Ventas VTR

NYSE · Real Estate Investment Trusts · $45.8B

$89.04−0.18%Nov 5 close · Databento

Every report since 2023 →

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VTR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $89.041D −0.18%3M −3.16%SMA20 $85.35SMA50 $86.70RSI(14) 59.4

89.04

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 59.4

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$45.8B

EV / True FCF40.0x

Revenue$5.8B +18.5%

True FCF (ex-SBC)$1.5B +2.5%

Rule of 4044.0%

True FCF Yield3.2%

EPS, diluted$0.54 +184.2%

Modern Valuation (EOD)

Market Cap$45.8B

Enterprise Value$58.0B

EV / True FCF39.95

EV / FCF38.91

EV / Gross Profit—

EV / EBIT—

EV / Sales9.94

P / E (GAAP)174.96

P / FCF30.71

P / Oper. CF27.79

P / Book3.64

Owner & Cash Yields

True FCF Yield3.2%

FCF Yield3.3%

Owner Earn. Yield3.2%

Earnings Yield0.6%

Shareholder Yield+1.8%

Buyback Yield—

Dividend Yield2.16%

Dividend / sh$1.92

Payout Ratio329%

FCF / sh$2.82

EPS (diluted)$0.54

Compounder & Returns

Rule of 4044.0%

ROIC—

Cash ROIC (CROIC)6.0%

GP / Assets—

ROE2.1%

ROA0.9%

Gross Margin—

Oper. Margin—

Net Margin4.5%

FCF Margin25.5%

True FCF Margin24.9%

Quality & Dilution

Cash Conversion570%

Accrual Ratio−5.0%

SBC % of FCF2.6%

SBC % of Rev0.7%

Reinvest. Rate10%

Sales Growth Y/Y+18.5%

Sales 3Y CAGR+12.2%

EPS Growth Y/Y+184.2%

FCF Growth Y/Y+2.5%

FCF 3Y CAGR+1.2%

Share Change Y/Y+11.1%

Balance Sheet & Scale

Revenue (FY)$5.8B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$261.5M

True FCF (ex-SBC)$1.5B

Cash & Equiv$786.1M

Total Debt$13.0B

Net Cash (Debt)$-12.2B

Net Cash % MCap−26.7%

Debt / FCF (yrs)8.7y

Current Ratio—528.82M sh

Price & Technicals (EOD)

Perf Week+6.37%

Perf Month+11.24%

Perf Quarter−4.63%

Perf Half Y+2.88%

Perf YTD+5.19%

SMA 20 Dist+4.33%$85.35

SMA 50 Dist+2.70%$86.70

SMA 100 Dist−0.23%$89.25

Window High−11.43%$100.53

Window Low+12.65%$79.04

RSI (14) · Vol59.430%v

Income Distribution & Cash Flow ConversionHow every dollar of VTR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$5.6B ($95.5 / $100)

Net Profit Kept$261.5M ($4.5 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$261.5M (4.5% margin)

Operating Cash Flow (OCF)$1.6B(28.2% of rev)

Less: Capital Expenditures−$156.7M(2.7% of rev)

Standard Free Cash Flow (FCF)$1.5B(25.5% margin)

Less: Stock-Based Comp (SBC)−$38.7M(2.6% of FCF)

