The company's capital structure remains complex, with reported debt-to-equity ratios fluctuating between 1.03 and 1.43 over the last ten quarters, and a 2026Q1 report showing a zero debt balance that warrants further investigation.
| 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 27.69B | 27.59B | 26.19B | 24.73B | 24.16B | 24.72B | 23.93B | 24.69B | 22.58B | 23.95B | 23.17B | 22.26B | 21.23B | 19.73B | 18.98B | 17.27B | 5.76B | 5.62B | 5.77B | 5.72B | 3.25B | 2.64B | 1.13B | 812.85M | 895.78M | 941.86M | 981.14M | 1.07B | 959.71M | 3.33B | 1.97B |
| Asset Growth % | 25.88% | 5.37% | 5.91% | 2.35% | -2.27% | 3.29% | -3.09% | 9.33% | -5.72% | 3.4% | 4.06% | 4.88% | 7.58% | 3.96% | 9.89% | 199.96% | 2.52% | -2.66% | 0.93% | 75.69% | 23.29% | 134.19% | 38.64% | -9.26% | -4.89% | -4% | -8.41% | 11.62% | -71.22% | 69.37% | 2.95% |
| Real Estate & Other Assets | 0 | 24.49B | 23.06B | 22.13B | 21.46B | 22.11B | 20.82B | 21.97B | 20.28B | 20.81B | 20.58B | 19.74B | 16.92B | 18.3B | 17.33B | 195.74M | 402.42M | 339.91M | 365.8M | -5.32B | -2.96B | -2.53B | -1.07B | -697.75M | -845.51M | -861.45M | -1.18B | -895.68M | -939.5M | 131.16M | 85.08M |
| PP&E (Net) | 501.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.91B | 5.28B | 5.13B | 5.17B | 5.48B | 3.08B | 2.53B | 1.07B | 697.75M | 828.8M | 806.34M | 1.18B | 894.79M | 939.5M | 1.51B | 1.19B |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 0 | 0 | 0 | 1000K | 1000K | 0 | 891K | 0 | 1000K | 1000K |
| Total Current Assets | 183.61M | 1.33B | 1.35B | 868.2M | 964.59M | 951.02M | 1.53B | 1.52B | 1.14B | 1.93B | 1.42B | 1.34B | 3.69B | 861.87M | 1.04B | 594.48M | 60.75M | 147.23M | 232.68M | 82.41M | 81.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 858.15M | 661.13M |
| Cash & Equivalents | 183.61M | 741.07M | 897.85M | 508.79M | 122.56M | 149.72M | 413.33M | 106.36M | 72.28M | 81.36M | 286.71M | 53.02M | 55.35M | 94.82M | 67.91M | 45.81M | 21.81M | 107.4M | 176.81M | 28.33M | 1.25M | 1.64M | 3.37M | 82.1M | 2.46M | 18.6M | 87.4M | 139.59M | 338K | 82.47M | 112.47M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 88.06M | 78.01M | 111.16M | 93.07M | 75.27M | 47.92M | 125.27M | 64.64M | 172.31M | 135.61M | 170.96M | 2.63B | 240M | 217.47M | 195.88M | 38.94M | 39.83M | 55.87M | 51.98M | 77.57M | -4.48M | -6.58M | -85.88M | -6.59M | -94.44M | -90.82M | -143.21M | -11.33M | 129M | 102.97M |
| Intangible Assets | 1.77B | 10.68M | 11.51M | 5.58M | 6.39M | 7.27M | 4.66M | 5.15M | 5.62M | 6.5M | 8.19M | 13.22M | 19.12M | 1.01B | 981.7M | 800.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.11B | 15.01B | 15.36B | 15.18B | 13.94B | 13.77B | 13.65B | 14.15B | 12.31B | 13.02B | 12.64B | 12.64B | 12.41B | 10.83B | 9.89B | 7.92B | 3.37B | 3.13B | 3.59B | 3.86B | 2.54B | 1.97B | 966.71M | 756.53M | 949.41M | 1.03B | 1.1B | 1.06B | 968.7M | 2.43B | 1.14B |
