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Ventas (VTR) Financials

Ventas logo
$68.31 +0.81 (+1.20%)
Closing price 08/4/2025 03:59 PM Eastern
Extended Trading
$68.79 +0.48 (+0.70%)
As of 08:09 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 418 649 1,356 409 433 439 49 -47 -41 81
Consolidated Net Income / (Loss)		 419 651 1,361 416 439 441 57 -41 -30 88
Net Income / (Loss) Continuing Operations		 390 652 1,361 416 439 441 57 -49 -92 31
Total Pre-Tax Income 		352 519 585 385 359 81 -162 -94 -116 -8.00
Total Revenue		 2,919 3,444 3,574 3,746 3,873 3,326 3,388 3,662 3,924 4,321
Net Interest Income / (Expense)		 -366 -419 6.03 25 0.00 -470 -425 -468 -574 -603
Total Interest Income		 1.05 0.88 6.03 25 0.00 0.00 15 0.00 0.00 0.00
Total Interest Expense		 367 420 0.00 0.00 0.00 470 440 468 574 603
Long-Term Debt Interest Expense		 367 - - - - - - 468 574 603
Total Non-Interest Income		 3,285 3,443 3,568 3,721 3,873 3,795 3,813 4,129 4,498 4,924
Other Service Charges		 1,853 - 0.00 - 2,174 7.61 - 3.64 2,988 3,418
Other Non-Interest Income		 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		 2,568 2,925 2,989 3,361 3,513 3,221 3,990 3,736 4,060 4,330
Net Occupancy & Equipment Expense		 1,384 1,435 1,486 1,691 1,811 1,940 2,088 2,283 2,561 2,827
Other Operating Expenses		 146 144 584 661 610 131 167 224 97 228
Depreciation Expense		 894 899 888 920 1,046 1,110 1,197 1,198 1,392 1,253
Restructuring Charge		 103 25 11 31 15 30 47 31 15 20
Other Special Charges		 14 2.78 21 58 42 11 59 0.58 -6.10 0.69
Income Tax Expense		 -39 -31 -60 -40 -56 -97 4.83 -17 -9.54 -38
Other Gains / (Losses), net		 -1.42 103 717 -8.79 26 264 224 29 14 1.56
Other Adjustments to Consolidated Net Income / (Loss)		 19 - - - - - - 7.78 62 57
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.38 2.26 4.64 6.51 6.28 2.04 7.55 6.52 11 7.20
Basic Earnings per Share		 $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		 330.31M 344.70M 355.10M 356.10M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M
Diluted Earnings per Share		 $1.25 $1.86 $3.78 $1.14 $1.17 $1.17 $0.13 ($0.12) ($0.10) $0.19
Weighted Average Diluted Shares Outstanding		 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		 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		 $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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Net Income / (Loss) Attributable to Common Shareholders		 1.26 -45 18 103 -71 -91 -14 19 19 57 47
Consolidated Net Income / (Loss)		 3.06 -43 19 105 -70 -85 -13 21 21 59 48
Net Income / (Loss) Continuing Operations		 3.06 -51 19 105 -70 -147 -13 21 21 1.72 48
Total Pre-Tax Income 		-5.07 -83 12 63 -77 -113 -7.50 -19 19 -0.51 41
Total Revenue		 1,037 695 949 1,106 1,150 718 1,200 1,201 1,236 684 1,358
Net Interest Income / (Expense)		 -119 -125 -128 1.03 2.75 -450 6.78 4.83 8.20 -623 3.08
Total Interest Income		 0.49 -1.66 0.00 1.03 2.75 -3.79 6.78 4.83 8.20 -20 3.08
Other Interest Income		 0.49 - - 1.03 2.75 - 6.78 4.83 8.20 - 3.08
Total Interest Expense		 119 123 128 0.00 0.00 446 0.00 0.00 0.00 603 0.00
Total Non-Interest Income		 1,037 1,053 1,077 1,105 1,147 1,168 1,193 1,196 1,228 1,307 1,355
Other Non-Interest Income		 1,037 1,705 366 1,105 1,147 -1,109 1,193 1,196 1,228 -2,111 1,355
Provision for Credit Losses		 -0.06 - - -12 -0.07 - -0.07 -0.04 -0.06 - 0.00
Total Non-Interest Expense		 1,042 758 938 1,044 1,227 852 1,207 1,220 1,217 685 1,317
Net Occupancy & Equipment Expense		 572 592 610 624 658 669 687 682 715 743 786
Other Operating Expenses		 35 140 44 149 181 -278 214 187 186 -359 203
Depreciation Expense		 301 324 282 305 370 435 300 340 304 309 322
Restructuring Charge		 4.78 -6.97 1.39 3.07 7.13 3.64 4.68 2.89 8.58 4.23 5.98
Other Special Charges		 9.74 -57 0.00 -25 10 8.61 -1.08 8.55 3.94 -11 1.41
Income Tax Expense		 -6.03 -2.62 -2.80 -9.77 -1.66 4.70 -3.00 7.77 3.00 -46 -11
Other Gains / (Losses), net		 2.11 29 4.58 33 5.59 -29 -8.04 48 4.90 -43 -3.14
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.81 1.64 1.40 1.61 1.57 6.10 1.77 1.78 1.75 1.89 1.49
Basic Earnings per Share		 $0.00 ($0.11) $0.04 $0.26 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.14 $0.11
Weighted Average Basic Shares Outstanding		 399.72M 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M
