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olivLaw · US equity research

Ventas, Inc. VTR

Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)

84.80USD+1.30% · 1 dayClose 30 Oct 2026

Ventas is an S&P 500 REIT that owns and manages senior housing, outpatient medical buildings and research centers in North America and the United Kingdom. The company is in a phase of accelerated growth, with investments concentrated in senior housing as demographic demand rises and new supply remains at historically low levels.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 30 Oct 2026, Ventas, Inc. (VTR) stock was 84.80 USD (+1.30% on the day), with market capitalisation 44.8 bn USD, P/E 159.5 on diluted EPS of 0.53 USD over the last 12 months, dividend yield 2.41%, beta 0.12, 52-week range 73.79–100.53 USD. Latest reported quarter (Q3 2026): revenue of 1.8 bn USD (+23.0% YoY), net income of 67.3 m USD (−2.1% YoY), diluted EPS 0.13 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
44.8 bn USD
shares as of 27 Oct 2026
P/E (TTM)
159.5
Diluted EPS TTM 0.53 · TTM to 30 Sept 2026
E/P (TTM)
0.63%
TTM to 30 Sept 2026
Dividend yield
2.41%
DPS 12m 2.04
Beta (2y)
0.12
Volatility (1y) 24%
52-week range
73.79100.53

Price history

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Technical reading

RSI (14)
48.9
neutral
Bollinger (20, 2)
79.82 – 88.18
in the upper half of the band · %B 0.60 · band width 9.9%
SMA 50 / 200
87.14 / 86.54
mixed trend
MACD (12, 26, 9)
-0.59 / -0.68
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.3%−0.9%+0.7 pp—
3 months−9.3%+1.2%−10.5 pp—
6 months−3.7%+4.8%−8.5 pp—
Year to date+9.6%+10.7%−1.1 pp—
1 year+14.0%+11.1%+2.9 pp+5.5%
3 years+99.7%+80.7%+19.0 pp+31.5%
5 years+58.9%+64.6%−5.7 pp—
Max drawdown (1y)
−20.4%
24 Jul 2026 → 07 Oct 2026
Max drawdown (5y)
−43.4%
29 Mar 2022 → 14 Oct 2022
Compound annual growth (5y)
+9.7%
S&P 500 +10.5%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
1.8 bn USD
+23.0% YoY
Net income
67.3 m USD
−2.1% YoY
Diluted EPS
0.13
−7.1% YoY
net / operating
3.7% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue1.3 bn1.4 bn1.4 bn1.5 bn1.6 bn1.7 bn1.7 bn1.8 bn
Depreciation & amortisation308.8 m321.5 m347.7 m357.2 m352.7 m382.5 m407.7 m446.0 m
Interest expense153.2 m149.4 m150.3 m158.1 m154.5 m156.1 m160.0 m161.4 m
Pre-tax income-508.0 k40.9 m42.7 m44.4 m76.3 m35.4 m54.2 m52.6 m
Income tax-45.5 m-10.6 m3.9 m-6.3 m-1.1 m-15.9 m-25.6 m-19.3 m
Net income58.7 m48.4 m71.5 m68.7 m73.0 m59.0 m72.2 m67.3 m
Diluted EPS0.14 ≈0.100.150.140.15 ≈0.110.140.13
Operating cash flow373.6 m321.1 m475.3 m ≈378.6 m ≈471.7 m394.6 m556.5 m ≈489.6 m ≈
Dividends paid189.0 m199.0 m217.0 m ≈218.4 m ≈225.7 m230.2 m253.4 m ≈267.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 78 percentile of its own 36-quarter history (min 12.8, median 51.2, max 3,374.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue3.7 bn3.9 bn3.8 bn3.8 bn4.1 bn4.5 bn4.9 bn5.8 bn
Revenue YoY+4.8%+3.4%−2.0%+0.9%+7.9%+8.9%+9.5%+18.5%
Net income416.0 m439.3 m441.2 m56.6 m-40.9 m-30.3 m88.4 m261.5 m
Net income YoY−69.4%+5.6%+0.4%−87.2%−172.4%unavailableunavailable+196.0%
Diluted EPS1.141.171.170.13-0.12-0.100.190.54
Diluted EPS YoY−69.8%+2.6%0.0%−88.9%−192.3%unavailableunavailable+184.2%
net %11.1%11.3%11.6%1.5%-1.0%-0.7%1.8%4.5%
Free cash flow1.2 bn1.3 bn842.9 m-775.9 m219.5 m470.4 m-1.2 bn-1.3 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
741.1 m USD
Financial debt
13.0 bn USD
Net debt
12.3 bn USD
Equity
12.6 bn USD
Total assets
27.6 bn USD
Debt / equity
1.03x
Current ratio
unavailable
ROE
2.2%
ROA
1.0%
FCF margin
-22.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.5 bn
2024
4.9 bn
2025
5.8 bn

