Cash flow quality is heavily influenced by non-cash charges, as evidenced by an FFO-to-Net Income ratio of 7.06 in 2026Q1, while maintenance capital expenditures have ranged as high as $137.7 million per 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 | 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 |
|---|
| Cash from Operations | 1.75B | 1.68B | 1.34B | 1.19B | 1.15B | 1.04B | 1.45B | 1.44B | 1.44B | 1.43B | 1.37B | 1.39B | 1.25B | 1.19B | 992.82M | 773.2M | 447.62M | 422.1M | 379.91M | 399.81M | 268.66M | 213.64M | 149.96M | 137.37M | 116.39M | 79.89M | 85.34M | 103.58M | 86.76M | 270.93M | 183.54M |
| Operating CF Growth % | 103.86% | 25.59% | 12.01% | 4.01% | 10.01% | -28.01% | 0.85% | -0.07% | 0.28% | 4.93% | -1.75% | 10.91% | 5.03% | 20.34% | 28.4% | 72.73% | 6.05% | 11.11% | -4.98% | 48.82% | 25.75% | 42.47% | 9.17% | 18.03% | 45.68% | -6.38% | -17.61% | 19.39% | -67.98% | 47.61% | 61.51% |
| Operating CF / Revenue % | 28.6% | 28.8% | 27.17% | 26.56% | 27.81% | 27.27% | 38.21% | 37.13% | 38.41% | 40.15% | 39.71% | 42.35% | 40.8% | 42.52% | 39.95% | 43.81% | 44.02% | 45.31% | 40.86% | 51.8% | 64.2% | 65.79% | 64.38% | 67.01% | 59.17% | 39.05% | 35.22% | 44.41% | 57.86% | 8.69% | 7.12% |
| Net Income | 260.43M | 251.38M | 81.15M | -40.97M | -47.45M | 49.01M | 439.15M | 433.02M | 409.48M | 1.36B | 650.15M | 406.74M | 455.69M | 488.93M | 305.57M | 362.81M | 215.32M | 193.12M | 175.4M | 146.69M | 131.43M | 125.25M | 100.22M | 162.84M | 76.78M | 51.89M | -61.24M | 42.53M | 34.81M | 137.76M | 48.01M |
| Depreciation & Amortization | 1.36B | 1.28B | 1.17B | 1.17B | 1.09B | 978M | 955.96M | 912.02M | 890.14M | 855.05M | 863.72M | 894.06M | 826.91M | 710.16M | 725.98M | 456.59M | 203.76M | 199.53M | 230.88M | 234.06M | 119.65M | 87.85M | 48.87M | 39.51M | 41.25M | 40.37M | 43.6M | 42.8M | 29.05M | 123.86M | 99.53M |
| Stock-Based Compensation | 24.84M | 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 |
| Other Non-Cash Items | 25.7M | 96.67M | 45.89M | 123.25M | 146.71M | 60.72M | -66.76M | 133.21M | 195.02M | -723.23M | -111M | 37.97M | -22.45M | -28.14M | -27.89M | -17.36M | 37.06M | 14.62M | -27.07M | -36.19M | -17.46M | -13.69M | 1.5M | -71.2M | -17.58M | -10.84M | 98.66M | 8.89M | -12.23M | 21.44M | 127.47M |
| Working Capital Changes | 100.67M | 49.43M | 43.81M | -53.6M | -40.78M | -43.77M | 121.83M | -40.29M | -55.72M | -40.05M | -35.42M | 53M | -5.3M | 23.8M | -10.85M | -28.84M | -3.75M | 14.84M | -15.04M | 55.24M | 5.25M | 24.36M | -169K | 6.21M | 15.93M | -1.52M | 4.33M | 9.36M | 10.76M | -65.3M | -56.66M |
| Cash from Investing | -2.91B | -2.73B | -2.39B | -239.2M | -882.33M | -764.48M | 147.37M | -1.58B | 264.2M | -954.68M | -1.23B | -4.96B | -2.05B | -1.28B | -2.17B | -997.44M | -301.92M | -1.75M | -136.26M | -1.17B | -481.97M | -615.04M | -298.69M | 159.7M | -34.14M | 2.76M | 5.36M | 371K | -908K | -1.23B | -80.99M |
| Acquisitions (Net) | -2.06M | -1.98M | -7.36M | 31.75M | 5.2M | -22.49M | -6.92M | 6.28M | -2.84M | -11.41M | 4.48M | -3.82M | 0 | 35.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.1M | 0 | 28.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -1.79B | -2.63B | -2.44B | -523.33M | -792.92M | -1.75B | -861.05M | -2.62B | -873.32M | -1.77B | -1.73B | -5.45B | -1.57B | -1.45B | -1.73B | -531.61M | -274.44M | -45.72M | -117.48M | -1.35B | -496.21M | -589.55M | 0 | 0 | -71.88M | 0 | 0 | 0 | 0 | -4.51M | -445K |