Diluted Earnings per Share		 $0.00 ($0.11) $0.04 $0.26 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.13 $0.10
Weighted Average Diluted Shares Outstanding		 399.72M 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M
Weighted Average Basic & Diluted Shares Outstanding		 399.72M 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M
Cash Dividends to Common per Share		 $0.45 - $0.45 $0.45 $0.45 - $0.45 $0.45 $0.45 - $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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 -1.80 237 -180 -56 13 304 -256 -23 391 398
Net Cash From Operating Activities		 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		 1,399 1,355 1,429 1,381 1,438 1,450 1,026 1,120 1,120 1,330
Net Income / (Loss) Continuing Operations		 419 651 1,361 416 439 441 57 -41 -30 88
Consolidated Net Income / (Loss)		 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		 974 899 888 920 1,046 1,110 1,197 1,198 1,392 1,253
Amortization Expense		 -19 -9.98 -4.48 -12 15 -20 -71 -51 -37 -24
Non-Cash Adjustments to Reconcile Net Income		 -35 -138 -762 113 -22 -227 -104 35 -131 -31
Changes in Operating Assets and Liabilities, net		 60 -48 -53 -56 -40 122 -44 -41 -54 44
Net Cash From Investing Activities		 -2,424 -1,214 -937 324 -1,585 154 -724 -859 -185 -2,377
Net Cash From Continuing Investing Activities		 -2,424 -1,214 -937 324 -1,585 154 -724 -859 -185 -2,377
Purchase of Property, Leasehold Improvements and Equipment		 -107 -117 -133 -132 -157 -148 -185 -222 -259 -282
Purchase of Investment Securities		 -2,999 -1,722 -1,773 -873 -2,624 -861 -1,747 -793 -523 -2,443
Divestitures		 - - - - - - 0.00 0.00 50 0.00
Sale and/or Maturity of Investments		 678 625 969 1,272 1,195 1,164 1,208 128 462 340
Other Investing Activities, net		 4.00 0.00 - 57 0.17 0.00 0.00 28 86 8.37
Net Cash From Financing Activities		 1,023 97 -671 -1,762 161 -1,300 -558 -284 -544 1,445
Net Cash From Continuing Financing Activities		 1,023 97 -671 -1,762 161 -1,300 -558 -284 -544 1,445
Issuance of Debt		 3,913 858 1,496 2,871 3,013 733 1,409 1,053 2,113 1,906
Issuance of Common Equity		 491 1,287 74 0.00 942 55 617 0.00 108 1,965
Repayment of Debt		 -2,159 -1,022 -1,369 -3,466 -2,628 -1,134 -1,830 -575 -1,973 -1,621
Payment of Dividends		 -1,019 -1,034 -833 -1,135 -1,167 -936 -694 -727 -730 -747
Other Financing Activities, Net		 -203 8.30 -39 -33 0.62 -19 -61 -35 -62 -58
Cash Interest Paid		 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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Net Change in Cash & Equivalents		 22 -26 24 15 282 70 127 -71 549 -206 -712
Net Cash From Operating Activities		 300 267 243 312 286 279 266 336 354 374 321
Net Cash From Continuing Operating Activities		 300 267 243 312 286 279 266 336 354 374 321
Net Income / (Loss) Continuing Operations		 3.06 -43 19 105 -70 -85 -13 21 21 59 48
Consolidated Net Income / (Loss)		 3.06 -43 19 105 -70 -85 -13 21 21 59 48
Provision For Loan Losses		 -0.06 20 -8.06 -12 -0.07 -0.08 -0.07 -0.04 -0.06 - 0.00
Depreciation Expense		 301 324 282 305 370 435 300 340 304 309 322
Amortization Expense		 -12 -12 -11 -9.86 -8.42 -8.14 -6.35 -6.21 -6.29 -5.25 -2.20
Non-Cash Adjustments to Reconcile Net Income		 12 -20 13 -88 -4.27 -52 16 -27 3.53 -24 4.71
Changes in Operating Assets and Liabilities, net		 -4.65 -1.82 -52 12 -1.92 -11 -31 8.54 31 35 -51
Net Cash From Investing Activities		 -166 -134 -56 -71 -14 -43 -145 -267 -429 -1,536 -884
Net Cash From Continuing Investing Activities		 -166 -134 -56 -71 -14 -43 -145 -267 -429 -1,536 -884
Purchase of Investment Securities		 -177 -16 -149 -158 -197 -20 -187 -466 -476 -1,315 -900
Sale and/or Maturity of Investments		 11 76 92 25 183 161 42 199 46 52 16
Net Cash From Financing Activities		 -112 -159 -162 -226 9.79 -165 4.82 -140 624 956 -149
Net Cash From Continuing Financing Activities		 -112 -159 -162 -226 9.79 -165 4.82 -140 624 956 -149
Issuance of Debt		 170 184 358 1,399 653 -298 555 650 594 107 30
Issuance of Common Equity		 - - 0.00 25 83 - 77 414 359 1,114 876
Repayment of Debt		 -77 -159 -322 -1,435 -537 320 -425 -981 -134 -81 -854
Repurchase of Common Equity		 -0.33 - -0.66 - -0.19 - -1.06 -1.02 - - -0.34
Payment of Dividends		 -182 -182 -183 -182 -182 -183 -184 -184 -188 -191 -201
Other Financing Activities, Net		 -23 -2.31 -15 -33 -7.96 -6.13 -18 -39 -6.36 5.10 -0.12
Cash Income Taxes Paid		 - - - - - - - - - - 4.00

