Omega Healthcare Investors, Inc.OHI
NYSE•Real Estate•REIT - Healthcare Facilities
Omega Healthcare Investors, Inc. is a Real Estate Investment Trust. The firm is providing financing and capital to the long-term healthcare industry in the United States and the United Kingdom with a focus on skilled nursing and assisted living facilities, including care homes in the United Kingdom. As of September 30, 2025, Omega has a portfolio of investments that includes 1,024 operating facilities located in 42 states, the District of Columbia and the United Kingdom/Jersey (290 facilities) and operated by 88 different operators. Additionally, Omega has investments in several unconsolidated entities that own 19 facilities. As a source of capital to the healthcare industry, Omega continually evaluates the opportunities, trends and challenges affecting the industry. Our goal is to identify long-term investments in quality healthcare properties with outstanding operators that provide the most favorable risk/reward ratio to our investors. Omega Healthcare Investors, Inc. is based in Hunt Valley, United States.
Omega Healthcare Investors, Inc (OHI) reported trailing twelve months revenue of $1.24B as of March 2026, a 14.0% increase year-over-year. Quarterly revenue reached $322.95M, reflecting continued top-line momentum.
Omega Healthcare Investors, Inc generated $655.98M in TTM net income, with quarterly EBITDA of $239.96M. The operating margin expanded from 36.7% to 48.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (48.2%) and net margin (49.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 40.5% a year ago, signaling stronger bottom-line efficiency.
OHI trades at a P/E of 20.0x (in line with broad market averages) and a P/S of 10.6x. The price-to-book ratio of 2.5x reflects a moderate premium to book value.
The company generated $206.74M in free cash flow over the trailing twelve months, a 27.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $10.23B in total assets with no in long-term debt against $5.19B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~42.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.2% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~26.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~44.8% — no sign of cost or pricing stress.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
D/E ratio is 0.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 19.1% — significant dilution, likely from stock compensation or capital raises.