NYSE : VTR
Ventas, Inc. — Financial statements
Real Estate · REIT - Healthcare Facilities · United States
Last price 85.025 USD (Oct 30, 2026, 9:51 AM EDT) · Market cap 45.26B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.43B | 1.50B | 1.50B | 1.49B | 1.40B | 1.45B |
| Other Revenue | 5.28B | 4.30B | 3.38B | 2.99B | 2.71B | 2.30B |
| Total Revenue | 6.74B | 5.82B | 4.89B | 4.50B | 4.15B | 3.82B |
| Property Expenses | 4.09B | 3.42B | 2.83B | 2.56B | 2.28B | 2.09B |
| Selling, General & Administrative | 198.44M | 177.40M | 162.99M | 148.88M | 144.87M | 129.76M |
| Depreciation & Amortization | 1.47B | 1.28B | 1.17B | 1.17B | 1.09B | 978.00M |
| Provision for Loan Losses | 166.00K | 20.27M | -19.76M | 9.08M | ||
| Total Operating Expenses | 5.76B | 4.88B | 4.16B | 3.86B | 3.54B | 3.19B |
| Operating Income | 985.60M | 937.18M | 731.98M | 644.33M | 616.51M | 631.00M |
| Interest Expense | -632.03M | -612.25M | -602.84M | -574.11M | -467.56M | -440.09M |
| Interest & Investment Income | 14.12M | 21.01M | 28.11M | 11.41M | 3.63M | 14.81M |
| Other Non-Operating Income | -28.18M | -24.82M | -57.10M | 46.79M | -66.51M | -26.88M |
| EBT Excluding Unusual Items | 339.50M | 321.12M | 100.15M | 128.42M | 86.08M | 178.84M |
| Gain (Loss) on Sale of Investments | 8.70M | |||||
| Gain (Loss) on Sale of Assets | 19.35M | 38.58M | 57.01M | 62.12M | 7.78M | 218.79M |
| Asset Writedown | -120.80M | -96.20M | -86.00M | -226.60M | -107.80M | -219.40M |
| Other Unusual Items | -28.49M | -16.13M | -29.29M | -3.77M | -43.92M | -116.84M |
| Pretax Income | 209.56M | 247.37M | 50.58M | -39.84M | -57.86M | 61.39M |
| Income Tax Expense | -61.98M | -14.15M | -37.77M | -9.54M | -16.93M | 4.83M |
| Earnings From Continuing Operations | 271.54M | 261.52M | 88.35M | -30.30M | -40.93M | 56.56M |
| Net Income to Company | 271.54M | 261.52M | 88.35M | -30.30M | -40.93M | 56.56M |
| Minority Interest in Earnings | -9.48M | -10.14M | -7.20M | -10.68M | -6.52M | -7.55M |
| Net Income | 262.06M | 251.38M | 81.15M | -40.97M | -47.45M | 49.01M |
| Net Income to Common | 262.06M | 251.38M | 81.15M | -40.97M | -47.45M | 49.01M |
| Basic Shares Outstanding | 487.90M | 455.08M | 411.77M | 401.81M | 399.55M | 382.79M |
| Diluted Shares Outstanding | 496.28M | 462.62M | 416.37M | 405.67M | 403.45M | 386.30M |
| EPS (Basic) | 0.54 | 0.55 | 0.20 | -0.10 | -0.12 | 0.13 |
| EPS (Diluted) | 0.52 | 0.54 | 0.19 | -0.10 | -0.12 | 0.13 |
| Dividend Per Share | 2.04 | 1.92 | 1.80 | 1.80 | 1.80 | 1.80 |
| Operating Margin | 14.62% | 16.11% | 14.97% | 14.32% | 14.84% | 16.53% |
| Profit Margin | 3.89% | 4.32% | 1.66% | -0.91% | -1.14% | 1.28% |
| EBITDA | 2.47B | 2.21B | 1.88B | 1.77B | 1.66B | 1.54B |
| EBITDA Margin | 36.57% | 38.04% | 38.35% | 39.40% | 39.86% | 40.28% |
| D&A For Ebitda | 1.48B | 1.28B | 1.14B | 1.13B | 1.04B | 906.92M |