True FCF (Owner Cash ex-SBC)$1.5B(24.9% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$3.8B	$4.1B	$4.5B	$4.9B	$5.8B	+18.5%	+11.1%
Interest Expense	$440.1M	$467.6M	$574.1M	$602.8M	$612.2M	+1.6%	+8.6%
Income Tax Expense	$4.8M	$-16.9M	$-9.5M	$-37.8M	$-14.2M	+62.5%	—
GAAP Net Income	$56.6M	$-40.9M	$-30.3M	$88.4M	$261.5M	+196.0%	+46.6%
Diluted EPS	$0.13	$-0.12	$-0.10	$0.19	$0.54	+184.2%	+42.8%
Diluted Shares	386.3M	403.5M	405.7M	416.4M	462.6M	+11.1%	+4.6%
Balance Sheet
Cash & Equivalents	$196.6M	$170.7M	$563.5M	$957.2M	$786.1M	−17.9%	+41.4%
Total Assets	$24.7B	$24.2B	$24.7B	$26.2B	$27.6B	+5.4%	+2.8%
Total Debt (Short + Long Term)	$12.0B	$12.3B	$13.5B	$13.5B	$13.0B	−3.8%	+2.0%
Total Liabilities	$13.5B	$13.7B	$14.9B	$15.0B	$14.6B	−2.8%	+2.0%
Stockholders' Equity	$10.9B	$10.2B	$9.5B	$10.8B	$12.6B	+16.2%	+3.6%
Net Cash / (Net Debt)	$-11.8B	$-12.1B	$-12.9B	$-12.6B	$-12.2B	+2.7%	—
Invested Capital	$22.8B	$22.3B	$22.5B	$23.4B	$24.8B	+6.1%	+2.2%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.0B	$1.1B	$1.1B	$1.3B	$1.6B	+23.8%	+12.6%
Depreciation & Amortization (D&A)	$1.2B	$1.2B	$1.4B	$1.3B	$1.4B	+10.1%	+3.6%
Stock-Based Compensation (SBC)	$32.0M	$30.7M	$31.0M	$31.0M	$38.7M	+25.0%	+4.9%
Capital Expenditures (CapEx)	—	—	—	—	$156.7M	—	—
Free Cash Flow (FCF)	—	—	—	—	$1.5B	—	—
True FCF (ex-SBC Owner Cash)	—	—	—	—	$1.5B	—	—
Dividends Paid	$686.9M	$720.3M	$723.6M	$740.3M	$860.1M	+16.2%	+5.8%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what VTR did at the next close after each story

No Wire story has named VTR yet.

What happened · big days

37 big days in a year, and what we hold on each

A big day is a close more than 2.05% from the one before, three times VTR’s median day (0.68%). On 17 of the 37, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.05%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayVTRWhat we hold that dayGroup (median of 4) · each

