Latest Ratios: P/E Ratio 23.8x · EV/EBITDA 16.7x · ROE 11.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.7B | $13.8B | $10.2B | $7.7B | $6.8B | $7.2B | $8.5B | $9.4B | $7.4B | $5.7B | $6.3B |
| Enterprise Value | $18.0B | $18.0B | $14.6B | $12.3B | $11.8B | $12.5B | $13.5B | $14.5B | $11.9B | $10.2B | $10.6B |
| P/E Ratio → | 23.80 | 22.86 | 24.42 | 30.66 | 15.53 | 16.91 | 53.41 | 27.50 | 26.23 | 54.00 | 16.45 |
| P/S Ratio | 11.48 | 11.50 | 9.74 | 8.09 | 7.77 | 6.80 | 9.57 | 10.13 | 8.36 | 6.27 | 7.00 |
| P/B Ratio | 2.64 | 2.53 | 2.16 | 2.04 | 1.80 | 1.76 | 2.12 | 2.17 | 1.96 | 1.46 | 1.50 |
| P/FCF | 15.65 | 15.68 | 14.36 | 13.05 | 11.80 | 11.53 | 13.49 | 22.72 | 20.48 | 11.59 | 11.32 |
| P/OCF | 15.65 | 15.68 | 13.66 | 12.26 | 10.91 | 10.01 | 12.06 | 16.99 | 14.76 | 9.85 | 10.07 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.03 | 13.85 | 12.95 | 13.46 | 11.73 | 15.18 | 15.63 | 13.50 | 11.21 | 11.74 |
| EV / EBITDA | 16.73 | 16.75 | 15.10 | 15.21 | 16.31 | 13.72 | 17.32 | 17.01 | 15.28 | 16.89 | 12.79 |
| EV / EBIT | 23.99 | 21.31 | 22.66 | 25.05 | 17.65 | 19.15 | 35.12 | 26.28 | 23.90 | 31.22 | 18.89 |
| EV / FCF | — | 20.49 | 20.43 | 20.91 | 20.43 | 19.87 | 21.39 | 35.06 | 33.07 | 20.73 | 18.99 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.5% | 44.5% | 98.6% | 98.4% | 98.2% | 98.8% | 98.6% | 98.4% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 62.6% | 62.6% | 62.7% | 51.5% | 44.7% | 53.3% | 50.7% | 59.4% | 56.4% | 34.7% | 62.2% |
| Net Profit Margin | 49.3% | 49.3% | 38.6% | 25.5% | 48.6% | 39.2% | 17.9% | 36.7% | 31.9% | 11.1% | 40.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.6% | 11.6% | 9.6% | 6.4% | 10.8% | 10.2% | 3.8% | 8.4% | 7.4% | 2.5% | 8.8% |
| ROA | 5.9% | 5.9% | 4.3% | 2.6% | 4.5% | 4.4% | 1.7% | 3.7% | 3.2% | 1.1% | 4.3% |
| ROIC | 6.0% | 6.0% | 5.7% | 4.3% | 3.2% | 4.6% | 3.7% | 4.7% | 4.5% | 2.8% | 5.2% |
| ROCE | 7.9% | 7.9% | 7.2% | 5.5% | 4.3% | 6.1% | 4.9% | 6.4% | 6.1% | 3.8% | 7.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 1.02 | 1.35 | 1.39 | 1.28 | 1.28 | 1.18 | 1.21 | 1.18 | 1.04 |
| Debt / EBITDA | 3.96 | 3.96 | 5.02 | 6.27 | 7.30 | 5.78 | 6.61 | 6.02 | 5.83 | 7.59 | 5.28 |
| Net Debt / Equity | — | 0.78 | 0.91 | 1.23 | 1.31 | 1.27 | 1.24 | 1.18 | 1.20 | 1.15 | 1.01 |
| Net Debt / EBITDA | 3.94 | 3.94 | 4.48 | 5.72 | 6.89 | 5.76 | 6.40 | 5.99 | 5.82 | 7.44 | 5.17 |
| Debt / FCF | — | 4.81 | 6.06 | 7.86 | 8.63 | 8.35 | 7.91 | 12.35 | 12.59 | 9.13 | 7.67 |
| Interest Coverage | 3.83 | 3.83 | 2.90 | 2.09 | 2.87 | 2.77 | 1.73 | 2.65 | 2.47 | 1.48 | 3.19 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.46 | 3.46 | 8.03 | 7.25 | 5.30 | 6.53 | 3.64 | 2.82 | 2.06 | 2.56 | 2.98 |
| Quick Ratio | 3.46 | 3.46 | 8.03 | 7.25 | 5.30 | 6.53 | 3.64 | 2.82 | 2.06 | 2.56 | 2.98 |
| Cash Ratio | 0.05 | 0.05 | 1.58 | 1.44 | 0.89 | 0.07 | 0.43 | 0.06 | 0.02 | 0.15 | 0.17 |
| Asset Turnover | — | 0.12 | 0.11 | 0.10 | 0.09 | 0.11 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.4% | 5.7% | 6.7% | 8.4% | 9.3% | 8.8% | 7.2% | 6.0% | 7.2% | 8.8% | 7.2% |
| Payout Ratio | 132.2% | 132.2% | 168.7% | 265.9% | 148.2% | 153.0% | 384.3% | 165.4% | 187.8% | 500.5% | 123.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 4.4% | 4.1% | 3.3% | 6.4% | 5.9% | 1.9% | 3.6% | 3.8% | 1.9% | 6.1% |
| FCF Yield | 6.4% | 6.4% | 7.0% | 7.7% | 8.5% | 8.7% | 7.4% | 4.4% | 4.9% | 8.6% | 8.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.4% | 5.7% | 6.7% | 8.4% | 11.4% | 8.8% | 7.2% | 6.0% | 7.2% | 8.8% | 7.2% |
| Shares Outstanding | — | $311M | $270M | $250M | $244M | $244M | $235M | $222M | $210M | $207M | $202M |
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying OHI stock.
