Ventas Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ventas's revenue surged 18.5% year-over-year to $5.8B, reflecting rapid business expansion. This strong growth earns a score of 81/100.
Ventas carries a low D/E ratio of 1.04, meaning only $1.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.
While Ventas generated $1.6B in operating cash flow, capex of $2.9B consumed most of it, leaving -$1.3B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Ventas generates a 2.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 8/100. This is up from 0.8% the prior year.
Ventas passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Ventas generates $6.30 in operating cash flow ($1.6B OCF vs $261.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows Ventas (VTR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Ventas generated $5.8B in revenue in fiscal year 2025. This represents an increase of 18.5% from the prior year.
Ventas generated -$1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.8% from the prior year.
Ventas reported $261.5M in net income in fiscal year 2025. This represents an increase of 196.0% from the prior year.
Ventas earned $0.54 per diluted share (EPS) in fiscal year 2025. This represents an increase of 184.2% from the prior year.
Ventas held $741.1M in cash against $13.0B in long-term debt as of fiscal year 2025.
Ventas paid $1.92 per share in dividends in fiscal year 2025. This represents an increase of 6.7% from the prior year.
Ventas had 475M shares outstanding in fiscal year 2025. This represents an increase of 8.7% from the prior year.
Ventas's net profit margin was 4.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.
Ventas's ROE was 2.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the prior year.
Ventas invested $2.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.7% from the prior year.
VTR Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B+5.2% | $1.5B+4.8% | $1.4B+4.6% | $1.4B+5.5% | $1.3B+4.1% | $1.2B+2.9% | $1.2B+0.1% | $1.2B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $41.0M+1.5% | $40.4M-5.8% | $42.9M-19.4% | $53.1M+28.3% | $41.4M+18.1% | $35.1M-7.0% | $37.7M-22.6% | $48.7M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $154.5M-2.3% | $158.1M+5.2% | $150.3M+0.6% | $149.4M-2.5% | $153.2M+1.8% | $150.4M+0.8% | $149.3M-0.4% | $149.9M |
| Income Tax | -$1.1M+82.3% | -$6.3M-263.8% | $3.9M+136.7% | -$10.6M+76.8% | -$45.5M-1617.0% | $3.0M-61.3% | $7.8M+358.5% | -$3.0M |
| Net Income | $73.0M+6.2% | $68.7M-3.9% | $71.5M+47.8% | $48.4M-17.7% | $58.7M+179.7% | $21.0M-0.8% | $21.2M+268.8% | -$12.5M |
| EPS (Diluted) | $0.15+7.1% | $0.14-6.7% | $0.15+50.0% | $0.10-23.1% | $0.13+160.0% | $0.050.0% | $0.05+225.0% | $-0.04 |
VTR Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $27.6B+2.5% | $26.9B+1.7% | $26.5B+1.7% | $26.0B-0.6% | $26.2B+3.3% | $25.3B+3.3% | $24.5B-0.6% | $24.7B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $741.1M+292.9% | $188.6M-69.3% | $614.2M+236.9% | $182.3M-79.7% | $897.9M-18.7% | $1.1B+98.3% | $557.1M-11.9% | $632.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $1.0B0.0% | $1.0B0.0% | $1.0B+0.1% | $1.0B0.0% | $1.0B-0.1% | $1.0B+0.1% | $1.0B0.0% | $1.0B |
| Total Liabilities | $14.6B+3.4% | $14.2B-2.8% | $14.6B+2.7% | $14.2B-5.9% | $15.0B-0.9% | $15.2B+4.4% | $14.6B-2.5% | $14.9B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $13.0B | N/A | N/A | N/A | $13.5B | N/A | N/A | N/A |
| Total Equity | $12.5B+1.3% | $12.4B+7.2% | $11.5B+0.5% | $11.5B+6.5% | $10.8B+10.4% | $9.8B+1.5% | $9.6B+2.3% | $9.4B |
| Retained Earnings | -$7.5B-2.2% | -$7.4B-2.2% | -$7.2B-2.1% | -$7.1B-2.5% | -$6.9B-2.1% | -$6.7B-2.6% | -$6.6B-2.6% | -$6.4B |
