Detailed financial statements for Omega Healthcare Investors, Inc. (OHI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Omega Healthcare Investors, Inc. functions as a Real Estate Investment Trust (REIT) primarily focused on the long-term healthcare sector. The company strategically invests in properties providing skilled nursing and assisted living services. A diverse array of healthcare operators manage these assets, predominantly utilizing a triple-net lease framework.
Analysis Summary
Omega Healthcare Investors, Inc. reported revenue of $1.20B in the most recent fiscal year, growing at a 5-year CAGR of 6.1%. Net income reached $590.1M, with a 29.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 72.0%, operating margin 62.4%, net margin 66.4%. Free cash flow grew at 6.8% CAGR over 5 years.
At the current price of $45.36, OHI trades at a P/E of 15.82 and an ROE of 11.39%. Market capitalisation stands at $13.6B, placing it among large-cap names.
Balance sheet quality for OHI: current ratio of 3.5, net debt of $4.23B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $878.6M represents 149% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $900.8M | $908.4M | $881.7M | $928.8M | $892.4M | $1.06B | $878.2M | $949.7M | $1.05B | $1.20B |
| Cost of Revenue | 0 | 0 | 0 | $14.9M | $12.3M | $12.3M | $15.5M | $15.0M | $14.6M | $664.9M |
| Gross Profit | $900.8M | $908.4M | $881.7M | $913.9M | $880.1M | $1.05B | $862.7M | $934.7M | $1.04B | $533.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $45.9M | $47.7M | $63.5M | $57.9M | $59.9M | $64.6M | $69.4M | $81.5M | $88.0M | 0 |
| Operating Expenses | $340.9M | $593.2M | $384.1M | $362.2M | $427.8M | $484.4M | $470.5M | $445.7M | $377.2M | -$216.3M |
| Operating Income | $560.0M | $315.2M | $497.6M | $551.7M | $452.3M | $566.2M | $392.3M | $489.0M | $659.7M | $749.4M |
| EBITDA | $827.0M | $613.8M | $779.2M | $854.2M | $715.6M | $992.7M | $1.00B | $810.8M | $947.1M | $1.17B |
| Interest Expense | $175.6M | $220.2M | $201.4M | $208.7M | $223.4M | $234.6M | $233.2M | $235.5M | $221.7M | $220.5M |
| Pre-tax Income | $384.3M | $105.9M | $296.5M | $354.8M | $168.5M | $432.1M | $443.4M | $255.1M | $428.7M | $624.2M |
| Income Tax | $1.4M | $3.2M | $3.0M | $2.8M | $4.9M | $3.8M | $4.6M | $6.3M | $10.9M | $14.7M |
| Net Income | $366.4M | $100.4M | $281.6M | $341.1M | $159.3M | $416.7M | $426.9M | $242.2M | $406.3M | $590.1M |
| EPS | $1.91 | $0.51 | $1.41 | $1.60 | $0.70 | $1.76 | $1.81 | $1.01 | $1.57 | $2.02 |
| EPS (Diluted) | $1.90 | $0.51 | $1.34 | $1.54 | $0.68 | $1.75 | $1.80 | $1.00 | $1.55 | $1.94 |
| Shares Outstanding (Diluted) | $201.6M | $206.8M | $209.7M | $222.1M | $235.1M | $244.3M | $244.3M | $250.5M | $270.4M | $310.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $311.6M | $321.8M | $323.0M | $335.6M |
| Gross Profit | $308.1M | $151.9M | $313.9M | $155.8M |
| Operating Income | $206.1M | $204.3M | $207.1M | $188.6M |
| EBITDA | $331.6M | $308.7M | $293.8M | $514.2M |
| Net Income | $179.7M | $164.7M | $151.0M | $362.8M |
| EPS | $0.63 | $0.58 | $0.47 | $1.21 |
