Ventas, Inc. (VTR)
Real Estate · Health Care REITs · US stock · S&P 500 component
$86.99
▲ +1.61 (1.89%)
Fair valueFair
$80 −7.8% to fair value
$40fair band $68–$97$120
Day's range
$85.30 – $87.22
52-week range
$68.15 – $101.60
Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution
About Ventas, Inc.
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 2.3%. On the site's X-Ray Score it receives 45 out of 100.
Price chart
52-wk range $68.15 – $101.60Volume 2,752,092Daily, split-adjusted
Vitals
Market cap$43.3B
52-week range$68.15 – $101.60
Volume (last day)2,752,092
P/E (TTM)152.2
EBIT / EV yield1.9%
Free-cash-flow yield–
Dividend yield2.3%
Revenue (TTM)$6.4B
Net income (TTM)$273M
Operating margin13.0%
Return on capital5.1%
Debt incl. leases$496M
Cash & securities$199M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$80middle half of models $78 – $83
Fair
−7.8% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $87
Undervalued < $68Fair $68 – $97Overvalued > $97
P/B multiple
$74
P/S multiple
$85
P/FFO multiple
$83
P/AFFO multiple
$79
Dividend discount, multi-stage · not used
$257
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
7/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield1.9%
Fair value vs price0.9×
Growth
Strong
79/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)12.2%
Growth consistency100%
Profitability
Weak
47/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital5.1%
Operating margin13.0%
Financial health
Fair
66/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA0.1×
Interest cover1.3×
Dividends
Weak
27/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.3%
Dividend growth6.1%
Quarterly results: last 6 quarters
+13.2%
Mar '25
+18.3%
Jun '25
+20.4%
Sep '25
+21.7%
Dec '25
+22.0%
Mar '26
+21.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.7B, diluted EPS $0.14.
Compare with peers
WELL Welltower Inc.48 DOC Healthpeak Properties,...39Other Health Care REITs companies by X-Ray Score.
SWOT analysis: Ventas, Inc.
Strengthsinside the company
- Revenue has grown 12.2% a year over three years (median 6.6% for sector peers).
- Net debt is only 0.1x EBITDA.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital is only 5.1% (median 7.7% for sector peers), so the business earns little above its cost of capital.
- Operating margin of 13.0% is thin against 36.0% for sector peers.
- Operating profit covers interest only 1.3x.
Opportunitiesvaluation and setting
- Revenue growth picked up to 18.5% last year from 12.2% a year over three years.
Threatsvaluation and setting
- Trades at 158.6x earnings, 397% above the 31.9x median of sector peers, so the price already assumes better results.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
- Our checks raised: Heavy dilution; Heavy dilution.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare VTR with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37.
| Metric | VTR | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 45 | 52 | 52 |
| Valuation | 7 | 53 | 53 |
| Growth | 79 | 56 | 56 |
| Profitability | 47 | 53 | 53 |
| Financial health | 66 | 53 | 53 |
| Dividends | 27 | 48 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
VTR ranks #23 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for VTR
Each factor is rated by where VTR stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 2 Average · 8 Bad of 17
Growth: 2 · 0 · 0
Profitability: 0 · 0 · 4
Financial strength: 2 · 0 · 1
Valuation: 0 · 2 · 2
Cash flow: 2 · 0 · 1
Efficiency: 1 · 0 · 0
| Factor | VTR | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +12.2% | Good beats 78% | +6.8% | – | – |
| Revenue growth, last year | +18.5% | Good beats 91% | +5.1% | +8.9% | ▲ Better |
