Ventas, Inc. (VTR) 10-Year Financial Performance & Capital Metrics

VTR • • REIT / Real Estate

Real EstateHealthcare REITsDiversified Healthcare REITsMulti-Sector Healthcare REITs

AboutVentas, an S&P 500 company, operates at the intersection of two powerful and dynamic industries: healthcare and real estate. As one of the world's foremost Real Estate Investment Trusts (REIT), we use the power of capital to unlock the value of real estate, partnering with leading care providers, developers, research and medical institutions, innovators and healthcare organizations whose success is buoyed by the demographic tailwind of an aging population. For more than twenty years, Ventas has followed a successful strategy that endures: combining a high-quality diversified portfolio of properties and capital sources to manage through cycles, working with industry leading partners, and a collaborative and experienced team focused on producing consistent growing cash flows and superior returns on a strong balance sheet, ultimately rewarding Ventas shareholders. As of September 30, 2020, Ventas owned or managed through unconsolidated joint ventures approximately 1,200 properties.Show more

Revenue $4.92B +9.5%
FFO $1.36B -0.7%
FFO/Share 3.28 -3.2%
FFO Payout 54.26% +3.0%
FFO per Share 3.28 -3.2%
NOI Margin 42.59% -1.1%
FFO Margin 27.71% -9.3%
ROE 0.8% +292.1%
ROA 0.32% +290.2%
Debt/Assets 52.47% -5.2%
Net Debt/EBITDA 6.54 -9.2%
Book Value/Share 26.01 +10.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 17.5% TTM
✓Sustainable FFO payout ratio of 54.3%
✓Healthy dividend yield of 2.3%

✗Weaknesses

✗Profits declining 28.5% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.82%

