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Ventas (VTR) Financials

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$69.34 +0.09 (+0.13%)
As of 12:30 PM Eastern
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Annual Income Statements for Ventas

Annual Income Statements for Ventas

This table shows Ventas' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 476 418 649 1,356 409 433 439 49 -47 -41 81
Consolidated Net Income / (Loss)		 477 419 651 1,361 416 439 441 57 -41 -30 88
Net Income / (Loss) Continuing Operations		 359 390 652 1,361 416 439 441 57 -49 -92 31
Total Pre-Tax Income 		351 352 519 585 385 359 81 -162 -94 -116 -8.00
Total Revenue		 2,485 2,919 3,444 3,574 3,746 3,873 3,326 3,388 3,662 3,924 4,321
Net Interest Income / (Expense)		 -288 -366 -419 6.03 25 0.00 -470 -425 -468 -574 -603
Total Interest Income		 4.26 1.05 0.88 6.03 25 0.00 0.00 15 0.00 0.00 0.00
Total Interest Expense		 292 367 420 0.00 0.00 0.00 470 440 468 574 603
Long-Term Debt Interest Expense		 292 367 - - - - - - 468 574 603
Total Non-Interest Income		 2,773 3,285 3,443 3,568 3,721 3,873 3,795 3,813 4,129 4,498 4,924
Other Service Charges		 1,582 1,853 - 0.00 - 2,174 7.61 - 3.64 2,988 3,418
Other Non-Interest Income		 1,138 1,346 3,345 3,568 3,721 1,699 3,788 3,813 4,126 1,509 1,506
Provision for Credit Losses		 - - - - 0.00 0.00 24 -9.08 20 -20 -0.17
Total Non-Interest Expense		 2,134 2,568 2,925 2,989 3,361 3,513 3,221 3,990 3,736 4,060 4,330
Net Occupancy & Equipment Expense		 1,195 1,384 1,435 1,486 1,691 1,811 1,940 2,088 2,283 2,561 2,827
Other Operating Expenses		 147 146 144 584 661 610 131 167 224 97 228
Depreciation Expense		 725 894 899 888 920 1,046 1,110 1,197 1,198 1,392 1,253
Restructuring Charge		 43 103 25 11 31 15 30 47 31 15 20
Other Special Charges		 5.56 14 2.78 21 58 42 11 59 0.58 -6.10 0.69
Income Tax Expense		 -8.73 -39 -31 -60 -40 -56 -97 4.83 -17 -9.54 -38
Other Gains / (Losses), net		 -0.14 -1.42 103 717 -8.79 26 264 224 29 14 1.56
Other Adjustments to Consolidated Net Income / (Loss)		 18 19 - - - - - - 7.78 62 57
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.23 1.38 2.26 4.64 6.51 6.28 2.04 7.55 6.52 11 7.20
Basic Earnings per Share		 $1.62 $1.26 $1.88 $3.82 $1.15 $1.18 $1.18 $0.13 ($0.12) ($0.10) $0.20
Weighted Average Basic Shares Outstanding		 294.18M 330.31M 344.70M 355.10M 356.10M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M
Diluted Earnings per Share		 $1.60 $1.25 $1.86 $3.78 $1.14 $1.17 $1.17 $0.13 ($0.12) ($0.10) $0.19
Weighted Average Diluted Shares Outstanding		 296.68M 334.01M 348.39M 355.10M 356.10M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M
Weighted Average Basic & Diluted Shares Outstanding		 293.70M 331.60M 345.30M 355.10M 356.10M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M
Cash Dividends to Common per Share		 $2.97 $3.04 $2.97 $3.12 $3.16 $3.17 $2.14 $1.80 $1.80 $1.80 $1.80

Quarterly Income Statements for Ventas

This table shows Ventas' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 -45 18 103 -71 -91 -14 19 19 57 47 68
Consolidated Net Income / (Loss)		 -43 19 105 -70 -85 -13 21 21 59 48 71
Net Income / (Loss) Continuing Operations		 -51 19 105 -70 -147 -13 21 21 1.72 48 71
Total Pre-Tax Income 		-83 12 63 -77 -113 -7.50 -19 19 -0.51 41 43
Total Revenue		 695 949 1,106 1,150 718 1,200 1,201 1,236 684 1,358 1,421
Net Interest Income / (Expense)		 -125 -128 1.03 2.75 -450 6.78 4.83 8.20 -623 3.08 5.87
Total Interest Income		 -1.66 0.00 1.03 2.75 -3.79 6.78 4.83 8.20 -20 3.08 5.87
Other Interest Income		 - - 1.03 2.75 - 6.78 4.83 8.20 - 3.08 5.87
Total Interest Expense		 123 128 0.00 0.00 446 0.00 0.00 0.00 603 0.00 0.00
Total Non-Interest Income		 1,053 1,077 1,105 1,147 1,168 1,193 1,196 1,228 1,307 1,355 1,415
Other Non-Interest Income		 1,705 366 1,105 1,147 -1,109 1,193 1,196 1,228 -2,111 1,355 1,415
Provision for Credit Losses		 - - -12 -0.07 - -0.07 -0.04 -0.06 - 0.00 0.00
Total Non-Interest Expense		 758 938 1,044 1,227 852 1,207 1,220 1,217 685 1,317 1,378
Net Occupancy & Equipment Expense		 592 610 624 658 669 689 682 715 743 786 827
Other Operating Expenses		 140 44 149 181 -278 214 187 186 -359 203 193
Depreciation Expense		 324 282 305 370 435 300 340 304 309 322 348
Restructuring Charge		 -6.97 1.39 3.07 7.13 3.64 4.68 2.89 8.58 4.23 5.98 4.63
Other Special Charges		 -57 0.00 -25 10 8.61 -1.08 8.55 3.94 -11 1.41 5.84
Income Tax Expense		 -2.62 -2.80 -9.77 -1.66 4.70 -3.00 7.77 3.00 -46 -11 3.87
Other Gains / (Losses), net		 29 4.58 33 5.59 -29 -8.04 48 4.90 -43 -3.14 33
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.64 1.40 1.61 1.57 6.10 1.77 1.78 1.75 1.89 1.49 3.20
Basic Earnings per Share		 ($0.11) $0.04 $0.26 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.14 $0.11 $0.15
Weighted Average Basic Shares Outstanding		 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M
Diluted Earnings per Share		 ($0.11) $0.04 $0.26 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.13 $0.10 $0.15
Weighted Average Diluted Shares Outstanding		 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M
Weighted Average Basic & Diluted Shares Outstanding		 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M
Cash Dividends to Common per Share		 - $0.45 $0.45 $0.45 - $0.45 $0.45 $0.45 - $0.48 $0.48