1 Dec 10, 2025−2.85%
Before our storiesgroup −0.2%, did not move with it
1Dec 10, 2025−2.85%
Before our stories
−0.2% did not move with itWELL −2.4 · EQIX −0.8 · AMT +0.4 · PLD +1.8
2 Feb 5, 2026+2.71%
Before our storiesgroup +0.8%, did not move with it
2Feb 5, 2026+2.71%
Before our stories
+0.8% did not move with itWELL +3.0 · PLD +1.0 · EQIX +0.7 · AMT −2.9
3 Feb 6, 2026+3.39%
Resultsgroup +1.6%, did not move with it
3Feb 6, 2026+3.39%
ResultsFirst close after the Feb 5 results filing
+1.6% did not move with itEQIX +5.0 · WELL +2.5 · PLD +0.6 · AMT −0.1
4 Feb 11, 2026+2.13%
Before our storiesgroup +1.2%, moved with VTR
4Feb 11, 2026+2.13%
Before our stories
+1.2% moved with VTRWELL +3.5 · EQIX +1.3 · AMT +1.1 · PLD −0.4
5 Mar 5, 2026−2.06%
Before our storiesgroup −1.4%, moved with VTR
5Mar 5, 2026−2.06%
Before our stories
−1.4% moved with VTREQIX −1.7 · AMT −1.7 · PLD −1.1 · WELL −0.9
6 Mar 20, 2026−3.57%
Before our storiesgroup −2.8%, moved with VTR
6Mar 20, 2026−3.57%
Before our stories
−2.8% moved with VTRWELL −4.9 · AMT −3.3 · PLD −2.4 · EQIX −1.6
7 Apr 21, 2026−3.00%
Before our storiesgroup −1.8%, moved with VTR
7Apr 21, 2026−3.00%
Before our stories
−1.8% moved with VTRAMT −3.8 · PLD −2.1 · WELL −1.5 · EQIX −0.9
8 Apr 22, 2026−2.45%
Before our storiesgroup +0.2%, did not move with it
8Apr 22, 2026−2.45%
Before our stories
+0.2% did not move with itWELL −3.2 · PLD −0.3 · EQIX +0.7 · AMT +0.9
9 Apr 23, 2026+3.53%
Before our storiesgroup +1.4%, did not move with it
9Apr 23, 2026+3.53%
Before our stories
+1.4% did not move with itWELL +4.3 · AMT +1.5 · EQIX +1.2 · PLD +0.7
10 Apr 28, 2026+3.39%
Resultsgroup +1.4%, did not move with it
10Apr 28, 2026+3.39%
ResultsFirst close after the Apr 27 results filing
+1.4% did not move with itWELL +2.0 · AMT +1.8 · PLD +1.1 · EQIX −1.2
11 May 13, 2026+2.06%
Before our storiesgroup −0.8%, did not move with it
11May 13, 2026+2.06%
Before our stories
−0.8% did not move with itWELL +1.2 · EQIX −0.3 · PLD −1.2 · AMT −2.8
12 May 15, 2026−2.79%
Before our storiesgroup −1.7%, moved with VTR
12May 15, 2026−2.79%
Before our stories
−1.7% moved with VTREQIX −1.9 · WELL −1.8 · PLD −1.5 · AMT +0.1
13 May 28, 2026−2.57%
Before our storiesgroup −0.3%, did not move with it
13May 28, 2026−2.57%
Before our stories
−0.3% did not move with itWELL −1.8 · PLD −0.6 · EQIX −0.1 · AMT +0.9
14 Jun 1, 2026−3.21%
Before our storiesgroup −2.4%, moved with VTR
14Jun 1, 2026−3.21%
Before our stories
−2.4% moved with VTRWELL −3.9 · PLD −3.1 · EQIX −1.6 · AMT +0.3
15 Jun 5, 2026+3.69%
Before our storiesgroup +0.3%, did not move with it
15Jun 5, 2026+3.69%
Before our stories
+0.3% did not move with itWELL +3.0 · PLD +0.5 · AMT +0.1 · EQIX −0.8
16 Jun 8, 2026−2.93%
Before our storiesgroup −2.1%, moved with VTR
16Jun 8, 2026−2.93%
Before our stories
−2.1% moved with VTRWELL −3.4 · AMT −2.6 · EQIX −1.7 · PLD −1.2
17 Jun 9, 2026+3.58%
Before our storiesgroup +2.1%, moved with VTR
17Jun 9, 2026+3.58%
Before our stories
+2.1% moved with VTRWELL +3.4 · PLD +3.3 · AMT +0.9 · EQIX −0.3
18 Jun 10, 2026+2.28%
Nothing on VTRgroup −0.1%, did not move with it
18Jun 10, 2026+2.28%
Nothing on VTRNo VTR story, brief or results filing in our record that day
−0.1% did not move with itWELL +2.2 · AMT +0.9 · PLD −1.2 · EQIX −2.0
19 Jun 17, 2026−2.07%
Nothing on VTRgroup −2.5%, moved with VTR
19Jun 17, 2026−2.07%
Nothing on VTRNo VTR story, brief or results filing in our record that day
−2.5% moved with VTRPLD −3.5 · WELL −3.3 · AMT −1.8 · EQIX −0.6
20 Jun 23, 2026+2.81%
Nothing on VTRgroup +1.3%, did not move with it
20Jun 23, 2026+2.81%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+1.3% did not move with itWELL +2.9 · AMT +1.7 · PLD +1.0 · EQIX 0.0
21 Jul 2, 2026+3.20%
Nothing on VTRgroup +0.9%, did not move with it
21Jul 2, 2026+3.20%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+0.9% did not move with itWELL +2.5 · PLD +1.9 · AMT −0.0 · EQIX −1.1
22 Jul 16, 2026+2.98%
Nothing on VTRgroup +1.8%, moved with VTR
22Jul 16, 2026+2.98%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+1.8% moved with VTRPLD +4.6 · WELL +3.5 · AMT +0.2 · EQIX −1.3
23 Jul 24, 2026+2.67%
Nothing on VTRgroup +1.9%, moved with VTR
23Jul 24, 2026+2.67%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+1.9% moved with VTREQIX +4.9 · WELL +2.0 · PLD +1.7 · AMT +1.2
24 Jul 30, 2026−5.94%
Resultsgroup −0.9%, did not move with it
