NYSE: VTR
Ventas
Real Estate · Real Estate Investment Trusts
52-week range
$68.15$101.60
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$45.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $22.2B |
| FY2017, ended Dec 31, 2017 | $21.4B |
| FY2018, ended Dec 31, 2018 | $20.9B |
| FY2019, ended Dec 31, 2019 | $21.5B |
| FY2020, ended Dec 31, 2020 | $18.4B |
| FY2021, ended Dec 31, 2021 | $20.4B |
| FY2022, ended Dec 31, 2022 | $18.0B |
| FY2023, ended Dec 31, 2023 | $20.1B |
| FY2024, ended Dec 31, 2024 | $25.7B |
| FY2025, ended Dec 31, 2025 | $36.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $45.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.78B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.44B |
| FY2017, ended Dec 31, 2017 | $3.57B |
| FY2018, ended Dec 31, 2018 | $3.75B |
| FY2019, ended Dec 31, 2019 | $3.87B |
| FY2020, ended Dec 31, 2020 | $3.80B |
| FY2021, ended Dec 31, 2021 | $3.83B |
| FY2022, ended Dec 31, 2022 | $4.13B |
| FY2023, ended Dec 31, 2023 | $4.50B |
| FY2024, ended Dec 31, 2024 | $4.92B |
| FY2025, ended Dec 31, 2025 | $5.83B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.78B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $649M | $1.24B |
| FY2017, ended Dec 31, 2017 | $1.36B | $1.30B |
| FY2018, ended Dec 31, 2018 | $409M | $1.25B |
| FY2019, ended Dec 31, 2019 | $433M | $1.28B |
| FY2020, ended Dec 31, 2020 | $439M | $843M |
| FY2021, ended Dec 31, 2021 | $49.0M | −$776M |
| FY2022, ended Dec 31, 2022 | −$47.4M | $219M |
| FY2023, ended Dec 31, 2023 | −$41.0M | $470M |
| FY2024, ended Dec 31, 2024 | $81.2M | −$1.20B |
| FY2025, ended Dec 31, 2025 | $251M | −$1.28B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $262M | −$1.11B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$202M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $287M |
| FY2017, ended Dec 31, 2017 | $81.4M |
| FY2018, ended Dec 31, 2018 | $72.3M |
| FY2019, ended Dec 31, 2019 | $106M |
| FY2020, ended Dec 31, 2020 | $413M |
| FY2021, ended Dec 31, 2021 | $150M |
| FY2022, ended Dec 31, 2022 | $123M |
| FY2023, ended Dec 31, 2023 | $509M |
| FY2024, ended Dec 31, 2024 | $898M |
| FY2025, ended Dec 31, 2025 | $741M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $202M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$12.4B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.1B |
| FY2017, ended Dec 31, 2017 | $11.3B |
| FY2018, ended Dec 31, 2018 | $10.7B |
| FY2019, ended Dec 31, 2019 | $12.7B |
| FY2020, ended Dec 31, 2020 | $11.9B |
| FY2021, ended Dec 31, 2021 | $12.3B |
| FY2022, ended Dec 31, 2022 | $12.7B |
| FY2023, ended Dec 31, 2023 | $13.5B |
| FY2024, ended Dec 31, 2024 | $13.5B |
| FY2025, ended Dec 31, 2025 | $13.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $12.4B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 49.1% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.529M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 355M |
| FY2017, ended Dec 31, 2017 | 356M |
| FY2018, ended Dec 31, 2018 | 357M |
| FY2019, ended Dec 31, 2019 | 373M |
| FY2020, ended Dec 31, 2020 | 375M |
| FY2021, ended Dec 31, 2021 | 399M |
| FY2022, ended Dec 31, 2022 | 400M |
| FY2023, ended Dec 31, 2023 | 402M |
| FY2024, ended Dec 31, 2024 | 437M |
| FY2025, ended Dec 31, 2025 | 475M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 529M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $4.22B more issued than bought back
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| Period | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $21.0M | $1.29B | — |
| FY2017, ended Dec 31, 2017 | $26.5M | $73.6M | — |
| FY2018, ended Dec 31, 2018 | $30.0M | $0 | — |
| FY2019, ended Dec 31, 2019 | $33.9M | $942M | — |
| FY2020, ended Dec 31, 2020 | $21.5M | $55.4M | — |
| FY2021, ended Dec 31, 2021 | $32.0M | $617M | $751M |
| FY2022, ended Dec 31, 2022 | $30.7M | $0 | — |
| FY2023, ended Dec 31, 2023 | $31.0M | $108M | — |
| FY2024, ended Dec 31, 2024 | $31.0M | $1.96B | — |
| FY2025, ended Dec 31, 2025 | $38.7M | $2.34B | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $42.4M | $4.18B | — |
Revenue (TTM)
$6.78B
+22.1% YoY
Net income (TTM)
$262M
+10.1% YoY
Cash
$202M
+7.1% YoY
Total debt
$12.4B
−1.1% YoY
Valuation
At current price- Market Cap
- $44.8B
- P/E
- 171×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.6×
- Price / Book
- 2.8×
- EV / EBITDA
- 31.6×
Growth
Trailing 12 months- Revenue (TTM)
- $6.78B
- Revenue Growth YoY
- 22.1%
- Revenue CAGR 3Y
- 12.2%
- Revenue CAGR 5Y
- 9.0%
- EPS Growth YoY
- −1.9%
- Net Income Growth YoY
- 10.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 3.2%
- Net Margin
- 3.9%
- FCF Margin
- −16.3%
- Return on Equity
- 1.9%
Earnings
Trailing 12 months- Net Income
- $262M
- EPS (diluted)
- $0.52
- EBITDA
- $1.81B
- Operating Income
- $219M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $202M
- Total Debt
- $12.4B
- Net Debt
- $12.2B
- Total Assets
- $30.6B
- Total Liabilities
- $14.3B
- Shareholders' Equity
- $15.8B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.91B
- Capital Expenditure
- $3.02B
- Free Cash Flow
- −$1.11B
Dividends and risk
Last 12 months- Dividend Yield
- 2.4%
- Dividend / Share
- $2.04
- Beta (5Y)
- 0.72
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 22.1% year over year, at $6.78B.
