LTC

MKT CAP:$2B

LTC Properties, Inc.

Market Cap

$2B

Real Estate·REIT - Healthcare Facilities·🇺🇸 United States·NYSE

Real Estate·REIT·🇺🇸·NYSE

Stock Price

$39.76+$5.11 (+14.75%)

Apr 17, 2026

Company Details

LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezza...

CEO

Wendy L. Simpson

IPO Date

Aug 18, 1992

Website

www.LTCreit.com

Key Metrics TTM

Revenue

$170M

-5.5% YoY

Net Income

$93M

EPS (Diluted)

$2.33

Free Cash Flow

$104M

Revenue / Share

$4.13

Gross Margin

91.2%

Operating Margin

54.3%

Net Margin

54.8%

FCF Margin

61.3%

P/S

10.9x

P/E

19.9x

Earnings Reports

Q3 2023

May 4, 2026

PENDING

Q2 2023

Jul 27, 2023

$48M+12.1%EPS $0.15

Q2 2022

Jul 28, 2022

$43M+12.8%EPS $1.36

Q1 2022

Apr 28, 2022

$41M+1.3%EPS $0.36

FY 2021

Feb 17, 2022

$155M-2.5%EPS $1.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$42M	$35M	$20M
Q3 17	$41M	$34M	$20M
Q4 17	$42M	$34M	$20M
Q1 18	$42M	$42M	$20M
Q2 18	$41M	$41M	$68M
Q3 18	$42M	$42M	$34M
Q4 18	$44M	$36M	$93M
Q1 19	$45M	$41M	$19M
Q2 19	$46M	$42M	$20M
Q3 19	$47M	$43M	$27M
Q1 20	$46M	$42M	$63M
Q1 21	$40M	$36M	$14M
Q2 21	$38M	$34M	$18M
Q1 22	$41M	$37M	$14M
Q2 22	$43M	$39M	$54M
Q2 23	$48M	$45M	$6M

Valuation

Quarter	P/S	P/E
Q2 17	11.0x	20.6x
Q3 17	11.0x	21.0x
Q4 17	11.0x	21.2x
Q1 18	11.1x	21.5x
Q2 18	11.2x	14.3x
Q3 18	11.1x	12.9x
Q4 18	11.0x	12.0x
Q1 19	10.8x	12.0x
Q2 19	10.5x	17.4x
Q3 19	10.2x	18.8x
Q1 20	10.0x	14.1x
Q1 21	10.3x	14.8x
Q2 21	10.8x	15.1x
Q1 22	11.2x	16.8x
Q2 22	11.4x	18.4x
Q2 23	10.9x	19.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$26M	$26M
Q3 17	$29M	$29M
Q4 17	$29M	$29M
Q1 18	$22M	$21M
Q2 18	$34M	$34M
Q3 18	$28M	$28M
Q4 18	$32M	$32M
Q1 19	$27M	$27M
Q2 19	$35M	$35M
Q3 19	$28M	$28M
Q1 20	$24M	$24M
Q1 21	$21M	$21M
Q2 21	$27M	$27M
Q1 22	$19M	$19M
Q2 22	$30M	$30M
Q2 23	$28M	$28M

Capital Expenditures

Quarter	CapEx
Q2 17	$201.0K
Q3 17	$256.0K
Q4 17	$281.0K
Q1 18	$259.0K
Q2 18	$293.0K
Q3 18	$298.0K
Q4 18	$398.0K
Q1 19	$260.0K
Q2 19	$73.0K
Q3 19	$108.0K
Q1 20	$191.0K
Q1 21	$0
Q2 21	$0
Q1 22	$0
Q2 22	$0
Q2 23	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+6.2%	+14.2%
Q3 17	+1.0%	+3.6%
Q4 17	-1.0%	-2.3%
Q1 18	-1.9%	+2.4%
Q2 18	-2.3%	-217.7%
Q3 18	+1.3%	-64.3%
Q4 18	+4.5%	-331.1%
Q1 19	+8.7%	+18.3%
Q2 19	+11.6%	+196.7%
Q3 19	+12.8%	+171.6%
Q1 20	+6.5%	+65.3%
Q1 21	-11.4%	+2.3%
Q2 21	-17.6%	-22.0%
Q1 22	-13.4%	+29.4%
Q2 22	-7.3%	+35.1%
Q2 23	+19.8%	+57.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$1M	3.4%
Q3 17	$1M	3.1%
Q4 17	$1M	3.1%
Q1 18	$1M	3.3%
Q2 18	$2M	3.7%
Q3 18	$1M	3.6%
Q4 18	$1M	3.4%
Q1 19	$2M	3.7%
Q2 19	$2M	3.5%
Q3 19	$2M	3.5%
Q1 20	$2M	3.8%
Q1 21	$2M	4.6%
Q2 21	$2M	5.1%
Q1 22	$2M	4.7%
Q2 22	$2M	4.7%
Q2 23	$2M	4.4%

OpEx Breakdown

Quarter	G&A
Q2 17	$4M
Q3 17	$4M
Q4 17	$4M
Q1 18	$5M
Q2 18	$5M
Q3 18	$5M
Q4 18	$5M
Q1 19	$5M
Q2 19	$5M
Q3 19	$5M
Q1 20	$5M
Q1 21	$5M
Q2 21	$5M
Q1 22	$6M
Q2 22	$6M
Q2 23	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4M	$0	$4M
Q2 22	$6M	$0	$6M
Q3 22	$6M	$0	$6M
Q4 22	$10M	$0	$10M
Q1 23	$6M	$0	$6M
Q2 23	$7M	$0	$7M
Q3 23	$11M	$0	$11M
Q4 23	$20M	$0	$20M
Q1 24	$9M	$0	$9M
Q2 24	$6M	$0	$6M
Q3 24	$35M	$0	$35M
Q4 24	$9M	$0	$9M
Q1 25	$23M	$0	$23M
Q2 25	$8M	$0	$8M
Q3 25	$18M	$0	$18M
Q4 25	$14M	$0	$14M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	40M	+0.5%	+4.3%
Q3 17	40M	-0.1%	+1.0%
Q4 17	40M	-0.3%	+1.0%
Q1 18	39M	-0.5%	-0.4%
Q2 18	40M	+0.8%	-0.1%
Q3 18	40M	+0.3%	+0.3%
Q4 18	40M	-0.0%	+0.6%
Q1 19	40M	+0.0%	+1.1%
Q2 19	40M	-0.3%	+0.0%
Q3 19	40M	+0.5%	+0.3%
Q1 20	40M	-1.1%	-0.8%
Q1 21	39M	-0.9%	-1.7%
Q2 21	39M	-0.0%	-1.5%
Q1 22	39M	+0.5%	-1.5%
Q2 22	40M	+0.8%	+0.3%
Q2 23	41M	+4.0%	+5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	$2M	24
Q3 17	$2M	24
Q4 17	$2M	20
Q1 18	$2M	20
Q2 18	$2M	20
Q3 18	$2M	20
Q4 18	$2M	21
Q1 19	$2M	21
Q2 19	$2M	21
Q3 19	$2M	21
Q1 20	$2M	22
Q1 21	$2M	24
Q2 21	$2M	24
Q1 22	$2M	25
Q2 22	$2M	25
Q2 23	$2M	24

Revenue / Employee