30 years of historical data (1996–2025) · Real Estate · REIT - Healthcare Facilities
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ventas, Inc. trades at 159.6x 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 23.4x, the stock trades at a premium of 583%. On a free-cash-flow basis, the stock trades at 31.5x P/FCF, 10% above the 5-year average of 28.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $40.4B | $35.8B | $24.5B | $20.2B | $16.8B | $19.7B | $18.5B | $21.4B | $21.1B | $21.5B | $21.8B |
| Enterprise Value | $53.1B | $48.4B | $37.4B | $33.4B | $29.2B | $31.8B | $30.2B | $33.7B | $31.7B | $32.7B | $32.6B |
| P/E Ratio → | 159.56 | 143.30 | 309.95 | — | — | 393.23 | 41.91 | 49.35 | 51.39 | 15.88 | 33.61 |
| P/S Ratio | 6.93 | 6.14 | 4.98 | 4.50 | 4.07 | 5.16 | 4.86 | 5.51 | 5.62 | 6.02 | 6.33 |
| P/B Ratio | 3.08 | 2.76 | 2.26 | 2.12 | 1.65 | 1.80 | 1.80 | 2.03 | 2.05 | 1.97 | 2.07 |
| P/FCF | 31.53 | 27.90 | 33.78 | 23.50 | 25.25 | 33.29 | 20.04 | 24.35 | 22.91 | 21.29 | 19.69 |
| P/OCF | 24.56 | 21.74 | 18.44 | 18.05 | 15.02 | 19.25 | 12.73 | 14.85 | 15.24 | 14.92 | 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
Ventas, Inc.'s enterprise value stands at 24.1x EBITDA, 25% above its 5-year average of 19.2x. The Real Estate sector median is 13.6x, placing the stock at a 76% 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 | — | 8.30 | 7.59 | 7.42 | 7.07 | 8.31 | 7.95 | 8.69 | 8.47 | 9.15 | 9.47 |
| EV / EBITDA | 24.07 | 21.96 | 19.02 | 18.24 | 17.22 | 19.45 | 17.51 | 17.47 | 8.66 | 10.49 | 10.88 |
| EV / EBIT | 64.21 | 56.35 | 57.18 | 62.51 | 71.23 | 63.46 | 37.04 | 40.33 | 38.74 | 18.70 | 31.34 |
| EV / FCF | — | 37.76 | 51.48 | 38.81 | 43.81 | 53.65 | 32.72 | 38.38 | 34.52 | 32.37 | 29.49 |
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 22.0%. 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.
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
Ventas, Inc. carries a Debt/EBITDA ratio of 6.1x, which is highly leveraged (9% below the sector average of 6.7x). Net debt stands at $12.6B ($13.4B total debt minus $786M 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 | 1.04 | 1.04 | 1.27 | 1.43 | 1.22 | 1.12 | 1.18 | 1.18 | 1.04 | 1.03 | 1.06 |
| Debt / EBITDA | 6.09 | 6.09 | 6.99 | 7.48 | 7.37 | 7.47 | 7.03 | 6.44 | 2.93 | 3.62 | 3.71 |
| Net Debt / Equity | — | 0.98 | 1.19 | 1.38 | 1.21 | 1.10 | 1.14 | 1.17 | 1.04 | 1.02 | 1.03 |
| Net Debt / EBITDA | 5.73 | 5.73 | 6.54 | 7.20 | 7.30 | 7.38 | 6.79 | 6.39 | 2.91 | 3.59 | 3.61 |
| Debt / FCF | — | 9.85 | 17.70 | 15.31 | 18.56 | 20.36 | 12.69 | 14.03 | 11.60 | 11.08 | 9.80 |
| Interest Coverage | 1.35 | 1.35 | 1.13 | 0.72 | 1.03 | 0.96 | 1.26 | 1.90 | 1.95 | 1.39 | 1.33 |
Short-term solvency ratios and asset-utilisation metrics
Ventas, Inc.'s current ratio of 5.04x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.73x to 5.04x 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 | 5.04 | 5.04 | 1.04 | 0.73 | 0.61 | 0.62 | 1.06 | 0.72 | 0.56 | 1.03 | 1.25 |
| Quick Ratio | 5.04 | 5.04 | 1.04 | 0.73 | 0.61 | 0.62 | 1.06 | 0.72 | 0.56 | 1.03 | 1.25 |
| Cash Ratio | 5.34 | 5.34 | 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
Ventas, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. 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.
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 | — | — | 3.0% | 3.6% | 4.3% | 3.5% | 5.0% | 5.4% | 5.4% | 3.8% | 4.7% |
| Payout Ratio | — | — | 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 | 3.2% | 3.6% | 3.0% | 4.3% | 4.0% | 3.0% | 5.0% | 4.1% | 4.4% | 4.7% | 5.1% |
| 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 | 0.0% | 0.0% | 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 |
Compare VTR with 5 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| VTRYou | $40B | 159.6 | 24.1 | 31.5 | -5.9% | 14.2% | 2.1% | 2.5% | 6.1 |
| WELL | $144B | 149.0 | 54.4 | 50.1 | 20.9% | 4.9% | 2.5% | 0.9% | 1.1 |
| DOC | $12B | 176.8 | 13.8 | 9.8 | 22.5% | 19.3% | 0.8% | 2.3% | 6.5 |
| AHR | $9B | -180.1 | 29.9 | 106.2 | 20.1% | 6.6% | -2.0% | 2.4% | 5.2 |
| DHC | $2B | -5.7 | 6.9 | — | -16.0% | -2.6% | -15.8% | -0.9% | — |
| SILA | $1B | 42.9 | 9.7 | 11.9 | 87.9% | 32.9% | 2.4% | 3.0% | — |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonVentas, Inc.'s current P/E ratio is 159.6x. The historical average is 31.3x. This places it at the 100th percentile of its historical range.
Ventas, Inc.'s current EV/EBITDA is 24.1x. 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 159.6x. 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. 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 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.