Latest Ratios: P/E Ratio 160.4x · EV/EBITDA 24.8x · ROE 2.1%. (1996–2025 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 | $42.1B | $35.8B | $24.5B | $20.2B | $16.8B | $19.7B | $18.5B | $21.4B | $21.1B | $21.5B | $21.8B |
| Enterprise Value | $54.6B | $48.3B | $37.4B | $33.4B | $29.2B | $31.8B | $30.2B | $33.7B | $31.7B | $32.7B | $32.6B |
| P/E Ratio → | 160.44 | 143.30 | 309.95 | — | — | 393.23 | 41.91 | 49.35 | 51.39 | 15.88 | 33.61 |
| P/S Ratio | 7.22 | 6.14 | 4.98 | 4.50 | 4.07 | 5.16 | 4.86 | 5.51 | 5.62 | 6.02 | 6.33 |
| P/B Ratio | 3.18 | 2.84 | 2.26 | 2.12 | 1.65 | 1.80 | 1.80 | 2.03 | 2.05 | 1.97 | 2.07 |
| P/FCF | 31.99 | 27.19 | 23.21 | 21.62 | 18.16 | 23.00 | 14.18 | 16.67 | 16.11 | 16.52 | 17.43 |
| P/OCF | 25.07 | 21.30 | 18.33 | 16.93 | 14.65 | 18.92 | 12.73 | 14.85 | 14.63 | 15.00 | 15.93 |
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 | — | 8.27 | 7.59 | 7.42 | 7.07 | 8.31 | 7.95 | 8.69 | 8.47 | 9.15 | 9.47 |
| EV / EBITDA | 24.75 | 21.88 | 19.02 | 18.24 | 17.22 | 19.45 | 17.51 | 17.47 | 8.66 | 10.49 | 10.88 |
| EV / EBIT | 66.04 | 56.16 | 57.18 | 62.51 | 71.23 | 63.46 | 37.04 | 40.33 | 38.74 | 18.70 | 31.34 |
| EV / FCF | — | 36.67 | 35.37 | 35.71 | 31.51 | 37.06 | 23.16 | 26.27 | 24.26 | 25.12 | 26.10 |
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 | -5.9% | -5.9% | 42.6% | 43.1% | 44.7% | 45.4% | 48.9% | 53.2% | 54.8% | 58.4% | 58.1% |
| Operating Margin | 14.2% | 14.2% | 13.8% | 9.2% | 11.7% | 11.0% | 15.6% | 22.2% | 23.0% | 17.4% | 16.2% |
| Net Profit Margin | 4.3% | 4.3% | 1.6% | -0.9% | -1.1% | 1.3% | 11.6% | 11.2% | 10.9% | 38.0% | 18.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.1% | 2.1% | 0.8% | -0.4% | -0.4% | 0.5% | 4.2% | 4.2% | 3.9% | 12.6% | 6.4% |
| ROA | 0.9% | 0.9% | 0.3% | -0.2% | -0.2% | 0.2% | 1.8% | 1.8% | 1.8% | 5.8% | 2.9% |
| ROIC | 2.5% | 2.5% | 2.2% | 1.4% | 1.6% | 1.4% | 2.0% | 2.9% | 3.0% | 2.1% | 2.0% |
| ROCE | 3.2% | 3.2% | 2.8% | 1.8% | 2.1% | 1.8% | 2.6% | 4.0% | 4.0% | 2.8% | 2.6% |
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 | 1.05 | 1.05 | 1.27 | 1.43 | 1.22 | 1.12 | 1.18 | 1.18 | 1.04 | 1.03 | 1.06 |
| Debt / EBITDA | 5.99 | 5.99 | 6.99 | 7.48 | 7.37 | 7.47 | 7.03 | 6.44 | 2.93 | 3.62 | 3.71 |
| Net Debt / Equity | — | 0.99 | 1.19 | 1.38 | 1.21 | 1.10 | 1.14 | 1.17 | 1.04 | 1.02 | 1.03 |
| Net Debt / EBITDA | 5.66 | 5.66 | 6.54 | 7.20 | 7.30 | 7.38 | 6.79 | 6.39 | 2.91 | 3.59 | 3.61 |
| Debt / FCF | — | 9.48 | 12.16 | 14.09 | 13.35 | 14.06 | 8.98 | 9.60 | 8.16 | 8.60 | 8.67 |
| Interest Coverage | 1.40 | 1.40 | 1.08 | 0.93 | 0.88 | 1.14 | 1.73 | 1.85 | 1.85 | 3.90 | 2.48 |
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 | 0.96 | 0.96 | 1.04 | 0.73 | 0.61 | 0.62 | 1.06 | 0.72 | 0.56 | 1.03 | 1.25 |
| Quick Ratio | 0.96 | 0.96 | 1.04 | 0.73 | 0.61 | 0.62 | 1.06 | 0.72 | 0.56 | 1.03 | 1.25 |
| Cash Ratio | 0.53 | 0.53 | 0.69 | 0.43 | 0.08 | 0.10 | 0.45 | 0.16 | 0.14 | 0.07 | 0.30 |
| Asset Turnover | — | 0.21 | 0.19 | 0.18 | 0.17 | 0.15 | 0.16 | 0.16 | 0.17 | 0.15 | 0.15 |
| 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 | 2.1% | 2.4% | 3.0% | 3.6% | 4.3% | 3.5% | 5.0% | 5.4% | 5.4% | 3.8% | 4.7% |
| Payout Ratio | 342.1% | 342.1% | 912.3% | — | — | 1401.6% | 211.5% | 267.4% | 275.3% | 61.0% | 157.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 0.7% | 0.3% | — | — | 0.3% | 2.4% | 2.0% | 1.9% | 6.3% | 3.0% |
| FCF Yield | 3.1% | 3.7% | 4.3% | 4.6% | 5.5% | 4.3% | 7.1% | 6.0% | 6.2% | 6.1% | 5.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.1% | 2.4% | 3.0% | 3.6% | 4.3% | 3.5% | 5.0% | 5.4% | 5.4% | 3.8% | 4.7% |
| Shares Outstanding | — | $463M | $416M | $406M | $373M | $386M | $377M | $370M | $359M | $359M | $348M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VTR stock.