5Y4.92%

3Y8.76%

TTM15.69%

Profit (Net Income) CAGR

10Y-16.21%

5Y-28.46%

3Y18.31%

TTM457.91%

EPS CAGR

10Y-19.19%

5Y-30.48%

3Y13.48%

TTM334.42%

ROCE

10Y Avg2.87%

5Y Avg2.24%

3Y Avg2.24%

Latest2.81%

Peer Comparison

Multi-Sector Healthcare REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VTRVentas, Inc.	36.13B	76.92	404.84	9.48%	4.28%	1.92%	2.01%	1.27
WELLWelltower Inc.	129.15B	188.18	119.86	21.23%	9.77%	2.45%	1.7%	0.51
DOCHealthpeak Properties, Inc.	12.2B	17.55	48.75	23.82%	-1.24%	-0.46%	8.78%	1.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	3.29B	3.44B	3.57B	3.75B	3.87B	3.8B	3.83B	4.13B	4.5B	4.92B
Revenue Growth %	0.07%	0.05%	0.04%	0.05%	0.03%	-0.02%	0.01%	0.08%	0.09%	0.09%
Property Operating Expenses	1.41B	1.44B	1.49B	1.69B	1.81B	1.94B	2.09B	2.28B	2.56B	2.83B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	1.02B	1.03B	1.02B	1.07B	1.2B	1.26B	1.32B	1.36B	1.52B	1.42B
G&A Expenses	128.03M	126.88M	135.49M	151.98M	158.73M	130.16M	129.76M	144.87M	148.88M	162.99M
EBITDA+	1.81B	3B	3.12B	3.66B	1.93B	1.72B	1.64B	1.69B	1.83B	1.96B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	979.11M	2.44B	2.5B	2.8B	1.07B	1.13B	1.22B	1.21B	1.41B	1.28B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	834.72M	556.79M	622.09M	861.09M	857.88M	591.44M	421.43M	483.85M	415.51M	681.23M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	367.11M	419.74M	448.2M	442.5M	451.66M	469.54M	440.09M	467.56M	574.11M	602.84M
Interest Coverage	2.27x	1.33x	1.39x	1.95x	1.90x	1.26x	0.96x	1.03x	0.72x	1.13x
Non-Operating Income	-248.34M	-65.16M	195.98M	127.09M	23.23M	-222.75M	-80.04M	74.15M	-118.76M	27.82M
Pretax Income+	350.25M	522.87M	584.15M	376.04M	382.99M	344.65M	61.39M	-57.86M	-39.84M	50.58M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-39.28M	-31.34M	-59.8M	-39.95M	-56.31M	-96.53M	4.83M	-16.93M	-9.54M	-37.77M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	417.84M	649.23M	1.36B	409.47M	433.02M	439.15M	49.01M	-47.45M	-40.97M	81.15M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.12%	0.55%	1.09%	-0.7%	0.06%	0.01%	-0.89%	-1.97%	0.14%	2.98%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.07%	1.21%	0.25%	-0.17%	-0.53%	0.05%	-0.19%	-0.08%	0.18%	-0.01%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.25	1.86	3.78	1.14	1.17	1.17	0.13	-0.13	-0.10	0.19
EPS Growth %	-0.22%	0.49%	1.03%	-0.7%	0.03%	0%	-0.89%	-2%	0.23%	2.9%
EPS (Basic)	1.26	1.88	3.82	1.15	1.18	1.18	0.13	-0.13	-0.10	0.20
Diluted Shares Outstanding	334.01M	348.39M	358.57M	359.3M	369.89M	376.5M	386.3M	373.37M	405.67M	416.37M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	22.26B	23.17B	23.95B	22.58B	24.69B	23.93B	24.72B	24.16B	24.73B	26.19B
Asset Growth %	0.05%	0.04%	0.03%	-0.06%	0.09%	-0.03%	0.03%	-0.02%	0.02%	0.06%
Real Estate & Other Assets+	19.74B	20.58B	20.81B	20.28B	21.97B	20.82B	22.11B	21.46B	22.13B	23.06B
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	1.34B	1.42B	1.93B	1.14B	1.52B	1.53B	951.02M	964.59M	868.2M	1.35B
Cash & Equivalents	53.02M	286.71M	81.36M	72.28M	106.36M	413.33M	149.72M	122.56M	508.79M	897.85M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	170.96M	135.61M	172.31M	64.64M	125.27M	47.92M	75.27M	93.07M	111.16M	78.01M
Intangible Assets	13.22M	8.19M	6.5M	5.62M	5.15M	4.66M	7.27M	6.39M	5.58M	11.51M
Total Liabilities	12.64B	12.64B	13.02B	12.31B	14.15B	13.65B	13.77B	13.94B	15.18B	15.36B
Total Debt+	11.21B	11.13B	11.28B	10.73B	12.41B	12.11B	12.22B	12.49B	13.69B	13.74B
Net Debt	11.15B	10.84B	11.19B	10.66B	12.3B	11.69B	12.08B	12.36B	13.18B	12.84B
Long-Term Debt	11.03B	10.98B	10.74B	9.88B	11.31B	11.7B	11.69B	11.87B	13.48B	13.52B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	251.2M	209.92M	197.23M	190.44M	194.73M	218M
Total Current Liabilities+	1.08B	1.14B	1.88B	2.04B	2.11B	1.44B	1.54B	1.58B	1.18B	1.3B
Accounts Payable	779.38M	907.93M	1.18B	1.09B	1.15B	1.13B	1.09B	1.03B	1.04B	1.15B
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	196.53M	200.73M	158.49M	188.14M	273.68M	235.49M	280.28M	264.65M	302.64M	310.23M
Total Equity+	9.63B	10.53B	10.93B	10.27B	10.55B	10.28B	10.95B	10.22B	9.54B	10.83B
Equity Growth %	0.1%	0.09%	0.04%	-0.06%	0.03%	-0.03%	0.06%	-0.07%	-0.07%	0.13%
Shareholders Equity	9.56B	10.46B	10.87B	10.22B	10.45B	10.18B	10.85B	10.15B	9.49B	10.77B
Minority Interest	61.1M	68.51M	65.96M	55.74M	99.56M	98.02M	91.38M	68.71M	56.35M	58.33M
Common Stock	83.58M	88.51M	89.03M	89.13M	93.19M	93.64M	99.84M	99.91M	100.65M	109.12M
Additional Paid-in Capital	11.6B	12.92B	13.05B	13.08B	14.06B	14.17B	15.5B	15.54B	15.65B	17.61B
Retained Earnings	-2.11B	-2.49B	-2.24B	-2.93B	-3.67B	-4.03B	-4.68B	-5.45B	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.03%	0.06%	0.02%	0.02%	0.02%	0%	-0%	-0%	0%
Return on Equity (ROE)	0.05%	0.06%	0.13%	0.04%	0.04%	0.04%	0%	-0%	-0%	0.01%
Debt / Assets	0.5%	0.48%	0.47%	0.48%	0.5%	0.51%	0.49%	0.52%	0.55%	0.52%
Debt / Equity	1.16x	1.06x	1.03x	1.04x	1.18x	1.18x	1.12x	1.22x	1.43x	1.27x
Net Debt / EBITDA	6.15x	3.61x	3.59x	2.91x	6.39x	6.79x	7.38x	7.30x	7.20x	6.54x
Book Value per Share	28.82	30.22	30.49	28.59	28.51	27.30	28.33	27.38	23.53	26.01

