Latest Ratios: P/E Ratio 26.6x · EV/EBITDA 25.6x · ROE 9.2%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.9B | $7.4B | $4.2B | $2.4B | $1.8B | $2.2B | $2.1B | $1.9B | $1.5B | $1.2B | $858M |
| Enterprise Value | $10.6B | $8.1B | $4.4B | $2.7B | $2.5B | $2.8B | $2.6B | $2.5B | $1.9B | $1.8B | $1.3B |
| P/E Ratio → | 26.62 | 23.03 | 33.81 | 44.76 | 42.23 | 45.66 | 36.97 | 103.15 | 25.29 | 46.56 | 29.46 |
| P/S Ratio | 20.72 | 15.48 | 18.39 | 11.96 | 9.58 | 11.53 | 12.02 | 12.08 | 9.43 | 9.29 | 8.26 |
| P/B Ratio | 2.11 | 1.83 | 1.43 | 1.67 | 2.12 | 2.40 | 2.31 | 2.07 | 1.20 | 1.06 | 0.96 |
| P/FCF | 26.05 | 19.47 | 17.77 | 16.52 | 13.10 | 14.54 | 15.36 | 15.62 | — | — | — |
| P/OCF | 25.06 | 18.73 | 17.18 | 15.35 | 12.44 | 13.98 | 14.49 | 15.21 | 14.75 | 13.71 | 13.32 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 16.95 | 19.19 | 13.48 | 13.35 | 14.97 | 15.02 | 15.43 | 12.35 | 13.50 | 12.51 |
| EV / EBITDA | 25.58 | 19.54 | 24.22 | 16.01 | 16.23 | 17.82 | 17.05 | 17.93 | 10.47 | 12.21 | 10.21 |
| EV / EBIT | 33.02 | 21.89 | 28.31 | 28.29 | 111.24 | 29.76 | 25.24 | 32.96 | 22.91 | 35.34 | 24.90 |
| EV / FCF | — | 21.31 | 18.55 | 18.62 | 18.25 | 18.87 | 19.20 | 19.97 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.1% | 59.1% | 94.1% | 95.2% | 95.0% | 98.1% | 97.3% | 96.3% | 90.4% | 90.1% | 90.0% |
| Operating Margin | 67.2% | 67.2% | 54.3% | 58.4% | 55.4% | 54.9% | 58.0% | 53.5% | 52.9% | 43.8% | 50.3% |
| Net Profit Margin | 67.3% | 67.3% | 54.8% | 27.1% | -4.0% | 37.8% | 46.0% | 29.1% | 37.3% | 19.7% | 28.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.2% | 9.2% | 5.8% | 4.7% | -0.9% | 7.9% | 8.8% | 4.3% | 4.9% | 2.5% | 5.1% |
| ROA | 7.5% | 7.5% | 4.5% | 2.9% | -0.5% | 4.6% | 5.4% | 3.3% | 4.7% | 2.5% | 3.7% |
| ROIC | 6.1% | 6.1% | 3.9% | 5.3% | 5.0% | 5.2% | 5.3% | 4.1% | 3.7% | 2.8% | 4.0% |
| ROCE | 7.7% | 7.7% | 4.6% | 6.7% | 7.0% | 7.2% | 7.2% | 6.6% | 7.6% | 6.4% | 7.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.14 | 0.42 | 0.85 | 0.74 | 0.60 | 0.60 | 0.40 | 0.49 | 0.50 |
| Debt / EBITDA | 2.16 | 2.16 | 2.19 | 3.56 | 4.67 | 4.21 | 3.53 | 4.05 | 2.67 | 3.86 | 3.53 |
| Net Debt / Equity | — | 0.17 | 0.06 | 0.21 | 0.83 | 0.71 | 0.58 | 0.58 | 0.37 | 0.48 | 0.49 |
| Net Debt / EBITDA | 1.68 | 1.68 | 1.01 | 1.80 | 4.58 | 4.09 | 3.40 | 3.90 | 2.47 | 3.81 | 3.47 |
| Debt / FCF | — | 1.84 | 0.78 | 2.09 | 5.15 | 4.33 | 3.83 | 4.35 | — | — | — |
| Interest Coverage | 8.44 | 8.44 | 5.10 | 2.31 | 0.75 | 4.04 | 4.42 | 2.65 | 3.01 | 2.07 | 2.28 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.54 | 1.54 | 3.33 | 4.39 | 0.15 | 0.21 | 0.41 | 0.71 | 0.44 | 0.07 | 0.12 |
| Quick Ratio | 1.54 | 1.54 | 3.33 | 4.39 | 0.15 | 0.21 | 0.41 | 0.71 | 0.44 | 0.07 | 0.12 |
| Cash Ratio | 1.01 | 1.01 | 1.93 | 4.18 | 0.07 | 0.15 | 0.20 | 0.21 | 0.29 | 0.04 | 0.06 |
| Asset Turnover | — | 0.09 | 0.07 | 0.10 | 0.12 | 0.12 | 0.12 | 0.10 | 0.12 | 0.11 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 3.5% | 4.1% | 4.9% | 5.9% | 4.6% | 4.4% | 4.2% | 4.3% | 4.3% | 4.3% |
| Payout Ratio | 80.9% | 80.9% | 137.6% | 214.9% | — | 140.0% | 115.2% | 173.9% | 108.8% | 203.2% | 127.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 4.3% | 3.0% | 2.2% | 2.4% | 2.2% | 2.7% | 1.0% | 4.0% | 2.1% | 3.4% |
| FCF Yield | 3.8% | 5.1% | 5.6% | 6.1% | 7.6% | 6.9% | 6.5% | 6.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 3.1% | 3.6% | 4.2% | 4.9% | 6.2% | 4.7% | 4.5% | 4.3% | 4.4% | 4.4% | 4.4% |
| Shares Outstanding | — | $204M | $155M | $106M | $97M | $96M | $95M | $93M | $79M | $73M | $56M |
Tenant concentration and regulation
Based on the provided financial data, CTRE's P/FFO multiple of 18.48x as of 2026Q1 suggests that investors are pricing in a significant growth premium compared to historical averages, likely driven by the company's aggressive acquisition pace and its ability to recycle capital into higher-yielding healthcare assets.