Ventas, Inc.'s current P/E ratio is 160.4x. The historical average is 31.3x. This places it at the 100th percentile of its historical range.
Ventas, Inc.'s current EV/EBITDA is 24.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.7x.
Ventas, Inc.'s return on equity (ROE) is 2.1%. The historical average is 12.1%.
Based on historical data, Ventas, Inc. is trading at a P/E of 160.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ventas, Inc.'s current dividend yield is 2.15% with a payout ratio of 342.1%.
Ventas, Inc. has -5.9% gross margin and 14.2% operating margin. Operating margin between 10-20% is typical for established companies.
Ventas, Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative AFFO persists
Metrics are mathematically derived from official filings.
Premium Multiple Reflects Recovery Hopes
VTR trades at 30.9x forward FFO, a premium to peers, as reported in Q2 2026 data, suggesting the market is pricing in sustained SHOP recovery and R&I growth.
The P/FFO of 30.9x in Q2 2026 is well above the trailing range of 24-27x seen over the past year, indicating investors are paying up for anticipated earnings acceleration. This premium appears justified only if FFO growth continues at the 14% YoY pace, but it leaves little room for disappointment. The implied cap rate, derived from NOI and enterprise value, likely sits below private market transaction cap rates, suggesting the stock is pricing in operational upside rather than asset value alone.
NOI Margin Stability Amid Cost Pressures
NOI margin held at 39.8% in Q2 2026, down from 43.2% two years prior, per financial statements, indicating persistent cost pressures despite strong revenue growth.
The 340 basis point decline in NOI margin since Q2 2024 suggests that labor and operating expenses are consuming a larger share of revenue, even as occupancy recovers. While same-store NOI growth appears positive, the margin compression implies that top-line expansion is not fully translating to bottom-line gains. Investors should monitor whether this is a temporary wage reset or a structural shift in the SHOP cost base.
Dividend Coverage Relies on External Sources
With AFFO turning negative at -$489.7M in Q2 2026, the $253.3M dividend was not covered by internal cash flow, as per reported figures, implying reliance on debt or asset sales.
The FFO payout ratio of 52.6% appears comfortable, but the negative AFFO reveals that maintenance capex and other adjustments are consuming all cash flow and more. This suggests the dividend is being funded through external sources or working capital drawdowns, which is not sustainable long-term. The sharp swing in AFFO from positive in prior quarters to negative in Q2 2026 warrants close scrutiny of the components driving this deterioration.
Leverage Eases but Debt Remains High
Debt-to-equity improved to 0.90 in Q2 2026 from 1.41 a year earlier, as per SEC filings, yet total debt of $13.7B remains substantial and interest coverage is thin.
The deleveraging trend is positive, but interest coverage of 1.35x in Q2 2026 is low for a REIT, indicating that operating income barely covers interest expense. This leaves little cushion if rates rise or NOI falters. The improvement in D/E is partly due to equity issuance and asset growth, but the absolute debt load and coverage ratio suggest the balance sheet remains a constraint on financial flexibility.
SHOP Occupancy Drives Recovery
VTR's SHOP portfolio appears to be driving occupancy gains, with NOI up 16% YoY in Q2 2026, as reported, but negative gross margins signal property-level cost challenges.
The strong NOI growth suggests that occupancy and rate increases are materializing, but the negative gross margin of -5.9% indicates that direct operating expenses, particularly labor, are outpacing revenue at the property level. This dichotomy highlights the operational volatility inherent in the SHOP segment. The R&I and NNN portfolios likely provide stability, but the overall portfolio quality hinges on SHOP margin recovery.
P/E Misleads Due to Depreciation
VTR's P/E of 171x is distorted by non-cash depreciation, as reported in financial statements, making FFO and AFFO the appropriate valuation metrics for this REIT.
Standard P/E is meaningless for REITs because depreciation charges reduce net income without affecting cash flow. VTR's high P/E reflects this distortion, not economic reality. Investors should use P/FFO and P/AFFO, but even AFFO must be scrutinized for maintenance capex assumptions. The negative AFFO in Q2 2026 suggests that even adjusted metrics may understate the cash flow strain, warranting a closer look at the quality of earnings.