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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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
Ventas, Inc. (NYSE: VTR) has shown a mix of financial results over the past four years through Q2 2025, reflecting dynamics in revenue, expenses, assets, liabilities, and cash flows. Here are the key trends and takeaways from the last several quarters and years:
- Net Income Growth: The company reported a consolidated net income of $71.46 million in Q2 2025, up from $48.36 million in Q1 2025, showing improvement quarter-over-quarter.
- Consistent Dividend Payout: Dividends per share have remained steady at $0.48 in Q2 2025 and $0.45 to $0.48 range in prior quarters, indicating a commitment to returning capital to shareholders.
- Non-Interest Income Growth: Other non-interest income increased to approximately $1.42 billion in Q2 2025 from $1.35 billion in Q1 2025, contributing substantially to total revenue growth.
- Stable Common Equity Base: Total common equity rose slightly to $11.53 billion in Q2 2025 from $11.47 billion in Q1 2025, reflecting relative stability in shareholders’ equity.
- Increase in Cash and Equivalents: Cash and due from banks increased significantly to $614.2 million in Q2 2025 from $182.3 million in Q1 2025, enhancing liquidity.
- Long-Term Debt Level: Long-term debt rose modestly to $13.06 billion in Q2 2025, up from $12.7 billion in Q1 2025, indicating ongoing leverage but manageable levels in relation to assets.
- Large Negative Intangible Assets: Intangible assets show a large negative balance (approx. -$10 billion), reflecting amortization and impairment pressures that could impact future earnings.
- Volatile Operating Cash Flow: Net cash from operating activities was $475.3 million in Q2 2025, recovering from $321.1 million in Q1 2025, but still showing fluctuations that could impact operational efficiency assessments.
- Significant Investing Cash Outflows: Net cash used in investing activities was heavy at approximately -$204.4 million in Q2 2025, continuing the trend of large investing outflows historically reaching over $1.5 billion in some quarters, potentially constraining free cash flow in the short term.
- Share Issuance and Repurchases Mixed: Issuance of common equity increased in Q2 2025 to $188.3 million, with minor repurchases, indicating modest dilution offset by capital return strategies.
Summary: Ventas’ recent financial performance illustrates a recovery in net income and operating cash from Q1 to Q2 2025, supported by strong non-interest income. However, the company continues to carry a large intangible asset burden and engages in substantial investing outflows. The stable dividend payout and improving equity levels provide a positive signal for shareholders. Investors should watch the company’s ability to manage its debt levels and convert investments into steady earnings growth in upcoming quarters.
10/19/25 07:25 PM ETAI Generated. May Contain Errors.