Omega Healthcare Investors, Inc. (OHI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+107.0%

$97.17

vs $46.94 price

Levered DCF

$69.91

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.95

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.95×	24.11×	30.36×	15.44×	16.81×	51.89×	26.47×	24.93×
P/B	2.53×	2.15×	2.06×	1.83×	1.79×	2.15×	2.19×	2.04×
P/S	10.96×	9.29×	7.76×	7.52×	6.6×	9.27×	9.73×	7.98×
EV / EBITDA	14.84×	14.88×	14.8×	11.57×	12.33×	18.55×	16.56×	14.85×
Gross margin	44.5%	98.6%	98.4%	98.2%	98.8%	98.6%	98.4%	100.0%
Operating margin	62.6%	62.7%	51.5%	44.7%	53.3%	50.7%	59.4%	56.4%
Net margin	49.3%	38.6%	25.5%	48.6%	39.2%	17.9%	36.7%	31.9%
Current ratio	3.46×	8.03×	7.25×	5.3×	6.53×	3.64×	2.82×	2.06×
Debt / equity	0.82×	1.07×	1.42×	1.46×	1.34×	1.35×	1.24×	1.32×
Interest coverage	3.4×	2.98×	2.08×	1.68×	2.41×	2.02×	2.64×	2.47×
Dividend yield	5.9%	7.0%	8.7%	9.6%	9.1%	7.4%	6.2%	7.5%
Payout ratio	132.2%	168.7%	265.9%	148.2%	153.0%	384.3%	165.4%	187.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	9.0%	6.8%	11.8%	10.7%	4.1%	8.2%	8.2%
Return on invested capital	7.5%	6.7%	5.4%	4.3%	6.0%	4.8%	5.8%	5.9%
Return on assets	5.9%	4.1%	2.7%	4.5%	4.3%	1.7%	3.5%	3.3%
Free cash flow yield	6.7%	7.3%	8.0%	8.8%	8.9%	7.7%	4.6%	5.1%
Earnings yield	4.5%	4.2%	3.3%	6.5%	5.9%	1.9%	3.8%	4.0%
Enterprise value	$17.4B	$14.1B	$12B	$11.6B	$12.2B	$13.3B	$14.1B	$11.6B
Net debt / EBITDA	3.61×	4.56×	5.7×	4.98×	5.27×	6.99×	5.98×	5.81×
Cash conversion cycle (days)	609	705	662	608	542	467	469	493