| EBIT | 985.60M | 937.18M | 731.98M | 644.33M | 616.51M | 631.00M |
| EBIT Margin | 14.62% | 16.11% | 14.97% | 14.32% | 14.84% | 16.53% |
| Funds From Operations (FFO) | 1.89B | 1.62B | 1.31B | 1.32B | 1.14B | 1.02B |
| FFO Per Share | 3.50 | 3.14 | 3.26 | 2.82 | ||
| Adjusted Funds From Operations (AFFO) | 1.62B | 1.31B | 1.32B | 1.14B | 1.02B | |
| AFFO Per Share | 3.50 | 3.14 | 3.24 | 2.82 | ||
| FFO Payout Ratio | 51.57% | 53.12% | 56.71% | 54.74% | 63.27% | 67.16% |
| Effective Tax Rate | 7.86% | |||||
| Revenue as Reported | 6.78B | 5.83B | 4.92B | 4.50B | 4.13B | 3.83B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 26.76B | 23.82B | 22.33B | 21.46B | 20.85B | 21.36B |
| Cash & Equivalents | 202.01M | 741.07M | 897.85M | 508.79M | 122.56M | 149.72M |
| Accounts Receivable | 382.89M | 350.70M | 310.81M | 270.20M | 187.54M | 176.88M |
| Investment In Debt and Equity Securities | 220.57M | 182.00M | 167.41M | 139.59M | 162.39M | 163.70M |
| Goodwill | 1.05B | 1.05B | 1.04B | 1.05B | 1.04B | 1.05B |
| Other Intangible Assets | 549.61M | 317.17M | 283.89M | 292.77M | 319.29M | 459.86M |
| Loans Receivable Current | 20.68M | 20.83M | 28.13M | 26.15M | 24.34M | 19.02M |
| Restricted Cash | 27.62M | 45.07M | 59.38M | 54.67M | 48.18M | 46.87M |
| Other Current Assets | 100.81M | 42.99M | 18.62M | 76.27M | 69.21M | 28.40M |
| Deferred Long-Term Tax Assets | 2.81M | 2.80M | 1.93M | 1.75M | 10.49M | 11.15M |
| Deferred Long-Term Charges | 179.88M | 163.48M | 145.97M | 118.56M | 101.19M | |
| Other Long-Term Assets | 692.54M | 715.40M | 754.95M | 701.75M | 727.02M | 762.88M |
| Total Assets | 30.63B | 27.59B | 26.19B | 24.73B | 24.16B | 24.72B |
| Current Portion of Long-Term Debt | 463.56M | 2.17B | 1.05B | 978.40M | 202.97M | |
| Current Portion of Leases | 21.90M | |||||
| Long-Term Debt | 11.97B | 10.84B | 12.47B | 12.51B | 12.09B | 12.03B |
| Long-Term Leases | 230.57M | 186.70M | 218.00M | 194.73M | 190.44M | 197.23M |
| Accounts Payable | 1.41B | 1.17B | 1.07B | 957.13M | 939.45M | 971.40M |
| Accrued Expenses | 97.66M | 143.10M | 143.34M | 117.40M | 110.54M | 106.60M |
| Other Current Liabilities | 8.40M | 9.30M | 8.61M | 11.77M | 6.64M | 23.14M |
| Long-Term Deferred Tax Liabilities | 31.80M | 23.41M | 8.15M | 24.50M | 35.57M | 59.26M |
| Other Long-Term Liabilities | 58.22M | 64.46M | 75.20M | 81.97M | 92.10M | 106.57M |
| Total Liabilities | 14.27B | 14.63B | 15.05B | 14.88B | 13.67B | 13.49B |
| Common Stock | 132.21M | 118.73M | 109.12M | 100.65M | 99.91M | 99.84M |
| Additional Paid-In Capital | 23.83B | 19.98B | 17.61B | 15.65B | 15.54B | 15.50B |
| Retained Earnings | -8.14B | -7.53B | -6.89B | -6.21B | -5.45B | -4.68B |
| Treasury Stock | -34.00K | -25.16M | -13.76M | -536.00K | ||
| Comprehensive Income & Other | -23.69M | -39.85M | -33.53M | -35.76M | -36.80M | -64.52M |
