At a glance
Omega Healthcare Investors Inc is worth $13.83B, about 24 times its fiscal 2025 earnings. Revenue grew 13.2% to $1.19B in fiscal 2025, with 49.6% kept as profit; over 5 years it has grown 5.9% a year. It pays a 5.89% dividend yield, and returned $3.52B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +21.0% over the past year with dividends reinvested and +17.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 66.9% in the 2020 crash (S&P 500: 33.7%) and 18.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 42 months and 3 months after the lows.
The business in plain English
Omega Healthcare Investors is a real estate investment trust (REIT): a company that owns property and pays out most of its taxable income as dividends. It invests in healthcare buildings in the US, the UK and Canada. These are mainly skilled nursing facilities (nursing homes providing daily nursing and rehab), assisted living facilities including UK care homes, independent living communities, specialty hospitals and continuing care retirement communities. Outside operators and managers run them.
Nearly all leases are triple-net, meaning the operator pays rent plus running costs such as taxes, insurance and upkeep. Leases typically last 5 to 15 years with built-in yearly rent increases, often under master leases covering several buildings. As of December 31, 2025, contracted rent averaged about 10.4% a year of Omega's investment, and 86.0% of these leases end after 2030. Omega also makes mortgage and other real estate loans to operators, yielding about 10.2% a year.
Omega reports all its investments as one business segment. Revenue was $1.19 billion in 2025, up 13.2%. In late 2025 it began owning four senior housing facilities run by two outside managers (a RIDEA structure). It keeps their operating profit and bears their operating risk instead of collecting fixed rent. It also committed to its first Canadian investment, a loan to a long-term care operator.
Price history
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OHI +21.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $328.2M, up 16.2% from a year earlier, and net income was $362.8M (+165.6%).
- For fiscal 2025, revenue was $1.19B (+13.2% year over year; +5.9% a year from FY2020 to FY2025) with a 49.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.9% good |
|---|---|
| Free cash flow margin | 67% good |
| Return on equity (FY2025) | 11.4% watch |
| Return on assets (FY2025) | 5.9% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $892.4M | $159.3M | $677.2M |
| FY2021 | $1.06B | $416.7M | $677.2M |
| FY2022 | $878.2M | $426.9M | $578.5M |
| FY2023 | $949.7M | $242.2M | $579.7M |
| FY2024 | $1.05B | $406.3M | $711.7M |
| FY2025 | $1.19B | $590.2M | $797.7M |
Valuation snapshot
| Market value | $13.83B |
|---|---|
| P/E ratio | 23.5 |
| Dividend yield | 5.89% |
Rank among 1514 US companies
Market value at each year end
Omega Healthcare Investors’s market value went from $6.10B at the end of 2016 to $13.83B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.83B | +5.5% |
| 2025 | $13.10B | +28.2% |
| 2024 | $10.22B | +36.0% |
| 2023 | $7.51B | +14.8% |
| 2022 | $6.55B | -7.4% |
| 2021 | $7.07B | -14.2% |
| 2020 | $8.24B | -10.9% |
| 2019 | $9.25B | +31.2% |
| 2018 | $7.05B | +29.3% |
| 2017 | $5.45B | -10.6% |
| 2016 | $6.10B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OHI price data to Oct 28, 2026 | +7.5% | +21.0% | +19.6% | +17.4% | +12.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.5% |
| 2025 | +25.5% |
| 2024 | +33.7% |
| 2023 | +19.9% |
| 2022 | +3.6% |
| 2021 | -12.0% |
| 2020 | -6.9% |
| 2019 | +29.0% |
| 2018 | +39.9% |
| 2017 | -4.7% |
| 2016 | -4.0% |
| 2015 | -5.3% |
| 2014 | +38.7% |
| 2013 | +32.7% |
| 2012 | +32.9% |
| 2011 | -7.1% |
| 2010 | +23.0% |
| 2009 | +31.4% |
| 2008 | +7.0% |
| 2007 | -3.0% |
| 2006 | +50.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 20.7% over that stretch · deepest drop along the way 44.3%, back to its old high 8.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.3% over that stretch · deepest drop along the way 66.9%, back to its old high 41.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4.5% over that stretch · deepest drop along the way 18.8%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.3% | Sep 30, 2026 |
| Vanguard Portfolio Management | 9.18% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 7.85% | Jun 30, 2026 |
| Vanguard Capital Management | 5.3% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Sep 30, 2025 |
| COHEN & STEERS, INC. | 3.39% | Jun 30, 2025 |
ETFs with the most weight in OHI
| KBWY Invesco KBW Premium Yield Equity REIT ETF | 3.9% |
| SRET Global X SuperDividend REIT ETF | 3.45% |
| BKGI BNY Mellon Global Infrastructure Income ETF | 3.43% |
| GLRY Inspire Momentum ETF | 3.04% |
| REZ iShares Residential and Multisector Real Estate ETF | 2.48% |
| DIV Global X SuperDividend U.S. ETF | 2.3% |
| REIT ALPS Active REIT ETF | 2.28% |
| REAI Intelligent Real Estate ETF | 1.8% |
What could go wrong
- Operators may fail to pay rent. Omega depends on operators making rent and loan payments. If one goes bankrupt, the court process can block or delay collection, and the operator may threaten to end its lease to win lower rent.
