# Omega Healthcare Investors, Inc. (OHI)

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

**Price:** USD 46.3 (+4.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 44.45 · day 44.86–46.41 · 52w 39.26–52.39 · market cap $14.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.28B, net income $858M (67.0% margin), free cash flow $816M (SEC filings).
- Valuation: P/E 17.2x (avg 26.6x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income $316M vs operating income null over the last four quarters; P/E excluding non-operating income ≈27.0x (estimate: non-operating income taxed at the company's 1.8% effective rate).
- Analysts: Hold (mean 2.60 on a 1–5 scale) (20 analysts), mean target USD 51.37 (range 45–61).
- Total return with dividends: 1Y +20.7% vs S&P 500 +14.9%; 5Y +124.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.48, revenue estimate $272M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.06B | $878M | $950M | $1.05B | $1.19B | $1.28B |
| Net income | $428M | $439M | $242M | $406M | $590M | $858M |
| EPS (diluted) | $1.75 | $1.80 | $1.00 | $1.55 | $1.94 | — |
| Free cash flow | $677M | $579M | $580M | $712M | $798M | $816M |
| Net margin | 40.3% | 50.0% | 25.5% | 38.6% | 49.6% | 67.0% |
| Revenue growth | +19.1% | -17.4% | +8.1% | +10.7% | +13.2% | — |
| Cash + short-term investments | $20.5M | $297M | $443M | $518M | $27.0M | — |
| Total debt | $5.25B | $5.29B | $5.07B | $4.84B | $4.26B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.2x · P/E ex non-operating (est.) ≈27.0x · P/S 11.5x · P/FCF 18.1x · P/B 2.7x · FCF yield 5.52% · Earnings yield 5.81% · Dividend yield (paid, TTM) 5.38%
P/E at fiscal year-ends: Dec 2025 22.9x, Dec 2024 25.2x, Dec 2023 31.7x.

## Analysts
Consensus Hold (mean 2.60 on a 1–5 scale), 20 analysts; mean target USD 51.37 (low 45, high 61).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Citizens | Upgrade | Market Perform → Market Outperform |  |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $48 → $46 |
| 2026-10-13 | UBS | Target lowered | Buy | $54 → $52 |
| 2026-10-13 | Barclays | Target lowered | Underweight | $50 → $48 |
| 2026-09-01 | Wells Fargo | Target lowered | Equal-Weight | $49 → $48 |
| 2026-08-31 | Barclays | Target lowered | Underweight | $51 → $50 |
| 2026-08-31 | Mizuho | Target raised | Neutral | $45 → $46 |
| 2026-08-04 | Citigroup | Target raised | Buy | $52 → $58 |
| 2026-07-31 | Cantor Fitzgerald | Target raised | Overweight | $52 → $56 |
| 2026-07-07 | Barclays | Initiated | Equal-Weight → Underweight | $51 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.7% | +124.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.8% | +17.5% |
| Volatility (annualized) | 21.4% | 20.8% |
| Max drawdown | -14.3% (Jul 2026→Oct 2026) | -18.0% (Aug 2022→Mar 2023) |

## Peers (REIT - Healthcare Facilities)
DOC (Healthpeak Properties, Inc.) USD 19.34 +4.65% · AHR (American Healthcare REIT, Inc.) USD 53.4 +1.02% · CTRE (CareTrust REIT, Inc.) USD 36.62 +2.72% · HR (Healthcare Realty Trust Incorpo) USD 17.93 +4.00% · SBRA (Sabra Health Care REIT, Inc.) USD 19.6 +3.70% · VTR (Ventas, Inc.) USD 86.99 +1.89%

## More
Full page: https://nexqual.com/OHI · 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 |
|---|---|---|---|---|---|
| Triple Net Investments | $313.2M | 95.4% | +11.0% | $324.5M | 103.6% |
| Operating Portfolio | $14.0M | 4.3% | — | $5.4M | 38.5% |
| Corporate costs (not allocated) | — | — | — | $1.0M | — |
| Total revenue | $328.2M | 100% | — | $330.9M | 100.8% |

## Company outlook (8-K filed 2026-07-29)

- "Guidance ​ HUNT VALLEY, MARYLAND – July 29, 2026 – Omega Healthcare Investors, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.48 | $0.49 | -3.1% | $272.1M | 4 |
| Next quarter (ends 2026-12-31) | $0.34 | $0.49 | -30.6% | $277.4M | 4 |
| Current fiscal year (ends 2026-12-31) | $2.67 | $1.98 | +34.9% | $1.09B | 1 |
| Next fiscal year (ends 2027-12-31) | $2.04 | $2.03 | +0.1% | $1.17B | 4 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±5.9%; last 8 reports averaged ±3.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.9% | ±5.9% |
| 2026-12-18 | 56 | 23.0% | ±7.2% |
| 2027-01-15 | 84 | 21.9% | ±8.7% |
| 2027-03-19 | 147 | 22.8% | ±11.6% |
| 2027-06-17 | 237 | 23.5% | ±15.0% |