VTR

MKT CAP:$40B

Ventas, Inc.

Market Cap

$40B

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

Real Estate·REIT·🇺🇸·NYSE

Stock Price

$83.70+$6.38 (+8.24%)

Apr 24, 2026

Company Details

Ventas, an S&P 500 company, operates at the intersection of two powerful and dynamic industries: healthcare and real estate. As one of the world's foremost Real Estate Investment Trusts (REIT), we use the power of capital to unlock the valu...

CEO

Debra A. Cafaro

IPO Date

May 5, 1997

Website

www.ventasreit.com

Key Metrics TTM

Revenue

$5.8B

+18.5% YoY

Net Income

$251M

EPS (Diluted)

$0.55

Free Cash Flow

$1.3B

Revenue / Share

$12.13

Gross Margin

-5.9%

Operating Margin

14.2%

Net Margin

4.3%

FCF Margin

22.6%

P/S

6.8x

P/E

158.6x

Earnings Reports

Q1 2026

Apr 27, 2026

PENDING

FY 2025

Feb 6, 2026

$5.8B+18.5%EPS $0.54

Q4 2025

Feb 6, 2026

$1.6B+21.7%EPS $0.15

Q3 2025

Oct 30, 2025

$1.5B+20.4%EPS $0.14

Q2 2025

Jul 31, 2025

$1.4B+18.3%EPS $0.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.0B	$474M	$142M
Q2 22	$1.0B	$447M	$131M
Q3 22	$1.0B	$466M	$129M
Q4 22	$1.1B	$460M	$82M
Q1 23	$1.1B	$468M	$149M
Q2 23	$1.1B	$482M	$155M
Q3 23	$1.1B	$492M	$88M
Q4 23	$1.2B	$495M	$23M
Q1 24	$1.2B	$511M	$162M
Q2 24	$1.2B	$519M	$142M
Q3 24	$1.2B	$521M	$182M
Q4 24	$1.3B	$546M	$196M
Q1 25	$1.4B	$572M	$198M
Q2 25	$1.4B	$594M	$203M
Q3 25	$1.5B	$619M	$222M
Q4 25	$1.6B	-$2.1B	$204M

Valuation

Quarter	P/S	P/E
Q1 22	6.3x	172.1x
Q2 22	5.1x	1276.6x
Q3 22	4.0x	—
Q4 22	4.6x	—
Q1 23	4.1x	—
Q2 23	4.6x	251.8x
Q3 23	3.8x	3451.4x
Q4 23	4.4x	—
Q1 24	3.8x	—
Q2 24	4.5x	—
Q3 24	5.6x	—
Q4 24	5.0x	303.9x
Q1 25	6.1x	218.6x
Q2 25	5.4x	150.6x
Q3 25	5.7x	132.6x
Q4 25	6.2x	144.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$275M	$238M
Q2 22	$304M	$249M
Q3 22	$303M	$239M
Q4 22	$267M	$200M
Q1 23	$243M	$199M
Q2 23	$312M	$259M
Q3 23	$361M	$297M
Q4 23	$279M	$180M
Q1 24	$266M	$217M
Q2 24	$336M	$263M
Q3 24	$356M	$284M
Q4 24	$379M	$292M
Q1 25	$321M	$262M
Q2 25	$475M	$400M
Q3 25	$379M	$286M
Q4 25	$505M	$368M

Capital Expenditures

Quarter	CapEx
Q1 22	$37M
Q2 22	$54M
Q3 22	$64M
Q4 22	$67M
Q1 23	$44M
Q2 23	$53M
Q3 23	$64M
Q4 23	$99M
Q1 24	$49M
Q2 24	$73M
Q3 24	$72M
Q4 24	$88M
Q1 25	$59M
Q2 25	$75M
Q3 25	$92M
Q4 25	$138M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+11.8%	+5.2%
Q2 22	+11.3%	+14.9%
Q3 22	+6.3%	+4.7%
Q4 22	+2.8%	+4.2%
Q1 23	+5.9%	+6.0%
Q2 23	+8.2%	+6.7%
Q3 23	+10.9%	+16.9%
Q4 23	+10.7%	+17.7%
Q1 24	+11.4%	+11.8%
Q2 24	+8.6%	+11.4%
Q3 24	+7.5%	-0.7%
Q4 24	+10.5%	-4.4%
Q1 25	+13.2%	+11.8%
Q2 25	+18.3%	+14.9%
Q3 25	+20.4%	+20.2%
Q4 25	+21.7%	+24.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	—	$43M
Q2 22	—	$33M
Q3 22	—	$35M
Q4 22	—	$34M
Q1 23	—	$45M
Q2 23	—	$34M
Q3 23	—	$33M
Q4 23	—	$36M
Q1 24	—	$49M
Q2 24	—	$38M
Q3 24	—	$35M
Q4 24	$41M	—
Q1 25	$53M	—
Q2 25	—	$43M
Q3 25	$40M	—
Q4 25	$41M	—

