At a glance
Ventas Inc is worth $45.86B, about 161 times its fiscal 2025 earnings. Revenue grew 18.5% to $5.83B in fiscal 2025, with 4.3% kept as profit; over 5 years it has grown 9.0% a year. It pays a 2.35% dividend yield, and returned $3.73B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.4% over the past year with dividends reinvested and +13.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 73.1% in the 2020 crash (S&P 500: 33.7%) and 41.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 22 months after the lows.
The business in plain English
Ventas is a real estate investment trust (REIT): it owns property and must pay out at least 90% of its taxable income, and in return generally owes no federal corporate tax on what it distributes. As of December 31, 2025, it owned or had stakes in 1,409 properties, mostly senior housing, outpatient medical buildings and research centers. Its focus is the growing aging population.
The biggest segment is the senior housing operating portfolio (SHOP): 752 communities, from independent living to memory care, run by 39 outside managers. Unlike a landlord, Ventas shares directly in their profits and pays their costs. Residents mostly pay from private funds, with little reliance on Medicaid. SHOP produced 73.3% of 2025 revenue and 49.4% of net operating income (NOI), a measure of property-level profit. Communities managed by Atria Senior Living, 34% owned by Ventas, produced 17.7% of total NOI.
The other two segments work more like a landlord. Outpatient medical buildings, mostly on or next to health system campuses, and research centers made up 15.4% of revenue and 24.7% of NOI. Triple-net (NNN) leased properties, where tenants pay rent plus most property costs, such as taxes and insurance, made up 10.3% of revenue and 24.6% of NOI. The United States supplied 89.3% of revenue, Canada 9.5% and the United Kingdom 1.2%.
Price history
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VTR +20.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| SHOP | $4.28B | 73.3% |
| Outpatient medical and research portfolio (OM&R) | $897.9M | 15.4% |
| NNN | $601.6M | 10.3% |
By geography
| United States | $5.21B | 89.3% |
| Canada | $552.9M | 9.5% |
| United Kingdom | $71.2M | 1.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.83B, up 23% from a year earlier, and net income was $65.4M (-1.0%).
- For fiscal 2025, revenue was $5.83B (+18.5% year over year; +9.0% a year from FY2020 to FY2025) with a 4.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.0% good |
|---|---|
| Free cash flow margin | -22% weak |
| Return on equity (FY2025) | 2% weak |
| Return on assets (FY2025) | 0.9% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.80B | $439.1M | $842.9M |
| FY2021 | $3.83B | $49.0M | $-775.9M |
| FY2022 | $4.13B | $-47.4M | $219.5M |
| FY2023 | $4.50B | $-41.0M | $470.4M |
| FY2024 | $4.92B | $81.2M | $-1.20B |
| FY2025 | $5.83B | $251.4M | $-1.28B |
Valuation snapshot
| Market value | $45.86B |
|---|---|
| P/E ratio | 160.6 |
| Dividend yield | 2.35% |
Rank among 1514 US companies
Market value at each year end
Ventas’s market value went from $22.14B at the end of 2016 to $45.86B on Nov 2, 2026, about 2.1 times as much; since the end of 2025 it is up 26%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $45.86B | +26.2% |
| 2025 | $36.35B | +47.2% |
| 2024 | $24.70B | +23.1% |
| 2023 | $20.05B | +11.4% |
| 2022 | $18.01B | -11.8% |
| 2021 | $20.41B | +11.1% |
| 2020 | $18.37B | -14.6% |
| 2019 | $21.52B | +3.0% |
| 2018 | $20.89B | -2.3% |
| 2017 | $21.37B | -3.5% |
| 2016 | $22.14B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VTR price data to Nov 2, 2026 | +14.1% | +20.4% | +29.2% | +13.4% | +7.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.1% |
| 2025 | +35.1% |
| 2024 | +22.2% |
| 2023 | +15.1% |
| 2022 | -8.6% |
| 2021 | +7.8% |
| 2020 | -9.7% |
| 2019 | +3.4% |
| 2018 | +3.4% |
| 2017 | +0.7% |
| 2016 | +16.1% |
| 2015 | -5.5% |
| 2014 | +30.9% |
| 2013 | -7.6% |
| 2012 | +22.3% |
| 2011 | +9.8% |
| 2010 | +25.5% |
| 2009 | +38.8% |
| 2008 | -21.9% |
| 2007 | +12.1% |
| 2006 | +38.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.3% over that stretch · deepest drop along the way 64.2%, back to its old high 15.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.1% over that stretch · deepest drop along the way 73.1%, back to its old high 14.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.7% over that stretch · deepest drop along the way 41%, back to its old high 21.9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| JPMORGAN CHASE & CO. | 8.7% | Jun 30, 2026 |
| Vanguard Portfolio Management | 8.69% | Mar 31, 2026 |
| Vanguard Capital Management | 7.55% | Mar 31, 2026 |
| JPMORGAN CHASE & CO | 7.1% | Mar 31, 2026 |
| STATE STREET CORPORATION | 6.1% | Mar 31, 2025 |
ETFs with the most weight in VTR
| BYRE Principal Real Estate Active Opportunities ETF | 9.62% |
| WTRE WisdomTree New Economy Real Estate Fund | 5.97% |
| REZ iShares Residential and Multisector Real Estate ETF | 5.79% |
| JPRE JPMorgan Realty Income ETF | 5.39% |
| FPRO Fidelity Real Estate Investment ETF | 4.48% |
| REIT ALPS Active REIT ETF | 3.63% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.45% |
| VGSR Vert Global Sustainable Real Estate ETF | 3.35% |
What could go wrong
- Heavy reliance on a few operators. A large share of income depends on a handful of tenants and managers, including Ardent, Kindred, Atria, Sunrise and Le Groupe Maurice. Atria-managed communities alone produced 17.7% of 2025 net operating income.