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 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		 53 287 81 72 106 413 150 123 509 898
Restricted Cash		 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
Premises and Equipment, Net		 22,366 18,674 18,730 24,552 26,672 26,585 28,211 28,458 29,798 31,494
Goodwill		 1,047 1,033 1,035 1,051 1,051 1,052 1,046 1,044 1,045 1,045
Intangible Assets		 -2,833 1,511 1,548 -4,880 -5,784 -6,647 -6,981 -7,918 -8,729 -9,537
Other Assets		 1,550 1,582 2,453 1,731 2,607 2,488 2,245 2,403 2,048 2,228
Total Liabilities & Shareholders' Equity		 22,262 23,167 23,955 22,585 24,692 23,929 24,718 24,158 24,725 26,187
Total Liabilities		 12,440 12,437 12,864 12,125 13,873 13,416 13,492 13,672 14,878 15,047
Accrued Interest Payable		 81 84 94 100 111 111 107 111 117 143
Other Short-Term Payables		 779 908 1,183 1,086 1,146 1,133 1,090 1,032 1,042 1,152
Long-Term Debt		 11,207 11,127 11,276 10,734 12,159 11,895 12,028 12,297 13,491 13,523
Other Long-Term Liabilities		 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
Redeemable Noncontrolling Interest		 197 201 158 188 274 235 280 265 303 310
Total Equity & Noncontrolling Interests		 9,625 10,529 10,932 10,272 10,545 10,278 10,946 10,222 9,544 10,830
Total Preferred & Common Equity		 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
Total Common Equity		 9,564 10,460 10,866 10,216 10,446 10,180 10,854 10,153 9,488 10,771
Common Stock		 11,686 13,006 13,142 13,166 14,150 14,265 15,599 15,640 15,751 17,717
Retained Earnings		 -2,112 -2,488 -2,241 -2,930 -3,669 -4,030 -4,680 -5,449 -6,214 -6,887
Treasury Stock		 -2.57 -0.05 -0.04 0.00 -0.13 0.00 0.00 -0.54 -14 -25
Accumulated Other Comprehensive Income / (Loss)		 -7.57 -58 -35 -20 -35 -54 -65 -37 -36 -34
Noncontrolling Interest		 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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Total Assets		 24,300 24,158 23,994 25,071 24,967 24,725 24,673 24,530 25,347 26,187 26,032
Cash and Due from Banks		 145 123 145 139 434 509 632 557 1,105 898 182
Restricted Cash		 50 48 50 72 58 55 56 58 61 59 64
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		 28,397 28,458 28,513 30,069 29,821 29,798 29,775 29,947 30,266 31,494 32,142
Goodwill		 1,043 1,044 1,045 1,045 1,045 1,045 1,045 1,045 1,046 1,045 1,045
Intangible Assets		 -7,690 -7,918 -8,159 -8,294 -8,509 -8,729 -8,959 -9,193 -9,427 -9,537 -9,756
Other Assets		 2,355 2,403 2,400 2,041 2,118 2,048 2,123 2,116 2,297 2,228 2,355
Total Liabilities & Shareholders' Equity		 24,300 24,158 23,994 25,071 24,967 24,725 24,673 24,530 25,347 26,187 26,032
Total Liabilities		 13,610 13,672 13,670 14,771 14,827 14,878 14,929 14,551 15,189 15,047 14,166
Accrued Interest Payable		 93 111 94 113 120 117 123 122 114 143 107
Other Short-Term Payables		 1,064 1,032 1,007 1,070 1,090 1,042 1,020 1,003 1,149 1,152 1,126
Long-Term Debt		 12,211 12,297 12,343 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702
Other Long-Term Liabilities		 242 233 226 234 229 228 230 251 257 229 232
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		 259 265 260 272 265 303 285 311 330 310 340
Total Equity & Noncontrolling Interests		 10,432 10,222 10,065 10,028 9,874 9,544 9,459 9,668 9,829 10,830 11,526
Total Preferred & Common Equity		 10,361 10,153 9,997 9,968 9,818 9,488 9,403 9,619 9,759 10,771 11,470
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		 10,361 10,153 9,997 9,968 9,818 9,488 9,403 9,619 9,759 10,771 11,470
Common Stock		 15,633 15,640 15,662 15,685 15,779 15,751 15,858 16,239 16,571 17,717 18,601
Retained Earnings		 -5,224 -5,449 -5,611 -5,688 -5,941 -6,214 -6,410 -6,577 -6,748 -6,887 -7,058
Treasury Stock		 -0.55 -0.54 -14 -14 -14 -14 -25 -25 -25 -25 -41
Accumulated Other Comprehensive Income / (Loss)		 -47 -37 -40 -15 -6.18 -36 -20 -17 -38 -34 -32
Noncontrolling Interest		 71 69 68 60 57 56 56 48 70 58 57