SEC (XBRL)· 06 Feb 2026verified

Depreciation & amortisation
2023
1.4 bn
2024
1.3 bn
2025
1.4 bn

SEC (XBRL)· 06 Feb 2026verified

Interest expense
2023
574.1 m
2024
602.8 m
2025
612.2 m

SEC (XBRL)· 06 Feb 2026verified

Pre-tax income
2023
-115.6 m
2024
-8.0 m
2025
204.3 m

SEC (XBRL)· 06 Feb 2026verified

Income tax
2023
-9.5 m
2024
-37.8 m
2025
-14.2 m

SEC (XBRL)· 06 Feb 2026verified

Net income
2023
-30.3 m
2024
88.4 m
2025
261.5 m

SEC (XBRL)· 06 Feb 2026verified

Diluted EPS
2023
-0.10
2024
0.19
2025
0.54

SEC (XBRL)· 06 Feb 2026verified

Weighted average diluted shares
2023
405.7 m
2024
416.4 m
2025
462.6 m

SEC (XBRL)· 06 Feb 2026verified

Dividend per share
2023
1.80
2024
1.80
2025
1.92

SEC (XBRL)· 06 Feb 2026verified

Balance sheet · USD

Cash
2023
508.8 m
2024
897.9 m
2025
741.1 m

SEC (XBRL)· 06 Feb 2026verified

Goodwill
2023
1.0 bn
2024
1.0 bn
2025
1.0 bn

SEC (XBRL)· 06 Feb 2026verified

Total assets
2023
24.7 bn
2024
26.2 bn
2025
27.6 bn

SEC (XBRL)· 06 Feb 2026verified

Long-term debt
2023
13.5 bn
2024
13.5 bn
2025
13.0 bn

SEC (XBRL)· 06 Feb 2026verified

Total liabilities
2023
14.9 bn
2024
15.0 bn
2025
14.6 bn

SEC (XBRL)· 06 Feb 2026verified

Equity
2023
9.5 bn
2024
10.8 bn
2025
12.6 bn

SEC (XBRL)· 06 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
1.1 bn
2024
1.3 bn
2025
1.6 bn

SEC (XBRL)· 06 Feb 2026verified

Capex
2023
649.5 m
2024
2.5 bn
2025
2.9 bn

SEC (XBRL)· 06 Feb 2026verified

Free cash flow
2023
470.4 m ≈
2024
-1.2 bn ≈
2025
-1.3 bn ≈

SEC (XBRL)· 06 Feb 2026derived

Investing cash flow
2023
-184.7 m
2024
-2.4 bn
2025
-2.7 bn

SEC (XBRL)· 06 Feb 2026verified

Financing cash flow
2023
-543.7 m
2024
1.4 bn
2025
873.8 m

SEC (XBRL)· 06 Feb 2026verified

Dividends paid
2023
723.6 m
2024
740.3 m
2025
860.1 m

SEC (XBRL)· 06 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
18.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
12.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
9.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
196.0%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
-9.9%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
184.2%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
-14.3%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
4.0%
computed by olivLawTTM to 30 Sept 2026
FCF margin
-15.0%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
1.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
0.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
383.7%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
1.9 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
2.9 bn USD
computed by olivLawFY 2025
Free cash flow
-1.0 bn USD
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
44.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
165.1x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
159.5x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
0.6%
computed by olivLawTTM to 30 Sept 2026
P/B
2.8x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
6.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
Dividend yield
2.4%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
2.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 30 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

