Ventas Inc.

VTR
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.4B
Q1 2025 · +13.2% YoY · Beat consensus by 7.7%
TTM ROIC
14%
FY2024 · Normalized FFO / Avg. Equity (FFO ROE) · WACC ~7.25% · Moat spread +6.75pp

Financial Snapshot

ticker: VTR step: 04 generated: 2026-05-12 source: quick-research

Ventas Inc. (VTR) — Financial Snapshot

Note: For REITs, FFO (Funds From Operations) and Normalized FFO are the primary earnings metrics. GAAP net income shows losses due to real estate depreciation — this is normal for REITs.

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $4.13B $4.50B $4.92B +9.5%
Net Operating Income (NOI) ~$1.8B ~$2.0B ~$2.3B +~15%
GAAP Net Income (Loss) / share ($0.12) ($0.10) ~$0.05 +flip
Normalized FFO / share ~$2.80 $2.99 $3.19 +6.7%
SHOP Same-Store NOI Growth ~8% ~16% ~15.8% —

FY2025: Revenue $5.82B (+19%); Normalized FFO ~$3.44/share (8% growth). FY2026: 5th consecutive year of double-digit SHOP same-store NOI growth projected.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.5B
FFO (total) ~$1.5B
Dividends Paid ~$1.3B
Total Debt ~$14B
Debt / Total Assets ~40%

Key Ratios (approximate)

  • Price / FFO: ~18–20x | Dividend Yield: ~3.5–4% | EV/EBITDA: ~22x
  • SHOP Avg Occupancy (Q1 2026): 88.6% (+240bp YoY) vs. stabilized ~93%
  • Revenue Growth (FY2024): +9.5% | FFO/share Growth: +6.7%

Growth Profile

Ventas has delivered three consecutive years of 15–16% SHOP same-store NOI growth, driven by occupancy recovery post-COVID and robust demand from aging demographics. The SHOP model creates significant operating leverage — each 100bp of occupancy improvement translates to ~3–4% NOI growth as incremental revenue flows through with minimal marginal cost. FFO per share has grown from ~$2.80 in FY2022 to ~$3.44 in FY2025. Management raised FY2026 investment guidance to $3B, targeting accretive senior housing acquisitions where buying is more attractive than new construction.

Forward Estimates

  • FY2026 Normalized FFO: ~$3.65–3.75/share (~8% growth guidance)
  • SHOP same-store NOI growth: double-digit for 5th consecutive year
  • Total company same-store NOI growth: ~6.75% midpoint
  • Analyst price target consensus: ~$93.56 (P/S ratio ~7x vs. ~5.5x sector avg)

Deeper Financial Analysis

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

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.
GET /api/v1/research/VTR/fundamental$1.00 · Bearer token required
Markdown: /stocks/vtr/financials/md · → thesis · → memo