Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 17.1x · ROE 10.7%. (1996–2025 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 | $2.0B | $1.6B | $1.5B | $1.3B | $1.4B | $1.3B | $1.5B | $1.8B | $1.7B | $1.7B | $1.8B |
| Enterprise Value | $2.8B | $2.4B | $2.2B | $2.2B | $2.2B | $2.1B | $2.2B | $2.5B | $2.3B | $2.4B | $2.4B |
| P/E Ratio → | 15.38 | 13.64 | 16.94 | 14.87 | 14.33 | 24.21 | 16.08 | 22.16 | 10.71 | 19.80 | 21.26 |
| P/S Ratio | 7.55 | 6.09 | 7.28 | 6.73 | 8.13 | 8.61 | 9.59 | 9.61 | 9.85 | 10.27 | 11.22 |
| P/B Ratio | 1.55 | 1.38 | 1.45 | 1.45 | 1.67 | 1.79 | 1.97 | 2.27 | 1.99 | 2.28 | 1.35 |
| P/FCF | 14.59 | 11.77 | 12.21 | 12.72 | 14.74 | 14.66 | 13.20 | 14.96 | 14.53 | 16.53 | 17.39 |
| P/OCF | 14.59 | 11.77 | 12.21 | 12.72 | 13.48 | 14.66 | 13.16 | 14.61 | 14.37 | 16.39 | 17.15 |
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 | — | 9.25 | 10.50 | 11.15 | 12.45 | 13.23 | 13.61 | 13.32 | 13.66 | 14.21 | 14.94 |
| EV / EBITDA | 17.10 | 14.77 | 17.11 | 17.27 | 15.97 | 22.07 | 16.11 | 20.39 | 12.14 | 19.47 | 20.14 |
| EV / EBIT | 22.21 | 15.25 | 16.30 | 15.88 | 16.52 | 24.57 | 17.30 | 22.15 | 12.43 | 20.36 | 21.65 |
| EV / FCF | — | 17.88 | 17.61 | 21.07 | 22.58 | 22.53 | 18.74 | 20.76 | 20.15 | 22.88 | 23.15 |
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 | 75.1% | 75.1% | 93.8% | 93.3% | 91.2% | 90.1% | 90.5% | 91.0% | 100.0% | 100.0% | 83.6% |
| Operating Margin | 48.2% | 48.2% | 44.0% | 45.6% | 56.6% | 35.3% | 60.0% | 44.2% | 90.3% | 50.6% | 52.0% |
| Net Profit Margin | 44.9% | 44.9% | 43.4% | 45.5% | 57.1% | 36.0% | 59.8% | 43.5% | 91.9% | 52.0% | 52.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 9.2% | 10.2% | 12.5% | 7.3% | 12.2% | 10.0% | 19.5% | 8.3% | 8.5% |
| ROA | 6.1% | 6.1% | 5.0% | 5.1% | 6.3% | 3.8% | 6.4% | 5.3% | 10.4% | 6.1% | 6.4% |
| ROIC | 5.1% | 5.1% | 3.9% | 4.0% | 4.8% | 2.9% | 5.0% | 4.2% | 7.9% | 3.8% | 4.0% |
| ROCE | 7.0% | 7.0% | 6.0% | 5.8% | 6.4% | 3.8% | 6.6% | 5.5% | 10.5% | 6.1% | 6.5% |
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 | 0.73 | 0.73 | 0.65 | 0.97 | 0.90 | 0.97 | 0.84 | 0.88 | 0.77 | 0.88 | 0.45 |
| Debt / EBITDA | 5.13 | 5.13 | 5.32 | 7.00 | 5.62 | 7.76 | 4.82 | 5.73 | 3.40 | 5.44 | 5.08 |
| Net Debt / Equity | — | 0.71 | 0.64 | 0.95 | 0.89 | 0.96 | 0.83 | 0.88 | 0.77 | 0.87 | 0.45 |
| Net Debt / EBITDA | 5.04 | 5.04 | 5.24 | 6.84 | 5.55 | 7.71 | 4.76 | 5.69 | 3.39 | 5.40 | 5.02 |
| Debt / FCF | — | 6.11 | 5.39 | 8.34 | 7.84 | 7.87 | 5.54 | 5.79 | 5.62 | 6.34 | 5.77 |
| Interest Coverage | 4.51 | 4.51 | 3.35 | 2.95 | 4.20 | 3.05 | 4.22 | 3.64 | 6.14 | 3.92 | 4.22 |
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 | 1.63 | 1.63 | 4.29 | 2.42 | 16.21 | 12.13 | 2.32 | 3.43 | 10.19 | 8.94 | 7.53 |
| Quick Ratio | 1.63 | 1.63 | 4.29 | 2.37 | 15.93 | 12.13 | 2.32 | 3.43 | 10.02 | 8.85 | 7.53 |
| Cash Ratio | 0.28 | 0.28 | 0.05 | 0.06 | 0.27 | 0.14 | 0.23 | 0.12 | 0.07 | 0.13 | 0.18 |
| Asset Turnover | — | 0.13 | 0.12 | 0.11 | 0.11 | 0.10 | 0.11 | 0.12 | 0.11 | 0.11 | 0.12 |
| Inventory Turnover | — | — | 19.30 | 0.72 | 1.45 | — | — | — | — | — | — |
| 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 | 5.9% | 6.7% | 6.6% | 7.1% | 6.4% | 6.8% | 5.9% | 5.1% | 5.4% | 5.2% | 4.7% |
| Payout Ratio | 91.0% | 91.0% | 110.4% | 105.6% | 91.5% | 162.0% | 94.7% | — | 58.3% | 103.3% | 99.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 7.3% | 5.9% | 6.7% | 7.0% | 4.1% | 6.2% | 4.5% | 9.3% | 5.1% | 4.7% |
| FCF Yield | 6.9% | 8.5% | 8.2% | 7.9% | 6.8% | 6.8% | 7.6% | 6.7% | 6.9% | 6.0% | 5.8% |
| Buyback Yield | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.3% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.2% | 7.0% | 6.6% | 7.1% | 6.4% | 7.0% | 7.1% | 5.1% | 5.4% | 5.2% | 4.7% |
| Shares Outstanding | — | $47M | $44M | $41M | $40M | $39M | $39M | $40M | $40M | $40M | $39M |
Operator credit and reimbursement