Revenue Segments

Quarter	Medical Office Building Operations	Senior Living Operations	Triple Net Leased Properties	Outpatient Medical And Research Portfolio
Q1 22	$201M	$651M	$152M	—
Q2 22	$200M	$658M	$149M	—
Q3 22	$201M	$669M	$150M	—
Q4 22	$201M	$674M	$147M	—
Q1 23	$204M	$705M	$150M	—
Q2 23	$216M	$725M	$154M	—
Q3 23	$227M	$754M	$160M	—
Q4 23	$223M	$775M	$155M	—
Q1 24	$220M	$813M	$155M	—
Q2 24	$220M	$818M	$154M	—
Q3 24	$222M	$846M	$155M	—
Q4 24	$217M	$896M	$157M	—
Q1 25	$222M	$969M	$156M	—
Q2 25	—	$1.0B	$153M	$221M
Q3 25	—	$1.1B	$160M	$227M

Revenue by Geography

Quarter	Canada	United Kingdom	United States
Q1 22	$112M	$7M	$898M
Q2 22	$113M	$7M	$903M
Q3 22	$113M	$7M	$918M
Q4 22	$112M	$7M	$933M
Q1 23	$112M	$7M	$958M
Q2 23	$115M	$7M	$984M
Q3 23	$117M	$7M	$1.0B
Q4 23	$120M	$7M	$1.0B
Q1 24	$129M	$8M	$1.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$150M	$0	$150M
Q2 22	$127M	$0	$127M
Q3 22	$145M	$0	$145M
Q4 22	$123M	$0	$123M
Q1 23	$145M	$0	$145M
Q2 23	$139M	$0	$139M
Q3 23	$434M	$0	$434M
Q4 23	$509M	$0	$509M
Q1 24	$632M	$0	$632M
Q2 24	$557M	$0	$557M
Q3 24	$1.1B	$0	$1.1B
Q4 24	$898M	$0	$898M
Q1 25	$182M	$0	$182M
Q2 25	$614M	$0	$614M
Q3 25	$189M	$0	$189M
Q4 25	$741M	$0	$741M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	403M	+0.0%	+6.7%
Q2 22	404M	+0.1%	+6.6%
Q3 22	404M	+0.0%	+4.7%
Q4 22	400M	-1.0%	-0.9%
Q1 23	404M	+1.0%	+0.1%
Q2 23	404M	+0.1%	+0.1%
Q3 23	403M	-0.3%	-0.2%
Q4 23	407M	+1.0%	+1.8%
Q1 24	407M	+0.1%	+0.9%
Q2 24	412M	+1.1%	+1.9%
Q3 24	419M	+1.9%	+4.1%
Q4 24	428M	+1.9%	+5.1%
Q1 25	446M	+4.4%	+9.6%
Q2 25	459M	+2.8%	+11.5%
Q3 25	463M	+0.9%	+10.5%
Q4 25	481M	+3.7%	+12.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$2M	434
Q2 22	$2M	434
Q3 22	$2M	434
Q4 22	$2M	451
Q1 23	$2M	451
Q2 23	$2M	451
Q3 23	$3M	451
Q4 23	$2M	486
Q1 24	$2M	486
Q2 24	$2M	486
Q3 24	$3M	486
Q4 24	$3M	498
Q1 25	$3M	498
Q2 25	$3M	498
Q3 25	$3M	498
Q4 25	$3M	542

Revenue / Employee