Annual Metrics And Ratios for Ventas

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 17.49% 17.96% 3.79% 4.80% 3.39% -14.12% 1.87% 8.08% 7.16% 10.14%
EBITDA Growth		 12.64% 7.71% 4.31% -11.95% 9.85% -17.59% -54.46% 97.60% 17.72% -1.50%
EBIT Growth		 0.28% 47.44% 12.77% -34.19% -6.60% -77.58% -836.32% 84.14% -22.78% 93.08%
NOPAT Growth		 8.77% 40.64% 17.22% -34.09% -2.13% -57.39% -164.18% 42.03% -22.78% 93.08%
Net Income Growth		 -12.11% 55.40% 108.92% -69.44% 5.61% 0.43% -87.18% -172.37% 25.98% 391.62%
EPS Growth		 -21.88% 48.80% 103.23% -69.84% 2.63% 0.00% -88.89% -192.31% 16.67% 290.00%
Operating Cash Flow Growth		 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		 12.03% 67.94% 148.41% 1,087.46% -185.65% 154.50% -228.45% 142.23% -257.13% -109.21%
Invested Capital Growth		 6.36% 3.94% 2.33% -5.25% 8.42% -2.48% 3.77% -2.02% 2.44% 5.68%
Revenue Q/Q Growth		 7.11% 15.04% 1.24% 0.64% 1.99% -20.68% 3.62% 3.16% 0.61% -0.78%
EBITDA Q/Q Growth		 7.79% 0.45% 1.19% -6.73% 6.69% -20.63% -35.12% 66.90% 80.34% 85.54%
EBIT Q/Q Growth		 38.36% 5.20% -0.17% -21.44% -5.15% -71.55% -135.43% 81.49% 79.11% 98.85%
NOPAT Q/Q Growth		 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		 4.37% 14.76% 15.73% -44.27% -10.29% 28.95% -72.76% -11.67% -374.55% 260.37%
EPS Q/Q Growth		 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		 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		 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		 -0.51% 0.00% -0.12% 0.28% -0.64% -0.78% -1.16% -0.52% -0.81% 3.51%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 44.76% 40.87% 41.08% 34.51% 36.67% 35.19% 15.73% 28.76% 31.59% 28.26%
EBIT Margin		 12.05% 15.06% 16.36% 10.27% 9.28% 2.42% -17.51% -2.57% -2.95% -0.19%
Profit (Net Income) Margin		 14.36% 18.92% 38.08% 11.11% 11.34% 13.27% 1.67% -1.12% -0.77% 2.04%
Tax Burden Percent		 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% 27.37% 100.00% 100.00% 100.00%
Effective Tax Rate		 -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)		 1.92% 2.56% 2.91% 1.95% 1.88% 0.78% -0.50% -0.29% -0.35% -0.02%
ROIC Less NNEP Spread (ROIC-NNEP)		 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)		 2.56% 3.78% 9.56% 1.91% 2.25% 3.36% 1.02% -0.09% 0.05% 0.87%
Return on Equity (ROE)		 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)		 -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)		 1.62% 2.28% 2.48% 1.65% 1.52% 0.33% -2.44% -0.39% -0.47% -0.03%
Return on Assets (ROA)		 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)		 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)		 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)		 391 550 645 425 416 177 -114 -66 -81 -5.60
NOPAT Margin		 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)		 -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		 48.31% 41.67% 41.59% 45.15% 46.75% 58.32% 61.65% 62.35% 65.28% 65.42%
Operating Expenses to Revenue		 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)		 352 519 585 385 359 81 -593 -94 -116 -8.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 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)		 1.34 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)		 1.13 1.99 1.94 1.18 1.18 1.03 1.11 0.98 1.13 1.28
Price to Revenue (P/Rev)		 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)		 30.72 24.23 11.84 40.60 41.52 37.11 381.71 0.00 0.00 304.31
Dividend Yield		 7.38% 6.62% 6.91% 6.78% 6.57% 4.92% 3.84% 4.30% 3.74% 3.06%
Earnings Yield		 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)		 1.15 1.22 1.22 1.30 1.32 1.25 1.33 1.28 1.40 1.53
Enterprise Value to Revenue (EV/Rev)		 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)		 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)		 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)		 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)		 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 0.00 203.37 17.19 0.00 37.63 0.00 72.16 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 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		 1.14 1.04 1.02 1.03 1.12 1.13 1.07 1.17 1.37 1.21
Financial Leverage		 1.18 1.09 1.03 1.02 1.08 1.13 1.10 1.12 1.27 1.29
Leverage Ratio		 2.32 2.21 2.16 2.16 2.22 2.28 2.24 2.25 2.40 2.43
Compound Leverage Factor		 2.32 2.21 2.16 2.16 2.22 2.28 0.61 2.25 2.40 2.43
Debt to Total Capital		 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%
Long-Term Debt to Total Capital		 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%
Noncontrolling Interests to Total Capital		 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		 45.48% 47.86% 48.58% 48.20% 45.46% 45.43% 46.68% 44.56% 40.66% 43.67%