Annual Cash Flow Statements for Ventas

This table details how cash moves in and out of Ventas' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -42 -1.80 237 -180 -56 13 304 -256 -23 391 398
Net Cash From Operating Activities		 1,255 1,399 1,355 1,429 1,381 1,438 1,450 1,026 1,120 1,120 1,330
Net Cash From Continuing Operating Activities		 1,255 1,399 1,355 1,429 1,381 1,438 1,450 1,026 1,120 1,120 1,330
Net Income / (Loss) Continuing Operations		 477 419 651 1,361 416 439 441 57 -41 -30 88
Consolidated Net Income / (Loss)		 477 419 651 1,361 416 439 441 57 -41 -30 88
Provision For Loan Losses		 - - - - 0.00 0.00 24 -9.08 20 -20 -0.17
Depreciation Expense		 828 974 899 888 920 1,046 1,110 1,197 1,198 1,392 1,253
Amortization Expense		 -19 -19 -9.98 -4.48 -12 15 -20 -71 -51 -37 -24
Non-Cash Adjustments to Reconcile Net Income		 -26 -35 -138 -762 113 -22 -227 -104 35 -131 -31
Changes in Operating Assets and Liabilities, net		 -5.31 60 -48 -53 -56 -40 122 -44 -41 -54 44
Net Cash From Investing Activities		 -2,055 -2,424 -1,214 -937 324 -1,585 154 -724 -859 -185 -2,377
Net Cash From Continuing Investing Activities		 -2,055 -2,424 -1,214 -937 324 -1,585 154 -724 -859 -185 -2,377
Purchase of Property, Leasehold Improvements and Equipment		 -194 -107 -117 -133 -132 -157 -148 -185 -222 -259 -282
Purchase of Investment Securities		 -2,073 -2,999 -1,722 -1,773 -873 -2,624 -861 -1,747 -793 -523 -2,443
Divestitures		 0.00 - - - - - - 0.00 0.00 50 0.00
Sale and/or Maturity of Investments		 213 678 625 969 1,272 1,195 1,164 1,208 128 462 340
Other Investing Activities, net		 -1.01 4.00 0.00 - 57 0.17 0.00 0.00 28 86 8.37
Net Cash From Financing Activities		 758 1,023 97 -671 -1,762 161 -1,300 -558 -284 -544 1,445
Net Cash From Continuing Financing Activities		 758 1,023 97 -671 -1,762 161 -1,300 -558 -284 -544 1,445
Issuance of Debt		 2,548 3,913 858 1,496 2,871 3,013 733 1,409 1,053 2,113 1,906
Issuance of Common Equity		 242 491 1,287 74 0.00 942 55 617 0.00 108 1,965
Repayment of Debt		 -1,151 -2,159 -1,022 -1,369 -3,466 -2,628 -1,134 -1,830 -575 -1,973 -1,621
Payment of Dividends		 -891 -1,019 -1,034 -833 -1,135 -1,167 -936 -694 -727 -730 -747
Other Financing Activities, Net		 10 -203 8.30 -39 -33 0.62 -19 -61 -35 -62 -58
Cash Interest Paid		 361 392 395 410 407 411 430 402 468 548 576

Quarterly Cash Flow Statements for Ventas

This table details how cash moves in and out of Ventas' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -26 24 15 282 70 127 -71 549 -206 -712 428
Net Cash From Operating Activities		 267 243 312 286 279 266 336 354 374 321 475
Net Cash From Continuing Operating Activities		 267 243 312 286 279 266 336 354 374 321 475
Net Income / (Loss) Continuing Operations		 -43 19 105 -70 -85 -13 21 21 59 48 71
Consolidated Net Income / (Loss)		 -43 19 105 -70 -85 -13 21 21 59 48 71
Depreciation Expense		 324 282 305 370 435 300 340 304 309 322 348
Amortization Expense		 -12 -11 -9.86 -8.42 -8.14 -6.35 -6.21 -6.29 -5.25 -2.20 -3.11
Non-Cash Adjustments to Reconcile Net Income		 -20 13 -88 -4.27 -52 16 -27 3.53 -24 4.71 -21
Changes in Operating Assets and Liabilities, net		 -1.82 -52 12 -1.92 -11 -31 8.54 31 35 -51 80
Net Cash From Investing Activities		 -134 -56 -71 -14 -43 -145 -267 -429 -1,536 -884 -204
Net Cash From Continuing Investing Activities		 -134 -56 -71 -14 -43 -145 -267 -429 -1,536 -884 -204
Purchase of Investment Securities		 -16 -149 -158 -197 -20 -187 -466 -476 -1,315 -900 -346
Sale and/or Maturity of Investments		 76 92 25 183 161 42 199 46 52 16 141
Net Cash From Financing Activities		 -159 -162 -226 9.79 -165 4.82 -140 624 956 -149 157
Net Cash From Continuing Financing Activities		 -159 -162 -226 9.79 -165 4.82 -140 624 956 -149 157
Issuance of Debt		 184 358 1,399 653 -298 555 650 594 107 30 552
Issuance of Common Equity		 - 0.00 25 83 - 77 414 359 1,114 876 188
Repayment of Debt		 -159 -322 -1,435 -537 320 -425 -981 -134 -81 -854 -355
Repurchase of Common Equity		 - -0.66 - -0.19 - -1.06 -1.02 - - -0.34 -1.35
Payment of Dividends		 -182 -183 -182 -182 -183 -184 -184 -188 -191 -201 -219
Other Financing Activities, Net		 -2.31 -15 -33 -7.96 -6.13 -18 -39 -6.36 5.10 -0.12 -8.19
Cash Income Taxes Paid		 - - - - - 0.47 - - - 4.00 3.00