| EPS (Diluted) | $0.59 | $0.55 | $0.47 | $1.19 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $93.7M | $85.9M | $10.3M | $24.1M | $163.5M | $20.5M | $297.1M | $442.8M | $518.3M | $27.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.48B | $1.32B | $1.19B | $1.19B | $1.14B | $1.58B | $1.46B | $1.72B | $2.03B | $2.00B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.64B | $1.50B | $1.20B | $1.23B | $1.39B | $1.81B | $1.77B | $2.23B | $2.64B | $2.06B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | $643.5M | $644.7M | $644.0M | $644.4M | $651.7M | $651.4M | $643.2M | $643.9M | $643.7M | $644.6M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $8.95B | $8.77B | $8.59B | $9.80B | $9.50B | $9.64B | $9.41B | $9.12B | $9.90B | $10.05B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $190.0M | $290.0M | $313.0M | $125.0M | $101.2M | 0 | $19.2M | $20.4M | 0 | $242.0M |
| Total Current Liabilities | $550.5M | $585.1M | $585.2M | $437.0M | $382.0M | $276.7M | $334.3M | $308.2M | $328.2M | $594.5M |
| Long-term Debt | $4.18B | $4.28B | $4.23B | $5.01B | $5.07B | $5.25B | $5.27B | $5.05B | $4.84B | $4.01B |
| Total Liabilities | $4.74B | $4.89B | $4.83B | $5.46B | $5.46B | $5.53B | $5.60B | $5.36B | $5.17B | $4.61B |
| Retained Earnings | -$968.5M | -$1.37B | -$1.61B | -$1.84B | -$2.32B | -$2.54B | -$2.75B | -$3.15B | -$3.43B | -$3.62B |
| Total Equity | $3.86B | $3.56B | $3.44B | $4.14B | $3.84B | $3.91B | $3.61B | $3.57B | $4.54B | $5.18B |
| Total Debt | $4.37B | $4.57B | $4.54B | $5.14B | $5.17B | $5.25B | $5.29B | $5.07B | $4.84B | $4.26B |
| Net Debt | $4.27B | $4.49B | $4.53B | $5.11B | $5.01B | $5.23B | $4.99B | $4.62B | $4.32B | $4.23B |
| Working Capital | $1.09B | $913.9M | $618.0M | $794.5M | $1.01B | $1.53B | $1.44B | $1.93B | $2.31B | $1.46B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $737.2M | $27.0M | $26.1M | $39.0M |
| Total Assets | $10.60B | $10.05B | $10.23B | $10.04B |
| Total Liabilities | $5.35B | $4.61B | $4.78B | $4.37B |
| Total Equity | $5.04B | $5.18B | $5.19B | $5.39B |
| Total Debt | $4.99B | $4.26B | $4.44B | $4.02B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $383.4M | $104.9M | $293.9M | $351.9M | $163.5M | $428.3M | $438.8M | $241.7M | $417.8M | $609.5M |
| Depreciation & Amortization | $267.1M | $287.6M | $281.3M | $301.7M | $329.9M | $342.0M | $332.4M | $319.7M | $304.6M | $325.2M |
| Stock-based Compensation | $13.8M | $15.2M | $16.0M | $15.4M | $18.8M | $21.4M | $27.3M | 0 | $36.7M | $44.2M |
| Change in Working Capital | -$42.1M | -$89.4M | -$127.9M | -$124.1M | -$30.8M | -$94.0M | -$45.6M | -$15.1M | $32.9M | -$2.9M |
| Operating Cash Flow | $625.8M | $577.9M | $499.4M | $553.7M | $708.3M | $722.1M | $625.7M | $626.5M | $749.4M | $878.6M |
| Capital Expenditure | -$69.0M | -$86.7M | -$139.4M | -$139.7M | -$75.1M | -$95.1M | -$47.2M | -$38.0M | -$37.8M | 0 |
| Acquisitions | -$50.0M | $2.3M | $201.1M | -$163.6M | -$10.0M | -$16.2M | -$113,000 | -$202,000 | -$971,000 | -$122.1M |
| Stock Repurchased | -$733,000 | -$48,000 | -$134,000 | 0 | 0 | 0 | -$142.3M | 0 | 0 | 0 |