| Total Common Equity | 15.81B | 12.53B | 10.77B | 9.49B | 10.15B | 10.85B |
| Minority Interest | 545.36M | 433.71M | 368.56M | 358.98M | 333.36M | 371.66M |
| Shareholders' Equity | 16.35B | 12.96B | 11.14B | 9.85B | 10.49B | 11.23B |
| Total Liabilities & Equity | 30.63B | 27.59B | 26.19B | 24.73B | 24.16B | 24.72B |
| Total Debt | 12.67B | 13.22B | 13.74B | 13.69B | 12.49B | 12.22B |
| Net Cash (Debt) | -12.47B | -12.48B | -12.84B | -13.18B | -12.36B | -12.08B |
| Net Cash Per Share | -25.12 | -26.97 | -30.84 | -32.48 | -30.65 | -31.26 |
| Filing Date Shares Outstanding | 528.82M | 474.97M | 437.14M | 402.46M | 399.99M | 399.50M |
| Total Common Shares Outstanding | 528.82M | 474.93M | 437.08M | 402.10M | 399.70M | 399.42M |
| Book Value Per Share | 29.89 | 26.38 | 24.64 | 23.60 | 25.40 | 27.18 |
| Tangible Book Value | 14.21B | 11.16B | 9.44B | 8.15B | 8.79B | 9.35B |
| Tangible Book Value Per Share | 26.87 | 23.51 | 21.60 | 20.27 | 21.99 | 23.40 |
| Land | 3.39B | 2.96B | 2.78B | 2.60B | 2.44B | 2.43B |
| Buildings | 34.21B | 30.87B | 28.72B | 27.20B | 26.02B | 25.78B |
| Construction In Progress | 248.74M | 358.81M | 336.23M | 368.14M | 310.46M | 269.31M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 262.06M | 251.38M | 81.15M | -40.97M | -47.45M | 49.01M |
| Depreciation & Amortization | 1.48B | 1.28B | 1.14B | 1.13B | 1.04B | 906.92M |
| Gain (Loss) on Sale of Assets | -19.36M | -38.58M | -57.01M | -91.25M | -7.78M | -220.24M |
| Asset Writedown | 120.80M | 96.20M | 86.00M | 226.60M | 107.80M | 219.40M |
| Stock-Based Compensation | 42.40M | 38.73M | 30.99M | 30.99M | 30.71M | 31.97M |
| Income (Loss) on Equity Investments | 59.35M | 24.57M | 16.73M | 2.50M | -8.65M | 14.35M |
| Change in Accounts Payable | 155.57M | 81.03M | 133.97M | -6.41M | 7.20M | 16.72M |
| Change in Other Net Operating Assets | -100.39M | -31.61M | -90.16M | -47.19M | -47.98M | -60.49M |
| Other Operating Activities | -87.92M | -51.03M | -14.93M | -62.80M | 27.14M | 77.56M |
| Operating Cash Flow | 1.91B | 1.65B | 1.33B | 1.12B | 1.12B | 1.03B |
| Acquisition of Real Estate Assets | -4.62B | -2.94B | -2.53B | -649.47M | -900.70M | -1.80B |
| Sale of Real Estate Assets | 121.21M | 213.16M | 329.09M | 399.53M | 112.93M | 840.44M |
| Net Sale / Acq. of Real Estate Assets | -4.50B | -2.73B | -2.20B | -249.94M | -787.77M | -961.58M |
| Investment in Marketable & Equity Securities | 3.89M | -22.09M | -61.43M | -5.80M | -55.34M | -111.44M |
| Other Investing Activities | 9.27M | 5.01M | 3.54M | 29.19M | 13.70M | 1.28M |
| Investing Cash Flow | -4.75B | -2.69B | -2.38B | -184.66M | -859.22M | -724.14M |
| Short-Term Debt Issued | 122.41M | 279.93M | ||||
| Long-Term Debt Issued | 1.13B | 1.91B | 2.53B | 957.78M | 1.53B | |
| Total Debt Issued | 1.56B | 1.13B | 1.91B | 2.53B | 1.08B | 1.81B |
| Short-Term Debt Repaid | -402.35M | |||||
