Ventas, Inc. (VTR) is a publicly traded company in the Real Estate — REIT - Healthcare Facilities industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Ventas, Inc. is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. With approximately 1,450 properties in North America and the United Kingdom, Ventas occupies an essential role in the longevity economy. The Company’s growth is fueled by its more than 900 senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments.
Is Ventas, Inc. stock overvalued or undervalued in 2026?
As of October 5, 2026, Ventas, Inc. (VTR) trades at 156× earnings (P/E), according to Kaplio. Kaplio's verdict: expensive. At its 10-year average P/FFO (16.2×) $55 (-35 %); at the decade median (15.3×) $52 (-39 %).
Kaplio overview: Ventas, Inc.
Market cap $41B · 52 weeks $67 – $101 (15 % below the high) · P/E 156× · 2027 expected P/E 89.2× · Dividend 2.4 % · Next earnings October 29, 2026 · expected EPS $0.16 · Price as of Oct 5 · accounts published Jul 29.
- Valuation: P/FFO 24.9× (expensive).
- Business: FFO/dividend 1.8× (solid).
- Balance sheet: Net debt/EBITDA 5.6× (passes, near the threshold).
- Earnings: 3 of 8 (no verdict).
What would it be worth at its usual multiples?
At its 10-year average P/FFO (16.2×) $55 (-35 %); at the decade median (15.3×) $52 (-39 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in REITs: 4 of 5 pass
- P/FFO 24.9×, fails.
- Dividend coverage (FFO/div) 1.8×, passes.
- Debt / Assets 47.9 %, passes.
- Net debt / EBITDA 5.6×, passes, near the threshold.
- FFO Payout (proxy) 51.2 %, passes.
- FFO / Share $3.37, info.
Against its peers (reference peers) — Ventas, Inc.: P/B 2.8×; Div. yield 2.4 %; EV/EBITDA 21.3×; $40.8B. Omega Healthcare Investors, Inc. (P/B 2.5×; Div. yield 5.9 %; EV/EBITDA 14.8×; $13.5B), Healthpeak Properties, Inc. (P/B 1.7×; Div. yield 6.3 %; EV/EBITDA 14.3×; $13.4B), Iron Mountain Incorporated (P/B —; Div. yield 3.0 %; EV/EBITDA 21.2×; $33.7B).
Expensive or cheap against its last ten fiscal years?
Precio / FFO (aprox.) at each close: today 24.9× · median 15.3× · minimum 12.6× · maximum 24.9× · cheap below 14.7× · expensive above 18.2×. It has been cheaper than today 100% of the time over its last ten fiscal years.
Dividend
tight · Yield 2.44 % ($1.89 per share in 2025) · Years raising it 1 · 5-year growth -5 % a year · Free cash flow coverage FFO payout 51 % · With $1,000 invested today you'd collect $24.40 a year ($2.03 a month).
Kaplio's reading: Ventas, Inc.
Updated on September 28, 2026 · accounts published on July 29, 2026
Reading of September 28, 2026: A REIT with a well-covered dividend
Ventas trades at 25.7× its fiscal 2025 FFO, above the 15× to 20× range seen as healthy for REITs, after a 30 % rise over the last 12 months.
- Is Ventas expensive or cheap? At 25.7× fiscal 2025 FFO, Ventas trades about 29 % above the top of the 15× to 20× range seen as healthy for REITs.
- How is the business doing? Revenue grew 19 % over the last 12 months, but operating margin slipped to 13 %, below its 17 % average for 2014-2025.
- How strong is the balance sheet? Net debt was 5.6× EBITDA in fiscal 2025, inside the 6× REIT limit but above the 5× level considered excellent.
- What to expect from the next earnings? Ventas reports on October 29, 2026; analysts expect EPS of $0.16, above the $0.14 of the last quarter.
- Does FFO cover the dividend, and at what multiple does the stock trade? FFO covered the dividend 1.8× in fiscal 2025, well above the 1.1× healthy floor, while the stock costs 25.7× that FFO.
Is Ventas expensive or cheap?