| Profitability | |||||
| Operating margin | 13.0% | Bad beats 19% | 34.3% | 10.2% | ▲ Better |
| Net margin | 4.2% | Bad beats 12% | 21.5% | 1.5% | ▲ Better |
| Return on invested capital | 5.1% | Bad beats 27% | 7.5% | – | – |
| Return on equity | 1.9% | Bad beats 10% | 7.3% | 0.5% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 0.1x | Good beats 92% | 4.6x | 7.0x | ▲ Better |
| Interest cover | 1.3x | Bad beats 2% | 3.4x | 0.8x | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 91% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 158.6x | Bad beats 5% | 32.1x | 277.5x | ▲ Better |
| Price / book | 3.0x | Bad beats 33% | 2.6x | 2.1x | ▼ Worse |
| Price / sales | 6.7x | Average beats 53% | 7.0x | 5.0x | ▼ Worse |
| EV / EBITDA | 18.7x | Average beats 48% | 18.6x | 20.1x | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 28.0% | Bad beats 22% | 44.6% | -20.3% | ▲ Better |
| Cash from operations / net income | 6.60 | Good beats 95% | 1.91 | 15.05 | ▼ Worse |
| Accruals (lower is better) | −5.2% | Good beats 74% | −3.7% | – | – |
| Efficiency | |||||
| Days sales outstanding | 6 days | Good beats 95% | 53 days | 6 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 0 Average · ● 5 BadCash quality
Earnings backed by cashGood
Risk models
Piotroski F-ScoreGood
Growth
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Net debt / EBITDAGood
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 48/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.8B | $4.1B | $4.5B | $4.9B | $5.8B |
| Operating income | $278M | $373M | $459M | $595M | $817M |
| Net income | $57M | −$41M | −$30M | $88M | $262M |
| Operating cash flow | $1.0B | $1.1B | $1.1B | $1.3B | $1.6B |
| Operating margin | 7.3% | 9.0% | 10.2% | 12.1% | 14.0% |
| Free cash flow | −$776M | $219M | $470M | −$1.2B | −$1.3B |
| Diluted EPS | $0.13 | $-0.12 | $-0.10 | $0.19 | $0.54 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 2 neutral · 5 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 84.78 | Bullish |
| EMA 10 | 85.14 | Bullish |
| SMA 20 | 84.23 | Bullish |
| EMA 20 | 85.11 | Bullish |
| SMA 50 | 87.61 | Bearish |
| EMA 50 | 86.66 | Bullish |
| SMA 100 | 88.30 | Bearish |
| EMA 100 | 86.99 | Bullish |
| SMA 200 | 85.37 | Bullish |
| EMA 200 | 84.30 | Bullish |
Oscillators (daily)
| RSI (14) | 55.75 | Neutral |
| MACD (12, 26) | -0.40 | Bearish |
| Momentum (12) | 6.27 | Bullish |
| Stochastic %K (14) | 96.88 | Bearish |
| Williams %R (14) | -3.12 | Bearish |
| CCI (20) | 93.92 | Neutral |
Pivot points (classic, last session)
S3 83.87 | S2 84.58 | S1 85.79 | Pivot 86.50 | R1 87.71 | R2 88.42 | R3 89.63 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.04 USD
Yield on today's price
2.35%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.4800 | |
| 0.4800 | |
| 0.4800 | |
| 0.4800 | |
| 0.4500 | |
| 0.4500 | |
| 0.4500 | |
| 0.4500 | |
| 0.4500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold VTR
| ETF | Share of the fund |
|---|---|
| REZ iShares Residential and Multisector Re... | 7.74% |
| XLRE The Real Estate Select Sector SPDR | 4.47% |
| ICF iShares Cohen & Steers REIT | 4.34% |
| RWR SPDR Dow Jones REIT | 4.06% |
| USRT iShares Core U.S. REIT | 3.64% |
| DFAR DFA Investment Dimensions Group Inc. | 3.39% |
| IYR iShares U.S. Real Estate | 3.19% |
| SCHH Schwab U.S. REIT | 2.84% |
The eight funds with the largest weight in VTR among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
VTR SEC filings
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Other events
8-KSEC EDGAR
Director or officer change; Shareholder vote results
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.