Based on reported figures, LTC's P/FFO multiple has fluctuated significantly, reaching 24.16 in 2026Q1, which suggests that the market is struggling to price the REIT's earnings volatility against its historical dividend yield of 6.0% and the broader healthcare real estate sector's current valuation benchmarks.
The wide variance in P/FFO multiples over the last ten quarters indicates that investors are discounting the company's earnings stability due to unpredictable operator performance. This valuation premium relative to historical norms may be unsustainable if the company cannot demonstrate consistent FFO growth and a reduction in earnings volatility.
According to recent quarterly data, LTC's NOI margin experienced a sharp contraction to 33.5% in 2026Q1 from historical levels exceeding 90%, a trend that warrants further investigation into whether the company's triple-net lease model is being compromised by rising property-level costs or operator insolvency.
The dramatic decline in margins suggests that the company may be absorbing operational expenses that were previously the responsibility of its tenants. This shift implies that the underlying profitability of the portfolio is under significant pressure, potentially necessitating a re-evaluation of the company's long-term margin expectations.
As reported in financial statements, the FFO payout ratio reached 81.7% in 2026Q1, indicating that while the dividend remains covered, the margin of safety has narrowed considerably compared to the more conservative payout levels observed in previous fiscal periods, raising questions about long-term distribution sustainability.
The volatility in the payout ratio, which has swung between 24% and over 100% in recent quarters, suggests that the dividend is highly sensitive to fluctuations in FFO. Investors should monitor whether management can stabilize cash flows to maintain the current dividend policy without relying on balance sheet liquidity.
Based on reported figures, LTC's debt-to-equity ratio has exhibited significant volatility, ranging from 0.57 in 2026Q1 to 0.97 in 2023Q4, which suggests that the company's reliance on leverage remains highly sensitive to periodic refinancing cycles and shifts in the underlying valuation of its property portfolio.
The inconsistent leverage profile may indicate that the company is struggling to maintain a stable capital structure in a high-interest-rate environment. This variability complicates the assessment of the company's long-term financial health and its ability to fund future growth through debt markets.
The standard P/E ratio is frequently misapplied to LTC, as it fails to account for the significant non-cash depreciation charges inherent in real estate assets, which obscures the company's true operational cash-generating ability and leads to a distorted view of its valuation relative to peers.
Analysts should prioritize FFO or AFFO over P/E to better reflect the company's recurring cash flow performance. Relying on P/E ignores the capital-intensive nature of the business and the specific accounting nuances of the healthcare REIT sector, potentially leading to flawed investment conclusions.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LTC stock.
LTC Properties, Inc.'s current P/E ratio is 15.4x. The historical average is 18.2x. This places it at the 34th percentile of its historical range.
LTC Properties, Inc.'s current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
LTC Properties, Inc.'s return on equity (ROE) is 10.7%. The historical average is 9.8%.
Based on historical data, LTC Properties, Inc. is trading at a P/E of 15.4x. This is at the 34th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LTC Properties, Inc.'s current dividend yield is 5.95% with a payout ratio of 91.0%.
LTC Properties, Inc. has 75.1% gross margin and 48.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
LTC Properties, Inc.'s Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.