Ventas

Real Estate Health Care REITs Chicago, Illinois Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.8B
                    3y CAGR +12.2%
                    
                    P77
                    
                    +18.5%
                    
                    Net income
                    FY2025
                
$261.5M
                    Net margin +4.5%
                    
                    P20
                    
                    +196.0%
                    
                    Total assets
                    FY2025
                
$27.6B
                    ROA +0.9%
                    
                    P16
                    
                    +5.4%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    
                    +23.8%

21 yrs · FY2005–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

25 accounts · 5 years

Total assets $27.6B

Total liabilities $14.6B

Shareholders equity $12.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	2.7%	3.4%	2.1%	0.5%	0.6%
Accounts Receivable	0.4%	0.4%	0.0%	0.0%	0.0%
Other Current Assets	3.0%	3.0%	2.8%	2.5%	2.3%
Operating Lease Assets	1.1%	1.2%	1.3%	1.3%	1.3%
Goodwill	3.8%	4.0%	4.2%	4.3%	4.2%
Intangible Assets	11.1%	10.9%	10.7%	10.0%	9.4%
Deferred Tax Assets	0.0%	0.0%	0.0%	0.0%	0.0%
Other Noncurrent Assets	3.0%	3.0%	2.8%	2.5%	2.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Current Portion of Long Term Debt	0.0%	0.0%	0.0%	1.7%	1.1%
Operating Lease Liabilities	0.8%	0.8%	0.8%	0.8%	0.8%
Total Current Liabilities	53.0%	57.5%	60.2%	56.6%	54.6%
Long Term Debt	0.3%	51.6%	54.6%	50.9%	48.7%
Operating Lease Liabilities Noncurrent	0.8%	0.8%	0.8%	0.8%	0.8%
Deferred Tax Liabilities	0.1%	0.0%	0.1%	0.1%	0.2%
Total Liabilities	53.0%	57.5%	60.2%	56.6%	54.6%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.4%	0.4%	0.4%	0.4%	0.4%
Additional Paid In Capital	72.4%	67.2%	63.3%	64.3%	62.7%
Retained Earnings	-27.3%	-26.3%	-25.1%	-22.6%	-18.9%
Treasury Stock	0.0%	0.1%	0.1%	0.0%	0.0%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	-0.1%	-0.2%	-0.3%
Noncontrolling Interest	0.2%	0.2%	0.2%	0.3%	0.4%
Total Stockholders Equity	45.4%	41.1%	38.4%	42.0%	43.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $5.8B

Operating income $-40.9M

Net income $261.5M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	21.1%	18.8%	18.2%	17.1%	15.5%
Expenses Cost of Revenue	20.4%	18.8%	18.7%	17.5%	16.1%
Expenses Selling,General and Administrative	0.6%	0.6%	0.6%	0.6%	0.5%
Expenses Depreciation and Amortization	5.0%	4.8%	5.6%	5.0%	4.8%
Expenses Share Based Compensation	0.1%	0.1%	0.1%	0.1%	0.1%
Expenses Operating Expenses	20.4%	18.8%	18.7%	17.5%	16.1%
Other Income Expense Interest Income	0.1%	0.0%	0.1%	0.2%	0.3%
Other Income Expense Interest Expense	2.2%	2.3%	2.3%	1.9%	1.8%
Other Income Expense Income Before Tax	0.7%	-0.0%	-0.5%	-0.4%	-0.7%
Income Tax Income Tax Expense	-0.1%	-0.1%	-0.0%	-0.1%	0.0%
net Income net Income	0.9%	0.3%	-0.1%	-0.2%	0.2%
net Income Comprehensive Income	0.9%	0.3%	-0.2%	-0.1%	0.2%
Earnings Per Share Basic Eps	0.0%	0.0%	-0.0%	-0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	-0.0%	-0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.6%	1.6%	1.6%	1.7%	1.5%
Earnings Per Share Weighted Average Shares Diluted	1.7%	1.6%	1.6%	1.7%	1.6%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 5 years

Operating cash flow $1.6B

Investing cash flow $-2.7B

Financing cash flow $873.8M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	0.9%	0.3%	-0.1%	-0.2%	0.2%
Operating Activities Depreciation and Amortization	5.0%	4.8%	5.6%	5.0%	4.8%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.1%	0.1%
Operating Activities net Cash From Operating Activities	6.0%	5.1%	4.5%	4.6%	4.2%
Investing Activities Other Investing Activities	0.0%	0.0%	0.1%	0.1%	0.0%
Investing Activities net Cash From Investing Activities	-9.8%	-9.1%	-0.7%	-3.6%	-2.9%
Financing Activities Proceeds From Debt	4.1%	7.3%	10.2%	4.0%	6.2%
Financing Activities Repayment of Debt	6.5%	6.2%	8.0%	2.4%	8.5%
Financing Activities Dividends Paid	3.1%	2.8%	2.9%	3.0%	2.8%
Financing Activities Proceeds From Stock Issuance	0.4%	0.1%	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.0%	-0.0%	-0.0%
Financing Activities net Cash From Financing Activities	3.2%	5.5%	-2.2%	-1.2%	-2.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%	-0.0%	0.0%
Cash Reconciliation net Change In Cash	-0.6%	1.5%	1.6%	-0.1%	-1.0%
Cash Reconciliation Cash At Beginning of Period	2.8%	3.7%	2.3%	0.7%	0.8%
Cash Reconciliation Cash At End of Period	2.8%	3.7%	2.3%	0.7%	0.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+3.5%	-0.2%	-2.6%	-2.3%	-4.2%
Operating margin	—	—	—	-1.0%	+1.5%
Net margin	+4.5%	+1.8%	-0.7%	-1.0%	+1.5%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+12.2%	+8.8%	+5.8%	+2.2%	+0.7%
Returns
ROE	+2.1%	+0.8%	-0.3%	-0.4%	+0.5%
ROA	+0.9%	+0.3%	-0.1%	-0.2%	+0.2%
ROIC	—	—	—	-0.2%	+0.2%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	0.06x	0.07x	0.03x	0.01x	0.01x
Leverage
D/E	1.17x	1.40x	1.57x	1.35x	1.24x
Interest coverage	—	—	—	-0.09x	0.13x
Efficiency
Asset turnover	0.21x	0.19x	0.18x	0.17x	0.15x
Cash conversion cycle	—	—	—	—	—

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Ventas

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