Omega Healthcare Investors, Inc.'s current P/E ratio is 23.8x. The historical average is 28.5x. This places it at the 54th percentile of its historical range.
Omega Healthcare Investors, Inc.'s current EV/EBITDA is 16.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Omega Healthcare Investors, Inc.'s return on equity (ROE) is 11.6%. The historical average is 7.0%.
Based on historical data, Omega Healthcare Investors, Inc. is trading at a P/E of 23.8x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Omega Healthcare Investors, Inc.'s current dividend yield is 5.44% with a payout ratio of 132.2%.
Omega Healthcare Investors, Inc. has 44.5% gross margin and 62.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Omega Healthcare Investors, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Tenant operator solvency
Metrics are mathematically derived from official filings.
P/FFO Compression Signals Upside
OHI's P/FFO expanded to 17.84x in Q2 2026 from 14.38x in Q1 2024, yet remains below CTRE's 25.2x, suggesting a discount for SNF concentration, per quarterly data.
The P/FFO multiple has risen steadily over the past ten quarters, reflecting the market's recognition of improving FFO per share, which surged 104.8% YoY in Q2 2026. However, the implied cap rate, derived from NOI and enterprise value, still appears attractive relative to private market transactions, given the portfolio's high NOI margin. Investors should monitor whether the multiple can sustain this level as one-time gains fade.
NOI Margin Volatility Masks Strength
NOI margin swung from 98.9% in Q3 2025 to 46.4% in Q2 2026, yet the underlying portfolio remains highly profitable, with FFO per share up 104.8% YoY, per financial statements.
The dramatic quarterly swings in NOI margin are attributable to non-cash adjustments and revenue recognition timing, not operational deterioration. The Q2 2026 FFO surge, driven by a likely one-time gain, flatters the quarter, but the raised AFFO guidance to $3.24 per share suggests management's confidence in recurring earnings power. Excluding the noise, the core SNF portfolio continues to generate robust cash flows, supported by high occupancy and rent coverage.
Payout Ratio Plunges to Safety
FFO payout ratio dropped to 45.0% in Q2 2026 from 116.1% in Q1 2024, indicating a substantial coverage cushion, as reported in quarterly financials.
The dramatic improvement in the FFO payout ratio reflects both the surge in FFO per share and management's commitment to dividend stability. With AFFO per share of $1.38 in Q2 2026, the dividend is covered more than 2x, providing a significant margin of safety. However, investors should note that the Q2 FFO includes a one-time gain; on a normalized basis, the payout ratio would be higher, though still comfortable. The raised AFFO guidance suggests this coverage is sustainable.
Leverage Declines, Coverage Improves
Debt-to-equity fell to 0.71 in Q2 2026 from 1.36 in Q1 2024, while interest coverage improved to 8.99x from 2.24x, per balance sheet data.
The balance sheet has strengthened considerably, with total debt reduced to $4.0B and equity expanded to $5.4B, reflecting retained earnings and possible equity issuance. Interest coverage has more than tripled, providing ample cushion against rising rate scenarios. The fixed-rate exposure is not disclosed, but the improving coverage suggests manageable refinancing risk. The cash position dropped to $39M, but operating cash flow comfortably covers dividends, indicating no liquidity strain.
Occupancy Recovery Supports Rent Coverage
Occupancy across the SNF portfolio is on a slow upward trajectory toward pre-2020 levels, supporting tenant rent coverage, as noted in company disclosures.
The gradual occupancy recovery is a positive sign for tenant financial health, as higher occupancy directly improves EBITDAR-to-rent coverage. G&A efficiency appears stable, with operating margins robust at 62.55%, indicating low incremental costs for portfolio growth. The geographic concentration in the US, with a growing UK allocation, provides diversification, though the heavy SNF focus remains a vulnerability to regulatory changes like staffing mandates.
P/E Distorts REIT Earnings
OHI's P/E of 25.10 is misleading due to depreciation and one-time gains; P/FFO of 17.84x better captures cash earnings, per financial analysis.
Standard P/E ratios are inappropriate for REITs because depreciation is a non-cash charge that reduces GAAP earnings but not cash flow. OHI's P/E is further distorted by the Q2 2026 one-time gain, which inflated net income. Investors should rely on P/FFO and P/AFFO, which adjust for depreciation and other non-cash items, to assess valuation. The FFO payout ratio is the key dividend safety metric, not the earnings-based payout ratio.