| Total Debt | 0 | 13.22B | 13.74B | 13.69B | 12.49B | 12.22B | 12.11B | 12.41B | 10.73B | 11.28B | 11.13B | 11.21B | 10.84B | 9.36B | 8.41B | 6.43B | 2.9B | 2.67B | 3.14B | 3.36B | 2.33B | 1.8B | 843.18M | 640.56M | 707.71M | 848.37M | 886.38M | 1.37B | 931.1M | 1.95B | 765.2M |
| Net Debt | -183.61M | 12.48B | 12.84B | 13.18B | 12.36B | 12.08B | 11.69B | 12.3B | 10.66B | 11.19B | 10.84B | 11.15B | 10.79B | 9.27B | 8.35B | 6.38B | 2.88B | 2.56B | 2.96B | 3.33B | 2.33B | 1.8B | 839.81M | 558.46M | 705.25M | 829.77M | 798.98M | 1.23B | 930.76M | 1.86B | 652.73M |
| Long-Term Debt | 0 | 13.01B | 13.52B | 13.48B | 11.87B | 11.69B | 11.7B | 11.31B | 9.88B | 10.74B | 10.98B | 11.03B | 9.93B | 8.99B | 7.73B | 5.83B | 2.9B | 2.67B | 3.14B | 3.36B | 2.33B | 1.8B | 843.18M | 640.56M | 707.71M | 848.37M | 886.38M | 974.25M | 531.1M | 1.92B | 710.51M |
| Short-Term Borrowings | 0 | 0 | 6.4M | 14.01M | 428.23M | 336.45M | 193.49M | 848.73M | 856.41M | 538.7M | 146.54M | 180.68M | 919.1M | 376.34M | 540.73M | 455.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400M | 400M | 27.47M | 54.69M |
| Capital Lease Obligations | 642.14M | 208.6M | 218M | 194.73M | 190.44M | 197.23M | 209.92M | 251.2M | 0 | 0 | 0 | 0 | 0 | 0 | 142.41M | 133.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 1.39B | 1.3B | 1.18B | 1.58B | 1.54B | 1.44B | 2.11B | 2.04B | 1.88B | 1.14B | 1.08B | 1.97B | 1.43B | 1.58B | 1.58B | 467.77M | 462.08M | 197.19M | 203.43M | 184.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 413.06M | 341.01M |
| Accounts Payable | 0 | 1.24B | 1.15B | 1.04B | 1.03B | 1.09B | 1.13B | 1.15B | 1.09B | 1.18B | 907.93M | 779.38M | 750.66M | 1B | 995.16M | 1.09B | 207.14M | 190.44M | 168.2M | 173.58M | 114.01M | 60.54M | 18.72M | 14.56M | 0 | 0 | 0 | 0 | 0 | 106.02M | 103.52M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.32M | 7.06M | 9.06M | 8.19M | 10.54M | 12.89M | 15.31M | 18.88M | 21.03M | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 375.15M | 310.23M | 302.64M | 264.65M | 280.28M | 235.49M | 273.68M | 188.14M | 158.49M | 200.73M | 196.53M | 172.02M | 156.66M | 174.56M | 102.84M | 0 | -253.66M | 0 | 0 | -8.19M | -1.81B | -856.07M | -686.26M | -756.99M | -899.79M | -916.89M | -1B | -562.61M | 94.65M | 84.05M |
| Total Equity | 13.18B | 12.59B | 10.83B | 9.54B | 10.22B | 10.95B | 10.28B | 10.55B | 10.27B | 10.93B | 10.53B | 9.63B | 8.75B | 8.9B | 9.09B | 9.36B | 2.39B | 2.48B | 2.18B | 1.86B | 710.27M | 667.32M | 160.22M | 56.31M | -53.63M | -91.07M | -117.51M | 8.35M | -9M | 907.4M | 833.29M |
| Equity Growth % | 72.34% | 16.22% | 13.47% | -6.63% | -6.62% | 6.49% | -2.53% | 2.67% | -6.04% | 3.83% | 9.38% | 9.95% | -1.68% | -2.04% | -2.85% | 291.43% | -3.78% | 13.96% | 17.5% | 161.18% | 6.44% | 316.49% | 184.51% | 205.01% | 41.12% | 22.5% | -1508.2% | 192.72% | -100.99% | 8.89% | 3.48% |
| Shareholders Equity | 13.12B | 12.53B | 10.77B | 9.49B | 10.15B | 10.85B | 10.18B | 10.45B | 10.22B | 10.87B | 10.46B | 9.56B | 8.68B | 8.82B | 9.02B | 9.27B | 2.39B | 2.47B | 2.15B | 1.82B | 709.88M | 667.32M | 160.22M | 56.31M | -53.63M | -91.07M | -117.51M | 8.35M | -9.01M | 905.35M | 882.55M |
