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Omega Healthcare — REIT card

OHI
HealthcareMarket cap $14.4B4-quarter TTM
Close · Oct 16, 202645.64P/E 16.3 · EV yield 6.2%
P/Cash FFO16.1×Cash FFO/sh 2.83
Yield · spread to 10y5.9%+0.80 pt vs. the bond
+24% above 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on1 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
8×11×13×16×18×2021202220232024202520262021-09-30 · 9.3× (close 29.96 · Cash FFO/sh 3.24)2021-12-31 · 9.0× (close 29.59 · Cash FFO/sh 3.31)2022-03-31 · 9.8× (close 31.16 · Cash FFO/sh 3.18)2022-06-30 · 9.1× (close 28.19 · Cash FFO/sh 3.11)2022-09-30 · 9.9× (close 29.49 · Cash FFO/sh 2.98)2022-12-31 · 10.1× (close 27.95 · Cash FFO/sh 2.76)2023-03-31 · 10.5× (close 27.41 · Cash FFO/sh 2.61)2023-06-30 · 12.1× (close 30.69 · Cash FFO/sh 2.54)2023-09-30 · 13.8× (close 33.16 · Cash FFO/sh 2.40)2023-12-31 · 12.4× (close 30.66 · Cash FFO/sh 2.47)2024-03-31 · 12.5× (close 31.67 · Cash FFO/sh 2.53)2024-06-30 · 13.5× (close 34.25 · Cash FFO/sh 2.53)2024-09-30 · 16.6× (close 40.70 · Cash FFO/sh 2.45)2024-12-31 · 15.2× (close 37.85 · Cash FFO/sh 2.50)2025-03-31 · 14.8× (close 38.08 · Cash FFO/sh 2.57)2025-06-30 · 13.8× (close 36.65 · Cash FFO/sh 2.65)2025-09-30 · 15.4× (close 42.22 · Cash FFO/sh 2.74)2025-12-31 · 15.7× (close 44.34 · Cash FFO/sh 2.82)2026-03-31 · 15.0× (close 43.82 · Cash FFO/sh 2.92)2026-06-30 · 16.9× (close 47.68 · Cash FFO/sh 2.83)p75 15×med 13×p25 10×now 16.1×
Five-year median 13.0×, middle half 10.1–15.1×, range 9.0–16.9×. Now 16.1×: +24% above its own median, higher than 90% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
00.51Revenue: 1.3 $B1.3RevenueProperty & operating: −0.2 $B−0.2Property &operatingEBITDA: 1.1 $B1.1EBITDAInterest: −0.2 $B−0.2InterestD&A: −0.3 $B−0.3D&AOther items: 0.3 $B0.3OtheritemsNet income: 0.9 $B0.9NetincomeAdd back D&A: 0.3 $B0.3Add backD&ANon- cash: −0.3 $B−0.3Non-cashCash FFO: 0.9 $B0.9CashFFODividends: −0.9 $B−0.9DividendsRetained: 0.0 $B0.0Retained
Cash FFO 0.89B = net income 0.86B + depreciation 0.33B − 0.30B other non-cash items · dividends 0.85B · retained 0.04B

Against its type

OHI (blue) vs. the other Healthcare REITs on the board (3), grey
P/Cash FFO16.1× vs. 26.7×
Dividend yield5.9% vs. 3.4%
Cash FFO payout95% vs. 63%
Net debt / EBITDA3.5× vs. 5.6×
Interest cover5.5× vs. 4.0×
EBITDA margin88% vs. 39%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.34
Cash FFO / share, quarter0.62
EBITDA margin81%
Interest cover5.6×