Debt to EBITDA		 8.58 7.91 7.68 8.30 8.56 10.17 22.57 11.68 10.88 11.07
Net Debt to EBITDA		 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		 8.58 7.91 7.68 8.30 8.56 10.17 22.57 11.68 10.88 11.07
Debt to NOPAT		 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		 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		 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		 2.69% 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)		 -867 -278 135 1,598 -1,369 746 -958 405 -636 -1,330
Operating Cash Flow to CapEx		 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		 -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		 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		 3.52 2.95 0.00 0.00 0.00 2.77 1.91 1.92 1.50 1.74
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.13 0.15 0.15 0.16 0.16 0.14 0.14 0.15 0.16 0.17
Fixed Asset Turnover		 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		 21,029 21,857 22,367 21,193 22,978 22,409 23,254 22,783 23,338 24,662
Invested Capital Turnover		 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		 1,258 828 510 -1,173 1,784 -569 844 -470 555 1,324
Enterprise Value (EV)		 24,169 26,757 27,369 27,470 30,364 28,072 30,910 29,196 32,672 37,630
Market Capitalization		 12,835 15,728 16,057 16,624 17,978 16,295 18,707 16,736 19,385 24,696
Book Value per Share		 $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		 $34.08 $22.97 $23.26 $39.40 $40.72 $42.12 $42.06 $42.60 $42.68 $45.94
Total Capital		 21,029 21,857 22,367 21,193 22,978 22,409 23,254 22,783 23,338 24,662
Total Debt		 11,207 11,127 11,276 10,734 12,159 11,895 12,028 12,297 13,491 13,523
Total Long-Term Debt		 11,207 11,127 11,276 10,734 12,159 11,895 12,028 12,297 13,491 13,523
Net Debt		 11,076 10,760 11,088 10,602 12,013 11,444 11,831 12,126 12,927 12,565
Capital Expenditures (CapEx)		 107 117 133 132 157 148 185 222 259 282
Net Nonoperating Expense (NNE)		 -28 -102 -717 8.80 -24 -264 -170 -25 -51 -94
Net Nonoperating Obligations (NNO)		 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)		 955 889 883 908 1,061 1,090 1,126 1,147 1,355 1,229
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $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		 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		 $1.25 $1.86 $3.78 $1.14 $1.17 $1.17 $0.13 ($0.12) ($0.10) $0.19
Adjusted Weighted Average Diluted Shares Outstanding		 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 $1.18 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 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)		 328 382 431 332 292 85 -39 -44 -75 9.14
Normalized NOPAT Margin		 11.25% 11.10% 12.07% 8.85% 7.53% 2.55% -1.15% -1.20% -1.90% 0.21%
Pre Tax Income Margin		 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		 0.96 1.24 0.00 0.00 0.00 0.17 -1.35 -0.20 -0.20 -0.01
NOPAT to Interest Expense		 1.07 1.31 0.00 0.00 0.00 0.38 -0.26 -0.14 -0.14 -0.01
EBIT Less CapEx to Interest Expense		 0.67 0.96 0.00 0.00 0.00 -0.14 -1.77 -0.68 -0.65 -0.48
NOPAT Less CapEx to Interest Expense		 0.77 1.03 0.00 0.00 0.00 0.06 -0.68 -0.62 -0.59 -0.48
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 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		 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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.27% 19.29% 4.68% 8.15% 10.85% 3.41% 26.42% 8.55% 7.52% -4.75% 13.18%
EBITDA Growth		 48.49% 229.44% -9.53% 63.19% 0.22% 17.92% 1.27% -14.87% 11.19% 3.03% 25.76%
EBIT Growth		 94.21% 87.27% -69.59% 270.36% -1,432.79% -110.38% -164.46% -125.49% 124.96% 99.49% 650.73%
NOPAT Growth		 94.14% -25.39% -66.20% 335.56% -1,415.05% -35.95% -136.64% -118.45% 129.94% 99.55% 1,080.65%
Net Income Growth		 -95.12% -10.94% -53.41% 355.00% -2,370.94% -95.27% -166.31% -79.85% 130.18% 169.32% 485.61%
EPS Growth		 -100.00% 0.00% -60.00% 336.36% 0.00% -100.00% -200.00% -80.77% 127.78% 159.09% 350.00%
Operating Cash Flow Growth		 29.73% 0.55% -11.56% 12.14% -4.71% 4.43% 9.73% 7.71% 23.60% 33.88% 20.53%
Free Cash Flow Firm Growth		 161.98% 146.28% 161.87% 70.45% -209.50% -253.73% -173.47% 232.27% 58.36% -109.00% -90.95%
Invested Capital Growth		 -2.66% -2.02% -3.63% 1.90% 2.73% 2.44% 2.79% -2.12% 1.27% 5.68% 5.44%
Revenue Q/Q Growth		 1.40% -33.03% 36.64% 16.56% 3.93% -37.53% 39.26% 0.09% 2.94% -44.66% 98.48%
EBITDA Q/Q Growth		 25.67% -12.41% 218.83% 30.62% -22.82% 3.06% 210.22% 9.82% 0.81% -4.51% 18.96%
EBIT Q/Q Growth		 88.58% -1,164.53% 102.09% 547.75% -202.74% -73.56% 98.92% -156.15% 200.59% -103.52% 6,174.33%
