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Ventas (VTR) stock

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NYSE: VTR NYSE Health Care REITs Next results ~February 4, 2027

C+ Fundamentals grade

Ventas is a US-listed company in the health care REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$56

Valuation models combined (2)

Base case. Range ~$38–$65. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Ventas valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Ventas files

10-Q filed October 28: Ventas

Model value +8.8%

Revenue for the twelve months to September 2026 was $6.78bn, up 22.1% on a year earlier, faster than the 21.5% growth a quarter earlier. The diluted share count is up 10.5% on a year earlier, which dilutes existing holders. Our model value rises from $52.97 to $57.63 a share, against a share price of $85.16.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Ventas

Ventas generated $6.78bn in revenue over the twelve months to June 2026, a rise of 22.1% on the year before and an acceleration from the 21.5% pace recorded a quarter earlier. Among the eight health care REITs we cover, that growth places the company second. Shareholders face dilution too: the diluted share count has grown 10.5% over the same period. On the fundamentals, Ventas has edged up from a C to a C+ grade. Despite this, our model value has slipped, moving from $53.50 to $52.97 a share. That figure sits well below the current share price of $83.34, and the rating remains unchanged at Sell.

10-Q on SEC EDGAR

Where Ventas stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.44bn, up 21.5% on a year earlier, faster than 20.7% a quarter earlier. That growth ranks 160 of 931 among all the companies we cover. The diluted share count is up 10.1% on a year earlier, which dilutes existing holders. Our valuation models combined value is $53.60 a share, against a share price of $86.33.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Ventas's trailing-twelve-month revenue grew 22.1% year on year, with a free-cash-flow margin of 4.8%. Where it stands out: stock pay as % of revenue of 0.6% ranks 1 of 16 health care reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 51.5% while net income grew 10.1%: a 41pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 22.1% over the last 12 months, against a median of 15.0% for health care reits companies we cover.

Things to watch

  • Share dilution. Diluted shares rose 10.5% in a year.
  • High earnings multiple. The shares trade at 164 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: net margin. Net margin of 3.9% ranks 13 of 17 health care reits companies we cover (median 7.8%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 6.7% over 90 days.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.14 against an average estimate of $0.11: beat by 24.2%
Revenue
$1.83bn, up 23.0% on a year earlier
Share reaction
-7.3% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
attributable Net Income Per Share Range $0.58 to $0.63 (full year 2026); nareit FFO Per Share Range $3.76 to $3.81 (full year 2026)
Next report
October 27, 2026; average EPS estimate $0.13

Ventas' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.3%
  • 1 week-0.8%
  • 1 month+3.2%
  • This year+14.1%
  • 1 year+20.4%
  • 5 years+86.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.8B
Net margin
3.9%
EPS (TTM, diluted)
$0.53

Growth

Revenue growth
+22.1%
Change in growth rate
+0.6 pts
Share count change
+10.5%

Earnings

Last results
October 27, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Leadership
  4. Dividend
  5. Announcement
  6. Results
  7. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ventas valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Ventas as an equity reit, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$65 ~$55–$80 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$1.3 ~$30–$61 Left out: out of range vs price (0.01x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$38 ~$32–$48 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$56 ~$38–$65 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ventas with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

26 /100

Weak moat

How hard Ventas's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.9% of total assets over 10 years.

  • Durability 0 / 20

    Net margin has been a median 4.8%; its worst year was -1.4%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 30.6% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.44 −3% $7.0bn +20%
Next $0.79 +80% $7.9bn +13%

Next year's EPS estimate has moved −6.7% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −17.8% on 90 days ago. In the last 30 days, 0 analysts raised Ventas's forecast and 1 cut it.

Consensus EPS forecast Ventas, last 90 days
$0.40 $0.60 $0.80 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.54 Current fiscal year, 60 days ago: $0.61 Current fiscal year, 30 days ago: $0.44 Current fiscal year, 7 days ago: $0.44 Current fiscal year, Now: $0.44 $0.44 Next fiscal year, 90 days ago: $0.85 Next fiscal year, 60 days ago: $0.82 Next fiscal year, 30 days ago: $0.79 Next fiscal year, 7 days ago: $0.79 Next fiscal year, Now: $0.79 $0.79

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.54$0.85
60 days ago $0.61$0.82
30 days ago $0.44$0.79
7 days ago $0.44$0.79
Now $0.44$0.79