84.80 USD

30 Oct 2026Source: olivLaw, closing series

Market cap: 44.8 bn USD

Key indicators

Market capitalisation
44.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
159.5x
computed by olivLawTTM to 30 Sept 2026
P/B
2.8x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
1.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
4.0%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
18.5%
computed by olivLawFY 2025
Dividend yield
2.4%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

21/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 27 Oct 2026
Source: SEC (XBRL)published 28 Oct 2026
verified 2178derived 172

Score by group

  • Growth100
  • Quality0
  • Returns15
  • Valuation27

Estimated value range

Low
41.08
USD per share
Mid
51.22
USD per share
High
61.11
USD per share
Price: 84.80 USD
The price is above the range
Potential to the central value: -39.6% (value / price − 1)
Margin of safety: -65.6% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 25.23 – 88.28 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)25.23 – 33.93 (Mid 28.94)
  • Peers: P/B56.93 – 88.28 (Mid 73.49)
    11 companies used · median multiple 2.5x · quartiles 1.9x – 3.0x
    DLR, ESS, EXR, HST, KIM, O, PLD, PSA, VICI, VMRK, WELL
Multiple comparisons use the SIC vertical: Real Estate Investment Trusts (SIC 6798)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 30/100

FactorValueScoreWeight used
ROE · Quality1.9%0 (vs peers)10%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth12.2%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation2.8x38 (vs peers)31%
P/E (TTM) · Valuation159.5x0 (vs peers)14%
Dividend yield · Returns2.4%19 (vs peers)24%
Payout ratio (EPS) · Returns383.7%0 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth100/100 · 1/1 factors with a value
  • Quality· partial0/100 · 1/2 factors with a value
  • Returns15/100 · 2/2 factors with a value
  • Valuation27/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ventas, Inc. (VTR). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 5.8 bn USD in 2025; YoY growth 18.5%; net margin 4.0%; ROE 1.9%.

The estimated value range is 41.08–61.11 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 51.22 USD, the price of 84.80 USD leaves a potential of -39.6% (value / price − 1) and a margin of safety of -65.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 30/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 12.2%

What contradicts it

  • ROE: 1.9%
  • P/E (TTM): 159.5x
  • Dividend yield: 2.4%
  • Payout ratio (EPS): 383.7%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.

Versus the vertical median

Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 16 companies

Only companies with a capitalisation between 5.6 bn and 357.0 bn (within 8× of the company's); 139 of the vertical were left out.

