affects their ability to pay rent to OHI, posing a substantial risk to the company's revenue stream.
High Risk
Interest Rate Sensitivity
As a REIT, OHI is highly sensitive to interest rate fluctuations. Rising rates increase borrowing costs and can pressure OHI's ability to finance acquisitions or refinance debt, while also making its dividend yield less attractive compared to other investments.
Medium
Debt Financing Risks
OHI faces risks associated with debt financing, including potential changes in credit ratings that could negatively impact its operations and ability to distribute dividends. This could lead to increased borrowing costs and limit financial flexibility.
Medium
Dilution Risks
The issuance of additional capital stock or debt securities could dilute existing shareholders' ownership interests. This dilution may negatively impact the market price of OHI's stock, affecting investor returns.
Lower
Illiquidity of Real Estate
Real estate investments are inherently illiquid, which may hinder OHI's ability to acquire or dispose of properties quickly or on favorable terms. This could limit the company's capacity to redeploy capital effectively.
Lower
Valuation Concerns
While some analysts view OHI as undervalued, there are concerns regarding its valuation and the market's pricing of future growth. These valuation uncertainties could lead to increased volatility in OHI's stock price.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why OHI Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Financial Performance
OHI has demonstrated solid financial results, with first-quarter earnings exceeding estimates and a raised full-year 2026 Adjusted Funds From Operations (AFFO) guidance. The company's revenue and net income have shown significant year-over-year growth, outperforming many industry peers.
Strategic Pivot to SHOP/RIDEA
OHI is actively advancing its pivot towards the Senior Housing Operating Portfolio (SHOP) and RIDEA models. This strategic shift allows the company to benefit from operational results rather than relying solely on predictable rent collection, addressing current industry challenges.
Demographic Industry Tailwinds
The company is well-positioned to benefit from the 'Silver Tsunami,' a demographic trend of a growing elderly population. This increasing demand for senior housing and healthcare services provides a strong long-term growth outlook.
Active Investment Activity
OHI has been actively engaged in new investments, completing significant amounts in the first quarter and continuing into April 2026. This accretive investment activity, combined with active portfolio management, contributes to its growth.
Attractive Dividend Yield
OHI offers an attractive dividend yield, which is considered a leading payout within its industry. While the payout ratio is noted as high, it is currently covered by AFFO guidance.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
OHI Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$46.07
52W Range Position
78%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$35.09
+31.3% from the low
52-Week High
$49.14
-6.2% from the high
1 Month
+2.58%
3 Month
+1.74%
YTD
+3.5%
1 Year
+28.3%
3Y CAGR
+16.6%
5Y CAGR
+4.9%
10Y CAGR
+3.2%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
OHI vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
23.4x
vs 26.6x median
-12% below peer median
Revenue Growth
+7.8%
vs +13.6% median
-43% below peer median
Net Margin
51.0%
vs 36.8% median
+39% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
OHI OHI Omega Healthcare Investors, Inc. | $13.7B | 23.4x | +7.8% | 51.0% | Hold | +6.7% |
SBR SBRA Sabra Health Care REIT, Inc. | $5.2B | 29.7x | +8.3% | 19.2% | Hold | +3.4% |
LTC LTC LTC Properties, Inc. | $1.9B | 19.8x | +19.7% | 39.1% | Hold | -6.4% |
CTR CTRE CareTrust REIT, Inc. | $8.8B | 26.6x | +49.7% | 80.6% | Buy | +7.6% |
NHI NHI National Health Investors, Inc. | $3.6B | 21.8x | +4.0% | 36.8% | Hold | +15.6% |
VTR VTR Ventas, Inc. | $41.2B | 118.1x | +13.6% | 4.2% | Buy | +4.8% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
OHI Dividend and Capital Return
OHI returns 5.4% total yield, led by a 5.45% dividend.
Dividend SustainableFCF Stretched
Total Shareholder Yield
5.4%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
5.45%
Payout Ratio
1.3%
How OHI Splits Its Return
Div 5.45%
Dividend 5.45%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.51
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
0.0%
5Y Div CAGR
0.0%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
298M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.34 | — | — | — |
| 2025 | $2.68 | 0.0% | 0.0% | 5.7% |
| 2024 | $2.68 | 0.0% | 0.0% | 6.7% |
| 2023 | $2.68 | 0.0% | 0.0% | 8.4% |
| 2022 | $2.68 | 0.0% | 2.1% | 11.4% |
FAQ
7 questionsOHI Investor Questions
Common questions answered from live analyst data and company financials.
01Is Omega Healthcare Investors, Inc. (OHI) stock a buy or sell in 2026?
Omega Healthcare Investors, Inc. (OHI) is rated Hold by Wall Street analysts as of 2026. Of 28 analysts covering the stock, 7 rate it Buy or Strong Buy, 19 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $49, implying +6.7% from the current price of $46. The bear case scenario is $18 and the bull case is $52.
02What is the OHI stock price target for 2026?
The Wall Street consensus price target for OHI is $49 based on 28 analyst estimates. The high-end target is $54 (+17.2% from today), and the low-end target is $45 (-2.3%). The base case model target is $50.
03Is Omega Healthcare Investors, Inc. (OHI) stock overvalued in 2026?
OHI trades at 23.4x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Omega Healthcare Investors, Inc. (OHI) stock in 2026?
The primary risks for OHI in 2026 are: (1) Tenant Financial Health — OHI's reliance on rental income from tenants, primarily skilled nursing facilities and senior housing operators, poses significant risks. (2) Regulatory and Industry Risks — Changes in government policies affecting Medicare and Medicaid reimbursement rates can significantly impact healthcare operators' financial performance. (3) Interest Rate Sensitivity — As a REIT, OHI is highly sensitive to interest rate fluctuations. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Omega Healthcare Investors, Inc.'s revenue and earnings forecast?
Analyst consensus estimates OHI will report consensus revenue of $1.3B (+7.8% year-over-year) and EPS of $2.09 (+4.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $1.5B in revenue.
06When does Omega Healthcare Investors, Inc. (OHI) report its next earnings?
A confirmed upcoming earnings date for OHI is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Omega Healthcare Investors, Inc. generate?
Omega Healthcare Investors, Inc. (OHI) generated $912M in free cash flow over the trailing twelve months — a free cash flow margin of 73.6%. OHI returns capital to shareholders through dividends (5.4% yield) and share repurchases ($0 TTM).