Annual Balance Sheets for Ventas

This table presents Ventas' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 21,166 22,262 23,167 23,955 22,585 24,692 23,929 24,718 24,158 24,725 26,187
Cash and Due from Banks		 55 53 287 81 72 106 413 150 123 509 898
Restricted Cash		 72 78 81 107 59 40 38 47 48 55 59
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 19,132 22,366 18,674 18,730 24,552 26,672 26,585 28,211 28,458 29,798 31,494
Goodwill		 364 1,047 1,033 1,035 1,051 1,051 1,052 1,046 1,044 1,045 1,045
Intangible Assets		 -2,469 -2,833 1,511 1,548 -4,880 -5,784 -6,647 -6,981 -7,918 -8,729 -9,537
Other Assets		 4,012 1,550 1,582 2,453 1,731 2,607 2,488 2,245 2,403 2,048 2,228
Total Liabilities & Shareholders' Equity		 21,166 22,262 23,167 23,955 22,585 24,692 23,929 24,718 24,158 24,725 26,187
Total Liabilities		 12,240 12,440 12,437 12,864 12,125 13,873 13,416 13,492 13,672 14,878 15,047
Accrued Interest Payable		 62 81 84 94 100 111 111 107 111 117 143
Other Short-Term Payables		 751 779 908 1,183 1,086 1,146 1,133 1,090 1,032 1,042 1,152
Long-Term Debt		 10,844 11,207 11,127 11,276 10,734 12,159 11,895 12,028 12,297 13,491 13,523
Other Long-Term Liabilities		 582 373 318 310 205 457 276 267 233 228 229
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 172 197 201 158 188 274 235 280 265 303 310
Total Equity & Noncontrolling Interests		 8,754 9,625 10,529 10,932 10,272 10,545 10,278 10,946 10,222 9,544 10,830
Total Preferred & Common Equity		 8,680 9,564 10,460 10,866 10,216 10,446 10,180 10,854 10,153 9,488 10,771
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 8,680 9,564 10,460 10,866 10,216 10,446 10,180 10,854 10,153 9,488 10,771
Common Stock		 10,194 11,686 13,006 13,142 13,166 14,150 14,265 15,599 15,640 15,751 17,717
Retained Earnings		 -1,526 -2,112 -2,488 -2,241 -2,930 -3,669 -4,030 -4,680 -5,449 -6,214 -6,887
Treasury Stock		 -0.51 -2.57 -0.05 -0.04 0.00 -0.13 0.00 0.00 -0.54 -14 -25
Accumulated Other Comprehensive Income / (Loss)		 13 -7.57 -58 -35 -20 -35 -54 -65 -37 -36 -34
Noncontrolling Interest		 74 61 69 66 56 100 98 91 69 56 58

Quarterly Balance Sheets for Ventas

This table presents Ventas' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 24,158 23,994 25,071 24,967 24,725 24,673 24,530 25,347 26,187 26,032 26,475
Cash and Due from Banks		 123 145 139 434 509 632 557 1,105 898 182 614
Restricted Cash		 48 50 72 58 55 56 58 61 59 64 63
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 28,458 28,513 30,069 29,821 29,798 29,775 29,947 30,266 31,494 32,142 32,559
Goodwill		 1,044 1,045 1,045 1,045 1,045 1,045 1,045 1,046 1,045 1,045 1,046
Intangible Assets		 -7,918 -8,159 -8,294 -8,509 -8,729 -8,959 -9,193 -9,427 -9,537 -9,756 -10,012
Other Assets		 2,403 2,400 2,041 2,118 2,048 2,123 2,116 2,297 2,228 2,355 2,205
Total Liabilities & Shareholders' Equity		 24,158 23,994 25,071 24,967 24,725 24,673 24,530 25,347 26,187 26,032 26,475
Total Liabilities		 13,672 13,670 14,771 14,827 14,878 14,929 14,551 15,189 15,047 14,166 14,554
Accrued Interest Payable		 111 94 113 120 117 123 122 114 143 107 130
Other Short-Term Payables		 1,032 1,007 1,070 1,090 1,042 1,020 1,003 1,149 1,152 1,126 1,132
Long-Term Debt		 12,297 12,343 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702 13,056
Other Long-Term Liabilities		 233 226 234 229 228 230 251 257 229 232 235
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 265 260 272 265 303 285 311 330 310 340 329
Total Equity & Noncontrolling Interests		 10,222 10,065 10,028 9,874 9,544 9,459 9,668 9,829 10,830 11,526 11,592
Total Preferred & Common Equity		 10,153 9,997 9,968 9,818 9,488 9,403 9,619 9,759 10,771 11,470 11,529
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 10,153 9,997 9,968 9,818 9,488 9,403 9,619 9,759 10,771 11,470 11,529
Common Stock		 15,640 15,662 15,685 15,779 15,751 15,858 16,239 16,571 17,717 18,601 18,815
Retained Earnings		 -5,449 -5,611 -5,688 -5,941 -6,214 -6,410 -6,577 -6,748 -6,887 -7,058 -7,209
Treasury Stock		 -0.54 -14 -14 -14 -14 -25 -25 -25 -25 -41 -43
Accumulated Other Comprehensive Income / (Loss)		 -37 -40 -15 -6.18 -36 -20 -17 -38 -34 -32 -34
Noncontrolling Interest		 69 68 60 57 56 56 48 70 58 57 63

