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Ventas, Inc. is a leading S&P 500 real estate investment trust enabling exceptional environments that benefit a large and growing aging population. With approximately 1,400 properties in North America and the United Kingdom, Ventas occupies an essential role in the longevity economy. The Company's growth is fueled by its more than 850 senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments. Ventas aims to deliver outsized performance by leveraging its operational expertise, data-driven insights from its Ventas OI platform, extensive relationships and strong financial position. The Ventas portfolio also includes outpatient medical buildings, research centers and healthcare facilities. Ventas's seasoned team of talented professionals shares a commitment to excellence, integrity and a common purpose of helping people live longer, healthier, happier lives. Ventas, Inc. was incorporated in 1983 in Delaware, 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 | $5.8B | $2.3B | $251M | $1.0B | 2.0% | 18.5% | 209.8% |
| 2024 | $4.9B | $1.9B | $81M | $726M | 0.8% | 9.5% | -298.1% |
| 2023 | $4.5B | $1.9B | $-41M | $477M | -0.4% | 8.9% | -13.6% |
| 2022 | $4.1B | $1.6B | $-47M | $666M | -0.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,129.19 | 4,497.83 | 4,924.27 | 5,833.98 |
| Operating Revenue | - | 4,077.40 | 4,463.46 | 4,887.10 | 5,790.38 |
| Cost Of Revenue | - | 2,282.92 | 2,561.25 | 2,827.07 | 3,419.92 |
| Gross Profit | - | 1,846.28 | 1,936.58 | 2,097.20 | 2,414.06 |
| Operating Expense | - | 1,362.43 | 1,521.07 | 1,415.97 | 1,556.54 |
| Selling General And Administration | - | 144.87 | 148.88 | 162.99 | 177.40 |
| Total Expenses | - | 3,645.35 | 4,082.31 | 4,243.04 | 4,976.46 |
| Operating Income | - | 483.85 | 415.51 | 681.23 | 857.52 |
| EBITDA | - | 1,620.46 | 1,949.15 | 1,936.70 | 2,271.08 |
| Normalized EBITDA | - | 1,644.14 | 1,896.14 | 1,900.74 | 2,242.75 |
| EBIT | - | 409.70 | 534.28 | 653.41 | 859.61 |
| Interest Expense | - | 467.56 | 574.11 | 602.84 | 612.25 |
| Net Interest Income | - | -467.56 | -574.11 | -602.84 | -612.25 |
| Other Non Operating Income Expenses | - | -78.96 | 52.13 | -65.33 | -30.71 |
| Other Income Expense | - | -74.15 | 118.76 | -27.82 | 2.09 |
| Interest Expense Non Operating | - | 467.56 | 574.11 | 602.84 | 612.25 |
| Net Non Operating Interest Income Expense | - | -467.56 | -574.11 | -602.84 | -612.25 |
| Pretax Income | - | -57.86 | -39.84 | 50.58 | 247.37 |
| Tax Provision | - | -16.93 | -9.54 | -37.78 | -14.15 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -6.93 | 12.69 | 7.55 | 5.95 |
| Net Income Continuous Operations | - | -40.93 | -30.30 | 88.35 | 261.52 |
| Net Income From Continuing And Discontinued Operation | - | -47.45 | -40.97 | 81.15 | 251.38 |
| Net Income From Continuing Operation Net Minority Interest | - | -47.45 | -40.97 | 81.15 | 251.38 |
| Net Income | - | -47.45 | -40.97 | 81.15 | 251.38 |
| Net Income Common Stockholders | - | -47.45 | -40.97 | 81.15 | 251.38 |
| Net Income Including Noncontrolling Interests | - | -40.93 | -30.30 | 88.35 | 261.52 |
| Normalized Income | - | -30.69 | -81.29 | 52.75 | 229 |
| Diluted NI Availto Com Stockholders | - | -47.45 | -40.97 | 81.15 | 251.38 |
| Basic Average Shares | - | 399.55 | 401.81 | 411.77 | 455.08 |
| Diluted Average Shares | - | 403.45 | 405.67 | 416.37 | 462.62 |
| Reconciled Depreciation | - | 1,210.76 | 1,414.88 | 1,283.29 | 1,411.47 |
| Reconciled Cost Of Revenue | - | 2,269.96 | 2,538.83 | 2,796.93 | 3,387.59 |
| Total Unusual Items | - | -23.68 | 53.01 | 35.95 | 28.33 |
| Total Unusual Items Excluding Goodwill | - | -23.68 | 53.01 | 35.95 | 28.33 |
| Minority Interests | - | -6.52 | -10.68 | -7.20 | -10.14 |
| Special Income Charges | - | -31.46 | -9.11 | -21.06 | -10.24 |
| Other Special Charges | - | 0.58 | -6.10 | 0.69 | 0.17 |
| Restructuring And Mergern Acquisition | - | 30.88 | 15.22 | 20.37 | 10.07 |
| Gain On Sale Of Security | - | 7.78 | 62.12 | 57.01 | 38.58 |
| Depreciation Amortization Depletion Income Statement | - | 1,197.80 | 1,392.46 | 1,253.14 | 1,379.14 |
| Depreciation And Amortization In Income Statement | - | 1,197.80 | 1,392.46 | 1,253.14 | 1,379.14 |
| Rent Expense Supplemental | - | 272.30 | 307.33 | 314.15 | 321.24 |
| Provision For Doubtful Accounts | - | 19.76 | -20.27 | -0.17 | 0 |
| Earnings From Equity Interest | - | 28.50 | 13.63 | 1.56 | 4.47 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ventas, Inc.this co. | VTR | $38.5B | 152.98↑ premium | 3.07 | 2.0% | 22.43 |
| Public Storage | PSA | $53.8B | 30.17 | 10.99 | 36.4% | 19.64 |
| Crown Castle Inc. | CCI | $40.9B | 92.20 | -25.04 | -27.2% | 25.60 |
| Iron Mountain Incorporated | IRM | $38.8B | 268.02 | -39.50 | -14.7% | 27.26 |
| CBRE Group, Inc. | CBRE | $38.3B | 33.14 |
| - |
| - |
| - |
| - |
| 4.32 |
| 13.0% |
| 22.97 |
| Extra Space Storage Inc. | EXR | $32.2B | 33.05 | 2.40 | 7.3% | 19.07 |
| VICI Properties Inc. | VICI | $29.3B | 10.56 | 1.05 | 10.0% | 12.66 |
| AvalonBay Communities, Inc. | AVB | $26.8B | 25.53 | 2.31 | 9.1% | 16.22 |
| Equity Residential | EQR | $26.2B | 23.42 | 2.38 | 10.2% | 13.85 |
| Peer Median | - | 31.61 | 2.35 | 9.5% | 19.36 | |