24Jul 30, 2026−5.94%
ResultsFirst close after the Jul 29 results filing
−0.9% did not move with itAMT −2.7 · WELL −2.3 · PLD +0.5 · EQIX +3.9
25 Aug 3, 2026−2.84%
Nothing on VTRgroup −0.3%, did not move with it
25Aug 3, 2026−2.84%
Nothing on VTRNo VTR story, brief or results filing in our record that day
−0.3% did not move with itWELL −0.6 · PLD −0.3 · AMT −0.2 · EQIX +1.2
26 Aug 11, 2026−5.43%
Nothing on VTRgroup −0.4%, did not move with it
26Aug 11, 2026−5.43%
Nothing on VTRNo VTR story, brief or results filing in our record that day
−0.4% did not move with itWELL −3.8 · EQIX −1.1 · AMT +0.3 · PLD +0.5
27 Aug 12, 2026+2.36%
Nothing on VTRgroup +1.4%, moved with VTR
27Aug 12, 2026+2.36%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+1.4% moved with VTREQIX +3.6 · WELL +1.9 · PLD +0.9 · AMT +0.5
28 Sep 30, 2026−2.17%
Nothing on VTRgroup −1.6%, moved with VTR
28Sep 30, 2026−2.17%
Nothing on VTRNo VTR story, brief or results filing in our record that day
−1.6% moved with VTRAMT −2.2 · PLD −2.1 · WELL −1.1 · EQIX −0.4
29 Oct 5, 2026−3.15%
Nothing on VTRgroup −0.4%, did not move with it
29Oct 5, 2026−3.15%
Nothing on VTRNo VTR story, brief or results filing in our record that day
−0.4% did not move with itWELL −1.6 · PLD −0.6 · EQIX −0.2 · AMT +0.0
30 Oct 7, 2026−2.22%
Nothing on VTRgroup −1.3%, moved with VTR
30Oct 7, 2026−2.22%
Nothing on VTRNo VTR story, brief or results filing in our record that day
−1.3% moved with VTRWELL −2.1 · EQIX −1.5 · PLD −1.1 · AMT +0.8
31 Oct 8, 2026+2.15%
Nothing on VTRgroup +0.6%, did not move with it
31Oct 8, 2026+2.15%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+0.6% did not move with itPLD +1.6 · WELL +0.9 · AMT +0.3 · EQIX −2.0
32 Oct 20, 2026+2.34%
Nothing on VTRgroup +1.6%, moved with VTR
32Oct 20, 2026+2.34%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+1.6% moved with VTRPLD +2.7 · WELL +2.0 · EQIX +1.2 · AMT +0.3
33 Oct 27, 2026−4.67%
Nothing on VTRgroup −1.1%, did not move with it
33Oct 27, 2026−4.67%
Nothing on VTRNo VTR story, brief or results filing in our record that day
−1.1% did not move with itWELL −5.8 · AMT −2.4 · PLD +0.1 · EQIX +3.3
34 Oct 28, 2026−2.72%
Resultsgroup +0.1%, did not move with it
34Oct 28, 2026−2.72%
ResultsFirst close after the Oct 27 results filing
+0.1% did not move with itPLD −1.0 · AMT −0.0 · WELL +0.2 · EQIX +0.8
35 Oct 29, 2026+3.26%
Nothing on VTRgroup +2.4%, moved with VTR
35Oct 29, 2026+3.26%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+2.4% moved with VTREQIX +2.9 · WELL +2.6 · PLD +2.2 · AMT +1.2
36 Nov 2, 2026+2.26%
Nothing on VTRgroup +0.8%, did not move with it
36Nov 2, 2026+2.26%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+0.8% did not move with itWELL +1.9 · PLD +1.3 · AMT +0.3 · EQIX −2.0
37 Nov 4, 2026+2.48%
Nothing on VTRgroup +3.4%, moved with VTR
37Nov 4, 2026+2.48%
Nothing on VTRNo VTR story, brief or results filing in our record that day
+3.4% moved with VTRAMT +4.0 · EQIX +3.9 · WELL +2.8 · PLD +1.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of WELL, PLD, EQIX and AMT that day, the largest companies in VTR’s SEC industry; “moved with VTR” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). VTR reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 5, 2026

day 1+3.39%day 6+6.76%

Reported Apr 27, 2026

day 1+3.39%day 6+2.46%

Reported Jul 29, 2026

day 1−5.94%day 6−5.59%

Reported Oct 27, 2026

day 1−2.72%day 6+7.03%

Next report: expected late January to early FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 27 report: +7.03%. Four reports is a small sample.

Every report since 2023 →

Each line is VTR’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

VTR against four REIT peers, a year at 100

VTR is up 17.3% in a year. Welltower is up 30.3% and Equinix 27.8%. Of these four, American Tower (+9.5%) and Prologis (+4.6%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

Share this chart

VTR +17.3%. Welltower +30.3%, Equinix +27.8%, American Tower +9.5%, Prologis +4.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in VTR’s SEC industry (Real Estate Investment Trusts) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

WELL	Welltower	$178.7B	−1.03%
PLD	Prologis	$122.5B	−2.14%
EQIX	Equinix	$104.0B	−5.38%
AMT	American Tower	$90.8B	−0.45%
SPG	Simon Property	$74.6B	−0.85%
DLR	Digital Realty Trust	$65.0B	−5.52%
PSA	Public Storage	$60.2B	−0.66%
O	Realty Income	$56.0B	+0.47%