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.11 $0.14 +24.2%
Jun 2026 $0.11 $0.17 +51.7%
Mar 2026 $0.10 $0.10 −1.4%
Dec 2025 $0.09 $0.13 +40.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Attributable Net Income Per Share Range full year 2026 $0.58 to $0.63 GAAP Raised
    “Attributable Net Income Per Share Range $0.56 - $0.63 $0.58 - $0.63” source
  • Nareit FFO Per Share Range full year 2026 $3.76 to $3.81 Non-GAAP Raised
    “Nareit FFO Per Share Range* $3.69 - $3.76 $3.76 - $3.81” source
  • Normalized FFO Per Share Range full year 2026 $3.85 to $3.90 Non-GAAP Raised
    “Normalized FFO Per Share Range* $3.82 - $3.89 $3.85 - $3.90” source
  • investment volume expectations 2026 about $4.5bn Raised
    “The Company is increasing its investment volume expectations for 2026 to $4.5 billion of investments focused on senior housing, up from the prior guidance of $3 billion.” source
  • Disposition and loan repayment proceeds FY 2026 about $700m Raised
    “Disposition and loan repayment proceeds of ~$700 million at a ~7% blended yield, vs. previous ~$300 million” source
  • Interest expense FY 2026 about $646m Raised
    “Interest expense of ~$646 million at midpoint, vs. previous ~$640 million” source
Show 3 more items
  • Interest and other income FY 2026 about $8m Maintained
    “Interest and other income of ~$8 million at midpoint, unchanged” source
  • Full year weighted average diluted share count FY 2026 about 506m Raised
    “Full year weighted average diluted share count of 506 million, vs. previous 504 million” source
  • FAD capital expenditures FY 2026 about $400m Maintained
    “FAD capital expenditures of ~$400 million at midpoint, unchanged” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

23 analysts, Oct 2026
Buy1878%
Hold522%
Sell00%

Monthly trend

  1. Oct 2026414523
  2. Sep 2026414523
  3. Aug 2026414523
  4. Jul 2026414523

Counts of recommendations published by analysts covering Ventas, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.7%
of tradable shares
Days to cover
4.38
at average volume
Short interest, 1 month
−19%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
542
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +20.4%

$72.02 on October 31, 2025 to $86.72

ThenNowEffect
Revenue (last 12 months) $5.3bn $6.4bn +21.5%
Net margin 3.6% 4.1% +13.1%
P/E multiple 165.0x 159.2x −3.5%
Share count 438m 482m −9.2%

Biggest factor: revenue.

Last 3 years +115.0%

$40.34 on November 3, 2023 to $86.72

ThenNowEffect
Revenue (last 12 months) $4.3bn $6.4bn +50.8%
Net margin 1.8% 4.1% +125.7%
P/E multiple n/m 159.2x −24.3%
Share count 403m 482m −16.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VTR+8%−9%+15%+22%+35%+14%
Industry peers (median)+4%−21%+2%+12%+17%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VTR50%50%58%67%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VTR−24%−42%−23%−17%−11%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 77% from October 4, 2019 to March 18, 2020. Getting back needed a 333% gain, reached on August 28, 2024, 1624 days after the low.

