# Ventas Inc. (VTR) — Financial Analysis

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

## 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 ($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/VTR/fundamental

## Navigation

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