VTR Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $471.7M+24.6% | $378.6M-20.4% | $475.3M+48.0% | $321.1M-14.1% | $373.6M+5.6% | $353.7M+5.3% | $335.9M+26.1% | $266.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $170.2M |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $96.2M |
| Investing Cash Flow | -$428.7M+63.6% | -$1.2B-476.0% | -$204.4M+76.9% | -$883.7M+42.5% | -$1.5B-257.7% | -$429.5M-61.0% | -$266.8M-84.5% | -$144.6M |
| Financing Cash Flow | $499.9M+36.5% | $366.1M+133.2% | $157.0M+205.3% | -$149.1M-115.6% | $956.2M+53.1% | $624.4M+545.2% | -$140.3M-3007.4% | $4.8M |
| Dividends Paid | $225.7M+3.3% | $218.4M+0.7% | $217.0M+9.0% | $199.0M+5.3% | $189.0M+1.5% | $186.2M+2.1% | $182.3M-0.3% | $182.9M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
VTR Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 4.7%+0.1pp | 4.6%-0.4pp | 5.0%+1.5pp | 3.6%-1.0pp | 4.6%+2.9pp | 1.7%-0.1pp | 1.8%+2.8pp | -1.1% |
| Return on Equity | 0.6%+0.0pp | 0.6%-0.1pp | 0.6%+0.2pp | 0.4%-0.1pp | 0.5%+0.3pp | 0.2%0.0pp | 0.2% | N/A |
| Return on Assets | 0.3%0.0pp | 0.3%-0.0pp | 0.3%+0.1pp | 0.2%-0.0pp | 0.2%+0.1pp | 0.1%0.0pp | 0.1%+0.1pp | -0.1% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.04-0.1 | 1.14-0.1 | 1.26+0.0 | 1.24-0.0 | 1.26-0.3 | 1.56+0.0 | 1.51-0.1 | 1.59 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.0% |
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Frequently Asked Questions
What is Ventas's annual revenue?
Ventas (VTR) reported $5.8B in total revenue for fiscal year 2025. This represents a 18.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ventas's revenue growing?
Ventas (VTR) revenue grew by 18.5% year-over-year, from $4.9B to $5.8B in fiscal year 2025.
Is Ventas profitable?
Yes, Ventas (VTR) reported a net income of $261.5M in fiscal year 2025, with a net profit margin of 4.5%.
What is Ventas's earnings per share (EPS)?
Ventas (VTR) reported diluted earnings per share of $0.54 for fiscal year 2025. This represents a 184.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does Ventas have?
As of fiscal year 2025, Ventas (VTR) had $741.1M in cash and equivalents against $13.0B in long-term debt.
What is Ventas's net profit margin?
Ventas (VTR) had a net profit margin of 4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Ventas pay dividends?
Yes, Ventas (VTR) paid $1.92 per share in dividends during fiscal year 2025.
What is Ventas's return on equity (ROE)?
Ventas (VTR) has a return on equity of 2.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ventas's free cash flow?
Ventas (VTR) generated -$1.3B in free cash flow during fiscal year 2025. This represents a -6.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ventas's operating cash flow?
Ventas (VTR) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ventas's total assets?
Ventas (VTR) had $27.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ventas's capital expenditures?
Ventas (VTR) invested $2.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Ventas have outstanding?
Ventas (VTR) had 475M shares outstanding as of fiscal year 2025.
What is Ventas's debt-to-equity ratio?
Ventas (VTR) had a debt-to-equity ratio of 1.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ventas's return on assets (ROA)?
Ventas (VTR) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ventas's Piotroski F-Score?
Ventas (VTR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ventas's earnings high quality?
Ventas (VTR) has an earnings quality ratio of 6.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Ventas?
Ventas (VTR) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.