Latest Ratios: P/E Ratio 170.8x · EV/EBITDA 25.5x · ROE 2.1%. (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 | $43.8B | $35.8B | $24.5B | $20.2B | $16.8B | $19.7B | $18.5B | $21.4B | $21.1B | $21.5B | $21.8B |
| Enterprise Value | $56.3B | $48.3B | $37.4B | $33.4B | $29.2B | $31.8B | $30.2B | $33.7B | $31.7B | $32.7B | $32.6B |
| P/E Ratio → | 170.76 | 143.30 | 309.95 | — | — | 393.23 | 41.91 | 49.35 | 51.39 | 15.88 | 33.61 |
| P/S Ratio | 7.51 | 6.14 | 4.98 | 4.50 | 4.07 | 5.16 | 4.86 | 5.51 | 5.62 | 6.02 | 6.33 |
| P/B Ratio | 3.39 | 2.84 | 2.26 | 2.12 | 1.65 | 1.80 | 1.80 | 2.03 | 2.05 | 1.97 | 2.07 |
| P/FCF | 33.30 | 27.19 | 23.21 | 21.62 | 18.16 | 23.00 | 14.18 | 16.67 | 16.11 | 16.52 | 17.43 |
| P/OCF | 26.09 | 21.30 | 18.33 | 16.93 | 14.65 | 18.92 | 12.73 | 14.85 | 14.63 | 15.00 | 15.93 |
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 | — | 8.27 | 7.59 | 7.42 | 7.07 | 8.31 | 7.95 | 8.69 | 8.47 | 9.15 | 9.47 |
| EV / EBITDA | 25.53 | 21.88 | 19.02 | 18.24 | 17.22 | 19.45 | 17.51 | 17.47 | 8.66 | 10.49 | 10.88 |
| EV / EBIT | 68.12 | 56.16 | 57.18 | 62.51 | 71.23 | 63.46 | 37.04 | 40.33 | 38.74 | 18.70 | 31.34 |
| EV / FCF | — | 36.67 | 35.37 | 35.71 | 31.51 | 37.06 | 23.16 | 26.27 | 24.26 | 25.12 | 26.10 |
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 | -5.9% | -5.9% | 42.6% | 43.1% | 44.7% | 45.4% | 48.9% | 53.2% | 54.8% | 58.4% | 58.1% |
| Operating Margin | 14.2% | 14.2% | 13.8% | 9.2% | 11.7% | 11.0% | 15.6% | 22.2% | 23.0% | 17.4% | 16.2% |
| Net Profit Margin | 4.3% | 4.3% | 1.6% | -0.9% | -1.1% | 1.3% | 11.6% | 11.2% | 10.9% | 38.0% | 18.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.1% | 2.1% | 0.8% | -0.4% | -0.4% | 0.5% | 4.2% | 4.2% | 3.9% | 12.6% | 6.4% |
| ROA | 0.9% | 0.9% | 0.3% | -0.2% | -0.2% | 0.2% | 1.8% | 1.8% | 1.8% | 5.8% | 2.9% |
| ROIC | 2.5% | 2.5% | 2.2% | 1.4% | 1.6% | 1.4% | 2.0% | 2.9% | 3.0% | 2.1% | 2.0% |
| ROCE | 3.2% | 3.2% | 2.8% | 1.8% | 2.1% | 1.8% | 2.6% | 4.0% | 4.0% | 2.8% | 2.6% |
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 | 1.05 | 1.05 | 1.27 | 1.43 | 1.22 | 1.12 | 1.18 | 1.18 | 1.04 | 1.03 | 1.06 |
| Debt / EBITDA | 5.99 | 5.99 | 6.99 | 7.48 | 7.37 | 7.47 | 7.03 | 6.44 | 2.93 | 3.62 | 3.71 |
| Net Debt / Equity | — | 0.99 | 1.19 | 1.38 | 1.21 | 1.10 | 1.14 | 1.17 | 1.04 | 1.02 | 1.03 |
| Net Debt / EBITDA | 5.66 | 5.66 | 6.54 | 7.20 | 7.30 | 7.38 | 6.79 | 6.39 | 2.91 | 3.59 | 3.61 |
| Debt / FCF | — | 9.48 | 12.16 | 14.09 | 13.35 | 14.06 | 8.98 | 9.60 | 8.16 | 8.60 | 8.67 |
| Interest Coverage | 1.40 | 1.40 | 1.08 | 0.93 | 0.88 | 1.14 | 1.73 | 1.85 | 1.85 | 3.90 | 2.48 |
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 | 0.96 | 0.96 | 1.04 | 0.73 | 0.61 | 0.62 | 1.06 | 0.72 | 0.56 | 1.03 | 1.25 |
| Quick Ratio | 0.96 | 0.96 | 1.04 | 0.73 | 0.61 | 0.62 | 1.06 | 0.72 | 0.56 | 1.03 | 1.25 |
| Cash Ratio | 0.53 | 0.53 | 0.69 | 0.43 | 0.08 | 0.10 | 0.45 | 0.16 | 0.14 | 0.07 | 0.30 |
| Asset Turnover | — | 0.21 | 0.19 | 0.18 | 0.17 | 0.15 | 0.16 | 0.16 | 0.17 | 0.15 | 0.15 |
| 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 | 2.0% | 2.4% | 3.0% | 3.6% | 4.3% | 3.5% | 5.0% | 5.4% | 5.4% | 3.8% | 4.7% |
| Payout Ratio | 342.1% | 342.1% | 912.3% | — | — | 1401.6% | 211.5% | 267.4% | 275.3% | 61.0% | 157.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 0.7% | 0.3% | — | — | 0.3% | 2.4% | 2.0% | 1.9% | 6.3% | 3.0% |
| FCF Yield | 3.0% | 3.7% | 4.3% | 4.6% | 5.5% | 4.3% | 7.1% | 6.0% | 6.2% | 6.1% | 5.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.0% | 2.4% | 3.0% | 3.6% | 4.3% | 3.5% | 5.0% | 5.4% | 5.4% | 3.8% | 4.7% |
| Shares Outstanding | — | $463M | $416M | $406M | $373M | $386M | $377M | $370M | $359M | $359M | $348M |
SHOP segment operational volatility