| Minority Interest | 394.58M | 58.55M | 58.33M | 56.35M | 68.71M | 91.38M | 98.02M | 99.56M | 55.74M | 65.96M | 68.51M | 61.1M | 74.21M | 79.53M | 70.23M | 80.99M | 3.48M | 18.55M | 19.14M | 31.45M | 393K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.05M | 36.2M |
| Common Stock | 121.52M | 118.73M | 109.12M | 100.65M | 99.91M | 99.84M | 93.64M | 93.19M | 89.13M | 89.03M | 88.51M | 83.58M | 74.66M | 74.49M | 73.9M | 72.24M | 39.39M | 39.16M | 35.83M | 33.42M | 26.55M | 25.93M | 21.28M | 20.65M | 20.65M | 18.4M | 18.4M | 18.4M | 18.4M | 18.37M | 18.15M |
| Additional Paid-in Capital | 0 | 19.98B | 17.61B | 15.65B | 15.54B | 15.5B | 14.17B | 14.06B | 13.08B | 13.05B | 12.92B | 11.6B | 10.12B | 10.08B | 9.92B | 9.59B | 2.58B | 2.57B | 2.26B | 1.82B | 766.47M | 692.65M | 208.9M | 162.47M | 191.78M | 122.47M | 132.23M | 139.72M | 140.1M | 766.08M | 713.53M |
| Retained Earnings | -7.73B | 0 | 0 | 0 | -5.45B | -4.68B | -4.03B | -3.67B | -2.93B | -2.24B | -2.49B | -2.11B | -1.53B | -1.13B | -777.93M | -412.18M | -255.63M | -165.71M | -117.81M | -47.85M | -84.18M | -50.4M | -45.3M | -56.79M | -134.28M | -134.09M | -121.32M | 6.41M | -9.6M | 281.8M | 150.87M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.96% | 0.93% | 0.32% | -0.17% | -0.19% | 0.2% | 1.81% | 1.83% | 1.76% | 5.76% | 2.86% | 1.92% | 2.32% | 2.34% | 2% | 3.17% | 4.33% | 4.68% | 3.94% | 6.29% | 4.46% | 6.93% | 12.47% | 19.05% | 7.15% | 5.26% | -6.38% | 4.19% | 1.25% | 4.94% | 2.47% |
| Return on Equity (ROE) | 2.08% | 2.15% | 0.8% | -0.41% | -0.45% | 0.46% | 4.22% | 4.16% | 3.86% | 12.64% | 6.44% | 4.55% | 5.39% | 5.04% | 3.93% | 6.21% | 10.1% | 11.43% | 11.22% | 22.01% | 19.08% | 31.56% | 111.67% | 12109.6% | - | - | - | 509.71% | 5.96% | 15.04% | 5.86% |
| Debt / Assets | 0% | 47.91% | 52.47% | 55.35% | 51.69% | 49.46% | 50.59% | 50.26% | 47.53% | 47.07% | 48.03% | 50.34% | 51.09% | 47.46% | 44.33% | 37.22% | 50.37% | 47.54% | 54.37% | 58.78% | 71.58% | 68.3% | 74.82% | 78.8% | 79% | 90.07% | 90.34% | 128.29% | 97.02% | 58.39% | 38.87% |
| Debt / Equity | 0.00x | 1.05x | 1.27x | 1.43x | 1.22x | 1.12x | 1.18x | 1.18x | 1.04x | 1.03x | 1.06x | 1.16x | 1.24x | 1.05x | 0.93x | 0.69x | 1.21x | 1.07x | 1.44x | 1.81x | 3.28x | 2.70x | 5.26x | 11.37x | - | - | - | 164.68x | - | 2.15x | 0.92x |
| Net Debt / EBITDA | -0.08x | 5.66x | 6.54x | 7.20x | 7.30x | 7.38x | 6.79x | 6.39x | 2.91x | 3.59x | 3.61x | 6.15x | 6.33x | 5.83x | 5.88x | 12.49x | 10.78x | 6.16x | 7.77x | 9.16x | 9.50x | 9.57x | 5.94x | 3.51x | 4.12x | 4.48x | 2.18x | 6.94x | 6.60x | 4.13x | 4.42x |
| Book Value per Share | 27.08 | 27.21 | 26.01 | 23.53 | 27.38 | 28.33 | 27.30 | 28.51 | 28.59 | 30.49 | 30.22 | 28.82 | 29.51 | 30.17 | 30.86 | 40.54 | 15.16 | 16.26 | 15.58 | 15.08 | 6.78 | 6.97 | 1.90 | 0.70 | -0.76 | -1.31 | -1.72 | 0.12 | -0.13 | 12.90 | 11.79 |
Leverage and debt structure
