CareTrust REIT, Inc. CTRE
CareTrust REIT 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 (the "U.K."), 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 and one financing receivable with a carrying value of $92.2 million.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M | $0 | $0 | $196.1M | $192.4M | $2.1M | $3.4M | $3.4M | $3.2M | $3.0M |
| Cost of revenue | — | — | — | — | $0 | $1.9M | $2.9M | $3.0M | $2.7M | $2.5M |
| Gross profit | — | — | — | — | $192.4M | $208.0K | $491.0K | $415.0K | $495.0K | $421.0K |
| SG&A | $52.5M | $28.9M | $21.8M | $20.2M | $26.9M | $16.3M | $15.2M | $12.6M | $11.1M | $9.3M |
| Total operating expenses | $206.5M | $178.1M | $159.8M | $192.8M | $109.5M | $97.4M | $118.8M | $101.1M | $110.6M | $75.1M |
| Interest expense | $43.7M | $30.3M | $40.9M | $30.0M | $23.7M | $23.7M | $28.1M | $27.9M | $24.2M | $22.9M |
| Pre-tax income | $325.3M | $124.4M | $53.7M | — | — | — | — | — | — | — |
| Income tax | $5.0M | $0 | $0 | — | — | — | — | — | — | — |
| Net income | $320.5M | $125.1M | $53.7M | -$7.5M | $72.0M | $80.9M | $46.4M | $57.9M | $25.9M | $29.4M |
| EPS, basic | 1.57 | 0.81 | 0.50 | -0.08 | 0.74 | 0.85 | 0.49 | 0.73 | 0.35 | 0.52 |
| EPS, diluted | 1.57 | 0.80 | 0.50 | -0.08 | 0.74 | 0.85 | 0.49 | 0.72 | 0.35 | 0.52 |
| Shares, diluted (wtd. avg.) | $204.1M | $155.2M | $106.2M | $96.7M | $96.1M | $95.2M | $93.1M | $79.4M | $72.6M | $56.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $198.0M | $213.8M | $294.4M | $13.2M | $19.9M | $18.9M | $20.3M | $36.8M | $6.9M | $7.5M |
| Other intangibles | $48.8M | $3.5M | — | — | — | — | — | $2.4M | $2.4M | $1.9M |
| Total assets | $5.15B | $3.44B | $2.08B | $1.62B | $1.64B | $1.50B | $1.52B | $1.29B | $1.18B | $925.4M |
| Long-term debt | $894.2M | $396.9M | $595.6M | $719.5M | $673.4M | $545.6M | $554.6M | $489.8M | $558.9M | $449.7M |
| Total liabilities | $1.09B | $507.6M | $666.1M | $771.4M | $725.1M | $589.4M | $591.3M | $523.5M | $590.4M | $472.9M |
| Total equity | $4.04B | $2.91B | $1.42B | $849.4M | $915.8M | $914.1M | $927.6M | $768.2M | $594.6M | $452.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $394.0M | $244.3M | $154.8M | $144.4M | $156.9M | $145.7M | $126.3M | $99.4M | $88.8M | $64.4M |
| Depreciation and amortisation | — | — | — | — | $55.4M | $52.8M | $51.9M | $45.8M | $39.2M | $32.0M |
| Capital expenditure | — | — | — | — | — | — | $2.9M | $1.8M | $403.0K | $151.0K |
| Investing cash flow | -$1.46B | -$1.51B | -$267.8M | -$127.4M | -$192.6M | -$41.6M | -$316.0M | -$115.1M | -$302.6M | -$284.6M |
| Financing cash flow | $1.05B | $1.19B | $394.3M | -$23.7M | $36.7M | -$105.6M | $173.2M | $45.6M | $213.2M | $216.2M |
| Dividends paid | $259.3M | $172.2M | $115.5M | $106.1M | $100.8M | $93.2M | $80.6M | $63.0M | $52.6M | $37.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-007664.
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