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CareTrust REIT, Inc. is a self-administered, publicly traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties. As of December 31, 2025, CareTrust REIT owned, directly or indirectly in consolidated joint ventures, and leased to independent operators, 407 skilled nursing facilities (each, a SNF), senior housing communities and other properties consisting of 37,628 operational beds and units located in 32 states and the United Kingdom, with the highest concentration of properties by rental income located in California, the U.K., Texas, and Tennessee. As of December 31, 2025, we also had other real estate related investments consisting of four preferred equity investments, 16 real estate secured loans receivable and five mezzanine loans receivable with a carrying value of 899.3 million US dollars and one financing receivable with a carrying value of 92.2 million US dollars. CareTrust REIT, Inc. was established and incorporated on October 29, 2013 in Maryland, USA
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $369M | $462M | $321M | $379M | 7.9% | 61.8% | 156.3% |
| 2024 | $228M | $212M | $125M | $236M | 4.3% | 14.9% | 132.8% |
| 2023 | $199M | $146M | $54M | $144M | 3.8% | 5.9% | -815.9% |
| 2022 | $188M | $73M | $-8M | $137M | -0.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 187.51 | 198.60 | 228.26 | 369.42 |
| Operating Revenue | - | 187.51 | 198.60 | 228.26 | 369.42 |
| Cost Of Revenue | - | 9.37 | 9.59 | 13.55 | 9.58 |
| Gross Profit | - | 178.13 | 189.01 | 214.71 | 359.84 |
| Operating Expense | - | 74.32 | 73 | 90.65 | 145.36 |
| Selling General And Administration | - | 19.27 | 20.90 | 27.90 | 50.53 |
| Total Expenses | - | 83.70 | 82.60 | 104.21 | 154.94 |
| Operating Income | - | 103.81 | 116 | 124.06 | 214.48 |
| EBITDA | - | 72.88 | 145.80 | 211.54 | 461.88 |
| Normalized EBITDA | - | 162.81 | 186.37 | 248.91 | 418.70 |
| EBIT | - | 22.50 | 94.60 | 154.71 | 368.99 |
| Interest Income | - | 8.63 | 19.17 | 68.03 | 106.97 |
| Interest Expense | - | 30.01 | 40.88 | 30.31 | 43.71 |
| Net Interest Income | - | -21.38 | -21.71 | 37.72 | 63.27 |
| Other Non Operating Income Expenses | - | - | - | - | 4.35 |
| Other Income Expense | - | -89.93 | -40.57 | -37.37 | 47.54 |
| Interest Income Non Operating | - | 8.63 | 19.17 | 68.03 | 106.97 |
| Interest Expense Non Operating | - | 30.01 | 40.88 | 30.31 | 43.71 |
| Net Non Operating Interest Income Expense | - | -21.38 | -21.71 | 37.72 | 63.27 |
| Pretax Income | - | -7.51 | 53.72 | 124.40 | 325.29 |
| Tax Provision | - | - | 0 | 0 | 5 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0.66 |
| Net Income Continuous Operations | - | -7.51 | 53.72 | 124.40 | 320.29 |
| Net Income From Continuing And Discontinued Operation | - | -7.51 | 53.74 | 125.08 | 320.54 |
| Net Income From Continuing Operation Net Minority Interest | - | -7.51 | 53.74 | 125.08 | 320.54 |
| Net Income | - | -7.51 | 53.74 | 125.08 | 320.54 |
| Net Income Common Stockholders | - | -7.95 | 53.34 | 124.64 | 319.80 |
| Net Income Including Noncontrolling Interests | - | -7.51 | 53.72 | 124.40 | 320.29 |
| Normalized Income | - | 82.43 | 94.30 | 162.45 | 278.01 |
| Diluted NI Availto Com Stockholders | - | -7.95 | 53.34 | 124.64 | 319.80 |
| Basic Average Shares | - | 96.70 | 105.96 | 154.79 | 203.64 |
| Diluted Average Shares | - | 96.70 | 106.15 | 155.17 | 204.09 |
| Reconciled Depreciation | - | 50.38 | 50.87 | 54.07 | 86.44 |
| Reconciled Cost Of Revenue | - | 9.31 | 9.92 | 16.31 | 16.03 |
| Total Unusual Items | - | -89.93 | -40.57 | -37.37 | 43.19 |
| Total Unusual Items Excluding Goodwill | - | -89.93 | -40.57 | -37.37 | 43.19 |
| Minority Interests | - | 0 | 0.01 | 0.68 | 0.25 |
| Special Income Charges | - | -79.06 | -36.30 | -44.21 | -8.20 |
| Other Special Charges | 10.83 | - | - | 0.66 | 0.39 |
| Impairment Of Capital Assets | - | 79.06 | 36.30 | 42.22 | 2.48 |
| Restructuring And Mergern Acquisition | - | 0 | 0 | 1.33 | 5.33 |
| Gain On Sale Of Security | - | -10.87 | -4.27 | 6.84 | 51.39 |
| Depreciation Amortization Depletion Income Statement | - | 50.32 | 51.20 | 56.83 | 92.89 |
| Depreciation And Amortization In Income Statement | - | 50.32 | 51.20 | 56.83 | 92.89 |
| General And Administrative Expense | - | 19.27 | 20.90 | 27.90 | 50.53 |
| Other Gand A | - | 9.96 | 10.39 | 12.08 | 20.17 |
| Salaries And Wages | - | 9.31 | 10.50 | 15.83 | 30.36 |
| Total Other Finance Cost | - | - | - | 1.33 | - |
| Other Operating Expenses | - | 3.84 | - | 4.90 | 0.95 |
| Otherunder Preferred Stock Dividend | - | 0.44 | 0.40 | 0.44 | 0.74 |
| Other Taxes | - | 0.90 | 0.91 | 1.02 | 1.93 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CareTrust REIT, Inc.this co. | CTRE | $8.8B | 27.59 | 2.19 | 7.9% | 20.66 |
| American Healthcare REIT, Inc. | AHR | $9.6B | 137.32 | 2.89 | 2.1% | 31.02 |
| Hudson Pacific Properties, Inc. | HPP | $6.1B | -10.91 | 2.41 | -22.1% | -214.84 |
| Compass, Inc. | COMP | $5.9B | - | 7.53 | -7.5% | 112.50 |
| Kite Realty Group Trust | KRG | $5.7B |
| - |
| - |
| - |
| - |
| - |
| 19.00 |
| 1.85 |
| 9.7% |
| 10.58 |
| Sabra Health Care REIT, Inc. | SBRA | $4.5B | 28.64 | 1.58 | 5.5% | 15.18 |
| Independence Realty Trust, Inc. | IRT | $4.0B | 70.67 | 1.16 | 1.6% | 16.46 |
| COPT Defense Properties | CDP | $3.7B | 24.33 | 2.45 | 10.1% | 15.25 |
| Newmark Group, Inc. | NMRK | $3.6B | 28.68 | 2.48 | 8.6% | 13.22 |
| Peer Median | - | 28.64 | 2.43 | 3.8% | 15.22 | |