The current valuation multiple appears to reflect market confidence in management's operator-first underwriting strategy. However, investors should monitor whether this premium remains justified if the pace of accretive acquisitions slows or if the cost of equity capital increases, potentially diluting future FFO per share growth.
According to recent quarterly filings, CTRE maintained NOI margins consistently above 90% through 2025Q3, which suggests a highly efficient triple-net lease structure that effectively minimizes property-level operating expenses and maximizes the conversion of rental income into distributable cash flow for shareholders.
These robust margins appear to be a direct result of the company's focus on long-term, triple-net leases where tenants bear the burden of property-level costs. While this provides a stable income stream, the sustainability of such high margins warrants further investigation into the long-term credit health of the underlying tenant base.
As reported in financial statements, CTRE's FFO payout ratio improved from a peak of 167.3% in 2024Q2 to a more sustainable 68.2% by 2026Q1, indicating a significant strengthening of the dividend buffer and improved capacity for future capital allocation or potential dividend growth.
The reduction in the payout ratio suggests that the company is successfully scaling its FFO faster than its dividend distributions. This trend appears to enhance the safety margin for income-focused investors, though continued monitoring of AFFO coverage is necessary to ensure that non-cash accounting items do not obscure the true cash-generating capacity.
Based on reported figures, the debt-to-equity ratio remained remarkably low at 0.22x as of 2026Q1, which indicates that the company has largely funded its recent portfolio expansion through equity issuance rather than aggressive debt accumulation, providing a substantial buffer against potential interest rate volatility.
This low leverage profile appears to provide CTRE with significant dry powder to pursue opportunistic acquisitions in a volatile interest rate environment. However, the reliance on equity issuance to fund growth may lead to share dilution, and investors should monitor whether management intends to optimize the capital structure by increasing debt levels in the future.
As indicated by the provided data, the use of standard P/E multiples to evaluate CTRE is fundamentally misleading, as it fails to account for the significant non-cash depreciation charges inherent in the REIT's large-scale real estate holdings, which artificially depress reported net income.
Investors should instead focus on P/FFO or P/AFFO, which adjust for these non-cash items to provide a more accurate reflection of the company's recurring cash-generating ability. Relying on P/E obscures the true valuation of the REIT's underlying assets and may lead to incorrect conclusions regarding its relative attractiveness compared to industrial peers.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying CTRE stock.
CareTrust REIT, Inc.'s current P/E ratio is 26.6x. The historical average is 42.9x. This places it at the 18th percentile of its historical range.
CareTrust REIT, Inc.'s current EV/EBITDA is 25.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
CareTrust REIT, Inc.'s return on equity (ROE) is 9.2%. The historical average is 3.7%.
Based on historical data, CareTrust REIT, Inc. is trading at a P/E of 26.6x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CareTrust REIT, Inc.'s current dividend yield is 3.04% with a payout ratio of 80.9%.
CareTrust REIT, Inc. has 59.1% gross margin and 67.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CareTrust REIT, Inc.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.