# Omega Healthcare Investors Inc. (OHI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/OHI/thesis · /stocks/OHI/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/OHI/fundamental

## Navigation

- Overview: /stocks/OHI
- Financials (this page): /stocks/OHI/financials
- Thesis: /stocks/OHI/thesis
- Investment Memo: /stocks/OHI/memo
- Coverage universe: /stocks