Ventas, Inc.
- Open
- 88.01
- Day high
- 89.80
- Day low
- 87.90
- Prev close
- 89.30
- Volume
- 2.1M
- Mkt cap
- $41.8B
- P/E (TTM)
- 158.6
- EPS (TTM)
- $0.56
- P/B
- 3.2
- P/S
- 6.8
- Yield
- 1.17%
- Per share
- $1.04
- ▲Insiders net buying $93K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions accumulating (13F)
Ventas, Inc. (VTR) is a Real Estate company listed on NYSE. The stock is up 41% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4). Drillr has 1 published research article covering VTR.
Ventas, Inc. (VTR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VTR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.12 | $0.12 | -2.4% | $1.7B | +4.5% |
| Feb 5, 2026 | $0.89 | $0.89 | +0.0% | $1.6B | +4.1% |
| Oct 29, 2025 | $0.87 | $0.88 | +1.1% | $1.5B | -2.8% |
| Jul 30, 2025 | $0.85 | $0.87 | +2.4% | $1.4B | +1.1% |
| Apr 30, 2025 | $0.82 | $0.84 | +2.4% | $1.4B | +3.2% |
| Feb 12, 2025 | $-0.02 | $0.81 | +4150.0% | $1.3B | +2.6% |
| Oct 30, 2024 | $0.80 | $0.80 | +0.0% | $1.2B | +0.4% |
| Aug 1, 2024 | $0.79 | $0.80 | +1.3% | $1.2B | +0.5% |
| May 1, 2024 | $0.74 | $0.78 | +5.4% | $1.2B | +1.7% |
| Feb 14, 2024 | $0.76 | $0.76 | +0.0% | $1.2B | +1.3% |
| Nov 2, 2023 | $0.74 | $0.75 | +1.4% | $1.1B | +2.8% |
| Aug 3, 2023 | $0.74 | $0.75 | +1.4% | $1.1B | +1.2% |
VTR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | EMBLER MICHAEL Jdirector | Buy | 2,500 | $78.81 |
| May 15, 2026 | Barnes Melody Cdirector | Grant | 2,047 | $90.35 |
| May 15, 2026 | Rodriguez Joe Vasquez Jr.director | Grant | 2,047 | $90.35 |
| May 15, 2026 | Smith Maurice Sdirector | Grant | 2,047 | $90.35 |
| May 15, 2026 | RAKOWICH WALTER Cdirector | Sell | 1,152 | $90.20 |
| May 15, 2026 | Nolan Sean P.director | Grant | 2,047 | $90.35 |
| May 15, 2026 | Martino Roxanne Mdirector | Grant | 2,047 | $90.35 |
| May 15, 2026 | LUSTIG MATTHEW Jdirector | Grant | 2,047 | $90.35 |
| May 15, 2026 | Roy Sumitdirector | Grant | 2,047 | $90.35 |
| May 15, 2026 | BIGMAN THEODOREdirector | Grant | 2,047 | $90.35 |
| May 15, 2026 | RAKOWICH WALTER Cdirector | Grant | 2,047 | $90.35 |
| May 15, 2026 | EMBLER MICHAEL Jdirector | Grant | 2,047 | $90.35 |
| May 15, 2026 | NADER MARGUERITE Mdirector | Grant | 2,047 | $90.35 |
| May 5, 2026 | Bulgarelli Peter J.officer: EVP OM&R-Ventas/Pres&CEO-LHS | Tax | 2,372 | $88.02 |
| May 5, 2026 | Bulgarelli Peter J.officer: EVP OM&R-Ventas/Pres&CEO-LHS | Tax | 1,496 | $88.02 |
Source: VTR SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full VTR insider & 13F page →Ventas, Inc. company profile
Overview
Ventas, Inc. (NYSE:VTR) is a real estate investment trust (REIT) that specializes in healthcare-related properties. Founded in 1983 and publicly traded since 1997, Ventas has grown to become one of the largest healthcare REITs in the world. The company operates at the intersection of healthcare and real estate, owning and managing approximately 1,200 properties across the United States, Canada, and the United Kingdom. As an S&P 500 company, Ventas has built its business around the demographic tailwind of an aging population, partnering with leading healthcare providers and operators to generate rental income from essential healthcare infrastructure.
Business
Ventas operates as a Real Estate Investment Trust (REIT) in the healthcare facilities sector. A REIT is a company that owns, operates, or finances income-generating real estate, allowing individual investors to earn dividends from real estate investments without having to buy, manage, or finance properties themselves. Healthcare REITs specifically focus on properties used for medical care and senior living. The company's portfolio is divided into three main business segments: 1. Senior Housing Operating Portfolio (SHOP) represents approximately 50% of net operating income and consists of senior living communities that Ventas owns and operates through partnerships with experienced operators. These facilities provide assisted living, memory care, and independent living services for elderly residents. Unlike traditional rental properties, SHOP operates more like a hospitality business where Ventas shares in the operating performance of the communities, including occupancy rates and resident fees. 2. Outpatient Medical and Research (OMAR) comprises roughly 35% of NOI and includes medical office buildings, outpatient surgery centers, and research facilities. These properties are typically leased to healthcare providers, pharmaceutical companies, and research institutions under long-term triple-net leases, where tenants pay rent plus property expenses like taxes, insurance, and maintenance. 3. Other segments make up the remaining 15% and include skilled nursing facilities, hospitals, and other healthcare-related properties, often operated under triple-net lease arrangements with healthcare operators like Brookdale Senior Living and Kindred Healthcare. The healthcare real estate sector serves as critical infrastructure for an aging population, with properties that are difficult to relocate and serve essential needs, making them relatively recession-resistant compared to other commercial real estate sectors.
