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Ventas — REIT card

VTR
HealthcareMarket cap $42.3B4-quarter TTM
Close · Oct 16, 202685.86P/E n/m · EV yield 4.2%
P/Cash FFO23.7×Cash FFO/sh 3.62
Yield · spread to 10y2.4%−2.71 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 on0 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
12×16×19×23×26×2021202220232024202520262021-09-30 · 19.2× (close 55.21 · Cash FFO/sh 2.88)2021-12-31 · 18.9× (close 51.12 · Cash FFO/sh 2.70)2022-03-31 · 22.2× (close 61.76 · Cash FFO/sh 2.79)2022-06-30 · 17.8× (close 51.43 · Cash FFO/sh 2.89)2022-09-30 · 13.5× (close 40.17 · Cash FFO/sh 2.97)2022-12-31 · 15.1× (close 45.05 · Cash FFO/sh 2.98)2023-03-31 · 14.8× (close 43.35 · Cash FFO/sh 2.92)2023-06-30 · 16.3× (close 47.27 · Cash FFO/sh 2.90)2023-09-30 · 13.8× (close 42.13 · Cash FFO/sh 3.05)2023-12-31 · 16.3× (close 49.84 · Cash FFO/sh 3.07)2024-03-31 · 14.2× (close 43.54 · Cash FFO/sh 3.07)2024-06-30 · 16.5× (close 51.26 · Cash FFO/sh 3.10)2024-09-30 · 21.7× (close 64.13 · Cash FFO/sh 2.96)2024-12-31 · 19.5× (close 58.89 · Cash FFO/sh 3.03)2025-03-31 · 22.4× (close 68.76 · Cash FFO/sh 3.07)2025-06-30 · 20.2× (close 63.15 · Cash FFO/sh 3.13)2025-09-30 · 21.6× (close 69.99 · Cash FFO/sh 3.25)2025-12-31 · 22.8× (close 77.38 · Cash FFO/sh 3.39)2026-03-31 · 23.4× (close 81.78 · Cash FFO/sh 3.49)2026-06-30 · 24.5× (close 88.80 · Cash FFO/sh 3.62)p75 22×med 19×p25 16×now 23.7×
Five-year median 19.1×, middle half 16.0–21.8×, range 13.5–24.5×. Now 23.7×: +24% above its own median, higher than 95% 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
0246Revenue: 6.4 $B6.4RevenueProperty & operating: −4.1 $B−4.1Property &operatingEBITDA: 2.3 $B2.3EBITDAInterest: −0.8 $B−0.8InterestD&A: −1.5 $B−1.5D&AOther items: 0.2 $B0.2OtheritemsNet income: 0.3 $B0.3NetincomeAdd back D&A: 1.5 $B1.5Add backD&ACash FFO: 1.8 $B1.8CashFFODividends: −1.0 $B−1.0DividendsRetained: 0.8 $B0.8Retained
Cash FFO 1.78B = net income 0.27B + depreciation 1.49B + 0.03B other non-cash items · dividends 1.00B · retained 0.78B

Against its type

VTR (blue) vs. the other Healthcare REITs on the board (3), grey
P/Cash FFO23.7× vs. 24.2×
Dividend yield2.4% vs. 4.5%
Cash FFO payout56% vs. 76%
Net debt / EBITDA5.8× vs. 4.8×
Interest cover3.0× vs. 4.9×
EBITDA margin36% vs. 56%

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, $B1.73
Cash FFO / share, quarter0.97
EBITDA margin36%
Interest cover3.9×