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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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 4,129.19 | 4,497.83 | 4,924.27 | 5,833.98 |
| 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 |
| Operating Income | 483.85 | 415.51 | 681.23 | 857.52 |
| EBITDA | 1,620.46 | 1,949.15 | 1,936.70 | 2,271.08 |
| EBIT | 409.70 | 534.28 | 653.41 | 859.61 |
| Pretax Income | -57.86 | -39.84 | 50.58 | 247.37 |
| Tax Provision | -16.93 | -9.54 | -37.78 | -14.15 |
| Net Income | -47.45 | -40.97 | 81.15 | 251.38 |
| Net Income Common Stockholders | -47.45 | -40.97 | 81.15 | 251.38 |
| Total Expenses | 3,645.35 | 4,082.31 | 4,243.04 | 4,976.46 |
| Interest Expense | 467.56 | 574.11 | 602.84 | 612.25 |
| Selling General And Administration | 144.87 | 148.88 | 162.99 | 177.40 |
| Normalized EBITDA | 1,644.14 | 1,896.14 | 1,900.74 | 2,242.75 |
| Normalized Income | -30.69 | -81.29 | 52.75 | 229 |
| Market Cap | 39,758.23 | 39,758.23 | 39,758.23 | 39,758.23 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ventas, Inc.this co. | VTR | $38.2B | 158.16↑ premium | 3.17 | 2.0% | 23.00 |
| Realty Income Corporation | O | $57.3B | 55.78 | 1.50 | 2.7% | 18.38 |
| CBRE Group, Inc. | CBRE | $44.2B | 37.53 | 4.89 | 13.0% | 25.48 |
| Crown Castle Inc. | CCI | $37.6B | 84.86 | -23.04 | -27.2% | 24.42 |
| Iron Mountain Incorporated | IRM | $34.2B | 238.72 |
| -35.18 |
| -14.7% |
| 25.25 |
| VICI Properties Inc. | VICI | $30.2B | 10.95 | 1.09 | 10.0% | 12.95 |
| Extra Space Storage Inc. | EXR | $30.2B | 30.81 | 2.23 | 7.3% | 18.17 |
| Equity Residential | EQR | $23.6B | 20.83 | 2.12 | 10.2% | 12.69 |
| SBA Communications Corporation | SBAC | $23.6B | 22.09 | -4.80 | -21.7% | 19.06 |
| Peer Median | - | 34.17 | 1.30 | 5.0% | 18.72 | |