Ventas VTR

REIT (senior housing & healthcare). Ventas, Inc., listed on NYSE.

Based on the FY2025 annual report (Jan 2025 – Dec 2025)

Ventas' market cap is
about $47.09 billion.

#228 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $5.83398B.

Share price (close): $89.04; Close on Nov 5, 2026 · per share
P/E ratio: 164.9x; Closing price ÷ latest annual EPS
Market cap: $47.09B; #228 of 289
Revenue: $5.83398B; #259 of 299 · +18.5% YoY
Operating income: —; Not reported
Net income: $261.518M; #275 of 298 · +196.0% YoY
Free cash flow: −$1.281343B; #246 of 261 · −6.8% YoY
Total assets: $27.591945B; #209 of 299 · +5.4% YoY
Dividends paid: $860.06M; #148 of 214 · +16.2% YoY
Dividend per share: $1.92; #142 of 205 · +6.7% YoY
Dividend yield: 2.2%; #72 of 203
Shares outstanding: 462,615,000 shares; As of Dec 31, 2025

Size, put in perspective

Revenue every second$185$16M a day

Net income every second$8$716,000 a day

Buying Realty Income with a year's profit0.5% of itBased on Realty Income's market cap of about $56.58 billion

Market cap vs Realty Income0.8×Ventas ÷ Realty Income

Calculated from the FY2025 annual report, spread evenly over 365 days.

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Expenses96.5%
Net income4.5%

Non-operating gains such as investment income (1.0% of revenue) were added, so net income is larger than operating income.

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: +18.5%; #56 of 299; Revenue is growing steadily. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: —; Not ranked; The filing doesn't include the items needed to calculate this.
Net marginShare of revenue left as profit after interest and taxes: 4.5%; #252 of 298; After taxes, 4.5% of revenue was left as net income. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: −22.0%; #253 of 261; The company spent more on investment than it generated in cash. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: 2.2%; #257 of 276; Earnings relative to equity are on the low side. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: 116.8%; #91 of 244; Liabilities exceed equity. The median across 244 companies is 159.6%.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations$1.646726B
Capital spending−$2.928069B
Cash shortfall (FCF)−$1.281343B
Dividends paid−$860.06M

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 53%Equity 45%

Total assets$27.591945B
Total liabilities$14.630983B
Total equity$12.527253B
Cash and equivalents$741.067M

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
VentasVTR	$5.83398B	$261.518M	+18.5%	—	4.5%
Realty IncomeO	$5.749377B	$1.05859B	+9.1%	—	18.4%
Crown CastleCCI	$4.264B	$444M	−4.4%	48.7%	10.4%
Digital RealtyDLR	$6.112692B	$1.308589B	+10.0%	10.8%	21.4%
Public StoragePSA	$4.824113B	$1.784348B	+2.7%	—	37.0%

What the company does

Ventas is a healthcare REIT that owns senior housing, medical office buildings and research facilities.

The fiscal year ends around December each year.

Related companies: Realty Income, Crown Castle, Digital Realty, Public Storage

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.828007B	4.129193B	4.497827B	4.924266B	5.83398B
Pretax income	−162.385M	−94.137M	−115.581M	−7.996M	204.321M
Net income	56.559M	−40.931M	−30.297M	88.351M	261.518M
EPS (diluted)	$0.13	$-0.12	$-0.10	$0.19	$0.54
Operating cash flow	1.026116B	1.120163B	1.119873B	1.329625B	1.646726B
Capital expenditures	1.802021B	900.696M	649.471M	2.529803B	2.928069B
Free cash flow (FCF)	−775.905M	219.467M	470.402M	−1.200178B	−1.281343B
Dividends paid	686.888M	720.319M	723.559M	740.326M	860.06M
Total assets	24.717786B	24.15784B	24.725433B	26.186906B	27.591945B
Total liabilities	13.491743B	13.671513B	14.878392B	15.047081B	14.630983B
Total equity	10.94576B	10.221677B	9.544405B	10.771267B	12.527253B
Cash and equivalents	196.597M	170.745M	563.462M	897.85M	741.067M
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for Ventas, Inc. · CIK 0000740260 · US-GAAP