Sabra Health Care REIT Inc.

SBRA
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$221.8M
Q1 FY2026 · +17.4% YoY
TTM ROIC
7%
FY2025 · AFFO / Total Capital (AFFO ROTC) — REIT-adjusted ROIC equivalent · WACC ~6.75% · Moat spread +0.25pp

Financial Snapshot

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

Sabra Health Care REIT Inc. (SBRA) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $647M $703M $733M +4.2%
Gross Margin ~65% ~67% ~68%
Operating Margin ~30% ~32% ~35%
Net Income ~$50M ~$80M ~$100M
Normalized AFFO/Share ~$1.25 ~$1.35 $1.44 +7.0%

GAAP net income is depressed by depreciation. Normalized AFFO is the primary metric — growing 7% in FY2024. Normalized FFO/share grew 7% to $1.39 in FY2024. Last-12-month FFO (as of early 2026): $370.7M, up from $321.6M a year earlier (+15.3%).

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$350M
Normalized AFFO ~$370M
Cash & Equivalents ~$50M
Total Debt ~$3.0B
Net Debt / EBITDA ~6.5x

Key Ratios (approximate)

  • P/Normalized AFFO: ~12x | EV/EBITDA: ~16x | Dividend Yield: ~6.4%
  • Revenue Growth (FY2024): +4.2% | Normalized AFFO/Share Growth: +7.0%
  • SHOP Sequential Revenue Growth (Q4 2024): +15.8%; Cash NOI Growth: +18.4%
  • Payout Ratio: ~80% (80% payout on $1.495 FY2025 AFFO guidance)

Growth Profile

Sabra has delivered consistent 4–8% revenue growth since 2022, driven by improving SNF occupancy post-COVID, senior housing rent escalations, and acquisitions. The SHOP segment is the primary growth accelerator: managed senior housing NOI grew 18.4% sequentially in Q4 2024 as occupancy approached 88% (target: low-90s). The strategic shift toward 30% SHOP exposure by end-2026 is designed to capture the senior housing occupancy recovery cycle — Sabra's earnings growth should accelerate as SHOP occupancy improves and the portfolio mix shifts toward higher-margin managed assets.

Forward Estimates

  • FY2025 Normalized AFFO/share guidance: $1.495
  • FY2026 Normalized FFO/AFFO guidance growth: +4.9–5.4% at midpoint
  • SHOP occupancy target: low-90% range (from ~88%)
  • Investment target: >$500M in acquisitions (exceeding initial $500M guidance in 2025)
  • Analysts: Bullish consensus; 12.7x 2026 FAD (vs. peer average ~20.6x — significant discount)

Deeper Financial Analysis

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

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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Markdown: /stocks/sbra/financials/md · → thesis · → memo