At a glance
Sabra Healthcare REIT Inc is worth $5.00B, about 30 times its fiscal 2025 earnings. Revenue grew 10.2% to $774.6M in fiscal 2025, with 20.1% kept as profit; over 5 years it has grown 5.3% a year. It pays a 6.29% dividend yield, and returned $1.39B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +14.1% over the past year with dividends reinvested and +13.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The business in plain English
Sabra Health Care REIT is a real estate investment trust (REIT). A REIT is a company that owns income-producing property and must pay out most of its taxable income as dividends. Sabra owns healthcare buildings in the U.S. and Canada, but it does not provide care itself. It has been taxed as a REIT since 2011.
As of December 31, 2025, Sabra held 360 properties, 13 loans, four preferred equity investments and stakes in two joint ventures. Preferred equity is an investment that gets paid ahead of common shareholders. Its main property types are skilled nursing and transitional care facilities, which are nursing homes offering daily nursing care and short, intensive recovery stays. It also owns senior housing (independent living, assisted living and memory care for people with dementia), behavioral health and addiction treatment centers, and specialty hospitals.
Sabra earns money mainly by leasing nursing homes, behavioral health centers, specialty hospitals and some senior housing to outside operators, who pay it rent. It also owns senior housing run by hired third-party managers, called Senior Housing - Managed. In these communities, Sabra's income rises and falls with occupancy and costs. Revenue was $774.6 million in fiscal 2025, up 10.2% from the year before. Sabra's growth plan rests on an aging population, shrinking nursing home capacity and slower senior housing construction.
Price history
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SBRA +14.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $249.6M, up 31.3% from a year earlier, and net income was $28.6M (+26.9%).
- For fiscal 2025, revenue was $774.6M (+10.2% year over year; +5.3% a year from FY2020 to FY2025) with a 20.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.3% good |
|---|---|
| Return on equity (FY2025) | 5.5% weak |
| Return on assets (FY2025) | 2.8% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $598.6M | $138.4M | — |
| FY2021 | $569.5M | $-113.3M | — |
| FY2022 | $624.8M | $-77.6M | — |
| FY2023 | $647.5M | $13.8M | — |
| FY2024 | $703.2M | $126.7M | — |
| FY2025 | $774.6M | $155.6M | — |
Valuation snapshot
| Market value | $5.00B |
|---|---|
| P/E ratio | 29.8 |
| Dividend yield | 6.29% |
Rank among 1514 US companies
Market value at each year end
Sabra Healthcare REIT’s market value went from $3.59B at the end of 2020 to $5.00B on Oct 28, 2026, up 39%; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.00B | +5.8% |
| 2025 | $4.72B | +15.3% |
| 2024 | $4.10B | +24.2% |
| 2023 | $3.30B | +14.9% |
| 2022 | $2.87B | -7.3% |
| 2021 | $3.10B | -13.9% |
| 2020 | $3.59B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SBRA price data to Oct 28, 2026 | +5.2% | +14.1% | +20.6% | +13.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.2% |
| 2025 | +16.9% |
| 2024 | +31.2% |
| 2023 | +26.2% |
| 2022 | +0.5% |
| 2021 | -16.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.8% over that stretch · deepest drop along the way 24.5%, back to its old high 13.3 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 1 sales ($4.2M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 8, 2026 | Richard K Matros Chair, CEO and President, Director | sell (plan) | $4.2M |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 9.21% | Mar 31, 2026 |
| PRINCIPAL REAL ESTATE INVESTORS LLC | 8.6% | Dec 31, 2025 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.8% | Dec 31, 2025 |
ETFs with the most weight in SBRA
| BYRE Principal Real Estate Active Opportunities ETF | 4.26% |
| KBWY Invesco KBW Premium Yield Equity REIT ETF | 3.87% |
| REAI Intelligent Real Estate ETF | 1.81% |
| RIET Hoya Capital High Dividend Yield ETF | 1.6% |
| BLDG Cambria Global Real Estate ETF | 1.33% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 1.22% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.62% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.59% |
What could go wrong
- Government payment cuts could hurt tenants. Sabra's tenants and borrowers rely on payments from government programs such as Medicare and from other insurers. If those payment rates are cut or delayed, operators may struggle to pay rent or repay loans.
