Real Estate · Health Care REITs · US stock · price as of 16 Oct 2026
Key indicators
Price
$85.86
52-week range
$66.51 – $100.99
Market cap
$42.7B
P/E (trailing)
150.2×
EV / EBITDA
18.3×
Free-cash-flow yield
4.2%
Dividend yield
2.4%
Revenue (last 12 months)
$6.4B
Revenue growth (3y a year)
12.2%
Operating margin
13.0%
Return on invested capital
5.1%
Net debt / EBITDA
0.1×
Fair value
Fair value is not shown for this company.
X-Ray Score
47/ 100 · Low confidence · ahead of 31% of sector peers
Valuation15
Growth79
Profitability47
Financial health66
Dividends27
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Ventas is a real estate investment trust that owns health care properties, with senior housing communities as its core business. Its portfolio also includes medical office buildings, life science and research buildings, and hospitals, and it works with operators who run many of the communities. Tenants and residents include senior living operators, health systems, universities and research companies, and older adults who live in its communities.
Revenue comes from rent and from resident fees at senior housing communities. It was $6.4 billion over the last twelve months, with growth of 12.2% a year across the last three years. The operating margin is 13.0%, and the business earns a profit of 5% on the capital invested in it. Net debt is 0.1 times EBITDA. The dividend yield is 2.4%.
StocksXray gives Ventas, Inc. an X-Ray Score of 47 out of 100 (low confidence), ahead of 31% of the S&P 500 stocks in its sector. Its strongest lens is growth (79) and its weakest is valuation (15).
XStocksXray
Ventas, Inc. (VTR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$43.72
$39.99
$46.01
$56.24
$75.98
$85.86
Market cap
$16.9B
$16.1B
$18.7B
$23.4B
$35.1B
$42.7B
P/E
336.3×
–
–
296.0×
140.7×
150.2×
EV / revenue
7.6×
7.0×
7.0×
7.3×
8.1×
6.7×
EV / EBITDA
19.8×
18.3×
17.1×
19.5×
21.6×
18.3×
Price / free cash flow
–
73.5×
39.7×
–
–
23.7×
Free-cash-flow yield
−4.6%
1.4%
2.5%
−5.1%
−3.6%
4.2%
Price / book
1.6×
1.6×
2.0×
2.2×
2.8×
2.9×
Dividend yield
4.12%
4.50%
3.91%
3.20%
2.53%
2.38%
Fundamentals checklist ● 5 Good · ● 0 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.2%Good
Risk models
Piotroski F-Score8 of 9Good
Growth
Revenue growth (3y)12.2%Good
Growth consistency100%Good
Balance sheet
Net debt / EBITDA0.1×Good
Interest cover1.3×Bad
Valuation
EBIT / EV yield1.9%Bad
Profitability
Return on invested capital5.1%Bad
Operating margin13.0%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Ventas, Inc. (VTR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,828
4,129
4,498
4,924
5,834
6,442
Gross profit
–
–
–
–
–
–
Operating income
278
373
459
595
817
839
Net income
57
-41
-30
88
262
273
Diluted EPS ($)
0.13
-0.12
-0.10
0.19
0.54
0.57
Free cash flow
-776
219
470
-1,200
-1,281
1,801
Gross margin
–
–
–
–
–
–
Operating margin
7.3%
9.0%
10.2%
12.1%
14.0%
13.0%
Net margin
1.5%
−1.0%
−0.7%
1.8%
4.5%
4.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
24,718
24,158
24,725
26,187
27,592
29,656
Cash
150
123
509
898
741
199
Total debt
12,308
12,700
13,491
13,523
13,011
265
Equity
10,854
10,153
9,488
10,771
12,527
14,649
Dividend per share ($)
1.80
1.80
1.80
1.80
1.92
2.00
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.