Latest Ratios: P/E Ratio 30.8x · EV/EBITDA 16.5x · ROE 5.6%. (2010–2025 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 | $5.0B | $4.6B | $4.1B | $3.3B | $2.9B | $3.0B | $3.6B | $4.0B | $2.9B | $2.0B | $1.6B |
| Enterprise Value | $7.4B | $7.1B | $6.5B | $5.7B | $5.4B | $5.3B | $6.0B | $6.4B | $6.1B | $4.9B | $2.8B |
| P/E Ratio → | 30.77 | 29.59 | 32.07 | 241.46 | — | — | 25.93 | 57.68 | 10.56 | 13.41 | 26.54 |
| P/S Ratio | 6.41 | 5.98 | 5.81 | 5.13 | 4.59 | 5.21 | 6.01 | 6.01 | 4.72 | 4.90 | 6.14 |
| P/B Ratio | 1.70 | 1.64 | 1.49 | 1.19 | 0.94 | 0.88 | 1.06 | 1.15 | 0.90 | 0.58 | 1.58 |
| P/FCF | 14.24 | 13.28 | 13.17 | 11.05 | 9.09 | 9.19 | 14.44 | 10.78 | 6.52 | — | 9.05 |
| P/OCF | 14.24 | 13.28 | 13.17 | 11.05 | 9.09 | 8.32 | 10.15 | 10.78 | 8.21 | 14.88 | 9.05 |
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 | — | 9.18 | 9.20 | 8.85 | 8.60 | 9.30 | 9.96 | 9.65 | 9.83 | 11.99 | 10.69 |
| EV / EBITDA | 16.51 | 15.77 | 15.17 | 14.15 | 12.71 | 13.59 | 14.33 | 9.10 | 9.99 | 12.54 | 10.97 |
| EV / EBIT | 28.21 | 26.35 | 26.64 | 44.49 | 184.50 | — | 24.90 | 18.63 | 14.27 | 19.65 | 20.46 |
| EV / FCF | — | 20.39 | 20.84 | 19.05 | 17.01 | 16.41 | 23.93 | 17.31 | 13.56 | — | 15.76 |
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 | 65.0% | 65.0% | 67.7% | 69.8% | 74.0% | 75.2% | 78.0% | 83.6% | 92.1% | 95.6% | 97.8% |
| Operating Margin | 34.1% | 34.1% | 36.5% | 34.2% | 37.6% | 37.0% | — | 79.0% | 49.2% | 55.3% | 61.8% |
| Net Profit Margin | 20.1% | 20.1% | 18.0% | 2.1% | -12.4% | -19.9% | 23.1% | 10.3% | 44.8% | 39.0% | 27.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.6% | 5.6% | 4.6% | 0.5% | -2.4% | -3.3% | 4.0% | 2.0% | 8.3% | 7.1% | 6.8% |
| ROA | 2.9% | 2.9% | 2.4% | 0.2% | -1.3% | -1.9% | 2.3% | 1.1% | 4.1% | 3.4% | 3.0% |
| ROIC | 3.8% | 3.8% | 3.7% | 3.1% | 3.1% | 2.8% | — | 6.4% | 3.6% | 4.0% | 5.2% |
| ROCE | 5.2% | 5.2% | 5.0% | 4.2% | 4.2% | 3.6% | — | 8.3% | 4.5% | 4.9% | 6.9% |
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 | 0.90 | 0.90 | 0.89 | 0.87 | 0.83 | 0.72 | 0.71 | 0.71 | 0.99 | 0.99 | 1.19 |
| Debt / EBITDA | 5.66 | 5.66 | 5.73 | 6.04 | 6.03 | 6.27 | 5.84 | 3.50 | 5.27 | 8.75 | 4.77 |
| Net Debt / Equity | — | 0.88 | 0.87 | 0.86 | 0.82 | 0.69 | 0.69 | 0.70 | 0.98 | 0.84 | 1.17 |
| Net Debt / EBITDA | 5.50 | 5.50 | 5.59 | 5.94 | 5.91 | 5.98 | 5.68 | 3.43 | 5.19 | 7.42 | 4.67 |
| Debt / FCF | — | 7.11 | 7.68 | 8.00 | 7.92 | 7.23 | 9.49 | 6.53 | 7.04 | — | 6.70 |
| Interest Coverage | 2.40 | 2.40 | 2.11 | 1.14 | 0.28 | -0.13 | 2.39 | 2.73 | 2.92 | 2.80 | 2.10 |
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 | 0.56 | 0.56 | 0.88 | 0.78 | 0.59 | 1.78 | — | — | 3.12 | 8.02 | 4.66 |
| Quick Ratio | 0.56 | 0.56 | 0.88 | 0.78 | 0.59 | 1.78 | — | — | 3.12 | 8.02 | 4.66 |
| Cash Ratio | 0.21 | 0.21 | 0.27 | 0.18 | 0.15 | 0.78 | — | — | 0.53 | 5.06 | 0.65 |
| Asset Turnover | — | 0.14 | 0.13 | 0.12 | 0.11 | 0.10 | 0.10 | 0.11 | 0.09 | 0.06 | 0.11 |
| 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 | 6.0% | 6.3% | 6.9% | 8.4% | 9.7% | 8.9% | 7.7% | 8.4% | 11.0% | 9.2% | 7.5% |
| Payout Ratio | 186.0% | 186.0% | 221.1% | 2016.9% | — | — | 201.1% | 486.2% | 116.5% | 115.0% | 169.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 3.4% | 3.1% | 0.4% | — | — | 3.9% | 1.7% | 9.5% | 7.5% | 3.8% |
| FCF Yield | 7.0% | 7.5% | 7.6% | 9.0% | 11.0% | 10.9% | 6.9% | 9.3% | 15.3% | — | 11.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.0% | 0.0% | 0.0% | 4.9% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.0% | 6.3% | 6.9% | 8.4% | 9.8% | 8.9% | 7.7% | 8.4% | 15.9% | 9.2% | 7.5% |
| Shares Outstanding | — | $244M | $236M | $233M | $231M | $219M | $207M | $188M | $179M | $106M | $66M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying SBRA stock.