Annual Metrics And Ratios for Ventas

This table displays calculated financial ratios and metrics derived from Ventas' official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.58% 17.49% 17.96% 3.79% 4.80% 3.39% -14.12% 1.87% 8.08% 7.16% 10.14%
EBITDA Growth		 5.31% 12.64% 7.71% 4.31% -11.95% 9.85% -17.59% -54.46% 97.60% 17.72% -1.50%
EBIT Growth		 -3.70% 0.28% 47.44% 12.77% -34.19% -6.60% -77.58% -836.32% 84.14% -22.78% 93.08%
NOPAT Growth		 -4.41% 8.77% 40.64% 17.22% -34.09% -2.13% -57.39% -164.18% 42.03% -22.78% 93.08%
Net Income Growth		 4.91% -12.11% 55.40% 108.92% -69.44% 5.61% 0.43% -87.18% -172.37% 25.98% 391.62%
EPS Growth		 4.91% -21.88% 48.80% 103.23% -69.84% 2.63% 0.00% -88.89% -192.31% 16.67% 290.00%
Operating Cash Flow Growth		 5.03% 11.47% -3.15% 5.47% -3.31% 4.08% 0.86% -29.24% 9.17% -0.03% 18.73%
Free Cash Flow Firm Growth		 -165.09% 12.03% 67.94% 148.41% 1,087.46% -185.65% 154.50% -228.45% 142.23% -257.13% -109.21%
Invested Capital Growth		 7.30% 6.36% 3.94% 2.33% -5.25% 8.42% -2.48% 3.77% -2.02% 2.44% 5.68%
Revenue Q/Q Growth		 4.62% 7.11% 15.04% 1.24% 0.64% 1.99% -20.68% 3.62% 3.16% 0.61% -0.78%
EBITDA Q/Q Growth		 5.83% 7.79% 0.45% 1.19% -6.73% 6.69% -20.63% -35.12% 66.90% 80.34% 85.54%
EBIT Q/Q Growth		 5.72% 38.36% 5.20% -0.17% -21.44% -5.15% -71.55% -135.43% 81.49% 79.11% 98.85%
NOPAT Q/Q Growth		 10.38% 32.32% 3.17% 7.12% -22.46% -10.52% -48.48% 35.60% -21.76% -34.84% 93.36%
Net Income Q/Q Growth		 -0.20% 4.37% 14.76% 15.73% -44.27% -10.29% 28.95% -72.76% -11.67% -374.55% 260.37%
EPS Q/Q Growth		 -0.20% 4.17% 14.81% 14.89% -44.66% -12.69% 32.95% -75.93% 0.00% -1,100.00% 218.75%
Operating Cash Flow Q/Q Growth		 -1.91% 3.09% -2.04% -0.14% 1.27% -0.66% -3.88% -2.84% 0.13% 1.07% 7.66%
Free Cash Flow Firm Q/Q Growth		 -159.38% 45.33% -101.28% 100.62% -11.57% 10.34% -15.70% 14.30% -29.08% 7.37% -246.78%
Invested Capital Q/Q Growth		 2.68% -0.51% 0.00% -0.12% 0.28% -0.64% -0.78% -1.16% -0.52% -0.81% 3.51%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 46.68% 44.76% 40.87% 41.08% 34.51% 36.67% 35.19% 15.73% 28.76% 31.59% 28.26%
EBIT Margin		 14.11% 12.05% 15.06% 16.36% 10.27% 9.28% 2.42% -17.51% -2.57% -2.95% -0.19%
Profit (Net Income) Margin		 19.20% 14.36% 18.92% 38.08% 11.11% 11.34% 13.27% 1.67% -1.12% -0.77% 2.04%
Tax Burden Percent		 136.01% 119.21% 125.65% 232.78% 108.10% 122.22% 547.45% -34.83% 43.48% 26.21% -1,104.94%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 27.37% 100.00% 100.00% 100.00%
Effective Tax Rate		 -2.49% -11.17% -6.04% -10.23% -10.38% -15.67% -119.79% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 1.88% 1.92% 2.56% 2.91% 1.95% 1.88% 0.78% -0.50% -0.29% -0.35% -0.02%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.05% 2.17% 3.47% 9.31% 1.87% 2.09% 2.98% 0.93% -0.08% 0.04% 0.67%
Return on Net Nonoperating Assets (RNNOA)		 3.42% 2.56% 3.78% 9.56% 1.91% 2.25% 3.36% 1.02% -0.09% 0.05% 0.87%
Return on Equity (ROE)		 5.30% 4.47% 6.34% 12.48% 3.86% 4.13% 4.14% 0.52% -0.38% -0.30% 0.84%
Cash Return on Invested Capital (CROIC)		 -5.16% -4.25% -1.30% 0.61% 7.34% -6.20% 3.29% -4.20% 1.76% -2.76% -5.54%
Operating Return on Assets (OROA)		 1.72% 1.62% 2.28% 2.48% 1.65% 1.52% 0.33% -2.44% -0.39% -0.47% -0.03%
Return on Assets (ROA)		 2.33% 1.93% 2.87% 5.78% 1.79% 1.86% 1.81% 0.23% -0.17% -0.12% 0.35%
Return on Common Equity (ROCE)		 5.16% 4.35% 6.18% 12.19% 3.78% 4.01% 4.00% 0.50% -0.36% -0.29% 0.81%
Return on Equity Simple (ROE_SIMPLE)		 5.50% 4.38% 6.23% 12.53% 4.07% 4.21% 4.33% 0.52% -0.40% -0.32% 0.82%
Net Operating Profit after Tax (NOPAT)		 359 391 550 645 425 416 177 -114 -66 -81 -5.60
NOPAT Margin		 14.47% 13.39% 15.97% 18.03% 11.34% 10.73% 5.33% -3.36% -1.80% -2.06% -0.13%
Net Nonoperating Expense Percent (NNEP)		 -1.16% -0.26% -0.91% -6.40% 0.08% -0.21% -2.20% -1.42% -0.21% -0.39% -0.70%
SG&A Expenses to Revenue		 48.80% 48.31% 41.67% 41.59% 45.15% 46.75% 58.32% 61.65% 62.35% 65.28% 65.42%
Operating Expenses to Revenue		 85.89% 87.95% 84.94% 83.64% 89.73% 90.72% 96.85% 117.78% 102.03% 103.46% 100.19%
Earnings before Interest and Taxes (EBIT)		 351 352 519 585 385 359 81 -593 -94 -116 -8.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,160 1,307 1,407 1,468 1,293 1,420 1,170 533 1,053 1,240 1,221
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.58 1.34 1.50 1.48 1.63 1.72 1.60 1.72 1.65 2.04 2.29
Price to Tangible Book Value (P/TBV)		 1.27 1.13 1.99 1.94 1.18 1.18 1.03 1.11 0.98 1.13 1.28
Price to Revenue (P/Rev)		 5.52 4.40 4.57 4.49 4.44 4.64 4.90 5.52 4.57 4.94 5.71
Price to Earnings (P/E)		 28.83 30.72 24.23 11.84 40.60 41.52 37.11 381.71 0.00 0.00 304.31
Dividend Yield		 6.36% 7.38% 6.62% 6.91% 6.78% 6.57% 4.92% 3.84% 4.30% 3.74% 3.06%
Earnings Yield		 3.47% 3.26% 4.13% 8.45% 2.46% 2.41% 2.70% 0.26% 0.00% 0.00% 0.33%
Enterprise Value to Invested Capital (EV/IC)		 1.25 1.15 1.22 1.22 1.30 1.32 1.25 1.33 1.28 1.40 1.53
Enterprise Value to Revenue (EV/Rev)		 9.93 8.28 7.77 7.66 7.33 7.84 8.44 9.12 7.97 8.33 8.71
Enterprise Value to EBITDA (EV/EBITDA)		 21.28 18.50 19.01 18.64 21.25 21.38 23.99 58.00 27.72 26.35 30.82
Enterprise Value to EBIT (EV/EBIT)		 70.38 68.73 51.60 46.81 71.38 84.48 348.34 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 68.67 61.82 48.66 42.46 64.67 73.04 158.49 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.67 17.28 19.75 19.16 19.88 21.12 19.36 30.12 26.06 29.17 28.30