Price behaviour

52-week range
$72.35 – $99.93
From 52-week high
−13.2%
vs 50-day average
0.0%
vs 200-day average
+1.2%
Volatility (1 year)
23%
Beta vs S&P 500
-0.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.9%
After a week
7 up, 4 down
typical move ±6.3%
After a month
7 up, 4 down
typical move ±8.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −7.3% +0.9% — —
July 29, 2026 −6.3% +0.1% −5.7% −5.3%
April 27, 2026 +4.7% −0.3% +5.0% +5.3%
February 5, 2026 +6.2% +0.6% +9.6% +10.9%
October 29, 2025 +6.2% −1.1% +7.0% +15.1%
July 30, 2025 +0.5% −0.5% +2.5% +1.1%
April 30, 2025 −5.2% +0.7% −4.4% −7.0%
February 12, 2025 +9.0% +0.7% +12.2% +12.3%
October 30, 2024 −0.8% −2.3% −4.3% −3.0%
August 1, 2024 +3.6% −3.3% +8.4% +14.1%
May 1, 2024 +4.4% +0.6% +7.1% +13.5%
February 15, 2024 −4.1% +0.2% −3.2% −6.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Ventas in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ventas
$4B $5B $6B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.5B Revenue (TTM), FY24 Q1: $4.6B Revenue (TTM), FY24 Q2: $4.7B Revenue (TTM), FY24 Q3: $4.8B Revenue (TTM), FY24 Q4: $4.9B Revenue (TTM), FY25 Q1: $5.1B Revenue (TTM), FY25 Q2: $5.3B Revenue (TTM), FY25 Q3: $5.6B Revenue (TTM), FY25 Q4: $5.8B Revenue (TTM), FY26 Q1: $6.1B Revenue (TTM), FY26 Q2: $6.4B Revenue (TTM), FY26 Q3: $6.8B $6.8B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.5B
FY24 Q1 $4.6B
FY24 Q2 $4.7B
FY24 Q3 $4.8B
FY24 Q4 $4.9B
FY25 Q1 $5.1B
FY25 Q2 $5.3B
FY25 Q3 $5.6B
FY25 Q4 $5.8B
FY26 Q1 $6.1B
FY26 Q2 $6.4B
FY26 Q3 $6.8B
Revenue growth, TTM YoY Ventas
5% 10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.9% Revenue growth, TTM YoY, FY24 Q1: 10.3% Revenue growth, TTM YoY, FY24 Q2: 10.4% Revenue growth, TTM YoY, FY24 Q3: 9.5% Revenue growth, TTM YoY, FY24 Q4: 9.5% Revenue growth, TTM YoY, FY25 Q1: 10.0% Revenue growth, TTM YoY, FY25 Q2: 12.5% Revenue growth, TTM YoY, FY25 Q3: 15.7% Revenue growth, TTM YoY, FY25 Q4: 18.5% Revenue growth, TTM YoY, FY26 Q1: 20.7% Revenue growth, TTM YoY, FY26 Q2: 21.5% Revenue growth, TTM YoY, FY26 Q3: 22.1% 22.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.9%
FY24 Q1 10.3%
FY24 Q2 10.4%
FY24 Q3 9.5%
FY24 Q4 9.5%
FY25 Q1 10.0%
FY25 Q2 12.5%
FY25 Q3 15.7%
FY25 Q4 18.5%
FY26 Q1 20.7%
FY26 Q2 21.5%
FY26 Q3 22.1%
FCF margin (TTM) Ventas
-10% -5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.5% FCF margin (TTM), FY24 Q1: 9.4% FCF margin (TTM), FY24 Q2: -5.9% FCF margin (TTM), FY24 Q3: -3.0% FCF margin (TTM), FY24 Q4: 1.6% FCF margin (TTM), FY25 Q1: 2.2% FCF margin (TTM), FY25 Q2: 4.6% FCF margin (TTM), FY25 Q3: 3.8% FCF margin (TTM), FY25 Q4: 4.6% FCF margin (TTM), FY26 Q1: 4.6% FCF margin (TTM), FY26 Q2: 4.7% FCF margin (TTM), FY26 Q3: 4.8% 4.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.5%
FY24 Q1 9.4%
FY24 Q2 -5.9%
FY24 Q3 -3.0%
FY24 Q4 1.6%
FY25 Q1 2.2%
FY25 Q2 4.6%
FY25 Q3 3.8%
FY25 Q4 4.6%
FY26 Q1 4.6%
FY26 Q2 4.7%
FY26 Q3 4.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.9 1.0 1.7 2.5 2.5 2.8 3.3 3.4 3.6 3.7 3.9 3.8 3.8 4.1 4.5 4.9 5.8 6.8
Net income 0.3 0.2 0.4 0.4 0.5 0.5 0.4 0.6 1.4 0.4 0.4 0.4 0.0 −0.0 −0.0 0.1 0.3 0.3
Diluted EPS $1.74 $1.56 $1.58 $1.23 $1.54 $1.60 $1.25 $1.86 $3.78 $1.14 $1.17 $1.17 $0.13 −$0.12 −$0.10 $0.19 $0.54 $0.53
Growth (year on year)
Revenue +0.5% +8.4% +73.1% +42.6% +1.9% +10.3% +18.4% +4.8% +3.8% +4.8% +3.4% −2.0% +0.9% +7.9% +8.9% +9.5% +18.5% +22.1%
Net income +19.7% −7.6% +48.1% −0.5% +25.0% +4.9% −12.2% +55.4% +108.9% −69.8% +5.8% +1.4% −88.8% — — — — +10.1%
Diluted EPS +9.4% −10.3% +1.3% −22.2% +25.2% +3.9% −21.9% +48.8% +103.2% −69.8% +2.6% 0.0% −88.9% — — — — −0.4%
Margins
Net margin 28.9% 24.6% 21.0% 14.7% 18.0% 17.1% 12.7% 18.9% 38.0% 10.9% 11.2% 11.6% 1.3% −1.1% −0.9% 1.6% 4.3% 3.9%
Free-cash-flow margin 44.5% 42.9% 41.7% 37.4% 44.2% 42.0% 39.3% 35.9% 36.3% 33.4% 33.1% 22.2% −20.3% 5.3% 10.5% −24.4% −22.0% 28.2%
Cash flow
Cash from operations 0.4 0.4 0.8 1.0 1.2 1.3 1.4 1.4 1.4 1.4 1.4 1.5 1.0 1.1 1.1 1.3 1.6 1.9
Capital spending 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.6 1.8 0.9 0.6 2.5 2.9 0.0
Free cash flow 0.4 0.4 0.7 0.9 1.1 1.2 1.3 1.2 1.3 1.2 1.3 0.8 −0.8 0.2 0.5 −1.2 −1.3 1.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.4 0.4 0.7 0.9 1.1 1.1 1.3 1.2 1.3 1.2 1.2 0.8 −0.8 0.2 0.4 −1.2 −1.3 1.9
Balance sheet
Cash 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.3 0.1 0.1 0.1 0.4 0.1 0.1 0.5 0.9 0.7 0.2
Total debt 2.7 2.9 6.4 8.4 9.4 10.9 11.3 11.2 11.4 10.8 12.7 12.0 12.3 12.7 13.6 13.6 13.1 12.5
Net debt (negative = net cash) 2.6 2.9 6.4 8.3 9.3 10.8 11.2 10.9 11.3 10.8 12.6 11.6 12.2 12.6 13.1 12.7 12.4 12.3
Diluted shares 153m 158m 231m 294m 295m 297m 334m 348m 359m 359m 370m 377m 386m 403m 406m 416m 463m 496m
Returned to shareholders
Dividends 0.3 0.3 0.5 0.7 0.8 0.9 1.0 1.0 0.8 1.1 1.2 0.9 0.7 0.7 0.7 0.7 0.9 1.0
Total returned 0.3 0.3 0.5 0.7 0.8 0.9 1.0 1.0 0.8 1.1 1.2 0.9 0.7 0.7 0.7 0.7 0.9 1.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$976M
Returned to shareholders
302%
of free cash flow
Diluted share count
+10.5%
year over year
Total shareholder yield
2.1%
dividends 2.1% + buybacks 0.0% of market value
Dividend payout ratio
373%
of net income paid out