Multiples and returns vs the median

P/E
159.5x
vertical median 32.6x
above median (+388.7%)
EV/EBITDA
—
vertical median 19.1x
P/S
6.6x
vertical median 8.9x
below median (−25.7%)
P/B
2.8x
vertical median 2.7x
at median
ROE
1.9%
vertical median 8.0%
below median (−75.9%)
Net margin
4.0%
vertical median 22.7%
below median (−82.4%)
EBIT margin
—
vertical median 36.0%
Revenue YoY
18.5%
vertical median 5.2%
above median (+252.9%)
Net debt/EBITDA
—
vertical median 4.6x
Dividend yield
2.4%
vertical median 3.8%
below median (−36.9%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WELLWelltower Inc.172.1 bn100.44.0%12.7%+35.6%+30% / +181%
PLDPrologis, Inc.119.3 bn32.27.1%42.5%+7.2%+3% / +27%
EQIXEquinix Inc100.3 bn60.911.5%16.4%+5.4%+20% / +39%
AMTAmerican Tower Corporation87.1 bn26.490.6%30.7%+5.1%+5% / +5%
DLRDigital Realty Trust, Inc.63.5 bn47.26.2%21.7%+10.0%+6% / +45%
PSAPublic Storage60.7 bn33.016.0%37.8%+2.7%+17% / +36%
ORealty Income Corporation53.9 bn41.53.3%21.5%+9.1%−2% / +20%
VTRVentas, Inc.44.8 bn159.51.9%4.0%+18.5%+14% / +100%
CCICrown Castle Inc.37.7 bn45.1—20.7%−4.4%−2% / −5%
IRMIron Mountain Inc34.7 bn82.5—5.7%+12.2%+13% / +97%
EXRExtra Space Storage Inc.31.6 bn30.87.9%29.9%+3.7%+13% / +46%
VICIVICI Properties Inc.26.9 bn11.28.3%56.5%+4.1%−18% / −12%
VMRKVivmark Residential23.2 bn27.18.1%—+4.8%+4% / +12%
SBACSba Communications Corporation19.9 bn20.2—34.5%+5.1%−2% / −10%
HSTHost Hotels & Resorts, Inc.17.3 bn16.915.8%16.5%+7.6%+58% / +63%
ESSEssex Property Trust, Inc.17.0 bn40.68.0%22.7%+6.4%+5% / +23%
KIMKimco Realty Corporation16.4 bn27.15.8%27.8%+5.1%+19% / +37%

1- and 3-year price returns: for VTR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
52.16
Total return -38% · Per year -38%
91.89
Total return 9% · Per year 9%
137.98
Total return 64% · Per year 64%
3 years
58.77
Total return -29% · Per year -11%
115.70
Total return 39% · Per year 12%
189.56
Total return 126% · Per year 31%
5 years
66.22
Total return -19% · Per year -4%
145.68
Total return 76% · Per year 12%
260.42
Total return 213% · Per year 26%
What moves the 3-year price the most
  • Exit P/E± 28.93
  • Net margin± 20.25
  • Annual revenue growth± 15.48
  • Annual dilution± 1.70

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).

In brief

Ventas is an S&P 500 REIT that owns and manages senior housing, outpatient medical buildings and research centers in North America and the United Kingdom. The company is in a phase of accelerated growth, with investments concentrated in senior housing as demographic demand rises and new supply remains at historically low levels 13.

SWOT

Strengths

  • Diversified portfolio across three segments with significant exposure to senior housing, where demographic demand is strong 1.
  • Solid NOI and per-share growth in the second quarter of 2026 3.
  • High liquidity and access to capital through credit facilities and equity forward programs 13.

Weaknesses

  • Dependence on a limited number of managers and tenants for a significant share of revenues and operating income 1.
  • Limited control over day-to-day operations of properties run by third parties, which can affect performance 1.
  • Exposure to higher borrowing costs and interest rate sensitivity during refinancing 1.

Opportunities

  • Growing the SHOP portfolio through acquisitions while new supply stays limited 13.
  • Using data from the Ventas OI platform to improve operations and investment decisions 1.
  • Expanding third-party capital management through Ventas Investment Management 1.

Threats

  • Labor cost pressures could compress operator margins and reduce their ability to pay 1.
  • Changes in Medicare, Medicaid and research funding policy could affect tenants 1.
  • A downturn in economic conditions in concentrated regions could affect revenues 1.

Risks

  • Dependence on managers and tenantshigh

    A small number of managers and tenants generate a significant share of revenue, and their financial difficulties could affect payments to the company 1.

  • Interest rate sensitivitymedium

    Higher rates could raise refinancing costs and reduce property values, which could weigh on profitability 1.

  • Public fundingmedium

    Changes in government funding could affect research and healthcare tenants and their rent payments 1.

  • Geographic concentrationmedium

    Revenue comes from a few states and provinces, increasing exposure to local economic developments 1.

