FirmAtlas
Company handbook · VTR · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
VTR · CIK 740260 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
Ventas, Inc.
$85.86
+1.00 (+1.18%)
Close, Oct 16, 2026 · 52-week $68–102
Last fiscal year
Ventas, Inc. reported revenue of $5.8B for the year ended Dec 31, 2025 (FY25), up 18.5% from FY24. Net income was $251M, operating cash flow $1.6B and free cash flow −$1.3B. Source: 10-K filed Feb 6, 2026.
Market cap
$39.7B
P/E
151.2
P/B
2.7
Div yield
2.38%
Revenue 1Y
18.5%/yr
EPS 1Y
184.2%/yr
Shares 1Y
+11%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEODebra A. Cafaro
HQChicago, IL
AuditorKPMG LLP
Year endsDecember
Revenue by segment · FY25
Senior Living Operations74%
Medical Office Building Operations16%
Triple Net Leased Properties10%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
2.6%
8.9%
25.4%
23.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.1B deployed
Capex
$5.5B
77.3%
Dividends
$1.6B
22.7%
Operating cash flow over the period: $3.0B. Total debt changed by −$512M.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Balance sheet
Total assets
26,187
27,592+5.4%
29,656
Cash & short-term investments
957
786−17.9%
—
Accounts receivable
108
100−7.6%
—
Other assets
25,122
26,706+6.3%
—
Total liabilities
15,416
15,065−2.3%
15,006
Total debt
13,523
13,011−3.8%
265
Other liabilities
1,893
2,054+8.5%
—
Shareholders’ equity
10,771
12,527+16.3%
14,649
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,330
1,647+23.8%
1,801
Net income
88
262+196.0%
—
Depreciation & amortization
1,253
1,379+10.1%
—
Stock-based compensation
31
39+25.0%
—
Working capital & other
(43)
(33)n/m
—
Cash from investing
(2,377)
(2,694)n/m
—
Capex
(2,530)
(2,928)n/m
—
Other investing
153
234+53.0%
—
Cash from financing
1,445
874−39.5%
—
Debt raised
1,913
1,130−40.9%
—
Dividends
(740)
(860)n/m
—
Shares issued
1,965
2,344+19.3%
—
Other financing
(1,693)
(1,740)n/m
—
Net change in cash
398
(174)−143.7%
—
Free cash flow (OCF − capex)
(1,200)
(1,281)n/m
—
Where the cash went
Operating cash flow
1,330
1,647+23.8%
1,801
Reinvested in the business
2,530
2,928+15.7%
—
% of operating cash flow
190.3%
177.8%
Capex
2,530
2,928+15.7%
—
Free cash flow
(1,200)
(1,281)n/m
—
YoY
n/m
Returned to shareholders
740
860+16.2%
—
% of free cash flow
—
—
Dividends
740
860+16.2%
—
Change in total debt
—
(512)
—
Cash left over
—
(2,653)
—
FCF conversion (FCF ÷ net income)
−1478.9%
−509.7%+969.2 pp
—
Owner earnings
—
(1,289)
—
Owner earnings margin
—
−22.1%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,489
1,566
1,657
1,730
vs year-ago quarter
Net income
66
70
56
71
vs year-ago quarter
Net margin
4.4%
4.5%
3.4%
4.1%
EPS (diluted, $)
0.14
0.15
0.11
0.14
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
26,926
27,592
27,687
29,656
Cash & equivalents
243
786
201
224
Total debt
0
13,011
65
265
Shareholders’ equity
12,362
12,527
13,125
14,649
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
379
472
395
557