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.39B	1.37B	1.44B	1.38B	1.44B	1.45B	1.03B	1.12B	1.12B	1.33B
Operating CF Growth %	0.11%	-0.02%	0.05%	-0.04%	0.04%	0.01%	-0.29%	0.09%	-0%	0.19%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	419.22M	651.49M	1.36B	415.98M	439.3M	441.19M	56.56M	-40.93M	-30.3M	88.35M
Depreciation & Amortization	979.11M	909.28M	904.01M	938.52M	1.07B	1.13B	1.22B	1.21B	1.41B	1.28B
Stock-Based Compensation	19.54M	20.96M	26.54M	29.96M	33.92M	21.49M	31.97M	30.71M	30.99M	30.99M
Other Non-Cash Items	-36.72M	-144.63M	-745.84M	95.74M	-4.83M	-162.82M	-232.53M	-18.24M	-226.83M	-73.33M
Working Capital Changes	53M	-35.42M	-40.05M	-55.72M	-40.29M	121.83M	-43.77M	-40.78M	-53.6M	43.81M
Cash from Investing+	-2.42B	-1.23B	-976.52M	324.5M	-1.59B	154.29M	-724.14M	-859.22M	-184.66M	-2.38B
Acquisitions (Net)	-56.99M	-6.44M	-11.41M	0	-3.85M	-286.82M	-129.29M	-83.65M	-80.47M	0
Purchase of Investments	227.16M	-1.73B	-1.77B	-873.32M	-2.62B	-861.05M	-1.75B	-792.92M	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	-2.44B	0	-20.41M	64.35M	438.13M	667.44M	396.12M	357.61M	155.22M	-1.77B
Cash from Financing+	1.03B	101.72M	-671.33M	-1.76B	160.67M	-1.3B	-558.47M	-283.93M	-543.75M	1.45B
Dividends Paid	-1B	-1.02B	-827.28M	-1.13B	-1.16B	-928.81M	-686.89M	-720.32M	-723.56M	-740.33M
Common Dividends	-1B	-1.02B	-827.28M	-1.13B	-1.16B	-928.81M	-686.89M	-720.32M	-723.56M	-740.33M
Debt Issuance (Net)	1000K	-1000K	1000K	-1000K	1000K	-1000K	-1000K	1000K	1000K	1000K
Share Repurchases	0	0	0	-1.37M	0	0	-96K	-1.49M	0	0
Other Financing	-211.18M	-342K	-44.99M	-38.78M	-8.6M	-25.94M	-68.23M	-48.44M	-68.23M	-64.33M
Net Change in Cash+	-2.33M	233.68M	-205.35M	-56.79M	14.64M	305.54M	-255.04M	-25.85M	392.72M	393.77M
Exchange Rate Effect	-522K	-852K	312K	-815K	1000K	1000K	1000K	-1000K	1000K	-1000K
Cash at Beginning	55.35M	53.02M	286.71M	188.25M	131.46M	146.1M	451.64M	196.6M	170.75M	563.46M
Cash at End	53.02M	286.71M	81.36M	131.46M	146.1M	451.64M	196.6M	170.75M	563.46M	957.23M
Free Cash Flow+	1.16B	1.11B	1.01B	918.73M	877.14M	921.53M	593.15M	666.09M	860.46M	725.78M
FCF Growth %	0.1%	-0.05%	-0.09%	-0.09%	-0.05%	0.05%	-0.36%	0.12%	0.29%	-0.16%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.18	8.87	10.75	8.93	4.06	4.17	3.27	3.12	3.39	3.28
FFO Payout Ratio	71.83%	33.15%	21.47%	35.12%	77.1%	59.17%	54.34%	61.92%	52.66%	54.26%
NOI Margin	57.09%	58.12%	58.41%	54.85%	53.25%	48.89%	45.44%	44.71%	43.06%	42.59%
Net Debt / EBITDA	6.15x	3.61x	3.59x	2.91x	6.39x	6.79x	7.38x	7.30x	7.20x	6.54x
Debt / Assets	50.34%	48.03%	47.07%	47.53%	50.26%	50.59%	49.46%	51.69%	55.35%	52.47%
