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VTR

Ventas, Inc.

VTR

Ventas, Inc. • NYSE
$80.66 ▲ 0.72% (+0.58)
Market Cap $35.69 B
52w High $80.99
52w Low $56.68
Dividend Yield 1.89%
P/E 152.19
Volume 1.43M
Outstanding Shares 442.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.489B ▲ $397.56M ▲ $66.047M ▼ 4.436% ▼ $-0.26 ▼ $586.085M ▲
Q2-2025 $1.421B ▲ $390.575M ▲ $68.264M ▲ 4.804% ▲ $0.15 ▲ $580.049M ▲
Q1-2025 $1.358B ▲ $374.674M ▲ $46.868M ▼ 3.451% ▼ $0.11 ▼ $516.043M ▲
Q4-2024 $1.287B ▲ $350.206M ▲ $56.835M ▲ 4.416% ▲ $0.13 ▲ $465.711M ▼
Q3-2024 $1.236B $339.304M $19.243M 1.556% $0.046 $486.198M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $188.617M ▼ $26.926B ▲ $14.502B ▼ $12.362B ▲
Q2-2025 $614.2M ▲ $26.475B ▲ $14.554B ▲ $11.529B ▲
Q1-2025 $182.335M ▼ $26.032B ▼ $14.506B ▼ $11.47B ▲
Q4-2024 $897.85M ▼ $26.187B ▲ $15.357B ▲ $10.771B ▲
Q3-2024 $1.105B $25.347B $15.189B $9.759B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $66.047M ▼ $378.581M ▼ $-1.178B ▼ $368.128M ▲ $-434.206M ▼ $286.406M ▼
Q2-2025 $71.462M ▲ $475.338M ▲ $-204.42M ▲ $156.966M ▲ $430.794M ▲ $458.635M ▲
Q1-2025 $48.356M ▼ $321.144M ▼ $-883.744M ▲ $-149.136M ▼ $-711.27M ▼ $203.87M ▲
Q4-2024 $58.727M ▲ $373.641M ▲ $-1.536B ▼ $956.201M ▲ $-208.464M ▼ $203.394M ▼
Q3-2024 $22.777M $353.664M $-429.488M $624.446M $550.413M $206.801M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Outpatient Medical And Research Portfolio
Outpatient Medical And Research Portfolio
 $0 ▲$0 ▲$220.00M ▲$230.00M ▲
Senior Living Operations
Senior Living Operations
 $900.00M ▲$970.00M ▲$1.03Bn ▲$1.09Bn ▲
Triple Net Leased Properties
Triple Net Leased Properties
 $160.00M ▲$160.00M ▲$150.00M ▼$160.00M ▲
Medical Office Building Operations
Medical Office Building Operations
 $220.00M ▲$220.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ventas shows a clear pattern of revenue growth over the last several years, which is a positive sign for demand across its properties. However, profit quality has been uneven. Operating performance has swung around, suggesting that one‑off charges, mix shifts, or operational issues have periodically weighed on results. Net income has hovered around break‑even in most recent years, with only modest profits or small losses, which means earnings have not yet fully caught up with the size of the business. Overall, the income statement tells a story of a company growing its top line but still working to translate that growth into consistently strong, bottom‑line profitability.

Balance Sheet

Balance Sheet The balance sheet reflects a large real estate owner with substantial assets and meaningful debt. Total assets have edged higher over time, showing continued investment and portfolio growth. Debt sits at a significant level relative to the business, typical for a REIT but still an important source of financial risk, especially if interest rates stay elevated. Equity has been broadly stable to improving, which suggests that while leverage is high, the underlying asset base has maintained or slightly improved its value. The recent buildup in cash provides a bit more liquidity cushion than in prior years, which can help with flexibility and risk management.

Cash Flow

Cash Flow Cash flow is a relative strength. Operating cash generation has been steady and gradually improving, indicating that the properties are throwing off reliable cash even when accounting earnings are choppy. After capital spending, free cash flow has remained consistently positive, which is especially important for a REIT that must fund dividends, debt service, and new investments. Capital expenditures have been moderate, with a step‑up more recently that likely reflects development or repositioning projects; this can support future growth but does demand careful execution to avoid pressuring cash yields.

Competitive Edge

Competitive Edge Ventas occupies a strong position in healthcare real estate, with meaningful scale and a diversified portfolio across senior housing, medical office, and research and innovation assets. Its focus on the aging population provides a powerful long‑term demand tailwind that is less tied to typical economic cycles. The company benefits from deep relationships with healthcare operators and uses a hands‑on model in parts of its senior housing portfolio, which can enhance performance but also increases operational complexity. The growing life science and research footprint adds another attractive, knowledge‑based niche. Against this, the company still faces competitive pressure for high‑quality properties, sensitivity to capital markets and interest rates, and exposure to the health of its operator partners.

Innovation and R&D

Innovation and R&D Ventas stands out among REITs for its emphasis on data and analytics. Its Ventas OI platform uses large amounts of operating data, increasingly supported by AI and predictive tools, to fine‑tune pricing, occupancy, and capital allocation. This data‑driven approach can create a real edge in picking markets, partners, and assets. The company is also expanding in research and innovation real estate tied to universities and medical institutions, a segment that can benefit from long‑term scientific and healthcare trends. Through its investment management arm and healthcare services subsidiary, Ventas is layering on fee‑based and advisory capabilities, which deepen relationships and diversify income sources. Overall, innovation here is less about lab research and more about analytics, specialized property types, and platform design that could compound over time if executed well.

Summary

Ventas is a large, diversified healthcare REIT that has successfully grown its revenue base and cash flows while riding demographic tailwinds from an aging population and rising demand for healthcare and research facilities. Its financials show a business that is operationally cash‑generative but still working to achieve consistently strong profitability after accounting for non‑cash items, property mix, and periodic charges. The balance sheet is typical for the sector: asset‑heavy with substantial leverage, making interest rates and credit conditions key variables to watch. Competitive strengths include scale, diversification, deep operator relationships, and a notable data and analytics platform that supports sharper decision‑making. At the same time, the company remains exposed to operating volatility in senior housing, execution risk on development and acquisitions, and the broader cost of capital environment. Overall, Ventas appears positioned as a well‑established player with solid cash fundamentals and a differentiated, analytics‑driven strategy, but with profitability and leverage that require ongoing attention.

NEWS

November 17, 2025 · 8:00 AM UTC

Ventas Announces Planned Retirement of Peter J. Bulgarelli, EVP, Outpatient Medical & Research and CEO of Lillibridge Healthcare Services

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October 29, 2025 · 4:10 PM UTC

Ventas Reports 2025 Third Quarter Results

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October 6, 2025 · 4:41 PM UTC

Ventas Announces Third Quarter 2025 Earnings Release Date and Conference Call

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September 18, 2025 · 5:43 PM UTC

Ventas Declares Quarterly Dividend of $0.48 Per Common Share

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September 9, 2025 · 4:57 PM UTC

Ventas Provides BofA Securities 2025 Global Real Estate Conference Presentation Materials

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