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 203.37 17.19 0.00 37.63 0.00 72.16 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.21 1.14 1.04 1.02 1.03 1.12 1.13 1.07 1.17 1.37 1.21
Long-Term Debt to Equity		 1.21 1.14 1.04 1.02 1.03 1.12 1.13 1.07 1.17 1.37 1.21
Financial Leverage		 1.12 1.18 1.09 1.03 1.02 1.08 1.13 1.10 1.12 1.27 1.29
Leverage Ratio		 2.27 2.32 2.21 2.16 2.16 2.22 2.28 2.24 2.25 2.40 2.43
Compound Leverage Factor		 2.27 2.32 2.21 2.16 2.16 2.22 2.28 0.61 2.25 2.40 2.43
Debt to Total Capital		 54.85% 53.29% 50.91% 50.41% 50.65% 52.92% 53.08% 51.72% 53.97% 57.81% 54.83%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 54.85% 53.29% 50.91% 50.41% 50.65% 52.92% 53.08% 51.72% 53.97% 57.81% 54.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.25% 1.23% 1.23% 1.00% 1.15% 1.62% 1.49% 1.60% 1.46% 1.54% 1.49%
Common Equity to Total Capital		 43.90% 45.48% 47.86% 48.58% 48.20% 45.46% 45.43% 46.68% 44.56% 40.66% 43.67%
Debt to EBITDA		 9.35 8.58 7.91 7.68 8.30 8.56 10.17 22.57 11.68 10.88 11.07
Net Debt to EBITDA		 9.24 8.48 7.65 7.55 8.20 8.46 9.78 22.20 11.51 10.43 10.29
Long-Term Debt to EBITDA		 9.35 8.58 7.91 7.68 8.30 8.56 10.17 22.57 11.68 10.88 11.07
Debt to NOPAT		 30.17 28.67 20.24 17.50 25.27 29.25 67.16 -105.81 -186.61 -166.75 -2,415.95
Net Debt to NOPAT		 29.82 28.33 19.57 17.20 24.96 28.90 64.61 -104.08 -184.02 -159.78 -2,244.93
Long-Term Debt to NOPAT		 30.17 28.67 20.24 17.50 25.27 29.25 67.16 -105.81 -186.61 -166.75 -2,415.95
Noncontrolling Interest Sharing Ratio		 2.68% 2.69% 2.56% 2.26% 2.17% 2.90% 3.31% 3.24% 3.25% 3.41% 3.47%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -986 -867 -278 135 1,598 -1,369 746 -958 405 -636 -1,330
Operating Cash Flow to CapEx		 645.36% 1,301.40% 1,153.37% 1,077.83% 1,047.69% 917.40% 978.30% 553.83% 504.28% 431.69% 472.14%
Free Cash Flow to Firm to Interest Expense		 -3.38 -2.36 -0.66 0.00 0.00 0.00 1.59 -2.18 0.87 -1.11 -2.21
Operating Cash Flow to Interest Expense		 4.30 3.81 3.23 0.00 0.00 0.00 3.09 2.33 2.40 1.95 2.21
Operating Cash Flow Less CapEx to Interest Expense		 3.63 3.52 2.95 0.00 0.00 0.00 2.77 1.91 1.92 1.50 1.74
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.12 0.13 0.15 0.15 0.16 0.16 0.14 0.14 0.15 0.16 0.17
Fixed Asset Turnover		 0.13 0.14 0.17 0.19 0.17 0.15 0.12 0.12 0.13 0.13 0.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 19,771 21,029 21,857 22,367 21,193 22,978 22,409 23,254 22,783 23,338 24,662
Invested Capital Turnover		 0.13 0.14 0.16 0.16 0.17 0.18 0.15 0.15 0.16 0.17 0.18
Increase / (Decrease) in Invested Capital		 1,345 1,258 828 510 -1,173 1,784 -569 844 -470 555 1,324
Enterprise Value (EV)		 24,682 24,169 26,757 27,369 27,470 30,364 28,072 30,910 29,196 32,672 37,630
Market Capitalization		 13,718 12,835 15,728 16,057 16,624 17,978 16,295 18,707 16,736 19,385 24,696
Book Value per Share		 $29.49 $28.72 $30.35 $30.51 $28.66 $28.02 $27.18 $27.19 $25.40 $23.58 $25.69
Tangible Book Value per Share		 $36.64 $34.08 $22.97 $23.26 $39.40 $40.72 $42.12 $42.06 $42.60 $42.68 $45.94
Total Capital		 19,771 21,029 21,857 22,367 21,193 22,978 22,409 23,254 22,783 23,338 24,662
Total Debt		 10,844 11,207 11,127 11,276 10,734 12,159 11,895 12,028 12,297 13,491 13,523
Total Long-Term Debt		 10,844 11,207 11,127 11,276 10,734 12,159 11,895 12,028 12,297 13,491 13,523
Net Debt		 10,717 11,076 10,760 11,088 10,602 12,013 11,444 11,831 12,126 12,927 12,565
Capital Expenditures (CapEx)		 194 107 117 133 132 157 148 185 222 259 282
Net Nonoperating Expense (NNE)		 -118 -28 -102 -717 8.80 -24 -264 -170 -25 -51 -94
Net Nonoperating Obligations (NNO)		 10,844 11,207 11,127 11,276 10,734 12,159 11,895 12,028 12,297 13,491 13,523
Total Depreciation and Amortization (D&A)		 809 955 889 883 908 1,061 1,090 1,126 1,147 1,355 1,229
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.42 $1.26 $1.88 $3.82 $1.15 $1.18 $1.18 $0.13 ($0.12) ($0.10) $0.20
Adjusted Weighted Average Basic Shares Outstanding		 335.91M 330.31M 344.70M 355.33M 356.27M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M
Adjusted Diluted Earnings per Share		 $1.40 $1.25 $1.86 $3.78 $1.14 $1.17 $1.17 $0.13 ($0.12) ($0.10) $0.19
Adjusted Weighted Average Diluted Shares Outstanding		 338.76M 334.01M 348.39M 358.57M 359.30M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $1.18 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 377.74M 336.07M 354.62M 356.20M 356.65M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M
Normalized Net Operating Profit after Tax (NOPAT)		 280 328 382 431 332 292 85 -39 -44 -75 9.14
Normalized NOPAT Margin		 11.26% 11.25% 11.10% 12.07% 8.85% 7.53% 2.55% -1.15% -1.20% -1.90% 0.21%
Pre Tax Income Margin		 14.11% 12.05% 15.06% 16.36% 10.27% 9.28% 2.42% -4.79% -2.57% -2.95% -0.19%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.20 0.96 1.24 0.00 0.00 0.00 0.17 -1.35 -0.20 -0.20 -0.01
NOPAT to Interest Expense		 1.23 1.07 1.31 0.00 0.00 0.00 0.38 -0.26 -0.14 -0.14 -0.01
EBIT Less CapEx to Interest Expense		 0.54 0.67 0.96 0.00 0.00 0.00 -0.14 -1.77 -0.68 -0.65 -0.48
NOPAT Less CapEx to Interest Expense		 0.56 0.77 1.03 0.00 0.00 0.00 0.06 -0.68 -0.62 -0.59 -0.48
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 186.78% 242.95% 158.65% 61.20% 272.75% 265.64% 212.18% 1,226.42% -1,775.21% -2,408.65% 845.26%
Augmented Payout Ratio		 186.78% 242.95% 158.65% 61.20% 272.75% 265.64% 212.18% 1,226.42% -1,775.21% -2,408.65% 845.26%