  • Workforce pressuremedium

    Staffing shortages and wage increases could raise operating costs for operators and reduce margins 1.

Investment thesis

What would need to be true (bull case)

  • If demographic demand stays strong and new supply stays limited, SHOP growth could continue and support results 13.
  • Recent investment activity and raised expectations for 2026 could support growth over a longer horizon 3.
  • The company's scale and access to capital could allow it to benefit from acquisition opportunities 13.

What would break the thesis

  • If labor cost pressures persist, operator margins could decline and affect the company's results 1.
  • If interest rates remain high, refinancing costs could weigh on profitability and financial flexibility 1.
  • If some managers or tenants face difficulties, payments to the company could be delayed or reduced 1.

What to watch

  • Trajectory of SHOP NOI and occupancyQ3 2026
  • Delivery against the 2026 investment volume target2026
  • Development of net debt to further adjusted EBITDAQ4 2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).

The business

Ventas organizes its business into three reportable segments: senior housing operating portfolio (SHOP), outpatient medical and research portfolio (OM&R) and triple-net leased properties (NNN). As of December 31, 2025 the company owned or had investments in 1,409 properties 1. As a REIT, Ventas generally does not pay U.S. federal corporate income tax on REIT taxable income distributed to stockholders 1.

In SHOP, Ventas participates directly in the operating results of its communities and engages third-party managers to run them 1. In OM&R and NNN, tenants generally bear property-level costs under their leases, though Ventas remains exposed to tenant credit risk 1.

Through Ventas Investment Management, the company partners with third-party institutional investors in joint ventures and co-investment vehicles 1. In the second quarter of 2026 the company reported closing investments focused on senior housing with year-to-date volume described in its results release 3.

Segments

OM&R (outpatient medical and research)

OM&R includes outpatient medical buildings, often on health system campuses, and research centers leased to universities and biotech companies 1. Its main exposure is tenant credit risk and the financial health of hospitals near its buildings 1.

NNN (triple-net leased properties)

In NNN, tenants pay the property-related expenses and rent with periodic escalators 1. The segment includes senior housing, skilled nursing and other healthcare facilities, and some properties moved to SHOP during 2025 1.

Market context

The market remains sensitive to interest rates, inflation and labor costs, which can affect both the company and its tenants and managers 1. Revenue concentration in California, Texas, New York, Quebec and Illinois adds exposure to local economic conditions 1.

Trends

  • Growing demographic demandtailwind

    Population aging supports demand for senior housing and creates a long-term framework for growth 13.

  • Low new supplytailwind

    Historically low senior housing construction could limit competition and support occupancy 13.

  • Labor cost pressureheadwind

    Higher wages and shortages of trained staff could compress operator margins and affect tenants' ability to pay 1.

  • Public funding changesmixed

    Changes to Medicare, Medicaid and NIH funding could affect OM&R and NNN tenants, and the effect depends on legislative decisions 1.

Competitive position

Ventas competes in senior housing and medical real estate with U.S. operators and real estate investors. The sources mention competition for skilled staff and for acquisitions 1. The company points to its scale, the Ventas OI data platform and operator relationships as advantages 13.

In senior housing, competition for quality assets and experienced operators can influence acquisition prices and growth pace. The sources do not name specific competitors, so this analysis is limited to factors the company cites 13.

  • Welltower Inc.WELL

    Not named in the analyzed sources; included as a general reference without source-based data

  • Healthpeak PropertiesDOC

    Not named in the analyzed sources; included as a general reference without source-based data

  • Brookdale Senior Living

    Named in the sources as a tenant and manager; the relationship is one of partnership and exposure rather than direct competition

  • Atria Senior Living

    A company in which Ventas holds a stake and which manages some of its properties

News & filings

In the press

The latest news item in our archive is from 21 Oct 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ventas, Inc. · 06 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ventas, Inc. · 30 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ventas, Inc. · 29 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Ventas, Inc. (VTR): stock, results, valuation and forecast · olivLaw