- Government payment cuts could hurt tenants. Operators rely on payments from government programs such as Medicare and Medicaid, and must follow strict healthcare rules. Cuts, delays or compliance failures can leave them unable to pay Omega.
- Replacement operators can be hard to find. Care facilities are specialized buildings that attract few tenants or purchasers. If an operator leaves or defaults on a loan, re-leasing or disposing of the property can take a long time and lower its value.
- Heavy reliance on long-term care. Omega's assets are concentrated in one industry, and the company also flags concentration in particular operators and regions. Trouble across nursing homes, or at one large tenant, would hit results with little offset.
- Pandemics and severe illness seasons. Severe respiratory illness seasons and pandemics can hurt Omega's facilities and the operators paying rent. In the 2020 COVID crash, the stock fell 66.9% and did not regain its earlier high until September 14, 2023.
- Growth depends on new debt and shares. Omega relies on outside capital to grow and repay maturing debt. New shares dilute existing owners: the share count rose 26.8% from July 2021 to July 2026. The company also says dividends are not assured.
Recent events
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Shareholder vote results; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
For income and retirement investors
Omega paid $2.68 a share in dividends each year from 2020 through 2025, with no increases, so inflation erodes the payout's buying power. The yield was 5.89% as of October 28, 2026. In 2025 dividends equaled 132% of net income, though REIT earnings are cut by depreciation, a charge that uses no cash. They took about 98% of free cash flow (operating cash minus capital spending), a thin cushion. The only buyback from 2021 through 2025 was $142.3 million in 2022, and the share count rose 26.8% from July 2021 to July 2026.
The stock dropped 44.3% in late 2008, regaining its prior high about eight months after the low. In the 2020 COVID crash it fell 66.9% and took about 42 months to recover. In 2022 it fell 18.8% but recovered within three months, and gained 4.5% over the broader market's January-to-October slide. As a single stock, Omega carries more risk than a diversified fund.
Questions investors ask
How does Omega Healthcare make money?
Mainly by leasing healthcare buildings to the companies that run them. Omega owns skilled nursing facilities, assisted living facilities and other care properties in the US and UK. It leases them almost entirely on triple-net terms, meaning tenants also pay the buildings' running costs. As of December 31, 2025, contracted rent averaged about 10.4% a year of Omega's investment. It also earns interest of about 10.2% on mortgage and other real estate loans. In late 2025 it began owning four senior housing facilities run by outside managers.
Does Omega Healthcare raise its dividend every year?
No. Omega paid $2.68 per share in regular dividends every year from 2020 through 2025, so the payout held steady but did not grow over that span. The yield was 5.89% as of October 28, 2026. A flat dividend has given steady income but loses buying power to inflation. Omega's annual report also warns that there are no assurances it will be able to pay dividends in the future.
Can Omega Healthcare afford its dividend?
Its cash flow covered the dividend in 2025, but narrowly. Omega paid $780.4 million in dividends, about 98% of its $797.7 million in free cash flow (cash from operations minus capital spending). Dividends were 132% of net income. But depreciation, a charge that uses no cash, reduces REIT net income, so cash flow gives a clearer picture. The payout depends on operators paying their rent, and operator bankruptcies or Medicare and Medicaid cuts could strain it.
How has Omega Healthcare stock performed?
Long-term returns have been positive but bumpy. As of October 28, 2026, the stock returned 21% over one year, an average of 17.4% a year over five years and 12.2% a year over ten years. Between 2020 and 2025, calendar-year results ranged from a 12.0% loss in 2021 to a 33.7% gain in 2024. Its worst drop came in the 2020 COVID crash, when it fell 66.9% and took until September 14, 2023 to regain its earlier high. Past returns don't predict future ones.
Who owns the most Omega Healthcare stock?
Large fund managers. In ownership filings, BlackRock reported 12.3% of the shares as of September 30, 2026. Vanguard Portfolio Management reported 9.18% and Vanguard Capital Management 5.3%, both as of March 31, 2026, and Cohen & Steers reported 7.85% as of June 30, 2026. The stock also sits in 96 ETFs. Its largest weights are in the Invesco KBW Premium Yield Equity REIT ETF (KBWY), at 3.9%, and the Global X SuperDividend REIT ETF (SRET), at 3.45%.