Quarterly Metrics And Ratios for Ventas

This table displays calculated financial ratios and metrics derived from Ventas' official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 19.29% 4.68% 8.15% 10.85% 3.41% 26.42% 8.55% 7.52% -4.75% 13.18% 18.31%
EBITDA Growth		 229.44% -9.53% 63.19% 0.22% 17.92% 1.27% -14.87% 11.19% 3.03% 25.76% 23.10%
EBIT Growth		 87.27% -69.59% 270.36% -1,432.79% -110.38% -164.46% -125.49% 124.96% 99.49% 650.73% 324.02%
NOPAT Growth		 -25.39% -66.20% 335.56% -1,415.05% -35.95% -136.64% -118.45% 129.94% 99.55% 1,080.65% 390.33%
Net Income Growth		 -10.94% -53.41% 355.00% -2,370.94% -95.27% -166.31% -79.85% 130.18% 169.32% 485.61% 237.59%
EPS Growth		 0.00% -60.00% 336.36% 0.00% -100.00% -200.00% -80.77% 127.78% 159.09% 350.00% 200.00%
Operating Cash Flow Growth		 0.55% -11.56% 12.14% -4.71% 4.43% 9.73% 7.71% 23.60% 33.88% 20.53% 41.52%
Free Cash Flow Firm Growth		 146.28% 161.87% 70.45% -209.50% -253.73% -173.47% 232.27% 58.36% -109.00% -90.95% -466.24%
Invested Capital Growth		 -2.02% -3.63% 1.90% 2.73% 2.44% 2.79% -2.12% 1.27% 5.68% 5.44% 7.87%
Revenue Q/Q Growth		 -33.03% 36.64% 16.56% 3.93% -37.53% 39.26% 0.09% 2.94% -44.66% 98.48% 4.63%
EBITDA Q/Q Growth		 -12.41% 218.83% 30.62% -22.82% 3.06% 210.22% 9.82% 0.81% -4.51% 18.96% 7.50%
EBIT Q/Q Growth		 -1,164.53% 102.09% 547.75% -202.74% -73.56% 98.92% -156.15% 200.59% -103.52% 6,174.33% 4.19%
NOPAT Q/Q Growth		 -1,538.50% 124.65% 405.14% -174.26% -47.02% 93.36% -154.39% 220.49% -102.21% 14,582.00% -24.69%
Net Income Q/Q Growth		 -1,516.39% 143.59% 455.55% -166.21% -21.79% 85.20% 268.80% -0.81% 179.71% -17.66% 47.78%
EPS Q/Q Growth		 0.00% 136.36% 550.00% -169.23% -22.22% 81.82% 225.00% 0.00% 160.00% -23.08% 50.00%
Operating Cash Flow Q/Q Growth		 -11.00% -9.14% 28.42% -8.24% -2.47% -4.53% 26.06% 5.30% 5.65% -14.05% 48.01%
Free Cash Flow Firm Q/Q Growth		 -33.61% 110.38% -142.47% -84.61% 6.79% -0.54% 176.45% -158.11% -367.88% 8.14% -46.63%
Invested Capital Q/Q Growth		 -0.52% -0.51% 4.36% -0.54% -0.81% -0.17% -0.62% 2.91% 3.51% -0.38% 1.67%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 35.88% 29.80% 33.40% 24.80% 40.92% 23.87% 26.19% 25.65% 44.26% 26.53% 27.26%
EBIT Margin		 -9.11% 1.22% 6.75% -6.67% -18.54% -0.62% -1.59% 1.55% -0.10% 3.01% 3.00%
Profit (Net Income) Margin		 -6.25% 1.99% 9.50% -6.05% -11.79% -1.05% 1.76% 1.70% 8.58% 3.56% 5.03%
Tax Burden Percent		 52.22% 164.00% 167.75% 90.56% 75.01% 167.16% -110.92% 109.94% -11,560.43% 118.11% 167.52%
Interest Burden Percent		 131.20% 100.00% 83.85% 100.09% 84.78% 100.91% 100.22% 99.71% 75.37% 100.00% 100.00%
Effective Tax Rate		 0.00% -24.30% -15.60% 0.00% 0.00% 0.00% 0.00% 15.72% 0.00% -25.79% 9.08%
Return on Invested Capital (ROIC)		 -1.33% 0.24% 1.06% -0.79% -1.87% -0.08% -0.20% 0.24% -0.01% 0.71% 0.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.21% 0.28% 1.31% -0.91% -1.92% -0.14% 0.06% 0.28% 0.43% 0.69% 0.78%
Return on Net Nonoperating Assets (RNNOA)		 -1.36% 0.32% 1.59% -1.12% -2.43% -0.18% 0.08% 0.37% 0.55% 0.83% 0.94%
Return on Equity (ROE)		 -2.69% 0.56% 2.65% -1.90% -4.30% -0.25% -0.13% 0.61% 0.54% 1.54% 1.47%
Cash Return on Invested Capital (CROIC)		 1.76% 3.33% -1.92% -2.96% -2.76% -3.16% 1.49% -1.62% -5.54% -4.94% -6.95%
Operating Return on Assets (OROA)		 -1.37% 0.18% 1.03% -1.06% -2.98% -0.11% -0.27% 0.27% -0.02% 0.53% 0.55%
Return on Assets (ROA)		 -0.94% 0.30% 1.45% -0.96% -1.89% -0.18% 0.30% 0.29% 1.46% 0.63% 0.93%
Return on Common Equity (ROCE)		 -2.60% 0.55% 2.56% -1.84% -4.16% -0.25% -0.12% 0.59% 0.52% 1.49% 1.42%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -0.63% 0.84% 0.11% 0.00% -0.66% -1.51% -0.56% 0.00% 1.30% 1.73%
Net Operating Profit after Tax (NOPAT)		 -58 14 72 -54 -79 -5.25 -13 16 -0.36 51 39
NOPAT Margin		 -8.37% 1.51% 6.54% -4.68% -11.00% -0.44% -1.11% 1.30% -0.05% 3.79% 2.73%
Net Nonoperating Expense Percent (NNEP)		 -0.12% -0.04% -0.25% 0.12% 0.04% 0.06% -0.26% -0.04% -0.44% 0.02% -0.25%
SG&A Expenses to Revenue		 85.15% 64.23% 56.42% 57.22% 93.19% 57.30% 56.77% 57.83% 108.56% 57.85% 58.20%
Operating Expenses to Revenue		 109.11% 98.79% 94.34% 106.68% 118.54% 100.63% 101.59% 98.46% 100.10% 96.99% 97.00%
Earnings before Interest and Taxes (EBIT)		 -63 12 75 -77 -133 -7.43 -19 19 -0.67 41 43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 249 283 370 285 294 286 315 317 303 360 387
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.65 1.67 1.82 1.67 2.04 1.86 2.14 2.70 2.29 2.62 2.47
Price to Tangible Book Value (P/TBV)		 0.98 0.97 1.06 0.95 1.13 1.01 1.16 1.45 1.28 1.49 1.39
Price to Revenue (P/Rev)		 4.57 4.50 4.80 4.20 4.94 4.20 4.82 6.04 5.71 6.71 6.06
Price to Earnings (P/E)		 0.00 0.00 235.62 3,390.83 0.00 0.00 0.00 0.00 304.31 211.18 149.05
Dividend Yield		 4.30% 4.32% 3.96% 4.43% 3.74% 4.13% 3.54% 2.83% 3.06% 2.66% 2.95%
Earnings Yield		 0.00% 0.00% 0.42% 0.03% 0.00% 0.00% 0.00% 0.00% 0.33% 0.47% 0.67%
Enterprise Value to Invested Capital (EV/IC)		 1.28 1.29 1.34 1.26 1.40 1.32 1.45 1.65 1.53 1.75 1.65
Enterprise Value to Revenue (EV/Rev)		 7.97 7.87 8.36 7.59 8.33 7.36 7.84 9.00 8.71 9.58 8.78
Enterprise Value to EBITDA (EV/EBITDA)		 27.72 52.44 46.11 43.04 26.35 45.92 53.48 59.58 30.82 33.14 30.18
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,062.67 404.30
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 500.26 272.58
Enterprise Value to Operating Cash Flow (EV/OCF)		 26.06 26.78 28.22 26.70 29.17 26.87 28.68 31.75 28.30 31.00 27.08
Enterprise Value to Free Cash Flow (EV/FCFF)		 72.16 37.91 0.00 0.00 0.00 0.00 95.90 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.17 1.20 1.30 1.32 1.37 1.39 1.32 1.35 1.21 1.07 1.10
Long-Term Debt to Equity		 1.17 1.20 1.30 1.32 1.37 1.39 1.32 1.35 1.21 1.07 1.10
Financial Leverage		 1.12 1.16 1.21 1.23 1.27 1.29 1.31 1.33 1.29 1.22 1.20
Leverage Ratio		 2.25 2.28 2.35 2.37 2.40 2.43 2.45 2.48 2.43 2.35 2.33
Compound Leverage Factor		 2.95 2.28 1.97 2.37 2.04 2.45 2.45 2.47 1.83 2.35 2.33
Debt to Total Capital		 53.97% 54.45% 56.46% 56.90% 57.81% 58.18% 56.90% 57.37% 54.83% 51.70% 52.27%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 53.97% 54.45% 56.46% 56.90% 57.81% 58.18% 56.90% 57.37% 54.83% 51.70% 52.27%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.46% 1.44% 1.40% 1.37% 1.54% 1.46% 1.55% 1.68% 1.49% 1.61% 1.57%
Common Equity to Total Capital		 44.56% 44.10% 42.14% 41.73% 40.66% 40.36% 41.54% 40.96% 43.67% 46.69% 46.16%
Debt to EBITDA		 11.68 22.21 19.44 19.48 10.88 20.26 21.04 20.77 11.07 9.81 9.55
Net Debt to EBITDA		 11.51 21.86 19.14 18.76 10.43 19.23 20.06 19.00 10.29 9.62 9.05
Long-Term Debt to EBITDA		 11.68 22.21 19.44 19.48 10.88 20.26 21.04 20.77 11.07 9.81 9.55
Debt to NOPAT		 -186.61 -146.30 -1,365.07 -223.13 -166.75 -143.85 -87.00 -162.15 -2,415.95 148.08 86.23
Net Debt to NOPAT		 -184.02 -143.98 -1,343.57 -214.93 -159.78 -136.55 -82.94 -148.33 -2,244.93 145.21 81.76
Long-Term Debt to NOPAT		 -186.61 -146.30 -1,365.07 -223.13 -166.75 -143.85 -87.00 -162.15 -2,415.95 148.08 86.23
Noncontrolling Interest Sharing Ratio		 3.25% 3.44% 3.33% 3.13% 3.41% 3.33% 3.41% 3.55% 3.47% 3.41% 3.43%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 412 867 -368 -680 -634 -637 487 -283 -1,325 -1,217 -1,784
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 3.34 6.77 0.00 0.00 -1.42 0.00 0.00 0.00 -2.20 0.00 0.00
Operating Cash Flow to Interest Expense		 2.17 1.90 0.00 0.00 0.63 0.00 0.00 0.00 0.62 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.17 1.90 0.00 0.00 0.63 0.00 0.00 0.00 0.62 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.15 0.15 0.15 0.16 0.16 0.17 0.17 0.17 0.17 0.18 0.18
Fixed Asset Turnover		 0.13 0.13 0.13 0.13 0.13 0.14 0.14 0.15 0.14 0.14 0.15
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 22,783 22,667 23,655 23,528 23,338 23,299 23,154 23,827 24,662 24,568 24,977
Invested Capital Turnover		 0.16 0.16 0.16 0.17 0.17 0.18 0.18 0.18 0.18 0.19 0.20
Increase / (Decrease) in Invested Capital		 -470 -853 441 626 555 632 -501 299 1,324 1,268 1,823
Enterprise Value (EV)		 29,196 29,144 31,667 29,586 32,672 30,727 33,486 39,212 37,630 42,910 41,271
Market Capitalization		 16,736 16,669 18,191 16,368 19,385 17,520 20,567 26,310 24,696 30,058 28,499
Book Value per Share		 $25.40 $24.99 $24.92 $24.40 $23.58 $11.61 $23.76 $23.62 $25.69 $26.24 $25.55
Tangible Book Value per Share		 $42.60 $42.78 $43.04 $42.95 $42.68 $21.39 $43.90 $43.91 $45.94 $46.16 $45.41
Total Capital		 22,783 22,667 23,655 23,528 23,338 23,299 23,154 23,827 24,662 24,568 24,977
Total Debt		 12,297 12,343 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702 13,056
Total Long-Term Debt		 12,297 12,343 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702 13,056
Net Debt		 12,126 12,147 13,144 12,897 12,927 12,867 12,560 12,503 12,565 12,456 12,380
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 -15 -4.58 -33 16 5.66 7.29 -35 -4.90 -59 3.14 -33
Net Nonoperating Obligations (NNO)		 12,297 12,343 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702 13,056
Total Depreciation and Amortization (D&A)		 313 271 295 362 427 294 334 298 304 319 345
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.11) $0.04 $0.26 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.14 $0.11 $0.15
Adjusted Weighted Average Basic Shares Outstanding		 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M
Adjusted Diluted Earnings per Share		 ($0.11) $0.04 $0.26 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.13 $0.10 $0.15
Adjusted Weighted Average Diluted Shares Outstanding		 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M
Normalized Net Operating Profit after Tax (NOPAT)		 -103 9.04 29 -42 -70 -2.73 -5.36 27 -4.90 34 48
Normalized NOPAT Margin		 -14.84% 0.95% 2.59% -3.63% -9.81% -0.23% -0.45% 2.16% -0.72% 2.49% 3.40%
Pre Tax Income Margin		 -11.96% 1.22% 5.66% -6.68% -15.72% -0.63% -1.59% 1.54% -0.07% 3.01% 3.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.51 0.09 0.00 0.00 -0.30 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -0.47 0.11 0.00 0.00 -0.18 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -0.51 0.09 0.00 0.00 -0.30 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -0.47 0.11 0.00 0.00 -0.18 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -1,775.21% -1,162.76% 870.50% 6,602.19% -2,408.65% -1,184.15% -503.40% -1,341.00% 845.26% 511.17% 399.76%
Augmented Payout Ratio		 -1,775.21% -1,162.76% 870.50% 6,602.19% -2,408.65% -1,184.15% -503.40% -1,341.00% 845.26% 511.17% 399.76%

