Ventas, Inc. VTR

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Ventas, Inc. is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2025, we owned or had investments in 1,409 properties consisting of 1,374 properties in our reportable segments ("Segment Properties") and 35 properties held by unconsolidated real estate entities in our non-segment operations. We are headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York.

Last close 86.80 2026-10-23
Market cap $44.52B 2026-06-30 share count
52-week range 68.15 - 101.60

Valuation FY2025 figures against the last close

P/S7.6x
P/E160.7x
P/FCF—
EV/EBITDA—
Dividend yield1.9%
Diluted EPS0.54

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Canada
  • United Kingdom
Revenue by geography, 3 categories over 1 years. The same figures are in the table below. FY2025 United States, FY2025: 5.2B (89.3%) 89% United States Canada, FY2025: 552.9M (9.5%) 9% Canada United Kingdom, FY2025: 71.2M (1.2%)
Region FY2025
United States $5.21B
Canada $552.9M
United Kingdom $71.2M

As the company reported it, from the “SEGMENT INFORMATION - Geographic Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.83B$4.92B$4.50B$4.13B$3.83B$3.80B$3.87B$3.75B$3.57B$3.44B
SG&A $177.4M$163.0M$148.9M$144.9M$129.8M$130.2M$158.7M$146.0M$135.5M$126.9M
Total operating expenses $5.63B$4.93B$4.61B$4.22B$3.99B$3.71B$3.51B$3.36B$2.99B$2.93B
Interest expense $612.2M$602.8M$574.1M$467.6M$440.1M$469.5M$451.7M$442.5M$448.2M$419.7M
Pre-tax income $204.3M-$8.0M-$115.6M-$94.1M-$162.4M$80.6M$359.4M$384.8M$584.7M$518.5M
Income tax $14.2M$37.8M$9.5M$16.9M$4.8M$96.5M$56.3M$40.0M$59.8M$31.3M
Net income $261.5M$88.4M-$30.3M-$40.9M$56.6M$441.2M$439.3M$416.0M$1.36B$651.5M
EPS, basic 0.550.20-0.10-0.120.131.181.181.153.821.88
EPS, diluted 0.540.19-0.10-0.120.131.171.171.143.781.86
Shares, diluted (wtd. avg.) 462.6M416.4M405.7M403.5M386.3M376.5M369.9M359.3M358.6M348.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $741.1M$897.9M$563.5M$170.7M$196.6M$451.6M$146.1M$131.5M$188.3M$367.4M
Receivables $99.9M$108.1M$76.1M———————
Goodwill $1.05B$1.04B$1.05B$1.04B$1.05B$1.05B$1.05B$1.05B$1.03B$1.03B
Total assets $27.59B$26.19B$24.73B$24.16B$24.72B$23.93B$24.69B$22.58B$23.95B$23.17B
Long-term debt $13.01B$13.52B$13.49B$12.30B$12.03B$11.90B$12.16B$10.73B$11.28B$11.13B
Total liabilities $14.63B$15.05B$14.88B$13.67B$13.49B$13.42B$13.87B$12.12B$12.86B$12.44B
Retained earnings -$7.53B-$6.89B-$6.21B-$5.45B-$4.68B-$4.03B-$3.67B-$2.93B-$2.24B-$2.49B
Total equity $12.53B$10.77B$9.54B$10.22B$10.95B$10.28B$10.55B$10.27B$10.93B$10.53B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.65B$1.33B$1.12B$1.12B$1.03B$1.45B$1.44B$1.38B$1.43B$1.35B
Stock-based compensation $38.7M$31.0M$31.0M$30.7M$32.0M$21.5M$33.9M$30.0M$26.5M$21.0M
Capital expenditure $2.93B$2.53B$649.5M$900.7M$1.80B$607.3M$1.52B$728.6M$132.6M$117.5M
Investing cash flow -$2.69B-$2.38B-$184.7M-$859.2M-$724.1M$154.3M-$1.59B$324.5M-$937.1M-$1.21B
Financing cash flow $873.8M$1.45B-$543.7M-$283.9M-$558.5M-$1.30B$160.7M-$1.76B-$671.3M$96.8M
Dividends paid $860.1M$740.3M$723.6M$720.3M$686.9M$928.8M$1.16B$1.13B$827.3M$1.02B

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 0000740260-26-000006.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 3.4B Net income, FY2016: 651.5M Revenue, FY2017: 3.6B Net income, FY2017: 1.4B Revenue, FY2018: 3.7B Net income, FY2018: 416M Revenue, FY2019: 3.9B Net income, FY2019: 439.3M Revenue, FY2020: 3.8B Net income, FY2020: 441.2M Revenue, FY2021: 3.8B Net income, FY2021: 56.6M Revenue, FY2022: 4.1B Net income, FY2022: -40.9M Revenue, FY2023: 4.5B Net income, FY2023: -30.3M Revenue, FY2024: 4.9B Net income, FY2024: 88.4M Revenue, FY2025: 5.8B Net income, FY2025: 261.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.44B $3.57B $3.75B $3.87B $3.80B $3.83B $4.13B $4.50B $4.92B $5.83B
Gross profit — — — — — — — — — —
Net income $651.5M $1.36B $416.0M $439.3M $441.2M $56.6M -$40.9M -$30.3M $88.4M $261.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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