Note
Net margin of 3.9% over the last 12 months.
Watch
Net debt is 6.8× EBITDA ($12.2B), a heavy load.
Watch
Free cash flow was negative (−$1.11B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K74Good news
74Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 6, 2026 · Read the filing on EDGAR
- Property income (NOI) rose 15.7% to $2.39 billion, and profit for shareholders roughly tripled to $251 million from $81 million.
- Senior housing income jumped 36.7%, driven by higher occupancy (87.3% vs 84.5%), higher rents, $2.3 billion of acquisitions and properties moved over from leases.
- Ventas raised about $3.2 billion through share sales and grew available cash and credit to $5.3 billion. It bought another $842 million of senior housing in early 2026.
- Senior housing now produces about half of NOI, and the Brookdale lease issue is mostly settled.
Business momentum
Strong improvement
“Total NOI 2,393,054 2,069,083 323,971 15.7”
Outlook
Positive
“We expect senior housing to benefit from strong supply/demand fundamentals, including robust projected demand growth combined with low projected supply growth.”
Financial stress
Low
“As of December 31, 2025, we had $5.3 billion in liquidity, including $3.5 billion of availability under our unsecured revolving credit facility, $741.1 million of cash and cash equivalents on hand”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Senior housing growth
“Resident fees and services $ 4,276,163 $ 3,372,796 $ 903,367 26.8 %”
Higher occupancy at senior housing communities owned for both full years
“The increase in our same-store SHOP segment NOI in 2025 over the prior year was primarily driven by higher average occupancy and revenue per occupied room”
Stronger operating cash flow
“Cash flows from operating activities increased $317.1 million during 2025 compared to the same period in 2024 primarily due to growth in our SHOP business.”
Concerns
Heavy reliance on issuing new shares to fund growth
“we entered into equity forward sales agreements under the ATM Program for 46.2 million shares of our common stock for gross proceeds of $3.2 billion”
Income from leased properties fell
“NOI $ 588,073 $ 606,225 $ (18,152) (3.0) %”
Rising operating costs and interest rates
“Our weighted average effective interest rate was 4.56% for 2025 compared to 4.41% for 2024, which increased interest expense by $20.1 million.”
New risks since the previous report
New federal law changes Medicaid and other government funding
“The OBBBA also contains provisions that may affect our and our managers’, tenants’ or borrowers’ operations, including but not limited to provisions that pertain to funding of government reimbursement programs”
Tariffs pushing up construction costs
“our costs and the costs of our tenants and borrowers may be impacted by rising construction costs from tariffs on imported materials and rising labor costs.”
Risks from using AI tools, or falling behind peers who use them
“if our peers use AI tools to optimize operations and we fail to utilize AI tools in a comparable manner, we may be competitively disadvantaged.”
Biggest risks named
- Reliance on a few tenants and managers (Atria, Sunrise, Ardent, Kindred, Le Groupe Maurice)
- Government funding cuts (NIH, Medicaid) hurting tenants
- Labour costs and inflation at senior housing communities
- Higher interest rates and refinancing costs
- Risk that large acquisitions and conversions to Ventas-run senior housing fall short
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 74 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 6, 2026 | 74 | Strong improvement | None | |
| 10-K | Feb 13, 2025 | 75 | Strong improvement | None | |
| 10-K | Feb 15, 2024 | 67 | Improving | 2 minor | |
| 10-K | Feb 10, 2023 | 43 | Sharp deterioration | 1 medium | |
| 10-K | Feb 18, 2022 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Feb 23, 2021 | 35 | Sharp deterioration | 1 medium2 minor | |
| 10-K | Feb 24, 2020 | 67 | Improving | None | |
| 10-K | Feb 8, 2019 | 37 | Sharp deterioration | 2 minor | |
| 10-K | Feb 9, 2018 | 70 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR