# Sabra Health Care REIT Inc. (SBRA) — Financial Analysis

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

## 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 ($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/SBRA/fundamental

## Navigation

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