Latest Ratios: P/E Ratio 25.6x · EV/EBITDA 17.7x · ROE 11.6%. (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 | $14.8B | $13.8B | $10.2B | $7.7B | $6.8B | $7.2B | $8.5B | $9.4B | $7.4B | $5.7B | $6.3B |
| Enterprise Value | $19.0B | $18.0B | $14.6B | $12.3B | $11.8B | $12.5B | $13.5B | $14.5B | $11.9B | $10.2B | $10.6B |
| P/E Ratio → | 25.58 | 22.86 | 24.42 | 30.66 | 15.53 | 16.91 | 53.41 | 27.50 | 26.23 | 54.00 | 16.45 |
| P/S Ratio | 12.33 | 11.50 | 9.74 | 8.09 | 7.77 | 6.80 | 9.57 | 10.13 | 8.36 | 6.27 | 7.00 |
| P/B Ratio | 2.83 | 2.53 | 2.16 | 2.04 | 1.80 | 1.76 | 2.12 | 2.17 | 1.96 | 1.46 | 1.50 |
| P/FCF | 16.82 | 15.68 | 14.36 | 13.05 | 11.80 | 11.53 | 13.49 | 22.72 | 20.48 | 11.59 | 11.32 |
| P/OCF | 16.82 | 15.68 | 13.66 | 12.26 | 10.91 | 10.01 | 12.06 | 16.99 | 14.76 | 9.85 | 10.07 |
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 | — | 15.03 | 13.85 | 12.95 | 13.46 | 11.73 | 15.18 | 15.63 | 13.50 | 11.21 | 11.74 |
| EV / EBITDA | 17.68 | 16.75 | 15.10 | 15.21 | 16.31 | 13.72 | 17.32 | 17.01 | 15.28 | 16.89 | 12.79 |
| EV / EBIT | 25.36 | 21.31 | 22.66 | 25.05 | 17.65 | 19.15 | 35.12 | 26.28 | 23.90 | 31.22 | 18.89 |
| EV / FCF | — | 20.49 | 20.43 | 20.91 | 20.43 | 19.87 | 21.39 | 35.06 | 33.07 | 20.73 | 18.99 |
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 | 44.5% | 44.5% | 98.6% | 98.4% | 98.2% | 98.8% | 98.6% | 98.4% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 62.6% | 62.6% | 62.7% | 51.5% | 44.7% | 53.3% | 50.7% | 59.4% | 56.4% | 34.7% | 62.2% |
| Net Profit Margin | 49.3% | 49.3% | 38.6% | 25.5% | 48.6% | 39.2% | 17.9% | 36.7% | 31.9% | 11.1% | 40.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.6% | 11.6% | 9.6% | 6.4% | 10.8% | 10.2% | 3.8% | 8.4% | 7.4% | 2.5% | 8.8% |
| ROA | 5.9% | 5.9% | 4.3% | 2.6% | 4.5% | 4.4% | 1.7% | 3.7% | 3.2% | 1.1% | 4.3% |
| ROIC | 6.0% | 6.0% | 5.7% | 4.3% | 3.2% | 4.6% | 3.7% | 4.7% | 4.5% | 2.8% | 5.2% |
| ROCE | 7.9% | 7.9% | 7.2% | 5.5% | 4.3% | 6.1% | 4.9% | 6.4% | 6.1% | 3.8% | 7.1% |
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 | 0.78 | 0.78 | 1.02 | 1.35 | 1.39 | 1.28 | 1.28 | 1.18 | 1.21 | 1.18 | 1.04 |
| Debt / EBITDA | 3.96 | 3.96 | 5.02 | 6.27 | 7.30 | 5.78 | 6.61 | 6.02 | 5.83 | 7.59 | 5.28 |
| Net Debt / Equity | — | 0.78 | 0.91 | 1.23 | 1.31 | 1.27 | 1.24 | 1.18 | 1.20 | 1.15 | 1.01 |
| Net Debt / EBITDA | 3.94 | 3.94 | 4.48 | 5.72 | 6.89 | 5.76 | 6.40 | 5.99 | 5.82 | 7.44 | 5.17 |
| Debt / FCF | — | 4.81 | 6.06 | 7.86 | 8.63 | 8.35 | 7.91 | 12.35 | 12.59 | 9.13 | 7.67 |
| Interest Coverage | 3.83 | 3.83 | 2.90 | 2.09 | 2.87 | 2.77 | 1.73 | 2.65 | 2.47 | 1.48 | 3.19 |
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 | 3.46 | 3.46 | 8.03 | 7.25 | 5.30 | 6.53 | 3.64 | 2.82 | 2.06 | 2.56 | 2.98 |
| Quick Ratio | 3.46 | 3.46 | 8.03 | 7.25 | 5.30 | 6.53 | 3.64 | 2.82 | 2.06 | 2.56 | 2.98 |
| Cash Ratio | 0.05 | 0.05 | 1.58 | 1.44 | 0.89 | 0.07 | 0.43 | 0.06 | 0.02 | 0.15 | 0.17 |
| Asset Turnover | — | 0.12 | 0.11 | 0.10 | 0.09 | 0.11 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 |
| 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 | 5.1% | 5.7% | 6.7% | 8.4% | 9.3% | 8.8% | 7.2% | 6.0% | 7.2% | 8.8% | 7.2% |
| Payout Ratio | 132.2% | 132.2% | 168.7% | 265.9% | 148.2% | 153.0% | 384.3% | 165.4% | 187.8% | 500.5% | 123.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 4.4% | 4.1% | 3.3% | 6.4% | 5.9% | 1.9% | 3.6% | 3.8% | 1.9% | 6.1% |
| FCF Yield | 5.9% | 6.4% | 7.0% | 7.7% | 8.5% | 8.7% | 7.4% | 4.4% | 4.9% | 8.6% | 8.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.1% | 5.7% | 6.7% | 8.4% | 11.4% | 8.8% | 7.2% | 6.0% | 7.2% | 8.8% | 7.2% |