NOPAT Q/Q Growth		 88.45% -1,538.50% 124.65% 405.14% -174.26% -47.02% 93.36% -154.39% 220.49% -102.21% 14,582.00%
Net Income Q/Q Growth		 107.43% -1,516.39% 143.59% 455.55% -166.21% -21.79% 85.20% 268.80% -0.81% 179.71% -17.66%
EPS Q/Q Growth		 100.00% 0.00% 136.36% 550.00% -169.23% -22.22% 81.82% 225.00% 0.00% 160.00% -23.08%
Operating Cash Flow Q/Q Growth		 7.98% -11.00% -9.14% 28.42% -8.24% -2.47% -4.53% 26.06% 5.30% 5.65% -14.05%
Free Cash Flow Firm Q/Q Growth		 149.82% -33.61% 110.38% -142.47% -84.61% 6.79% -0.54% 176.45% -158.11% -367.88% 8.14%
Invested Capital Q/Q Growth		 -1.35% -0.52% -0.51% 4.36% -0.54% -0.81% -0.17% -0.62% 2.91% 3.51% -0.38%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 27.43% 35.88% 29.80% 33.40% 24.80% 40.92% 23.87% 26.19% 25.65% 44.26% 26.53%
EBIT Margin		 -0.48% -9.11% 1.22% 6.75% -6.67% -18.54% -0.62% -1.59% 1.55% -0.10% 3.01%
Profit (Net Income) Margin		 0.30% -6.25% 1.99% 9.50% -6.05% -11.79% -1.05% 1.76% 1.70% 8.58% 3.56%
Tax Burden Percent		 -60.41% 52.22% 164.00% 167.75% 90.56% 75.01% 167.16% -110.92% 109.94% -11,560.43% 118.11%
Interest Burden Percent		 101.26% 131.20% 100.00% 83.85% 100.09% 84.78% 100.91% 100.22% 99.71% 75.37% 100.00%
Effective Tax Rate		 0.00% 0.00% -24.30% -15.60% 0.00% 0.00% 0.00% 0.00% 15.72% 0.00% -25.79%
Return on Invested Capital (ROIC)		 -0.05% -1.33% 0.24% 1.06% -0.79% -1.87% -0.08% -0.20% 0.24% -0.01% 0.71%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -1.21% 0.28% 1.31% -0.91% -1.92% -0.14% 0.06% 0.28% 0.43% 0.69%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -1.36% 0.32% 1.59% -1.12% -2.43% -0.18% 0.08% 0.37% 0.55% 0.83%
Return on Equity (ROE)		 -0.05% -2.69% 0.56% 2.65% -1.90% -4.30% -0.25% -0.13% 0.61% 0.54% 1.54%
Cash Return on Invested Capital (CROIC)		 2.46% 1.76% 3.33% -1.92% -2.96% -2.76% -3.16% 1.49% -1.62% -5.54% -4.94%
Operating Return on Assets (OROA)		 -0.07% -1.37% 0.18% 1.03% -1.06% -2.98% -0.11% -0.27% 0.27% -0.02% 0.53%
Return on Assets (ROA)		 0.04% -0.94% 0.30% 1.45% -0.96% -1.89% -0.18% 0.30% 0.29% 1.46% 0.63%
Return on Common Equity (ROCE)		 -0.05% -2.60% 0.55% 2.56% -1.84% -4.16% -0.25% -0.12% 0.59% 0.52% 1.49%
Return on Equity Simple (ROE_SIMPLE)		 -0.35% 0.00% -0.63% 0.84% 0.11% 0.00% -0.66% -1.51% -0.56% 0.00% 1.30%
Net Operating Profit after Tax (NOPAT)		 -3.55 -58 14 72 -54 -79 -5.25 -13 16 -0.36 51
NOPAT Margin		 -0.34% -8.37% 1.51% 6.54% -4.68% -11.00% -0.44% -1.11% 1.30% -0.05% 3.79%
Net Nonoperating Expense Percent (NNEP)		 -0.05% -0.12% -0.04% -0.25% 0.12% 0.04% 0.06% -0.26% -0.04% -0.44% 0.02%
SG&A Expenses to Revenue		 55.10% 85.15% 64.23% 56.42% 57.22% 93.19% 57.30% 56.77% 57.83% 108.56% 57.85%
Operating Expenses to Revenue		 100.49% 109.11% 98.79% 94.34% 106.68% 118.54% 100.63% 101.59% 98.46% 100.10% 96.99%
Earnings before Interest and Taxes (EBIT)		 -5.01 -63 12 75 -77 -133 -7.43 -19 19 -0.67 41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 285 249 283 370 285 294 286 315 317 303 360
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.46 1.65 1.67 1.82 1.67 2.04 1.86 2.14 2.70 2.29 2.62
Price to Tangible Book Value (P/TBV)		 0.89 0.98 0.97 1.06 0.95 1.13 1.01 1.16 1.45 1.28 1.49
Price to Revenue (P/Rev)		 4.26 4.57 4.50 4.80 4.20 4.94 4.20 4.82 6.04 5.71 6.71
Price to Earnings (P/E)		 0.00 0.00 0.00 235.62 3,390.83 0.00 0.00 0.00 0.00 304.31 211.18
Dividend Yield		 4.76% 4.30% 4.32% 3.96% 4.43% 3.74% 4.13% 3.54% 2.83% 3.06% 2.66%
Earnings Yield		 0.00% 0.00% 0.00% 0.42% 0.03% 0.00% 0.00% 0.00% 0.00% 0.33% 0.47%
Enterprise Value to Invested Capital (EV/IC)		 1.20 1.28 1.29 1.34 1.26 1.40 1.32 1.45 1.65 1.53 1.75
Enterprise Value to Revenue (EV/Rev)		 7.74 7.97 7.87 8.36 7.59 8.33 7.36 7.84 9.00 8.71 9.58
Enterprise Value to EBITDA (EV/EBITDA)		 43.54 27.72 52.44 46.11 43.04 26.35 45.92 53.48 59.58 30.82 33.14
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,062.67
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 500.26
Enterprise Value to Operating Cash Flow (EV/OCF)		 24.56 26.06 26.78 28.22 26.70 29.17 26.87 28.68 31.75 28.30 31.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 48.15 72.16 37.91 0.00 0.00 0.00 0.00 95.90 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.14 1.17 1.20 1.30 1.32 1.37 1.39 1.32 1.35 1.21 1.07
Long-Term Debt to Equity		 1.14 1.17 1.20 1.30 1.32 1.37 1.39 1.32 1.35 1.21 1.07
Financial Leverage		 1.10 1.12 1.16 1.21 1.23 1.27 1.29 1.31 1.33 1.29 1.22
Leverage Ratio		 2.23 2.25 2.28 2.35 2.37 2.40 2.43 2.45 2.48 2.43 2.35
Compound Leverage Factor		 2.26 2.95 2.28 1.97 2.37 2.04 2.45 2.45 2.47 1.83 2.35
Debt to Total Capital		 53.32% 53.97% 54.45% 56.46% 56.90% 57.81% 58.18% 56.90% 57.37% 54.83% 51.70%
