Ventas key statistics and ratios
In fiscal 2025, Ventas had return on equity of 2.2%, a net margin of 4.3% and debt equal to 104.6% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Return on equity | 10.8% | 10.1% | 6.3% | 4.0% | 5.1% | 5.4% | 4.6% | 6.5% | 12.7% | 3.9% | 4.2% | 4.3% | 0.5% | −0.5% | −0.4% | 0.8% | 2.2% | 1.8% |
| Return on assets | 4.7% | 4.3% | 3.2% | 2.0% | 2.3% | 2.3% | 1.9% | 2.9% | 5.8% | 1.8% | 1.8% | 1.8% | 0.2% | −0.2% | −0.2% | 0.3% | 0.9% | 0.9% |
| Asset turnover | 0.16 | 0.18 | 0.15 | 0.14 | 0.13 | 0.14 | 0.15 | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.18 | 0.19 | 0.22 | 0.23 |
| Debt to equity | 108.3% | 122.6% | 69.3% | 93.3% | 106.1% | 125.4% | 117.8% | 107.0% | 104.6% | 106.0% | 121.8% | 117.7% | 113.4% | 125.1% | 143.0% | 126.4% | 104.6% | 79.2% |
| Effective tax rate | −0.9% | 2.3% | −9.3% | −2.2% | −3.2% | −2.5% | −11.2% | −6.0% | −10.2% | −10.4% | −15.7% | — | — | — | — | — | −6.9% | −28.4% |
| Capital spending as % of revenue | 1.2% | 1.8% | 2.9% | 2.8% | 3.2% | 3.1% | 3.3% | 3.4% | 3.7% | 3.5% | 4.0% | 16.0% | 47.1% | 21.8% | 14.4% | 51.4% | 50.2% | 0.0% |
| Free cash flow ÷ net income | 154.2% | 174.4% | 198.3% | 254.5% | 245.5% | 245.4% | 309.1% | 190.6% | 95.6% | 305.2% | 295.8% | 191.9% | <−999% | — | — | <−999% | −509.7% | 729.8% |
| Dividends ÷ net income | 118.0% | 136.5% | 143.0% | 200.8% | 176.9% | 184.0% | 240.1% | 157.9% | 61.0% | 275.3% | 267.4% | 211.5% | >999% | — | — | 912.3% | 342.1% | 372.5% |
| Dividends and buybacks ÷ free cash flow | 76.5% | 78.3% | 72.1% | 78.9% | 72.1% | 75.0% | 77.7% | 82.8% | 63.8% | 90.2% | 90.4% | 110.2% | — | 328.2% | 153.8% | — | — | 51.0% |
Moat
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.
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