Revenue model
Ventas generates revenue through two primary business models depending on the property type. For its SHOP portfolio, the company operates under a revenue-sharing model where it partners with experienced senior living operators and receives a percentage of the gross revenue generated by each community. This model allows Ventas to benefit directly from occupancy improvements, rate increases, and operational efficiencies, but also exposes it to operating risks like vacancy and expense inflation. For its OMAR and other segments, Ventas employs a traditional triple-net lease model where tenants pay base rent plus all property operating expenses including taxes, insurance, and maintenance. These leases typically run 10-15 years with built-in rent escalations and provide more predictable cash flows, though they offer less upside potential during periods of strong healthcare demand. The company's customers include large healthcare operators like Brookdale Senior Living, regional senior living operators, hospital systems, medical practitioners, pharmaceutical companies, and research institutions. Revenue quality varies by tenant creditworthiness, with approximately 75% of the research portfolio leased to investment-grade tenants. Several factors influence Ventas's profitability margins. Positive factors include the aging demographics driving increased demand for senior housing, historically low new construction creating supply constraints, the company's ability to increase rents in undersupplied markets, and operational improvements through its Ventas Operational Insights platform. Negative factors include labor cost inflation in senior housing operations, interest rate increases affecting refinancing costs and property valuations, regulatory changes in healthcare reimbursement, and potential economic downturns that could pressure occupancy rates and rent collection, though healthcare real estate has historically shown resilience during recessions due to its essential nature.
Competitive moat
Ventas possesses a moderate economic moat built primarily around the essential nature of healthcare real estate and demographic tailwinds, though it faces meaningful competitive pressures. The company benefits from several defensive characteristics: healthcare facilities are difficult to relocate and serve non-discretionary needs, creating natural barriers to substitution. The aging population provides a powerful demographic tailwind, with the over-80 population expected to grow 28% over the next five years, driving sustained demand for senior housing and medical facilities. The company's scale advantages include access to capital markets for acquisitions and development, established relationships with leading healthcare operators, and operational expertise through its Ventas Operational Insights platform that helps optimize property performance. Its diversified portfolio across senior housing, medical offices, and research facilities provides some protection against sector-specific downturns. However, Ventas's moat has meaningful limitations. The REIT structure requires distributing most earnings as dividends, limiting retained capital for growth and creating dependence on external financing. Competition is intense from other healthcare REITs, private equity firms, and institutional investors, often leading to compressed acquisition yields. The senior housing business model exposes Ventas to operational risks including labor inflation, regulatory changes, and occupancy volatility that traditional REITs avoid. Additionally, the company faces potential disruption from changing healthcare delivery models, such as home-based care reducing demand for traditional facilities, and technological advances that could alter space requirements for medical and research facilities. While demographic trends support long-term demand, the cyclical nature of real estate markets and sensitivity to interest rates create periodic valuation pressures that can limit the company's financial flexibility.
Risks & safety
Ventas presents a moderate margin of safety with manageable financial risk but limited valuation cushion. • Liquidity and Debt: Strong liquidity position with $3.6 billion available, including $182 million cash. Net debt-to-EBITDA of 6.0x is elevated but improving. Debt-to-equity ratio of 1.13x indicates moderate leverage. No immediate solvency concerns given REIT's asset base and cash flow generation. • Cash Flow: Positive free cash flow of $204 million in Q1 2025, with operating cash flow of $321 million providing adequate coverage. However, REIT structure requires significant dividend payments, limiting cash retention. • Valuation Metrics: EV/EBITDA of 20.8x appears elevated for a REIT. Price-to-book ratio of 2.64x suggests premium to asset value. Graham number of $7.91 indicates potential overvaluation at current price of $65.54. • Other Considerations: Portfolio quality is solid with focus on essential healthcare infrastructure. Demographic tailwinds provide long-term demand support, though cyclical real estate risks and interest rate sensitivity create near-term uncertainties.
Recent development
Over the past few years, Ventas has executed a significant strategic transformation focused on optimizing its senior housing portfolio and capitalizing on demographic trends. The company has systematically converted properties from triple-net leases to operating partnerships, most notably planning to convert 45 Brookdale communities representing 5,700 units to the SHOP structure, expanding its operator base from 10 to 33 partners and reducing concentration risk. The company has invested heavily in portfolio optimization and operational improvements, completing over 250 community redevelopment projects and implementing its Ventas Operational Insights platform to drive performance improvements across properties. This focus on operational excellence has contributed to nine consecutive quarters of double-digit NOI growth in the senior housing segment. Ventas has pursued an aggressive acquisition strategy, investing $1.7 billion in senior housing assets over recent years with plans for $1.5 billion in investments in 2025. The company targets assets with 7-8% going-in yields and low-to-mid teens unlevered IRRs, focusing on markets with favorable supply-demand dynamics and partnering with high-quality operators. Approximately 75% of transactions have been relationship-driven, leveraging the company's established operator network. The company has also strengthened its balance sheet and capital structure, raising over $4 billion in capital in 2023 and improving its net debt-to-EBITDA ratio from 6.9x to 6.0x. Ventas has committed to equity-funding acquisitions to avoid overleveraging and has increased its dividend by 7%, demonstrating confidence in cash flow sustainability. The strategic focus on senior housing is expected to increase SHOP's contribution to over 50% of NOI, positioning the company to benefit more directly from the demographic tailwinds of an aging population.
VTR company profile · for informational purposes only — not investment advice.
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