- Struggling operators can stop paying rent. If a tenant or borrower goes bankrupt, payments can stop. A new operator may need costly renovations, and government approvals can delay handing over a healthcare building, leaving periods with no rent.
- Sabra bears operating risk in managed housing. In its Senior Housing - Managed communities, Sabra takes the hit directly when occupancy or residents' fees change. If labor, goods or insurance costs rise faster than those fees, its profits suffer.
- Caregiver shortages and staffing rules raise costs. Caregiver shortages, minimum staffing rules and rising wages push up costs for Sabra's tenants and managed communities. Higher costs squeeze operators' profits and can weaken their ability to keep paying rent.
- Pandemics have hurt tenants before. COVID-19 cut occupancy and raised costs for Sabra's tenants, which hurt their ability to pay rent, and Sabra had to rework some rent terms. A future outbreak could bring rent cuts, write-downs or a dividend cut.
- Substantial debt makes higher rates costly. Total debt was about $1.6 billion as of June 30, 2026. Higher rates raise the cost of its revolving credit facility (a reusable bank credit line) and of refinancing debt as it comes due.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Sabra pays a high dividend that has not grown. Dividends per share fell from $1.35 in fiscal 2020 to $1.20 in fiscal 2021 and stayed there through fiscal 2025. The yield was 6.29% as of October 28, 2026. Dividends paid were 186% of fiscal 2025 net income. Depreciation is an accounting charge that involves no cash and lowers REIT earnings, so REITs often pay out more than they earn. Still, net income alone does not cover this dividend. Sabra repurchased no shares from fiscal 2021 to 2025, and its share count rose 15.7% from July 2021 to July 2026.
In the 2022 market slump, the stock lost 3.8% between the market's high on January 3 and its low on October 12. It then fell 24.5% from August 12 to October 10, 2022, and took about 13 months to recover. Its price history does not cover the 2008 crisis or the 2020 COVID crash. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Sabra Health Care REIT make money?
Mainly by leasing healthcare buildings to outside operators, who pay it rent. Sabra owns nursing homes, senior housing, behavioral health and addiction treatment centers, and specialty hospitals in the U.S. and Canada. It also owns senior housing run by hired managers, where its income depends on each community's occupancy and costs. It holds loans, preferred equity investments and joint venture stakes too. In fiscal 2025, revenue was $774.6 million and net income was $155.6 million.
Does Sabra Health Care REIT raise its dividend every year?
No. Sabra paid $1.20 per share in dividends each year from fiscal 2021 through fiscal 2025, down from $1.35 in fiscal 2020. That works out to an average decline of 2.3% a year over five years. The yield was 6.29% as of October 28, 2026. The stock may suit investors who value a high, steady payout more than a growing one, though the payout is not guaranteed.
Does Sabra earn enough to cover its dividend?
Not from net income alone. In fiscal 2025, Sabra earned $0.64 per share and paid $1.20 per share in dividends, so dividends equaled 186% of net income. Depreciation is an accounting charge that involves no cash, and it lowers REIT earnings, so many REITs pay out more than their reported profit. Still, Sabra posted a net loss of $25.2 million for the quarter ended June 30, 2026. Its annual report also warns that cash for dividends may fall short of expected levels.
How much debt does Sabra Health Care REIT have?
About $1.6 billion as of June 30, 2026. On that date Sabra had $5.5 billion in total assets, $2.75 billion in shareholders' equity and $231.6 million in cash and investments. Its annual report calls the debt substantial. Higher interest rates raise costs on its revolving credit facility, a reusable bank credit line, and on refinancing. Lender rules called covenants limit what it can do. A credit rating downgrade could make new financing harder or costlier to get.
How has SBRA stock performed?
As of October 28, 2026, Sabra stock returned 14.1% over one year, 20.6% a year over three years and 13.7% a year over five years. Results by calendar year varied widely: a 16.2% loss in 2021 and a 0.5% gain in 2022, then gains of 26.2% in 2023, 31.2% in 2024 and 16.9% in 2025. Its deepest fall from a high to a low over about 6.6 years of price history was 36.8%. Past returns do not predict future ones.