Ventas, Inc. (VTR) 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

+66.2%

$149.23

vs $89.77 price

Levered DCF

$91.94

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.92

Grey zone

Rating

C+

Overall 2 / 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	140.69×	294.45×	-498.4×	-346.54×	393.23×	41.56×	48.93×	50.95×
P/B	2.81×	2.25×	2.11×	1.66×	1.8×	1.8×	2.02×	2.04×
P/S	6.04×	4.92×	4.45×	4.07×	5.11×	4.82×	5.46×	5.57×
EV / EBITDA	21.3×	20.37×	19.53×	19.46×	21.39×	16.95×	19.14×	18.46×
Gross margin	-5.9%	42.6%	43.1%	44.7%	45.4%	48.9%	53.2%	54.8%
Operating margin	14.2%	13.8%	9.2%	11.7%	11.0%	15.6%	22.2%	23.0%
Net margin	4.3%	1.6%	-0.9%	-1.1%	1.3%	11.6%	11.2%	10.9%
Current ratio	0.96×	1.04×	0.73×	0.61×	0.62×	1.06×	0.72×	0.56×
Debt / equity	1.06×	1.28×	1.44×	1.23×	1.13×	1.19×	1.19×	1.05×
Interest coverage	1.35×	1.13×	0.72×	1.03×	0.96×	1.26×	1.9×	1.95×
Dividend yield	2.4%	3.1%	3.6%	4.3%	3.5%	5.1%	5.5%	5.4%
Payout ratio	342.1%	912.3%	-1765.9%	-1518.2%	1401.6%	211.5%	267.4%	275.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.0%	0.8%	-0.4%	-0.5%	0.5%	4.3%	4.1%	4.0%
Return on invested capital	3.2%	2.7%	1.3%	1.5%	1.7%	2.6%	3.7%	4.0%
Return on assets	0.9%	0.3%	-0.2%	-0.2%	0.2%	1.8%	1.8%	1.8%
Free cash flow yield	3.6%	4.4%	4.7%	5.5%	4.4%	7.1%	6.1%	6.3%
Earnings yield	0.7%	0.3%	-0.2%	-0.3%	0.3%	2.4%	2.0%	2.0%
Enterprise value	$47.7B	$37.1B	$33.2B	$29.2B	$31.6B	$30B	$33.4B	$31.5B
Net debt / EBITDA	5.57×	7.05×	7.75×	8.24×	8.16×	6.61×	7.04×	6.24×
Cash conversion cycle (days)	-47	-121	-128	-99	-121	-133	-132	-156