- Senior housing costs fall on Ventas. Ventas bears the running costs of its operating senior housing communities, which produced 73.3% of 2025 revenue. Rising wages, staff shortages, costly contract labor and inflation can squeeze profits if resident fees lag.
- Limited control over day-to-day operations. Outside managers and tenants run the properties. REIT tax rules require third-party managers for most SHOP communities, so Ventas depends on their staffing, pricing and care quality, and may struggle to replace them.
- Hospital and research tenants could falter. Outpatient buildings depend on nearby hospitals and health systems staying competitive and financially sound. Research tenants face high costs and uncertainty, and cuts to government funding could hurt tenants that rely on it.
- New shares dilute existing owners. REIT rules leave little cash to reinvest, so growth relies on raising outside money. Issuing new shares dilutes existing owners: the share count rose 32.5% between November 2021 and October 2026.
- Debt and rising interest rates. Ventas carries significant debt. Higher rates raise borrowing and refinancing costs, can lower property values and make acquisitions harder, and a credit rating cut could make new money more expensive.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Other company announcement
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Ventas pays a dividend, but its record is uneven. Dividends per share fell from $2.14 in 2020 to $1.80 in 2021, held at $1.80 through 2024, then rose to $1.92 in 2025, a one-year streak of increases. Over 2020–2025 the dividend shrank about 2.2% a year. Dividends paid in 2025 were about 3.4 times net income. That looks stretched, but a REIT's earnings are reduced by large depreciation charges, so dividends often exceed reported earnings. Free cash flow was negative in 2024 and 2025. Ventas bought back no shares in 2021–2025, and its share count grew 32.5% between November 2021 and October 2026. The yield was 2.52% as of October 28, 2026.
The share price fell sharply in past downturns: 64% in late 2008, 73% in early 2020 and 41% in 2022. It took about 15, 15 and 22 months to regain those losses. As a single stock, Ventas carries more risk than a diversified fund.
Questions investors ask
How does Ventas make money?
Mainly from senior housing. Ventas owns communities, pays outside managers to run them and keeps the operating profit or loss. This segment produced 73.3% of 2025 revenue. It also collects rent from outpatient medical buildings and research centers (15.4%) and from triple-net leased properties, where tenants cover most property costs (10.3%). As a real estate investment trust (REIT), it must pay out at least 90% of its taxable income as dividends.
Does Ventas raise its dividend every year?
No. Ventas's dividends per share fell from $2.14 in 2020 to $1.80 in 2021 and stayed at $1.80 through 2024. They rose to $1.92 in 2025, so its streak of increases is just one year. Over 2020–2025, the dividend shrank about 2.2% a year. Ventas paid $3.73 billion in dividends over 2021–2025 and bought back no shares. The dividend yield was 2.52% as of October 28, 2026.
Why is Ventas's P/E ratio so high?
Mostly because accounting earnings can understate a REIT's cash income. As of October 28, 2026, Ventas traded at about 150 times its 2025 earnings, which were $0.54 per share. REITs deduct large depreciation charges on their buildings, which reduce reported profit but are not a cash cost. That makes the P/E ratio (share price divided by earnings per share) a poor guide for REITs. Investors often use funds from operations (FFO), which adds depreciation back, instead.
Who runs Ventas's senior housing communities?
Outside companies do. As of December 31, 2025, 39 third-party managers ran Ventas's 752 senior housing operating communities, partly because REIT tax rules require it for most of them. Atria Senior Living is the largest: its communities produced 17.7% of Ventas's total net operating income in 2025, and Ventas owns 34% of Atria. Sunrise Senior Living (6.8%) and Le Groupe Maurice (5.6%) follow. Ventas depends on how well these managers run the communities.
How has Ventas stock performed over the long term?
Strongly over three and five years, less so over 10. Based on share price as of October 28, 2026, Ventas returned about 28.6% a year over three years, 11.5% a year over five years and 6.3% a year over 10 years. It rose 35.1% in 2025 and 6.7% in 2026 through October 28. The stock has also had deep drops, falling as much as 76.9% from peak to trough over about 21 years of price history.