Ventas, Inc.VTR
NYSE•Real Estate•REIT - Healthcare Facilities
Ventas, Inc. is a leading S&P 500 real estate investment trust enabling exceptional environments that benefit a large and growing aging population. With approximately 1,400 properties in North America and the United Kingdom, Ventas occupies an essential role in the longevity economy. The Company's growth is fueled by its more than 850 senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments. Ventas aims to deliver outsized performance by leveraging its operational expertise, data-driven insights from its Ventas OI platform, extensive relationships and strong financial position. The Ventas portfolio also includes outpatient medical buildings, research centers and healthcare facilities. Ventas's seasoned team of talented professionals shares a commitment to excellence, integrity and a common purpose of helping people live longer, healthier, happier lives. Ventas, Inc. was incorporated in 1983 and is based in Chicago, United States.
Ventas, Inc. (VTR) reported trailing twelve months revenue of $6.13B as of March 2026, a 20.7% increase year-over-year. Quarterly revenue reached $1.66B, reflecting continued top-line momentum.
Ventas, Inc. generated $272.21M in TTM net income, with quarterly EBITDA of $417.88M. The operating margin contracted from 3.0% to 2.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (2.1%) and net margin (3.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 3.6% a year ago, signaling stronger bottom-line efficiency.
VTR trades at a P/E of 142.8x (a premium multiple) and a P/S of 6.3x. The price-to-book ratio of 3.0x reflects a moderate premium to book value.
The company generated $321.64M in free cash flow over the trailing twelve months, a 22.7% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $27.69B in total assets with $12.52B in long-term debt against $13.12B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 2.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 6 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 ~30.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by -1.5x on average — earnings are well-supported by cash generation.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 16.7% — 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