Sabra Health Care REIT, Inc.'s current P/E ratio is 30.8x. The historical average is 32.7x. This places it at the 54th percentile of its historical range.
Sabra Health Care REIT, Inc.'s current EV/EBITDA is 16.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.2x.
Sabra Health Care REIT, Inc.'s return on equity (ROE) is 5.6%. The historical average is 4.5%.
Based on historical data, Sabra Health Care REIT, Inc. is trading at a P/E of 30.8x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sabra Health Care REIT, Inc.'s current dividend yield is 6.01% with a payout ratio of 186.0%.
Sabra Health Care REIT, Inc. has 65.0% gross margin and 34.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Sabra Health Care REIT, Inc.'s Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Low liquidity and data anomalies
Metrics are mathematically derived from official filings.
Valuation Discounts Persist
SBRA trades at a P/FFO of 10.9x, a discount to peers like OHI and CTRE, despite a 5.8% dividend yield, according to recent financial data.
The P/FFO multiple of 10.9x is below the peer average of approximately 12x, suggesting the market is pricing in higher risk or lower growth. The implied cap rate, derived from NOI and enterprise value, appears attractive relative to private market transactions, but the discount may reflect concerns about portfolio quality and the managed segment's volatility. Investors should monitor whether the discount narrows as operational improvements materialize.
NOI Margin Volatility Raises Questions
NOI margin spiked to 100% in Q2 2026 from 61.4% in Q1, per reported figures, likely reflecting a one-time gain or data anomaly.
The dramatic swing in NOI margin is not sustainable and obscures the underlying profitability trend. Excluding the anomaly, margins have hovered around 62-68%, indicating stable property-level performance. The 10.2% YoY revenue growth, as per CEO commentary, suggests organic occupancy gains, but the margin volatility warrants scrutiny of non-recurring items. If the spike is non-recurring, FFO growth may be overstated.
Dividend Coverage Thin in Q2
FFO payout ratio fell to 2.4% in Q2 2026, but AFFO covered only 8% of dividends, per financial statements, signaling a potential shortfall.
The FFO payout ratio of 2.4% is misleadingly low due to the one-time gain, while the AFFO payout ratio of 92% (implied) indicates that most AFFO is being distributed. With AFFO of $6.0M versus dividends of $75.7M, the coverage is severely inadequate, suggesting that the dividend may not be fully supported by recurring cash flows. This could necessitate external funding or a dividend cut if the trend persists.
Leverage Elevated but Manageable
Debt-to-equity of 0.96 and interest coverage of 2.39x in Q1 2026, as per SEC filings, indicate a leverage profile higher than peers like CTRE.
SBRA's debt-to-equity is above the peer median, but interest coverage remains above 2x, suggesting adequate earnings to service debt. The low cash balance of $71.5M in Q4 2025, though improved to $231.6M in Q2 2026, is still thin relative to $2.6B in debt. This may limit financial flexibility and increase refinancing risk, especially if interest rates remain elevated.
Managed Segment Drives Occupancy Gains
CEO commentary highlights healthy same-store managed portfolio cash NOI growth and increased occupancy, as reported in Q3 2026, supporting organic momentum.
The managed SHOP segment appears to be the primary driver of revenue growth, with occupancy gains translating into higher NOI. However, this segment also introduces operational risk, as labor costs and occupancy fluctuations directly impact margins. The portfolio's concentration in skilled nursing and behavioral health provides stability, but the reliance on managed operations may lead to higher volatility compared to triple-net peers.
P/E Misleads Due to Depreciation
Standard P/E of 31.86 is distorted by non-cash depreciation, as per financial statements, making P/FFO the appropriate valuation metric.
For REITs, P/E is misleading because depreciation is a non-cash charge that reduces net income but not cash flow. SBRA's P/E of 31.86 appears expensive, but P/FFO of 10.9x is more reasonable. Investors should focus on AFFO, which accounts for maintenance capex, to assess true distributable cash flow. The wide gap between FFO and AFFO in Q2 2026 highlights the importance of using AFFO for dividend coverage analysis.