The company significantly improved its capital structure by reducing the debt-to-equity ratio to 0.45 in 2026Q1, down from 0.90 in the prior quarter.
| 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 | Dec'11 | Dec'10 |
|---|
| Total Assets | 5.59B | 5.49B | 5.3B | 5.39B | 5.75B | 5.97B | 5.99B | 6.07B | 6.67B | 7.03B | 2.27B | 2.49B | 2.06B | 1.2B | 916.88M | 749.65M | 599.5M |
| Asset Growth % | 13.69% | 3.58% | -1.53% | -6.29% | -3.67% | -0.32% | -1.38% | -8.94% | -5.22% | 210.35% | -8.86% | 20.4% | 72.39% | 30.64% | 22.31% | 25.05% | - |
| Real Estate & Other Assets | 0 | 5.06B | 4.9B | 4.98B | 5.32B | 5.5B | 5.29B | 5.34B | 5.85B | 5.99B | 2.01B | 2.04B | 1.65B | 891.21M | 827.13M | -5M | -482.3M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.3M | 5.85B | 5.99B | 2.01B | 2.04B | 1.65B | 915.42M | 827.13M | 658.38M | 482.3M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Total Current Assets | 264.62M | 189.43M | 198.09M | 180.53M | 201.84M | 253.99M | 285.07M | 262.66M | 296.28M | 822.24M | 184.54M | 399.23M | 402.68M | 250.42M | 65.53M | 70.73M | 74.2M |
| Cash & Equivalents | 116.53M | 71.54M | 60.47M | 41.28M | 49.31M | 112M | 59.08M | 39.1M | 50.23M | 518.63M | 25.66M | 7.43M | 61.79M | 4.31M | 17.1M | 42.25M | 74.2M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Other Current Assets | 0 | 6.6M | 5.87M | 5.43M | 4.62M | 3.89M | 6.45M | 10.05M | 9.43M | 68.82M | -116.28M | 9.81M | 7.02M | 5.35M | 6.8M | 11.34M | 0 |
| Intangible Assets | 67.41M | 65.32M | 27.46M | 30.9M | 40.13M | 54.06M | 0 | 0 | 131.1M | 167.12M | 26.25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.8B | 2.67B | 2.56B | 2.58B | 2.69B | 2.59B | 2.58B | 2.58B | 3.41B | 3.6B | 1.25B | 1.43B | 1.12B | 737.67M | 611.39M | 423.08M | 422M |
| Total Debt | 1.26B | 2.55B | 2.44B | 2.45B | 2.55B | 2.44B | 2.43B | 2.48B | 3.23B | 3.39B | 1.21B | 1.4B | 1.09B | 691.23M | 575.49M | 383.4M | 386.4M |
| Net Debt | 1.14B | 2.48B | 2.38B | 2.41B | 2.5B | 2.33B | 2.36B | 2.43B | 3.18B | 2.88B | 1.19B | 1.39B | 1.03B | 686.92M | 558.39M | 341.15M | 312.2M |
| Long-Term Debt | 0 | 2.31B | 2.31B | 2.32B | 2.31B | 2.39B | 2.35B | 2.4B | 3.23B | 3.39B | 1.21B | 1.4B | 1.09B | 691.23M | 575.49M | 383.4M | 386.4M |
| Short-Term Borrowings | 1.26B | 217.58M | 106.55M | 94.43M | 196.98M | 0 | 18.42M | 3.57M | 3.42M | 0 | 4.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 67.76M | 21.38M | 26.85M | 32.53M | 42.24M | 49.71M | 57.73M | 79.75M | 83.73M | 98.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1.26B | 336.91M | 224.45M | 231.41M | 339.24M | 142.99M | 0 | 0 | 94.83M | 102.52M | 39.64M | 35.18M | 31.77M | 46.44M | 35.91M | 39.68M | 35.6M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94.83M | 102.52M | 39.64M | 35.18M | 31.77M | 22.23M | 11.69M | 14.11M | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.41B | 3.6B | 1.25B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1.55B | 0 | 0 | 0 | 0 | 0 | -2.41B | -2.48B | -1.29B | 0 | -644.48M | -15.87M | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 2.79B | 2.82B | 2.74B | 2.8B | 3.06B | 3.38B | 3.41B | 3.49B | 3.25B | 3.44B | 1.02B | 1.05B | 941.82M | 460.16M | 305.49M | 326.57M | 177.5M |
| Equity Growth % | 7.34% | 3.01% | -2.19% | -8.31% | -9.56% | -0.87% | -2.27% | 7.18% | -5.31% | 238.44% | -3.63% | 11.9% | 104.67% | 50.63% | -6.46% | 83.98% | - |
| Shareholders Equity | 2.79B | 2.82B | 2.74B | 2.8B | 3.06B | 3.38B | 3.41B | 3.49B | 3.25B | 3.43B | 1.02B | 1.05B | 941.87M | 460.16M | 305.49M | 326.57M | 177.5M |
| Minority Interest | 1.88M | 1.95M | 0 | 0 | 0 | 0 | 0 | 0 | 4.33M | 4.44M | 35K | 106K | -43K | 0 | 0 | 0 | 0 |
| Common Stock | 2.52M | 2.52M | 2.38M | 2.31M | 2.31M | 2.3M | 2.11M | 2.05M | 1.78M | 1.78M | 653K | 652K | 590K | 388K | 371K | 369K | 300K |
| Additional Paid-in Capital | 0 | 4.84B | 4.59B | 4.49B | 4.49B | 4.48B | 4.16B | 4.07B | 3.51B | 3.64B | 1.21B | 1.2B | 1.05B | 534.64M | 353.86M | 345M | 0 |
| Retained Earnings | 0 | -2.01B | -1.87B | -1.72B | -1.45B | -1.1B | -716.2M | -573.28M | -271.6M | -217.24M | -192.2M | -142.15M | -110.84M | -74.92M | -48.74M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58K | 58K | 58K | 58K | 58K | 0 | 0 | 0 |