| Sale of Investments | 245.86M | 261.98M | 335.96M | 494.22M | 113.82M | 1.19B | 1.16B | 1.17B | 1.27B | 960.97M | 620.64M | 601.58M | 140.43M | 7.89M | 186.54M | 43.67M | 58.16M | 63.54M | 104.18M | 165.17M | 0 | 1.42M | 0 | 205K | 6.95M | 6.12M | 0 | 0 | 0 | 8.69M | 78.15M |
| Other Investing | -990.6M | 5.01M | 3.54M | 17.58M | 13.7M | 1.28M | 207K | 30.18M | 6.89M | 1.42M | -6.44M | 0 | -426.44M | 304.84M | -443.32M | -411.44M | -65.79M | -5.78M | -106.6M | 16.18M | 14.23M | -26.91M | 4.14M | 159.75M | 2.48M | -2.24M | 5.36M | 670K | 13.67M | -956.16M | -23.66M |
| Cash from Financing | 1.11B | 875.73M | 1.45B | -563.88M | -289.13M | -535.97M | -1.29B | 154.39M | -1.76B | -659.92M | 97.24M | 1.03B | 757.57M | 112.6M | 1.2B | 248.28M | -231.45M | -490.18M | -95.98M | 805.65M | 242.71M | 389.55M | 70M | -217.42M | -98.39M | -151.46M | -142.89M | 35.3M | -85.51M | 932.74M | -25.27M |
| Dividends Paid | -661.03M | -860.06M | -740.33M | -723.56M | -720.32M | -686.89M | -928.81M | -1.16B | -1.13B | -827.28M | -1.02B | -1B | -875.61M | -802.12M | -728.55M | -523.6M | -344.17M | -324.27M | -288.85M | -286.19M | -160.6M | -125.84M | -103.52M | -80.25M | -50.13M | -65.27M | -42.43M | -26.49M | 0 | 0 | 0 |
| Common Dividends | -661.03M | -860.06M | -740.33M | -723.56M | -720.32M | -686.89M | -928.81M | -1.16B | -1.13B | -827.28M | -1.02B | -1B | -875.61M | -802.12M | -728.55M | -521.05M | -336.08M | -324.27M | -304.58M | -282.74M | -160.6M | -125.84M | -103.52M | -80.25M | -50.13M | -65.27M | -42.43M | -26.49M | 0 | 0 | 0 |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
| Share Repurchases | 0 | 0 | 0 | 0 | -1.49M | -96K | -575K | -2.2M | -1.37M | 0 | 0 | 0 | -503K | -659K | -4.6M | -185K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -81.65M | -55.3M |
| Other Financing | 65.32M | -45.94M | -44.73M | -47.13M | -44.81M | -26.64M | -25.16M | -27.45M | -15.33M | -6.28M | 6.62M | -53.95M | 9.28M | -5.71M | 11.04M | -2.42M | 6.14M | -5.96M | -8.54M | 8.18M | 0 | -11.6M | -5.35M | -55.22M | -630.7M | -48.68M | 0 | 18.67M | -12.04M | -207K | -22.95M |
| Net Change in Cash | -44.67M | -171.1M | 393.77M | 392.72M | -25.85M | -255.04M | 305.54M | 14.64M | -56.79M | -205.35M | 233.68M | -2.33M | -39.47M | 26.91M | 22.1M | 24M | -85.58M | -69.42M | 148.48M | 27.09M | -395K | -1.72M | -78.74M | 79.65M | -16.14M | -68.81M | -52.19M | 139.26M | -85.51M | -29.99M | 77.28M |
| Exchange Rate Effect | 323K | 2.84M | -3.98M | 1.26M | -2.87M | 1.45M | 1.09M | 1.48M | -815K | 312K | -852K | -522K | 2.67M | -83K | 60K | -45K | 165K | 410K | 806K | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -85.85M | 0 | 0 |
| Cash at Beginning | 786.14M | 957.23M | 563.46M | 170.75M | 196.6M | 451.64M | 146.1M | 131.46M | 188.25M | 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 | 85.85M | 112.47M | 35.18M |
| Cash at End | 201.29M | 786.14M | 957.23M | 563.46M | 170.75M | 196.6M | 451.64M | 146.1M | 131.46M | 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 |
| Free Cash Flow | 1.38B | 1.32B | 1.06B | 935.13M | 926.34M | 858.69M | 1.3B | 1.28B | 1.31B | 1.3B | 1.25B | 1.28B | 1.06B | 1.02B | 809.38M | 675.13M | 427.77M | 408.3M | 363.55M | 393.44M | 0 | 0 | -173.97M | 137.11M | 116.08M | 78.78M | 85.34M | 103.28M | 72.18M | -10.74M | 48.51M |
| FCF Growth % | 24.91% | 24.63% | 12.97% | 0.95% | 7.88% | -34.05% | 1.62% | -1.98% | 0.36% | 4.19% | -2.67% | 21.11% | 4.23% | 25.7% | 19.89% | 57.83% | 4.77% | 12.31% | -7.6% | - | - | 100% | -226.89% | 18.12% | 47.35% | -7.69% | -17.37% | 43.1% | 771.97% | -122.14% | 308.6% |