According to recent market data, Ventas trades at a P/FFO multiple of 27.08 as of 2026Q1, which suggests that investors are pricing in a significant recovery trajectory for the SHOP portfolio compared to the more conservative multiples observed in the broader healthcare REIT peer group.
The elevated P/FFO multiple relative to historical averages indicates that the market is assigning a premium to the company's R&I cluster strategy and the anticipated margin expansion in senior housing. Investors should monitor whether this valuation remains sustainable if the pace of FFO growth fails to meet the aggressive expectations currently baked into the share price.
As reported in financial statements, the NOI margin reached 39.6% in 2026Q1, reflecting a contraction from the 42.1% level seen in 2025Q1, which appears to be driven by the persistent variable cost headwinds inherent in the company's Senior Housing Operating Portfolio segment.
The fluctuation in NOI margins highlights the sensitivity of the SHOP segment to labor market tightness and rising operational expenses. While the R&I and NNN segments provide a stable baseline, the overall profitability profile remains vulnerable to the company's ability to pass through these cost increases to residents without sacrificing occupancy.
Based on Ventas's reported figures, the FFO payout ratio has consistently hovered between 50% and 56% over the last several quarters, suggesting a robust margin of safety that allows the company to retain significant cash flow for strategic development and debt reduction.
This conservative payout policy appears to prioritize balance sheet flexibility and internal growth funding over aggressive dividend hikes. The ability to maintain such a payout ratio while navigating the operational volatility of the SHOP segment warrants further investigation into the company's long-term capital allocation priorities.
Data from recent SEC filings indicates a debt-to-equity ratio of 1.05 as of 2025Q4, though the inconsistency in reported debt levels across recent quarters suggests that investors should exercise caution when assessing the company's true leverage profile and refinancing risk.
The reported fluctuations in leverage metrics may obscure the actual debt burden, making it difficult to determine the company's true capacity for future acquisitions. Stakeholders should monitor upcoming disclosures to clarify whether these variations represent genuine deleveraging or potential reporting anomalies that could impact the perceived risk profile.
The most commonly misapplied metric for Ventas is the standard P/E ratio, which, at 164.91, fails to account for the massive non-cash depreciation charges that artificially depress GAAP earnings and distort the company's true economic profitability.
Using P/E to value a REIT like Ventas obscures the cash-generative nature of its real estate assets, as depreciation is a non-cash accounting entry rather than an actual operational expense. Analysts should instead utilize P/FFO or P/AFFO, which provide a more accurate reflection of the company's ability to generate distributable cash flow.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VTR stock.
Ventas, Inc.'s current P/E ratio is 170.8x. The historical average is 31.3x. This places it at the 100th percentile of its historical range.
Ventas, Inc.'s current EV/EBITDA is 25.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.7x.
Ventas, Inc.'s return on equity (ROE) is 2.1%. The historical average is 12.1%.
Based on historical data, Ventas, Inc. is trading at a P/E of 170.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ventas, Inc.'s current dividend yield is 2.02% with a payout ratio of 342.1%.
Ventas, Inc. has -5.9% gross margin and 14.2% operating margin. Operating margin between 10-20% is typical for established companies.
Ventas, Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.