Omega Healthcare Investors Inc.

OHI
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
6.9%
FY2024 · GAAP ROE: Net Income / Book Equity (~$350M / ~$5,100M) · WACC ~6.75% · Moat spread +0.15pp

Financial Snapshot

ticker: OHI step: 04 generated: 2026-05-13 source: quick-research

Omega Healthcare Investors Inc. (OHI) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$900M ~$960M ~$1.05B +9%
Gross Margin ~70% ~70% ~72%
Operating Margin ~35% ~30% ~38%
Net Income $439M $249M ~$350M
AFFO/Share ~$2.86 $2.79 $2.87 +2.9%

FY2023 net income decline reflects non-cash impairments and write-offs from operator restructurings, not operational deterioration — AFFO (which adds back these items) was only slightly lower. FY2024 AFFO growth was modest (+2.9%) while FAD grew +4.2% to $2.73/share. Q3 2025 AFFO was $0.79/share (+6.8% YoY), implying FY2025 annual AFFO of ~$3.10–3.20/share — a significant acceleration.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Nareit FFO $734M ($2.71/share)
AFFO $778M ($2.87/share)
FAD $739M ($2.73/share)
Total Debt Reduction (2025) >$700M (proactive deleveraging)
Next Major Debt Maturity April 2027 (no near-term refinancing pressure)

Key Ratios (approximate)

  • P/AFFO: ~12x | EV/EBITDA: ~17x | Dividend Yield: ~6.5–7.0%
  • Quarterly Dividend: $0.67–$0.68/share (~$2.68–$2.72 annualized)
  • AFFO Growth (FY2024): +2.9%; accelerating to +8%+ in 2025

Growth Profile

Omega entered 2024 with improving momentum as the SNF sector's post-COVID occupancy and rate recovery continued. The $1.1B in capital deployed during 2025 (senior housing, UK care homes, Saber Healthcare partnership) is driving a material step-up in annualized AFFO — Q3 2025's $0.79/share run rate implies FY2025 full-year AFFO of ~$3.10–3.20/share, significantly above FY2024's $2.87/share. The clean balance sheet (no major maturities until April 2027) provides stability as Omega continues its investment program.

Forward Estimates

  • FY2026 Adjusted FFO guidance: $3.15–$3.25/share
  • Q3 2025 run rate: $0.79/share quarterly (~$3.16 annualized)
  • 2025 capital deployed: $1.1B (senior housing, UK care homes, Saber partnership)
  • 2025 debt reduction: >$700M (materially lowering interest expense)
  • Analyst consensus: generally Buy/Hold; dividend yield attracting income investors

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $OHI.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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