REIT Report Card · August 15, 2026
Ventas is the other large healthcare landlord besides Welltower: $47.3B, about $301 million a day. Shares are +34.6% over the past year and now sit at about 25.2x EV / EBITDA. The indicated yield is 2.19%, which does not pay you much for that multiple.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A | Plenty of daily volume |
| Balance Sheet | B+ | A fair amount of debt, still in a range these names live with |
| Debt Service | B | Coverage is fine, but not abundant |
| Operating Quality | B | Average margins for this universe |
| Cash Generation | B | Decent cash generation relative to today's stock price |
| Dividend | B- | There's income, but the yield or the coverage is only okay |
| Valuation | C+ | A pricey multiple versus the other names here |
| Recent Performance | A+ | A standout year for the share price |
| Overall | B | Healthcare after a strong year, at a fuller multiple |
1. Valuation
This is the price of VTR's operating earnings, counting both the equity and the debt.
At about 25.2x EV / EBITDA, VTR is expensive on this measure.
Bottom line: A buyer is paying for a good company, or for a good year that already happened. The multiple needs the results to stay good.
2. Leverage
For every $1 of annual EBITDA VTR generates, it has about $5.34 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: VTR uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 21% of VTR's total enterprise value is net debt.
That gives equity investors more of a cushion than you'd get with a more leveraged REIT.
Bottom line: VTR's equity value makes the capital structure less debt-heavy than Net Debt / EBITDA alone might suggest.
4. Interest Protection
VTR generates about 3.79x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
VTR turns about 37 cents of every revenue dollar into EBITDA.
Bottom line: Thinner margins mean operating leverage and expense control matter more than they do at high-margin net-lease peers.
6. Cash Generation
VTR generated operating cash flow equal to about 3.8% of its current equity value.
For every $100 of current equity value, the company generated about $3.81 of trailing operating cash flow.
Bottom line: There's real cash in dollars, but a higher stock price compresses the yield you get today.
7. Cash Conversion
About 76% of VTR's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers VTR's annualized dividend about 1.74x.
VTR generates roughly 1.74x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks well covered by operating cash flow on this method.
9. Dividend Yield
VTR is not a high-income REIT.
Put $10,000 into VTR at the current indicated yield and you'd get about $219 a year if the dividend stays the same.
Bottom line: If there is a case, it rests on operations and the share price, not on the current check.
10. Market Liquidity
About $301 million of VTR stock changes hands on an average trading day.
Bottom line: Daily volume of about $301 million is active for an equity REIT.
If you put $10,000 into VTR today, based on the numbers in this report:
VTR has $12.92B of total debt against $0.20B of cash (5.34x net debt / EBITDA). Interest coverage of 3.8x only partly offsets that load.
At 25.2x EV / EBITDA, a buyer is already paying for strong future results. A miss could hit the share price harder than it would at a cheaper name.
OCF dividend coverage is 1.74x and the indicated yield is 2.19%. The cash-flow cushion looks comfortable on this math.
Average daily dollar volume is $301.0M, active enough for most individual-sized trades.
Ventas already had the year (+34.6%). At 25.2x EV / EBITDA and a 2.19% yield, the multiple looks like a healthcare-growth price for a modest yield.
Coverage of the dividend is 1.74x, which is fine. The 2.19% yield is not what paid you last year. The +34.6% price move did.
25.2x EV / EBITDA, 5.34x leverage, 1.74x coverage, 2.2% yield. You already got paid on price. The current yield will not repeat that.
| Metric | VTR |
|---|---|
| Market Capitalization | $47.26B |
| Enterprise Value | $59.98B |
| Share Price | $91.52 |
| Revenue (TTM) | $6.42B |
| EBITDA (TTM) | $2.38B |
| EBIT (TTM) | $0.97B |
| Operating Cash Flow (TTM) | $1.80B |
| CapEx (TTM) | $0.40B |
| Cash | $0.20B |
| Total Debt | $12.92B |
| Average Daily $ Volume | $301.0M |
| Daily Equity Turnover | 0.64% |
| EV / EBITDA | 25.20x |
| EBITDA Yield on EV | 3.97% |
| EBITDA Margin | 37.07% |
| Net Debt / EBITDA | 5.34x |
| Net Debt / Market Cap | 26.92% |
| Net Debt / Enterprise Value | 21.21% |
| Debt / Total Capital | 21.47% |
| Cash / Debt | 1.54% |
| EV Premium to Equity | 26.91% |
| Operating Cash Flow Yield | 3.81% |
| OCF / EBITDA Conversion | 75.63% |
| CapEx / Operating Cash Flow | 22.48% |
| CapEx / Revenue | 6.30% |
| Post-CapEx Cash Yield | 2.95% |
| Dividend / OCF Burden | 0.57x |
| OCF Dividend Coverage | 1.74x |
| Implied Interest / Revenue | 9.79% |
| EBITDA Interest Coverage | 3.79x |
| Reported Interest Coverage (source) | 1.55x |
| Dividend Yield | 2.19% |
| 52-Week Price Change | +34.57% |
| Approx. 1-Year Total Carry | +36.76% |
| Beta (5Y) | 0.73 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/vtr/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.