CareTrust REIT, Inc.CTRE
NYSE•Real Estate•REIT - Healthcare Facilities
CareTrust REIT, Inc. is a self-administered, publicly traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties. As of December 31, 2025, CareTrust REIT owned, directly or indirectly in consolidated joint ventures, and leased to independent operators, 407 skilled nursing facilities (each, a SNF), senior housing communities and other properties consisting of 37,628 operational beds and units located in 32 states and the United Kingdom, with the highest concentration of properties by rental income located in California, the U.K., Texas, and Tennessee. As of December 31, 2025, we also had other real estate related investments consisting of four preferred equity investments, 16 real estate secured loans receivable and five mezzanine loans receivable with a carrying value of 899.3 million US dollars and one financing receivable with a carrying value of 92.2 million US dollars. CareTrust REIT, Inc. was established and incorporated on October 29, 2013 and is based in Dana Point, United States.
CareTrust REIT, Inc. (CTRE) reported trailing twelve months revenue of $522.55M as of March 2026, a 58.4% increase year-over-year. Quarterly revenue reached $142.78M, reflecting continued top-line momentum.
CareTrust REIT, Inc. generated $334.95M in TTM net income, with quarterly EBITDA of $111.14M. The operating margin contracted from 62.1% to 57.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (57.2%) and net margin (56.2%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 68.1% a year ago, reflecting increased costs or interest expense.
CTRE trades at a P/E of 24.7x (in line with broad market averages) and a P/S of 15.8x. The price-to-book ratio of 2.0x reflects a moderate premium to book value.
The company generated $18.64M in free cash flow over the trailing twelve months, a 40.3% decrease year-over-year, indicating cash generation ability. The balance sheet shows $5.24B in total assets with $894.65M in long-term debt against $4.13B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~49.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~5.9% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~111.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~55.8% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 53.9% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation