Ventas (VTR) Financials

$67.40 -0.33 (-0.48%)

As of 12:58 PM Eastern

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

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

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

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

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

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

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%

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%

Key Financial Trends

The recent quarterly financial data for Ventas, Inc. (NYSE: VTR) reveals several important trends from Q2 2022 through Q2 2025 across income statements, balance sheets, and cash flow statements. Here's an analysis highlighting key points for retail investors:

Steady Growth in Net Income: Ventas reported a consolidated net income of $71.46 million in Q2 2025, up from $21.17 million in Q2 2024 and a loss of $43.38 million in Q4 2022, showing a strong recovery and growth trajectory in earnings.
Increasing Operating Cash Flow: Net cash from continuing operating activities increased to $475.3 million in Q2 2025 from $335.9 million in Q2 2024, reflecting improved operational cash generation.
Higher Depreciation Expense Reflecting Asset Growth: Depreciation expense rose to $347.7 million in Q2 2025 from $339.8 million in Q2 2024, consistent with growth in premises and equipment (net) which reached $32.56 billion as of Q2 2025.
Issuance of Common Equity and Debt Financing: In Q2 2025, Ventas raised $188.3 million via common equity and $552.1 million via debt issuance, providing capital to support investments and operations.
Consistent Dividend Payments: Cash dividends per common share were stable at $0.48 in Q2 2025, consistent with previous quarters, which may be attractive to income-focused investors.
Stable Total Assets: Total assets remained around $26.47 billion at Q2 2025, showing moderate growth relative to previous quarters and years, suggesting stable investment in properties and other assets.
Long-Term Debt and Liabilities: Long-term debt was approximately $13.06 billion at Q2 2025, up from $12.98 billion in Q1 2025, indicating ongoing leverage but within manageable levels relative to total assets.
Non-Cash Intangible Asset Adjustment: Intangible assets showed a large negative value (-$10.01 billion) in Q2 2025, which may warrant further investigation as it could impact balance sheet strength.
Operating Expenses Remain High: Net occupancy and equipment expenses were $826.9 million in Q2 2025, increasing compared to $681.8 million a year earlier, indicating rising costs impacting profitability.
Mixed Historical Earnings with Loss Periods: Ventas has experienced negative earnings in some quarters, including sizeable losses in late 2022 and early 2023, which could impact investor confidence.

Summary: Ventas, Inc. has shown a positive recovery trend with growing net income and operational cash flow in recent quarters, supported by equity and debt financing. The company maintains steady dividend payments and has a strong asset base. However, investors should monitor rising operating costs and the composition of intangible assets, as well as the company's historical volatility in earnings. Overall, Ventas appears to be on a path of financial stabilization and growth as of mid-2025.

08/26/25 11:58 AMAI 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. Find out what analysts predict for Ventas in the coming months.

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 8/26/2025 by MarketBeat.com Staff

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Ventas (VTR) Financials

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Ventas (VTR) Financials

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