Competitors: side by side with peers

Closest by revenue in health care reits
Last 12 months unless stated VTR WELL DOC AHR DHC OHI Median
Revenue, last 12 months $6.8bn $13.8bn $2.9bn $2.5bn $1.5bn $1.3bn $919m
Revenue growth, last 12 months 22.1% 39.2% 5.5% 16.4% −3.8% 15.0% 15.0%
Revenue growth, 3-year average 15.7% 29.1% 11.7% 15.4% 2.2% 14.6% 12.0%
Revenue growth, latest quarter 23.0% 38.4% 11.1% 24.3% −5.4% 16.2% 11.1%
Gross margin — 39.2% 60.1% 21.2% — — 60.1%
Operating margin — — — 19.2% 24.9% 43.5% 35.3%
Operating margin, 3-year average — — — 17.8% 27.4% 53.9% 35.7%
Net margin 3.9% 12.1% 8.2% 4.8% −10.3% 67.0% 7.8%
Cash from operations / revenue 28.2% 24.1% 41.7% 14.5% 3.7% 69.5% 41.7%
Free-cash-flow margin 4.8% 15.1% 4.5% 4.7% −4.4% 63.6% 15.1%
Free-cash-flow margin, 3-year average 1.9% 16.8% 4.4% 1.6% −7.6% 66.1% 19.1%
Stock pay / revenue 0.6% 11.4% 0.7% 0.8% 0.1% 4.1% 1.6%
Change in share count 10.5% 10.9% −0.7% 20.6% 0.3% 7.9% 6.1%

Median of all 17 companies we cover in health care reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 health care reits companies
Measure Company Peer median Rank
Revenue growth Growth 22.1% 15.0% 6 of 17
Change in growth rate Growth +0.6pp +1.1pp 10 of 17
Net margin Profitability 3.9% 7.8% 13 of 17
Stock pay as % of revenue Cash generation 0.6% 1.8% 1 of 16
Long-term debt as % of assets Balance sheet 47.2% 47.4% 7 of 14
Change in share count Balance sheet 10.5% 6.1% 12 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Resident Fees and Services $4.3B ▲ 26.8%
Third Party Capital Management $17.5M ▲ 1.1%
Management Service $15.7M ▲ 1.3%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $5.2B 89.3% ▲ 19.3%
Canada $553M 9.5% ▲ 5.0%
United Kingdom $71.2M 1.2% ▲ 131.7%

From Ventas's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$46.3B
Institutions reporting
947
Shares held vs prior quarter
▲ 4.7%
Positions opened / closed
100 / 73