Financials Breakdown Chart

Key Financial Trends

Ventas, Inc. (NYSE: VTR) has shown varying financial performance over the past several years through the most recent quarter Q2 2025. Here are the key highlights and trends derived from the analysis of its quarterly financial statements:

  • Net Income Improvement: Ventas reported consolidated net income of $71.46 million in Q2 2025, up from $48.36 million in Q1 2025 and significantly recovering from previous losses in late 2023 and early 2024. This signals an improved profitability trajectory.
  • Strong Operating Cash Flow: Net cash from continuing operating activities remains robust at $475.3 million in Q2 2025, up from $321.1 million in Q1 2025, indicating strong cash generation from core business operations.
  • Capital Raising Activities: The company raised significant capital through the issuance of debt ($552.1 million) and common equity ($188.3 million) in Q2 2025, supporting liquidity and potential growth initiatives.
  • Stable Dividend Payments: Cash dividends paid to common shareholders remained consistent at $0.48 per share in Q2 2025 and Q1 2025, suggesting commitment to returning value to shareholders.
  • Revenue Growth: Total revenue in Q2 2025 was $1.42 billion, showing an increase compared to $1.36 billion in Q1 2025, fueled largely by non-interest income.
  • Depreciation Expense Increasing: Depreciation expenses rose to $347.7 million in Q2 2025 from $321.5 million in Q1 2025, reflecting increased capital investments or asset base growth, typical in REITs like Ventas.
  • High Long-Term Debt Level: As of Q2 2025, long-term debt stands at $13.06 billion, slightly up from $12.7 billion in Q1 2025. While debt supports growth, it also increases financial risk.
  • Retained Earnings Negative but Stable: Retained earnings remain negative (-$7.2 billion in Q2 2025), but this has been a consistent feature due to historical accumulated losses or distributions exceeding earnings.
  • Intangible Assets Negative Impact: Intangible assets are reported as a negative value (-$10.0 billion in Q2 2025), which may impact equity valuation and needs monitoring for potential impairments.
  • Large Investing Cash Outflows: Net cash used in continuing investing activities was $204.4 million in Q2 2025, reflecting ongoing capital expenditures or investments, which may pressure cash reserves in the short term.

Summary: Ventas is demonstrating signs of recovery and strengthening profitability with improving revenues and positive net income trends in recent quarters. The company maintains strong operating cash flows and supports growth via capital raises. However, large debts and negative intangible assets represent risks that investors should monitor. Overall, Ventas' financial health appears to be stabilizing and gradually improving after challenging periods in previous years.

10/07/25 10:02 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ventas' Financials

When does Ventas' fiscal year end?

According to the most recent income statement we have on file, Ventas' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ventas' net income changed over the last 10 years?

Ventas' net income appears to be on a downward trend, with a most recent value of $88.35 million in 2024, falling from $477.00 million in 2014. The previous period was -$30.30 million in 2023. Check out Ventas' forecast to explore projected trends and price targets.

How has Ventas' revenue changed over the last 10 years?

Over the last 10 years, Ventas' total revenue changed from $2.48 billion in 2014 to $4.32 billion in 2024, a change of 73.9%.

How much debt does Ventas have?

Ventas' total liabilities were at $15.05 billion at the end of 2024, a 1.1% increase from 2023, and a 22.9% increase since 2014.

How much cash does Ventas have?

In the past 10 years, Ventas' cash and equivalents has ranged from $53.02 million in 2015 to $897.85 million in 2024, and is currently $897.85 million as of their latest financial filing in 2024.

How has Ventas' book value per share changed over the last 10 years?

Over the last 10 years, Ventas' book value per share changed from 29.49 in 2014 to 25.69 in 2024, a change of -12.9%.


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This page (NYSE:VTR) was last updated on 10/7/2025 by MarketBeat.com Staff
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