For a REIT, the first yardstick is price to FFO. Ventas trades at 25.7× its fiscal 2025 FFO, above the 15× to 20× band considered healthy for the sector. A price to book of 2.9× over the last 12 months shows investors paying a clear premium over the accounting value of the assets. Other measures agree: EV/EBITDA is 22.3× and the free cash flow yield only 3.7 % over the last 12 months. Much of this is the recent rally. The stock is up 30 % over the last 12 months and sits 14 % below its 52-week high of $100.53, so a good part of the good news already looks priced in.
How is the business doing?
Ventas is growing: revenue rose 19 % over the last 12 months. Profitability is moving the other way. The operating margin stands at 13 % over the last 12 months, down from 14 % in fiscal 2025 and about four points below the 17 % average of fiscal 2014-2025. Each extra dollar of sales is turning into less operating profit than it did over the past decade. The margin trend is the figure to follow in coming quarters, because a recovery toward the decade average would support the current valuation far more than additional revenue alone.
How strong is the balance sheet?
Leverage is acceptable but leaves little room. Debt to assets was 48 % in fiscal 2025, comfortably below the 60 % ceiling that counts as healthy for REITs, and debt to equity is 0.9× over the last 12 months. The tighter measure is net debt to EBITDA at 5.6× in fiscal 2025, close to the 6× threshold and above the 5× mark of the best-financed REITs. With the operating margin below its decade average, there is limited slack if cash earnings weaken. The dividend yield is 2.3 % over the last 12 months, a modest figure largely explained by the stock's 30 % rise.
What to expect from the next earnings?
The next results are due on October 29, 2026, with consensus EPS of $0.16 for the quarter, up from $0.14 reported on July 29, 2026. That last figure came in 1.6 % short of the $0.14 estimate, and Ventas has beaten EPS forecasts in only 3 of the last 8 quarters, a record that argues for caution on the headline number. Expectations are stable: the 2026 EPS consensus has held at $0.58 over the last 13 days, and revenue estimates have barely moved. Of 32 analysts, 18 recommend buying, 12 holding and 2 selling. For a REIT, the FFO update will say more than EPS.
Does FFO cover the dividend, and at what multiple does the stock trade?
In a REIT, EPS and the P/E mislead because property depreciation, a large non-cash charge, depresses reported earnings. That is why the sector looks at FFO, which adds that depreciation back. Ventas generated FFO of $3.37 per share in fiscal 2025, enough to cover the dividend 1.8× against a healthy floor of 1.1×. The payout absorbed 51 % of operating cash flow in fiscal 2025, well under the 80 % limit. The dividend looks well protected. The entry price is the weak point: at 25.7× FFO the stock trades above the 15× to 20× band, so the income is secure but costly to buy.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Peter Lynch approve Ventas today?
The Lynch Method would not approve Ventas today: it fails its quality rules. Business quality: 28 out of 100 (price not included). Lynch classifies it as a slow grower. Kaplio assessment with data from the week of 2026-10-05; not investment advice.
Profitability
| Return on Equity | 2.01% |
| Return on Invested Capital | 3.16% |
| Return on Assets | 0.91% |
| Gross Margin | -5.90% |
| Operating Margin | 14.17% |
| Net Margin | 4.31% |
Financial Health
| Debt / Equity | 1.06 |
| Current Ratio | 0.96 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.72 |
Price Performance
| 1 month | -7.36% |
| 3 months | -9.51% |
| Year-to-date | +8.07% |
| 1 year | +20.76% |
| 3 years | +110.91% |
| 5 years | +52.85% |
Dividend History
Paid in the last 12 months: $2.0400 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-09-30 | $0.5200 |
| 2026-06-30 | $0.5200 |
| 2026-03-31 | $0.5200 |
| 2025-12-31 | $0.4800 |
| 2025-09-30 | $0.4800 |
| 2025-06-30 | $0.4800 |
| 2025-03-31 | $0.4800 |
| 2024-12-31 | $0.4500 |
| 2024-10-01 | $0.4500 |
| 2024-07-01 | $0.4500 |
Amounts adjusted for stock splits.
Related companies: CCI · CSGP · DOC · EXR · IRM
Explore sector: Real Estate · REIT - Healthcare Facilities
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