| Long-Term Debt Repaid | -1.79B | -1.63B | -1.99B | -602.57M | -2.24B | |
| Total Debt Repaid | -1.94B | -1.79B | -1.63B | -2.39B | -602.57M | -2.24B |
| Net Debt Issued (Repaid) | -376.39M | -656.03M | 285.01M | 139.59M | 477.62M | -420.79M |
| Issuance of Common Stock | 4.26B | 2.45B | 1.99B | 110.19M | 8.69M | 625.61M |
| Common Dividends Paid | -976.27M | -860.06M | -740.33M | -723.56M | -720.32M | -686.89M |
| Other Financing Activities | -82.24M | -64.70M | -90.39M | -69.97M | -49.92M | -76.40M |
| Foreign Exchange Rate Adjustments | -1.35M | 2.84M | -3.98M | 1.26M | -2.87M | 1.45M |
| Net Cash Flow | -12.92M | -171.10M | 393.77M | 392.72M | -25.85M | -255.04M |
| Levered Free Cash Flow | 1.48B | 1.21B | 1.12B | 877.19M | 840.07M | 874.96M |
| Unlevered Free Cash Flow | 1.87B | 1.60B | 1.50B | 1.24B | 1.13B | 1.15B |
| Cash Interest Paid | 579.69M | 579.69M | 575.74M | 548.11M | 467.56M | 402.02M |
| Change in Working Capital | 55.18M | 49.43M | 43.81M | -53.60M | -40.78M | -43.77M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 45.14B | 36.35B | 24.70B | 20.04B | 18.01B | 20.41B |
| Enterprise Value | 57.60B | 49.36B | 37.88B | 33.52B | 30.59B | 32.91B |
| Last Close Price | 84.80 | 75.98 | 56.24 | 46.01 | 39.99 | 43.72 |
| Price/FFO Ratio | 21.71 | 17.91 | 14.11 | 14.18 | ||
| Price/AFFO Ratio | 21.71 | 17.94 | 14.20 | 14.17 | ||
| PE Ratio | 163.28 | 144.59 | 304.42 | 416.38 | ||
| PS Ratio | 6.69 | 6.25 | 5.05 | 4.45 | 4.33 | 5.34 |
| PB Ratio | 2.84 | 2.80 | 2.22 | 2.04 | 1.72 | 1.82 |
| P/OCF Ratio | 23.60 | 22.07 | 18.58 | 17.90 | 16.08 | 19.89 |
| EV/Sales Ratio | 8.54 | 8.48 | 7.75 | 7.45 | 7.37 | 8.62 |
| EV/EBITDA Ratio | 23.36 | 22.30 | 20.20 | 18.90 | 18.48 | 21.40 |
| EV/EBIT Ratio | 58.44 | 52.67 | 51.76 | 52.02 | 49.62 | 52.16 |
| Debt / Equity Ratio | 0.78 | 1.02 | 1.23 | 1.39 | 1.19 | 1.09 |
| Debt / EBITDA Ratio | 5.07 | 5.89 | 7.20 | 7.56 | 7.40 | 7.79 |
| Net Debt / Equity Ratio | 0.76 | 0.96 | 1.15 | 1.34 | 1.18 | 1.08 |
| Net Debt / EBITDA Ratio | 5.06 | 5.64 | 6.85 | 7.43 | 7.47 | 7.85 |
| Asset Turnover | 0.23 | 0.22 | 0.19 | 0.18 | 0.17 | 0.16 |
| Quick Ratio | 0.30 | 0.31 | 0.53 | 0.38 | 0.25 | 0.30 |
| Current Ratio | 0.37 | 0.34 | 0.58 | 0.45 | 0.36 | 0.38 |
| Return on Equity (ROE) | 1.86% | 2.17% | 0.84% | -0.30% | -0.38% | 0.52% |
| Return on Assets (ROA) | 2.14% | 2.18% | 1.80% | 1.65% | 1.58% | 1.62% |
| Return on Invested Capital (ROIC) | 3.45% | 3.67% | 3.02% | 2.77% | 2.66% | 2.52% |
| Earnings Yield | 0.61% | 0.69% | 0.33% | -0.20% | -0.26% | 0.24% |
| Dividend Yield | 2.45% | 2.51% | 3.19% | 3.61% | 4.00% | 3.52% |
| Payout Ratio | 400.50% | 342.13% | 912.26% | 1,401.58% | ||
| Buyback Yield / Dilution | -10.51% | -11.11% | -2.64% | -0.55% | -4.44% | -2.60% |
| Total Shareholder Return | -8.06% | -8.60% | 0.55% | 3.06% | -0.45% | 0.92% |