Top buyers and sellers, Q2 2026: 511 institutions bought and 361 sold ; the biggest buyer was Jpmorgan Chase & Co (+8.3M shares) and the biggest seller Two Sigma Investments, LP (−3.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5B 55.8M 10.7% ▼ 1.4%
Jpmorgan Chase & Co $3.9B 43.7M 8.4% ▲ 23.5%
Vanguard Portfolio Management LLC $3.8B 42.6M 8.2% ▲ 3.3%
Vanguard Capital Management LLC $2.8B 31.8M 6.1% ▲ 2.9%
State Street Corp $2.7B 30.5M 5.9% ▲ 2.4%
FMR LLC $2.3B 26.2M 5.0% ▼ 3.7%
Principal Financial Group Inc $1.2B 14.0M 2.7% ▼ 8.9%
Geode Capital Management, LLC $1.2B 14.0M 2.7% ▲ 3.8%
Capital World Investors $1B 11.7M 2.2% ▲ 16.2%
APG Asset Management Us Inc. $1B 11.3M 2.2% 0.0%
Price T Rowe Associates Inc $797M 9.0M 1.7% ▼ 7.0%
Morgan Stanley $700M 7.9M 1.5% ▲ 23.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ventas's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $197,025 1 trade by 1 insider, last 12 months Insider sales History → $19.2M 20 trades by 5 insiders · 84% under pre-set plans
Net ▼ $19M net selling
Insider Date Trade Shares Price Value
Embler Michael J Director June 3, 2026 Buy 2,500 $78.81 $197,025
Rakowich Walter C Director May 14, 2026 Sell pre-set plan 1,152 $90.20 $103,910
Roberts Carey S. EVP and GC February 11, 2026 Sell 35,532 $85.00 $3M
Cafaro Debra A Chairman and CEO February 6, 2026 Sell pre-set plan 10,322 $82.23 $848,778
Cafaro Debra A Chairman and CEO February 2, 2026 Sell pre-set plan 10,322 $77.66 $801,607
Probst Robert F EVP and CFO January 2, 2026 Sell pre-set plan 29,930 $77.25 $2.3M
Cafaro Debra A Chairman and CEO January 2, 2026 Sell pre-set plan 10,322 $77.26 $797,478
Cafaro Debra A Chairman and CEO December 1, 2025 Sell pre-set plan 10,322 $80.55 $831,437
Bulgarelli Peter J. EVP OM&R-Ventas/Pres&CEO-LHS November 19, 2025 Sell pre-set plan 2,229 $80.08 $178,498
Bulgarelli Peter J. EVP OM&R-Ventas/Pres&CEO-LHS November 18, 2025 Sell pre-set plan 2,771 $80.01 $221,708
Cafaro Debra A Chairman and CEO November 17, 2025 Sell pre-set plan 41,294 $79.01 $3.3M
Probst Robert F EVP and CFO November 12, 2025 Sell pre-set plan 33,591 $76.77 $2.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 20 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of Ventas shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 12, 2025, filed December 15, 2025
  • Earl Blumenauer(D-OR 3):Sale (full), $15,001 - $50,000, traded September 19, 2024, filed October 8, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 29, 2026
  • April 27, 2026
  • February 5, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Ventas was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ventas in brief

What does Ventas do?
Ventas is a US-listed company in the health care REITs industry. Its financial year ends in December.
What is Ventas's stock ticker?
Ventas trades under the ticker VTR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ventas's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ventas reported revenue of $6.8B, 22.1% higher than a year earlier, according to its SEC filings.
What is Ventas's free cash flow?
Ventas's free-cash-flow margin is 4.8% of revenue over the trailing twelve months.
Who are Ventas's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Jpmorgan Chase & Co and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ventas's market cap?
On November 2, 2026, Ventas's market capitalisation was about $43B, with a price-to-earnings ratio of 164.2 and net debt of $12.3B. Market figures come from third-party market data and may be delayed.
Does Ventas pay a dividend?
Yes: Ventas paid $976M in dividends over the trailing twelve months, a dividend yield of 2.13% and a payout ratio of 372.5%.
Who are Ventas's competitors?
In our Health Care REITs peer group, the companies closest to Ventas are Welltower, Healthpeak Properties, American Healthcare Reit, Inc., Diversified Healthcare Trust and Omega Healthcare Investors Inc. The side-by-side comparison below sets their revenue, margins and growth against Ventas's.
Are insiders buying or selling Ventas stock?
Over the last 12 months, Ventas's directors and officers reported 1 open-market purchases and 20 sales on Form 4. The insider trading page charts every trade.
When is Ventas's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ventas announces its own schedule.