Ventas, Inc. (VTR) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Healthcare Facilities
EV/EBITDA
↑
24.33
↑+27% vs avg
5yr avg: 19.16
30Y Low3.1·High37.9
P/FCF
↑
31.28
↑+38% vs avg
5yr avg: 22.64
30Y Low2.4·High27.2
P/B Ratio
↑
3.18
↑+49% vs avg
5yr avg: 2.14
30Y Low1.0·High29.9
ROE
↑
2.1%
↓+322% vs avg
5yr avg: 0.5%
30Y Low-0%·High112%
Debt/EBITDA
↓
5.99
↓-15% vs avg
5yr avg: 7.06
30Y Low2.4·High12.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VTR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ventas, Inc. trades at 160.4x earnings, 43% below its 5-year average of 282.2x, sitting at the 100th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.5x, the stock trades at a premium of 556%. On a free-cash-flow basis, the stock trades at 31.3x P/FCF, 38% above the 5-year average of 22.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $41.2B | $35.8B | $24.5B | $20.2B | $16.8B | $19.7B | $18.5B | $21.4B | $21.1B | $21.5B | $21.8B |
| Enterprise Value | $53.7B | $48.3B | $37.4B | $33.4B | $29.2B | $31.8B | $30.2B | $33.7B | $31.7B | $32.7B | $32.6B |
| P/E Ratio → | 160.41 | 143.30 | 309.95 | — | — | 393.23 | 41.91 | 49.35 | 51.39 | 15.88 | 33.61 |
| P/S Ratio | 7.06 | 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 | 31.28 | 27.19 | 23.21 | 21.62 | 18.16 | 23.00 | 14.18 | 16.67 | 16.11 | 16.52 | 17.43 |
| P/OCF | 24.51 | 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
VTR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Ventas, Inc.'s enterprise value stands at 24.3x EBITDA, 27% above its 5-year average of 19.2x. The Real Estate sector median is 16.7x, placing the stock at a 46% premium on an enterprise-value basis.
| 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 | 24.33 | 21.88 | 19.02 | 18.24 | 17.22 | 19.45 | 17.51 | 17.47 | 8.66 | 10.49 | 10.88 |
| EV / EBIT | 64.90 | 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 |
VTR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Ventas, Inc. earns an operating margin of 14.2%, below the Real Estate sector average of 26.0%. Operating margins have expanded from 9.2% to 14.2% over the past 3 years, signaling improving operational efficiency. ROE of 2.1% is modest. ROIC of 2.5% represents below-average returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
VTR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Ventas, Inc. carries a Debt/EBITDA ratio of 6.0x, which is highly leveraged (24% below the sector average of 7.9x). Net debt stands at $12.5B ($13.2B total debt minus $741M cash). Interest coverage of just 1.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
VTR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.96x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.73x to 0.96x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
VTR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ventas, Inc. returns 2.1% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 342.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 0.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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% |
Total Shareholder Return Metrics
| 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 | 3.2% | 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 |
Peer Comparison
Compare VTR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VTRYou | $41B | 160.4 | 24.3 | 31.3 | -5.9% | 14.2% | 2.1% | 2.5% | 6.0 |
 WELL | $152B | 155.7 | 67.4 | 53.3 | 39.2% | 3.3% | 2.5% | 0.5% | 8.6 |
 HR | $7B | -28.5 | 17.0 | 55.6 | -33.6% | 8.0% | -4.9% | 0.7% | 6.3 |
 OHI | $14B | 23.7 | 16.7 | 15.6 | 44.5% | 62.6% | 11.6% | 6.0% | 4.0 |
 SBRA | $5B | 32.0 | 17.0 | 14.8 | 65.0% | 34.1% | 5.6% | 3.8% | 5.7 |
 NHI | $4B | 24.5 | 17.0 | 16.3 | 36.7% | 51.5% | 9.7% | 5.6% | 4.2 |
 LTC | $2B | 15.3 | 10.1 | 13.7 | 96.9% | 79.4% | 10.7% | 8.9% | 2.6 |
 CTRE | $9B | 25.1 | 15.3 | 22.3 | 98.9% | 98.7% | 9.2% | 10.1% | — |
 GMRE | $94M | 115.3 | 8.3 | — | 78.9% | 23.6% | 1.1% | 2.0% | 7.4 |
 CHCT | $500M | 226.2 | 16.2 | 8.9 | 8.7% | 16.7% | 1.1% | 1.6% | 8.4 |
 MPW | $3B | -17.1 | 105.4 | 14.6 | — | — | -4.2% | — | 4.6 |
| Real Estate Median | — | 24.5 | 16.7 | 15.6 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonVTR — Frequently Asked Questions
Quick answers to the most common questions about buying VTR stock.
What is Ventas, Inc.'s P/E ratio?
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.
What is Ventas, Inc.'s EV/EBITDA?
Ventas, Inc.'s current EV/EBITDA is 24.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.7x.
What is Ventas, Inc.'s ROE?
Ventas, Inc.'s return on equity (ROE) is 2.1%. The historical average is 12.1%.
Is VTR stock overvalued?
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.
What is Ventas, Inc.'s dividend yield?
Ventas, Inc.'s current dividend yield is 2.15% with a payout ratio of 342.1%.
What are Ventas, Inc.'s profit margins?
Ventas, Inc. has -5.9% gross margin and 14.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Ventas, Inc. have?
Ventas, Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.