Interest Coverage	2.27x	1.33x	1.39x	1.95x	1.90x	1.26x	0.96x	1.03x	0.72x	1.13x
Book Value / Share	28.82	30.22	30.49	28.59	28.51	27.3	28.33	27.38	23.53	26.01
Revenue Growth	6.85%	4.78%	3.79%	4.8%	3.39%	-2%	0.86%	7.87%	8.93%	9.48%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Senior Living Operations	1.81B	1.85B	1.84B	-	-	2.2B	2.27B	2.65B	2.96B	3.37B
Senior Living Operations Growth	-	1.99%	-0.22%	-	-	-	3.32%	16.82%	11.59%	13.98%
Medical Office Building Operations	600.68M	643.37M	760.96M	-	-	808.3M	802.68M	803.61M	869.71M	877.59M
Medical Office Building Operations Growth	-	7.11%	18.28%	-	-	-	-0.70%	0.12%	8.23%	0.91%
Triple Net Leased Properties	784.23M	850.75M	844.71M	737.8M	-	695.26M	653.82M	598.15M	619.21M	622.05M
Triple Net Leased Properties Growth	-	8.48%	-0.71%	-12.66%	-	-	-5.96%	-8.51%	3.52%	0.46%
Resident Fees and Services	-	-	-	2.07B	2.15B	-	-	-	-	-
Resident Fees and Services Growth	-	-	-	-	3.97%	-	-	-	-	-
Office Building and Other Services Revenue	-	-	-	3.3M	3.41M	-	-	-	-	-
Office Building and Other Services Revenue Growth	-	-	-	-	3.24%	-	-	-	-	-
Office operations	-	-	-	776.01M	-	-	-	-	-	-
Office operations Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	3.09B	3.24B	3.36B	3.52B	3.58B	3.38B	3.36B	3.65B	4B	4.37B
UNITED STATES Growth	-	5.05%	3.68%	4.85%	1.52%	-5.50%	-0.54%	8.60%	9.63%	9.06%
CANADA	173.78M	174.83M	186.05M	192.35M	266.95M	389.2M	434.86M	449.09M	464.77M	526.58M
CANADA Growth	-	0.61%	6.42%	3.39%	38.78%	45.80%	11.73%	3.27%	3.49%	13.30%
UNITED KINGDOM	26.17M	26.34M	26.42M	-	-	24.8M	29.95M	27.77M	28.88M	30.74M
UNITED KINGDOM Growth	-	0.64%	0.30%	-	-	-	20.78%	-7.26%	3.99%	6.43%

Frequently Asked Questions

Valuation & Price

Ventas, Inc. (VTR) has a price-to-earnings (P/E) ratio of 404.8x. This suggests investors expect higher future growth.

Growth & Financials

Ventas, Inc. (VTR) reported $5.56B in revenue for fiscal year 2024. This represents a 215% increase from $1.76B in 2011.

Ventas, Inc. (VTR) grew revenue by 9.5% over the past year. This is steady growth.

Yes, Ventas, Inc. (VTR) is profitable, generating $238.0M in net income for fiscal year 2024 (1.6% net margin).

Dividend & Returns

Yes, Ventas, Inc. (VTR) pays a dividend with a yield of 2.31%. This makes it attractive for income-focused investors.

Ventas, Inc. (VTR) has a return on equity (ROE) of 0.8%. This is below average, suggesting room for improvement.

Industry Metrics

Ventas, Inc. (VTR) generated Funds From Operations (FFO) of $1.58B in the trailing twelve months. FFO is the primary profitability metric for REITs.

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