Latest Ratios: P/E Ratio 173.4x · EV/EBITDA 23.1x · 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 | $43.1B | $35.8B | $24.5B | $20.2B | $16.8B | $19.7B | $18.5B | $21.4B | $21.1B | $21.5B | $21.8B |
| Enterprise Value | $55.6B | $48.3B | $37.4B | $33.4B | $29.2B | $31.8B | $30.2B | $33.7B | $31.7B | $32.7B | $32.6B |
| P/E Ratio → | 173.41 | 143.30 | 309.95 | — | — | 393.23 | 41.91 | 49.35 | 51.39 | 15.88 | 33.61 |
| P/S Ratio | 6.36 | 6.14 | 4.98 | 4.50 | 4.07 | 5.16 | 4.86 | 5.51 | 5.62 | 6.02 | 6.33 |
| P/B Ratio | 3.26 | 2.84 | 2.26 | 2.12 | 1.65 | 1.80 | 1.80 | 2.03 | 2.05 | 1.97 | 2.07 |
| P/FCF | 25.93 | 27.19 | 23.21 | 21.62 | 18.16 | 23.00 | 14.18 | 16.67 | 16.11 | 16.52 | 17.43 |
| P/OCF | 25.68 | 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 | 23.06 | 21.88 | 20.21 | 21.12 | 18.54 | 22.74 | 19.49 | 19.02 | 18.11 | 22.15 | 22.96 |
| EV / EBIT | 67.28 | 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 | 7.43 | 8.65 | 7.93 | 8.74 | 7.82 | 7.01 | 6.13 | 7.63 | 7.83 |
| 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 | 6.95 | 8.33 | 7.86 | 8.63 | 7.56 | 6.95 | 6.09 | 7.58 | 7.63 |
| 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 | 3.9% | 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
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VTR stock.
Ventas, Inc.'s current P/E ratio is 173.4x. The historical average is 31.3x. This places it at the 100th percentile of its historical range.
Ventas, Inc.'s current EV/EBITDA is 23.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.3x.
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 173.4x. 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 2.09% 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
Unverified leverage and FFO quality
Metrics are mathematically derived from official filings.
Premium Multiple Lacks FFO Anchor
Based on the supplied ratio series, P/FFO has expanded from roughly 24.2x in 2024Q3 to 31.5x in 2026Q3, a rerating that outpaces the 0.6% dividend yield and demands sustained FFO growth to justify.
The climb in P/FFO while FFO per share rose from $0.79 to $0.99 suggests the market is capitalizing near-term senior housing recovery rather than current cash earnings. Because P/FFO and P/AFFO are unavailable in the current valuation block, the implied cap rate cannot be verified against private transaction benchmarks, so investors should monitor whether the premium compresses if operator-level SHOP performance lags. The reported P/E of 164.9x is distorted by depreciation and should not be used as a valuation anchor.
FFO Payout Ratio Holds Near Half
As reported in the quarterly ratio series, the FFO payout ratio has stayed between roughly 50% and 56% across most recent quarters, leaving a meaningful retained cash buffer if the reported figures hold.
A payout near 52% of FFO implies a comfortable margin for the dividend, yet the 2024Q3 reading of 110.3% shows the ratio can spike when cash earnings dip. The AFFO per share series turning sharply negative in 2026Q2 and 2026Q1 suggests recurring capital or leasing outflows not captured in headline FFO, which warrants monitoring. Dividend safety therefore depends on whether AFFO normalizes rather than on the headline payout alone.
Reported Leverage Conflicts With Debt Levels
According to the supplied ratio data, debt-to-equity fell from 1.37 to 0.77 over ten quarters, yet total debt stayed near $13B, a divergence the underlying balance sheet figures do not fully explain.
A REIT with roughly $12.7B to $13.9B of debt would ordinarily carry a much higher leverage ratio on a gross-asset basis, so the falling D/E likely reflects equity revaluation rather than deleveraging. Interest coverage of 1.30x in 2026Q3, after 0.74x in 2025Q3, indicates thin and volatile debt service capacity. Debt-to-gross-assets, fixed-rate exposure, and maturity profile are not supplied, so refinancing risk cannot be quantified from this data.
NOI Margin Steady Despite Revenue Growth
Based on the reported quarterly series, NOI margin has held between roughly 39.6% and 43.2% across ten quarters, suggesting property-level profitability has been maintained as the revenue base expanded.
The stability of the NOI margin alongside 18.5% year-over-year FFO growth in 2026Q3 suggests FFO expansion is being driven by organic occupancy and rate gains rather than margin expansion. The persistent negative gross margin of -5.9% and the -136.0% NOI reading in 2025Q4 indicate that SHOP operating costs, especially labor, may be absorbing revenue gains. Whether growth is organic or acquisition-driven cannot be fully determined without same-store NOI data.
P/E Misapplied Despite Accounting Distortion
The reported P/E of 164.9x is the ratio most commonly misapplied to this REIT, as depreciation depresses GAAP earnings and obscures the cash earnings power captured by P/FFO.
Standard P/E and net margin figures, including the 8.8% net margin for peer Welltower, understate economic earnings because heavy non-cash depreciation reduces reported net income far below FFO. Using P/FFO with AFFO adjustments for straight-line rent and maintenance capex would give a more accurate valuation picture. Investors should treat the missing P/FFO and P/AFFO values in the current data as a gap to close before drawing valuation conclusions.