# LTC Properties, Inc. (LTC)

> Source: Nexqual · https://nexqual.com/LTC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, LTC Properties, Inc. (LTC), nexqual.com/LTC" · informational, not investment advice.

**Price:** USD 43.33 (+3.17% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 42 · day 42.23–43.55 · 52w 33.64–44.3 · market cap $2.34B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $348M, net income $135M (38.9% margin), free cash flow $130M (SEC filings).
- Valuation: P/E 17.2x (avg 15.1x at the last 3 fiscal year-ends), EV/EBITDA 11.7x, net debt $737M.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $124K; 1 not under a Rule 10b5-1 plan ($124K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $655K; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.38 on a 1–5 scale) (8 analysts), mean target USD 45.86 (range 40–54).
- Total return with dividends: 1Y +30.6% vs S&P 500 +14.9%; 5Y +77.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.46, revenue estimate $112M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $155M | $175M | $197M | $210M | $263M | $348M |
| Operating income | $54.8M | $99.1M | $185M | $199M | $205M | $218M |
| Net income | $55.9M | $100M | $89.7M | $91.0M | $118M | $135M |
| EPS (diluted) | $1.41 | $2.48 | $2.16 | $2.04 | $2.52 | — |
| Free cash flow | $84.9M | $96.6M | $94.8M | $112M | $129M | $130M |
| Operating margin | 35.3% | 56.6% | 94.0% | 95.0% | 77.9% | 62.6% |
| Net margin | 36.0% | 57.1% | 45.5% | 43.4% | 44.9% | 38.9% |
| Revenue growth | -2.5% | +12.8% | +12.6% | +6.4% | +25.3% | — |
| Cash + short-term investments | $5.2M | $10.4M | $20.3M | $9.4M | $14.4M | — |
| Total debt | $723M | $768M | $891M | $685M | $842M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.2x · P/S 6.7x · EV/EBITDA 11.7x · EV/Sales 8.8x · P/FCF 17.9x · P/B 1.8x · FCF yield 5.58% · Earnings yield 5.80% · Dividend yield (paid, TTM) 4.83% · Net debt $737M · EV $3.07B
P/E at fiscal year-ends: Dec 2025 13.6x, Dec 2024 16.8x, Dec 2023 14.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-13 | Triche Timothy | Director | 3,125 | $124K | 7.6% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $655K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-11…2026-08-12 | Gruber David L | Director | 4,000 | $153K | 38.3 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-04 | Boitano David M | EVP & CIO | 10,000 | $348K | 34.77 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21 | Gruber David L | Director | 4,000 | $154K | 38.41 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 8 analysts; mean target USD 45.86 (low 40, high 54).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target raised | Equal-Weight | $42 → $43 |
| 2026-10-02 | RBC Capital | Target raised | Outperform | $45 → $52 |
| 2026-09-01 | Wells Fargo | Target raised | Equal-Weight | $40 → $42 |
| 2026-08-14 | RBC Capital | Upgrade | Sector Perform → Outperform | $41 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +30.6% | +77.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +30.7% | +12.1% |
| Volatility (annualized) | 20.6% | 20.2% |
| Max drawdown | -12.3% (Feb 2026→Jun 2026) | -26.9% (Aug 2022→May 2023) |

## Peers (REIT - Healthcare Facilities)
DHC (Diversified Healthcare Trust) USD 7.87 +2.34% · NHI (National Health Investors, Inc.) USD 66.96 +3.14% · MPT (Medical Properties Trust, Inc.) USD 2.71 +3.04% · SBRA (Sabra Health Care REIT, Inc.) USD 19.6 +3.70% · HR (Healthcare Realty Trust Incorpo) USD 17.93 +4.00% · CTRE (CareTrust REIT, Inc.) USD 36.62 +2.72%

## More
Full page: https://nexqual.com/LTC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Seniors Housing Operating Portfolio | $56.1M | 56.8% | +369.7% | $13.9M | 24.8% |
| Real Estate Investments Portfolio | $42.6M | 43.1% | -11.6% | $40.6M | 95.3% |
| Corporate costs (not allocated) | — | — | — | $143,000 | — |
| Total revenue | $98.9M | 100% | — | $54.7M | 55.3% |

## Customer concentration

Period ended 2025-12-31: 11.9% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

## Company outlook (8-K filed 2026-08-05)

- "Guidance to $900 Million, up 50% from Previous Mid-Point;"
- "Expects $700 Million in Year-To-Date SHOP Acquisitions by End of Third Quarter – ​ – SHOP Now Projected to Represent 40% of Proforma Annualized NOI By End of Third Quarter, Ahead of Estimates – ​ ​ WESTLAKE VILLAGE, CALIFORNIA, August 5, 2026 -- LTC Properties, Inc."
- "(NYSE: LTC) ("LTC" or the "Company") , a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the second quarter ended June 30, 2026. "The excitement and momentum of our SHOP strategy continues, and our transformation is well ahead of previous projections."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.46 | $0.39 | +17.9% | $112.2M | 2 |
| Next quarter (ends 2026-12-31) | $0.44 | $0.45 | -1.1% | $139.8M | 3 |
| Current fiscal year (ends 2026-12-31) | — | — | — | $436.8M | — |
| Next fiscal year (ends 2027-12-31) | $1.61 | $1.65 | -2.1% | $658.4M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±6.1%; last 8 reports averaged ±2.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 21.6% | ±6.1% |
| 2026-12-18 | 56 | 24.8% | ±8.5% |
| 2027-02-19 | 119 | 19.3% | ±9.6% |
| 2027-05-21 | 210 | 24.0% | ±15.1% |