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		 53.32% 53.97% 54.45% 56.46% 56.90% 57.81% 58.18% 56.90% 57.37% 54.83% 51.70%
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		 1.44% 1.46% 1.44% 1.40% 1.37% 1.54% 1.46% 1.55% 1.68% 1.49% 1.61%
Common Equity to Total Capital		 45.24% 44.56% 44.10% 42.14% 41.73% 40.66% 40.36% 41.54% 40.96% 43.67% 46.69%
Debt to EBITDA		 19.35 11.68 22.21 19.44 19.48 10.88 20.26 21.04 20.77 11.07 9.81
Net Debt to EBITDA		 19.04 11.51 21.86 19.14 18.76 10.43 19.23 20.06 19.00 10.29 9.62
Long-Term Debt to EBITDA		 19.35 11.68 22.21 19.44 19.48 10.88 20.26 21.04 20.77 11.07 9.81
Debt to NOPAT		 -225.62 -186.61 -146.30 -1,365.07 -223.13 -166.75 -143.85 -87.00 -162.15 -2,415.95 148.08
Net Debt to NOPAT		 -222.01 -184.02 -143.98 -1,343.57 -214.93 -159.78 -136.55 -82.94 -148.33 -2,244.93 145.21
Long-Term Debt to NOPAT		 -225.62 -186.61 -146.30 -1,365.07 -223.13 -166.75 -143.85 -87.00 -162.15 -2,415.95 148.08
Noncontrolling Interest Sharing Ratio		 3.16% 3.25% 3.44% 3.33% 3.13% 3.41% 3.33% 3.41% 3.55% 3.47% 3.41%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 621 412 867 -368 -680 -634 -637 487 -283 -1,325 -1,217
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		 5.20 3.34 6.77 0.00 0.00 -1.42 0.00 0.00 0.00 -2.20 0.00
Operating Cash Flow to Interest Expense		 2.51 2.17 1.90 0.00 0.00 0.63 0.00 0.00 0.00 0.62 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.51 2.17 1.90 0.00 0.00 0.63 0.00 0.00 0.00 0.62 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.15 0.15 0.15 0.16 0.16 0.17 0.17 0.17 0.17 0.18
Fixed Asset Turnover		 0.13 0.13 0.13 0.13 0.13 0.13 0.14 0.14 0.15 0.14 0.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 22,902 22,783 22,667 23,655 23,528 23,338 23,299 23,154 23,827 24,662 24,568
Invested Capital Turnover		 0.15 0.16 0.16 0.16 0.17 0.17 0.18 0.18 0.18 0.18 0.19
Increase / (Decrease) in Invested Capital		 -625 -470 -853 441 626 555 632 -501 299 1,324 1,268
Enterprise Value (EV)		 27,473 29,196 29,144 31,667 29,586 32,672 30,727 33,486 39,212 37,630 42,910
Market Capitalization		 15,128 16,736 16,669 18,191 16,368 19,385 17,520 20,567 26,310 24,696 30,058
Book Value per Share		 $25.92 $25.40 $24.99 $24.92 $24.40 $23.58 $11.61 $23.76 $23.62 $25.69 $26.24
Tangible Book Value per Share		 $42.55 $42.60 $42.78 $43.04 $42.95 $42.68 $21.39 $43.90 $43.91 $45.94 $46.16
Total Capital		 22,902 22,783 22,667 23,655 23,528 23,338 23,299 23,154 23,827 24,662 24,568
Total Debt		 12,211 12,297 12,343 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702
Total Long-Term Debt		 12,211 12,297 12,343 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702
Net Debt		 12,015 12,126 12,147 13,144 12,897 12,927 12,867 12,560 12,503 12,565 12,456
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)		 -6.61 -15 -4.58 -33 16 5.66 7.29 -35 -4.90 -59 3.14
Net Nonoperating Obligations (NNO)		 12,211 12,297 12,343 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702
Total Depreciation and Amortization (D&A)		 290 313 271 295 362 427 294 334 298 304 319
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.11) $0.04 $0.26 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.14 $0.11
Adjusted Weighted Average Basic Shares Outstanding		 399.72M 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M
Adjusted Diluted Earnings per Share		 $0.00 ($0.11) $0.04 $0.26 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.13 $0.10
Adjusted Weighted Average Diluted Shares Outstanding		 399.72M 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M
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		 399.72M 399.99M 400.05M 402.38M 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M
Normalized Net Operating Profit after Tax (NOPAT)		 6.61 -103 9.04 29 -42 -70 -2.73 -5.36 27 -4.90 34
Normalized NOPAT Margin		 0.64% -14.84% 0.95% 2.59% -3.63% -9.81% -0.23% -0.45% 2.16% -0.72% 2.49%
Pre Tax Income Margin		 -0.49% -11.96% 1.22% 5.66% -6.68% -15.72% -0.63% -1.59% 1.54% -0.07% 3.01%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.04 -0.51 0.09 0.00 0.00 -0.30 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -0.03 -0.47 0.11 0.00 0.00 -0.18 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -0.04 -0.51 0.09 0.00 0.00 -0.30 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -0.03 -0.47 0.11 0.00 0.00 -0.18 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -1,981.38% -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%
Augmented Payout Ratio		 -1,981.38% -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%