| Shares Outstanding | — | $311M | $270M | $250M | $244M | $244M | $235M | $222M | $210M | $207M | $202M |
Operator Restructuring and Regulation
Based on the provided quarterly data, Omega's P/FFO multiple of 17.31 in 2026Q1 suggests a market re-rating as the company moves past the peak distress of 2024, with the current valuation appearing to price in a more durable recovery than the historical lows observed in early 2024.
The expansion of the P/FFO multiple from the 14.0x range in early 2024 to current levels indicates that investors are increasingly comfortable with the company's ability to navigate operator-level volatility. This valuation shift appears to be supported by the stabilization of FFO growth, suggesting that the market is beginning to reward the company for its successful portfolio pruning and restructuring efforts.
According to recent financial statements, the FFO payout ratio has compressed from a peak of 126.5% in 2023Q4 to 84.4% in 2026Q1, signaling a significant improvement in dividend coverage as the company successfully restores its cash flow buffer following a period of intense operator-level financial distress.
The downward trend in the payout ratio is a critical indicator of improved dividend safety, as it suggests that the company is no longer relying on balance sheet flexibility to maintain its distribution. Investors should monitor whether this payout ratio continues to trend toward the company's long-term target, which would further solidify the sustainability of the current yield.
As reported in quarterly financial filings, the debt-to-equity ratio has improved from a high of 1.36 in 2024Q1 to 0.81 in 2026Q1, reflecting a disciplined approach to capital management that appears to be strengthening the company's financial position amidst ongoing sector-wide regulatory and operational headwinds.
The reduction in leverage is a positive development that provides the company with greater capacity to absorb potential shocks from federal staffing mandates or further operator restructurings. This deleveraging trend, combined with stable interest coverage ratios, suggests that the company is prioritizing balance sheet health to support its long-term growth objectives.
As indicated by the historical data, the most commonly misapplied metric for Omega is the standard P/E ratio, which fails to account for the significant non-cash depreciation charges inherent in the REIT business model, thereby obscuring the company's true recurring cash-generating capacity and dividend-paying ability.
Using P/E to value Omega is fundamentally flawed because it treats depreciation as a cash expense, which significantly understates the company's earnings power. Analysts should instead utilize P/FFO or P/AFFO, as these metrics adjust for non-cash items and provide a more accurate reflection of the cash flow available to shareholders.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OHI stock.
Omega Healthcare Investors, Inc.'s current P/E ratio is 25.6x. The historical average is 28.5x. This places it at the 62th percentile of its historical range.
Omega Healthcare Investors, Inc.'s current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Omega Healthcare Investors, Inc.'s return on equity (ROE) is 11.6%. The historical average is 7.0%.
Based on historical data, Omega Healthcare Investors, Inc. is trading at a P/E of 25.6x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Omega Healthcare Investors, Inc.'s current dividend yield is 5.06% with a payout ratio of 132.2%.
Omega Healthcare Investors, Inc. has 44.5% gross margin and 62.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Omega Healthcare Investors, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.