| FCF / Revenue % | 22.44% | 22.57% | 21.45% | 20.79% | 22.43% | 22.43% | 34.3% | 33.08% | 34.89% | 36.44% | 36.3% | 39.08% | 34.48% | 36.21% | 32.57% | 38.25% | 42.07% | 43.83% | 39.1% | 50.98% | 0% | 0% | -74.7% | 66.88% | 59.01% | 38.51% | 35.22% | 44.28% | 48.14% | -0.34% | 1.88% |
SHOP segment operational volatility
According to the provided quarterly data, Ventas consistently reports FFO figures that significantly exceed GAAP operating cash flow, with the FFO-to-Net Income ratio reaching 7.06 in 2026Q1, illustrating the substantial impact of non-cash depreciation charges on the company's reported GAAP earnings and overall cash flow quality.
The persistent gap between GAAP operating cash flow and FFO suggests that investors should prioritize FFO as the primary metric for evaluating recurring cash generation. This divergence appears to be a structural feature of the REIT's heavy investment in physical healthcare assets, which necessitates large non-cash accounting adjustments.
As reported in financial statements, Ventas maintained a dividend payout ratio relative to AFFO of approximately 0.51 to 0.56 throughout 2025, suggesting a comfortable buffer that allows for significant retained cash flow to fund ongoing capital requirements and potential strategic reinvestment within the portfolio.
The consistent ability to cover dividend distributions with AFFO indicates a stable cash flow profile that supports long-term income reliability. Investors should monitor whether this payout ratio remains stable as the company navigates potential fluctuations in the SHOP segment's operational performance.
Based on Ventas's reported figures, quarterly maintenance capital expenditures, including tenant improvements and leasing commissions, fluctuated between $49.4 million and $137.7 million over the last ten quarters, reflecting the ongoing necessity of reinvesting in high-acuity healthcare facilities to maintain competitive positioning and occupancy levels.
The variability in capital spending suggests that the company must balance property-level upgrades with the need to preserve distributable cash. This level of recurring investment appears essential to sustaining the 'institutional stickiness' of the R&I portfolio and the operational recovery of the SHOP assets.
Data from the last ten quarters reveals that GAAP Net Income frequently fails to capture the underlying cash-generative capacity of the business, as evidenced by the 2024Q1 net loss of $14.3 million occurring alongside a positive FFO of $293.2 million, highlighting the distortive nature of depreciation.
The reliance on FFO and AFFO is critical for this REIT, as GAAP net income is heavily obscured by non-cash charges that do not reflect the economic reality of the portfolio. Analysts should remain cautious of headline net income figures, which may provide a misleading view of the company's actual financial health.
Quick answers to the most common questions about buying VTR stock.
Ventas, Inc. (VTR) generated $1.68B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ventas, Inc. (VTR) generated $1.32B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ventas, Inc. (VTR) spent $363.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ventas, Inc. (VTR) returned $860.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.