Key Financial Trends

Ventas, Inc. (NYSE: VTR) has shown mixed financial performance over the recent quarters, with notable improvements in Q1 2025 compared to prior quarters.

Positive trends and highlights:

  • Q1 2025 net income attributable to common shareholders was $46.9 million, showing a profitability turnaround compared to losses in prior quarters like Q4 2023 (-$90.8 million) and Q1 2024 (-$14.3 million).
  • Net interest income improved to $3.08 million in Q1 2025 from negative amounts in earlier periods, signaling an improvement in core interest revenue.
  • Total non-interest income rose to $1.355 billion in Q1 2025, up from $1.31 billion in Q4 2024, providing strong fee and other income support.
  • Net cash provided by operating activities increased to $321.1 million in Q1 2025, continuing the upward trend from previous quarters, indicating strong operational cash flow generation.
  • Ventas raised capital through common equity issuances totaling roughly $876 million in Q1 2025, significantly higher than past quarters — enhancing liquidity and balance sheet flexibility.
  • Total common equity improved to $11.47 billion in Q1 2025 from $10.77 billion in Q4 2024, reflecting retained earnings improvement and capital raise.
  • The company's total assets remained stable near $26 billion in Q1 2025, showing continuity in asset base and real estate holdings.
  • Dividends paid per share were consistent at $0.48 in Q1 2025, demonstrating commitment to shareholder returns.

Neutral observations:

  • Non-interest expenses remained high at approximately $1.32 billion in Q1 2025, consistent with prior quarters, showing stable operating cost levels.
  • Long-term debt remained elevated near $12.7 billion as of Q1 2025, relatively steady compared to prior quarters, reflecting ongoing leverage and financing strategy.

Potential concerns and negative points:

  • Ventas reported several quarters of losses including Q4 2023 (-$90.8 million) and Q1 2024 (-$14.3 million), indicating periods of financial pressure before recent recovery.
  • The company’s intangible assets show material negative valuation adjustments (around -$9.75 billion in Q1 2025), which could indicate impairment charges or write-downs affecting equity quality.
  • Net cash used in investing activities was large, approximately -$884 million in Q1 2025, reflecting heavy investment or portfolio changes that may pressure liquidity.
  • Restructuring and special charges remain a recurring expense, adding to headwinds in operating income.
  • While dividends remain steady, earnings per share (diluted) in Q1 2025 was modest at $0.10, indicating low earnings relative to dividend payouts, which may pressure payout sustainability.

Summary: Ventas has shown meaningful recovery in net income and operating cash flow in Q1 2025, aided by higher non-interest income and equity raises. However, the company is managing high expenses, substantial debt levels, and intangible asset adjustments. Retail investors should monitor ongoing profitability trends, cash flow sustainability, and debt management as key factors influencing Ventas' financial health and stock outlook.

08/05/25 08:01 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Ventas' Financials

When does Ventas' financial year end?

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

How has Ventas' net income changed over the last 9 years?

Ventas' net income appears to be on a downward trend, with a most recent value of $88.35 million in 2024, falling from $419.22 million in 2015. The previous period was -$30.30 million in 2023. See where experts think Ventas is headed by visiting Ventas' forecast page.

How has Ventas' revenue changed over the last 9 years?

Over the last 9 years, Ventas' total revenue changed from $2.92 billion in 2015 to $4.32 billion in 2024, a change of 48.0%.

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 21.0% increase since 2015.

How much cash does Ventas have?

In the past 9 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 9 years?

Over the last 9 years, Ventas' book value per share changed from 28.72 in 2015 to 25.69 in 2024, a change of -10.6%.


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This page (NYSE:VTR) was last updated on 8/5/2025 by MarketBeat.com Staff
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