| Return on Assets (ROA) | 2.84% | 2.88% | 2.37% | 0.25% | -1.32% | -1.9% | 2.3% | 1.08% | 4.07% | 3.41% | 2.96% | 3.49% | 2.88% | 3.19% | 2.34% | 1.9% | 1.23% |
| Return on Equity (ROE) | 5.6% | 5.59% | 4.57% | 0.47% | -2.41% | -3.34% | 4.01% | 2.05% | 8.34% | 7.11% | 6.79% | 7.96% | 6.7% | 8.81% | 6.17% | 5.1% | 4.16% |
| Debt / Assets | 22.47% | 46.42% | 46.09% | 45.42% | 44.35% | 40.96% | 40.6% | 40.89% | 48.49% | 48.27% | 53.43% | 56.2% | 52.85% | 57.71% | 62.77% | 51.14% | 64.45% |
| Debt / Equity | 0.45x | 0.90x | 0.89x | 0.87x | 0.83x | 0.72x | 0.71x | 0.71x | 0.99x | 0.99x | 1.19x | 1.33x | 1.16x | 1.50x | 1.88x | 1.17x | 2.18x |
| Net Debt / EBITDA | 2.64x | 5.50x | 5.59x | 5.94x | 5.91x | 5.98x | 5.68x | 3.43x | 5.19x | 7.42x | 4.67x | 6.96x | 6.68x | 5.80x | 6.41x | 4.89x | 94.61x |
| Book Value per Share | 10.89 | 11.55 | 11.61 | 12.04 | 13.23 | 15.43 | 16.45 | 18.54 | 18.21 | 32.48 | 15.50 | 16.87 | 20.09 | 12.09 | 8.19 | 10.82 | 7.04 |
High leverage and liquidity
According to the latest quarterly financial data, Sabra Health Care REIT maintains a debt-to-equity ratio of 0.45 as of 2026Q1, which represents a significant reduction from the 0.90 level observed in 2025Q4, suggesting a potential shift in the company's approach to managing its property-level financing obligations.
The rapid deleveraging observed between 2025Q4 and 2026Q1 warrants further investigation into whether this was achieved through asset dispositions or equity issuance. Investors should monitor whether this lower leverage profile is sustainable or if it reflects a temporary balance sheet optimization that may be reversed to fund future growth initiatives.
As reported in recent financial statements, the company held $116.5 million in cash as of 2026Q1, a figure that remains relatively thin given the capital-intensive nature of the managed senior housing portfolio and the ongoing requirements for property-level maintenance and potential development funding.
The limited cash position suggests that Sabra may face restricted flexibility in responding to unexpected operational shocks or capital expenditure needs within its SHOP segment. This liquidity profile appears to necessitate a cautious approach to new acquisitions, as the company may be forced to rely on more expensive external financing sources.
Based on the provided financial figures, total assets grew to $5.6 billion in 2026Q1, indicating that the company is continuing to expand its footprint despite the operational complexities inherent in its hybrid model of leased and managed healthcare facilities across the United States and Canada.
The expansion of the asset base appears to be outpacing the growth in equity, which may indicate an increasing reliance on debt to fuel portfolio growth. Analysts should evaluate whether the returns generated from these new assets are sufficient to offset the increased interest expense and potential margin compression associated with the managed portfolio.
Financial disclosures suggest that the Enlivant joint venture remains a significant source of balance sheet opacity, as unconsolidated debt and potential cash obligations within this entity are not fully reflected in the primary balance sheet, creating a potential blind spot for investors evaluating total leverage.
The lack of transparency regarding the specific liabilities held within the Enlivant structure may mask the true extent of the company's financial risk. Investors should monitor for any future disclosures that might clarify the extent of these off-balance-sheet exposures and their potential impact on the company's overall credit profile.
Quick answers to the most common questions about buying SBRA stock.
As of 2025, Sabra Health Care REIT, Inc. (SBRA) had total assets of $5.49B including $189.4M in current assets.
Sabra Health Care REIT, Inc. (SBRA) carries total debt of $2.55B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sabra Health Care REIT, Inc. (SBRA) has total shareholders' equity (book value) of $2.82B ($11.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sabra Health Care REIT, Inc. (SBRA) reported a current ratio of 0.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.