According to the provided quarterly data, Ventas expanded its total assets from $24.7 billion in 2023Q4 to $27.7 billion by 2026Q1, suggesting a deliberate strategy of portfolio growth that appears to be outpacing the historical volatility observed in the company's earlier reporting periods.
The consistent growth in total assets indicates an aggressive acquisition or development posture, likely aimed at scaling the R&I cluster strategy. Investors should monitor whether this asset expansion is being funded through efficient capital recycling or if it relies on incremental debt that could pressure long-term capitalization ratios.
As reported in financial statements, the company's debt-to-equity ratio fluctuated significantly, reaching a reported 1.05 in 2025Q4, which warrants careful scrutiny given the historical range of 1.03 to 1.43 observed over the preceding ten quarters of reported data.
The apparent reduction in leverage levels suggests a potential deleveraging effort or a shift in financing strategy, though the volatility in these metrics may also reflect accounting adjustments. Analysts should investigate whether this trend represents a permanent improvement in the balance sheet or a temporary anomaly related to capital market activities.
Based on Ventas's reported figures, cash reserves reached a peak of $1.1 billion in 2024Q3 before settling at $183.6 million in 2026Q1, indicating a shift toward deploying accumulated liquidity into the company's active development pipeline and strategic property acquisitions.
The significant drawdown in cash balances suggests that management is actively utilizing its liquidity to fund growth initiatives rather than maintaining a defensive cash position. This deployment strategy appears to prioritize capital investment, though it may reduce the company's immediate flexibility to respond to unforeseen market disruptions.
Data from 2026Q1 shows a reported debt balance of zero, which contradicts the $13.2 billion reported in 2025Q4 and suggests a potential reporting discrepancy that warrants further investigation by stakeholders assessing the company's true financial obligations.
The sudden disappearance of debt on the balance sheet is highly unusual for a REIT and may indicate a reclassification or a data reporting error rather than a total elimination of liabilities. Investors should exercise caution until the company provides clarity on its current debt obligations and maturity profile.
Quick answers to the most common questions about buying VTR stock.
As of 2025, Ventas, Inc. (VTR) had total assets of $27.59B including $1.33B in current assets.
Ventas, Inc. (VTR) carries total debt of $13.22B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ventas, Inc. (VTR) has total shareholders' equity (book value) of $12.53B ($27.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ventas, Inc. (VTR) reported a current ratio of 0.96x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.