# Ventas, Inc. (VTR)

> Source: Nexqual · https://nexqual.com/VTR · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Ventas, Inc. (VTR), nexqual.com/VTR" · informational, not investment advice.

**Price:** USD 86.99 (+1.89% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 85.38 · day 85.51–87.22 · 52w 68.15–101.6 · market cap $44.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.44B, net income $273M (4.2% margin) (SEC filings).
- Valuation: P/E 163.5x (avg 207.2x at the last 2 fiscal year-ends), net debt $12.5B.
- 1 of 80 tracked superinvestors hold VTR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y +27.4% vs S&P 500 +14.9%; 5Y +86.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.11, revenue estimate $1.78B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.83B | $4.13B | $4.50B | $4.92B | $5.83B | $6.44B |
| Net income | $56.6M | -$40.9M | -$30.3M | $88.4M | $262M | $273M |
| EPS (diluted) | $0.13 | -$0.12 | -$0.10 | $0.19 | $0.54 | — |
| Free cash flow | -$776M | $219M | $470M | -$1.20B | -$1.28B | — |
| Net margin | 1.5% | -1.0% | -0.7% | 1.8% | 4.5% | 4.2% |
| Revenue growth | +0.9% | +7.9% | +8.9% | +9.5% | +18.5% | — |
| Cash + short-term investments | $150M | $123M | $509M | $898M | $741M | — |
| Total debt | $12.3B | $12.7B | $13.5B | $13.5B | $13.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 163.5x · P/S 6.9x · EV/Sales 8.9x · P/B 3.0x · Earnings yield 0.61% · Dividend yield (paid, TTM) 2.08% · Net debt $12.5B · EV $57.1B
P/E at fiscal year-ends: Dec 2025 136.9x, Dec 2024 277.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VTR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.04% | $9.9M | Reduced -2.1% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $104 → $96 |
| 2026-10-13 | Barclays | Target lowered | Equal-Weight | $102 → $91 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $101 → $100 |
| 2026-09-02 | Scotiabank | Target raised | Sector Perform | $93 → $95 |
| 2026-09-01 | Wells Fargo | Target raised | Overweight | $96 → $104 |
| 2026-08-31 | Barclays | Target raised | Equal-Weight | $99 → $102 |
| 2026-08-14 | RBC Capital | Target raised | Outperform | $98 → $99 |
| 2026-08-11 | BMO Capital | Target raised | Outperform | $105 → $107 |
| 2026-08-04 | Citigroup | Target raised | Buy | $100 → $110 |
| 2026-07-31 | Cantor Fitzgerald | Target raised | Overweight | $97 → $102 |
| 2026-07-22 | Mizuho | Target raised | Outperform | $98 → $104 |
| 2026-07-07 | Barclays | Initiated | Overweight → Equal-Weight | $99 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +27.4% | +86.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +27.5% | +13.2% |
| Volatility (annualized) | 22.8% | 24.8% |
| Max drawdown | -19.9% (Jul 2026→Oct 2026) | -41.5% (Mar 2022→Oct 2022) |

## Peers (REIT - Healthcare Facilities)
OHI (Omega Healthcare Investors, Inc) USD 46.3 +4.16% · DOC (Healthpeak Properties, Inc.) USD 19.34 +4.65% · AHR (American Healthcare REIT, Inc.) USD 53.4 +1.02% · WELL (Welltower Inc.) USD 237.4 +1.37% · CTRE (CareTrust REIT, Inc.) USD 36.62 +2.72% · HR (Healthcare Realty Trust Incorpo) USD 17.93 +4.00%

## More
Full page: https://nexqual.com/VTR · 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

## Supply chain and relationships (SEC annual reports)

Named in VTR's own 10-K filed 2026-02-06 (https://www.sec.gov/Archives/edgar/data/740260/000074026026000006/vtr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Nationwide Health Properties | "We own a majority interest in NHP/PMB L.P. ("NHP/PMB"), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC ("PMB")." |
| Partner | Pacific Medical Buildings | "We own a majority interest in NHP/PMB L.P. ("NHP/PMB"), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC ("PMB")." |
| Partner | Ventas Realty | "•In August 2025, we increased the amount that Ventas Realty, Limited Partnership ("Ventas Realty") may issue from time to time under its commercial paper program from a maximum aggregate amount outstanding at any time of…" |

Other companies that name VTR in their own reports (relationship from VTR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | Ardent Health, Inc. (ARDT) | 10-K 2026-03-16 | "For additional information regarding the terms of the Ventas Master Lease, see Note 4, Related Party Transactions, to our consolidated financial statements included within this Annual Report." |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| SHOP | $1.36B | 78.8% | +32.0% |
| OM&R | $229.3M | 13.3% | +3.5% |
| NNN | $124.9M | 7.2% | -18.2% |
| Total revenue | $1.73B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Third-party capital management expenses | $4.2M | 0.2% | -3.5% |
| Management Service | $3.8M | 0.2% | -2.6% |
| Total revenue | $1.73B | 100% | — |
The lines above cover 0.5% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.21B | 89.3% | +19.3% |
| Canada | $552.9M | 9.5% | +5.0% |
| United Kingdom | $71.2M | 1.2% | +131.7% |
| Total revenue | $5.83B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 2.3%, 2% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

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

- "The Company's 2026 guidance contains forward-looking statements and is based on a number of assumptions, including those identified later in this press release; actual results may differ materially."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.11 | $0.15 | -26.7% | $1.78B | 3 |
| Next quarter (ends 2026-12-31) | $0.13 | $0.17 | -21.6% | $1.81B | 3 |
| Current fiscal year (ends 2026-12-31) | $0.44 | $0.54 | -17.8% | $6.99B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.79 | $0.85 | -6.7% | $7.85B | 2 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±6.0%; last 8 reports averaged ±4.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 26.6% | ±6.0% |
| 2026-12-18 | 56 | 27.2% | ±8.6% |
| 2027-01-15 | 84 | 24.5% | ±9.5% |
| 2027-02-19 | 119 | 23.5% | ±10.7% |
| 2027-05-21 | 210 | 24.6% | ±14.8% |