| Dividends Paid | -$453.2M | -$502.6M | -$528.7M | -$564.1M | -$612.3M | -$637.6M | -$632.9M | -$643.9M | -$685.4M | -$780.4M |
| Free Cash Flow | $556.8M | $491.2M | $359.9M | $414.1M | $633.1M | $627.1M | $578.5M | $588.5M | $712.7M | $878.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $226.7M | $230.6M | $218.9M | $214.3M |
| Capital Expenditure | $12.8M | 0 | -$8.8M | $8.8M |
| Free Cash Flow | $239.5M | $230.6M | $210.1M | $223.1M |
| Dividends Paid | -$198.2M | -$198.4M | -$198.4M | -$200.0M |
| Stock-based Compensation | $9.3M | $9.9M | $10.6M | $23.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.8% | -2.9% | +5.3% | -3.9% | +19.1% | -17.4% | +8.1% | +10.7% | +14.0% | |
| Net Income Growth (YoY) | -72.6% | +180.4% | +21.1% | -53.3% | +161.6% | +2.4% | -43.3% | +67.8% | +45.2% | |
| EPS Growth (YoY) | -73.3% | +176.5% | +13.5% | -56.2% | +151.4% | +2.8% | -44.2% | +55.4% | +28.7% | |
| Shares Change (YoY) | +2.6% | +1.4% | +5.9% | +5.8% | +3.9% | -0.0% | +2.5% | +8.0% | +14.9% | |
| FCF Growth (YoY) | -11.8% | -26.7% | +15.0% | +52.9% | -1.0% | -7.7% | +1.7% | +21.1% | +23.3% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 98.4% | 98.6% | 98.8% | 98.2% | 98.4% | 98.6% | 44.5% |
| Operating Margin | 62.2% | 34.7% | 56.4% | 59.4% | 50.7% | 53.3% | 44.7% | 51.5% | 62.7% | 62.6% |
| EBITDA Margin | 91.8% | 67.6% | 88.4% | 92.0% | 80.2% | 93.4% | 114.1% | 85.4% | 90.1% | 97.7% |
| Net Margin | 40.7% | 11.1% | 31.9% | 36.7% | 17.9% | 39.2% | 48.6% | 25.5% | 38.6% | 49.3% |
| FCF Margin | 61.8% | 54.1% | 40.8% | 44.6% | 71.0% | 59.0% | 65.9% | 62.0% | 67.8% | 73.3% |
| Effective Tax Rate | 0.4% | 3.1% | 1.0% | 0.8% | 2.9% | 0.9% | 1.0% | 2.5% | 2.5% | 2.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.76 | $2.38 | $1.72 | $1.86 | $2.69 | $2.57 | $2.37 | $2.35 | $2.64 | $2.83 |
| Dividends Per Share | $2.25 | $2.43 | $2.52 | $2.54 | $2.60 | $2.61 | $2.59 | $2.57 | $2.53 | $2.51 |
| Shares Outstanding (Basic) | $191.8M | $197.7M | $200.3M | $213.4M | $227.7M | $236.9M | $236.3M | $240.5M | $258.1M | $296.1M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 11.39% |
| Return on Invested Capital | 7.55% |
| Return on Assets | 5.87% |
| Gross Margin | 71.96% |
| Operating Margin | 62.39% |
| Net Margin | 66.43% |
Financial Health
| Debt / Equity | 0.75 |
| Current Ratio | 0.91 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.75 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.37 | 54.00 | 24.93 | 26.47 | 51.89 | 16.81 | 15.44 | 30.36 | 24.11 | 21.95 |
| P/B | 1.55 | 1.53 | 2.04 | 2.19 | 2.15 | 1.79 | 1.83 | 2.06 | 2.15 | 2.53 |
| P/S | 6.66 | 5.99 | 7.98 | 9.73 | 9.27 | 6.60 | 7.52 | 7.76 | 9.29 | 10.96 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 98.4% | 98.6% | 98.8% | 98.2% | 98.4% | 98.6% | 44.5% |
| Operating Margin | 62.2% | 34.7% | 56.4% | 59.4% | 50.7% | 53.3% | 44.7% | 51.5% | 62.7% | 62.6% |
| Net Margin | 40.7% | 11.1% | 31.9% | 36.7% | 17.9% | 39.2% | 48.6% | 25.5% | 38.6% | 49.3% |
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Explore sector: Real Estate · REIT - Healthcare Facilities
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