Sabra Health Care REIT
SBRA on Nasdaq. Sabra Health Care REIT leases healthcare properties to operators of nursing homes, senior housing, and hospitals. Market value $4.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Real estate stocks on the list
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 41.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 73 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$19.12 a share, 11% above its 1-year low
Over the past year the price has ranged from $17.17 to $22.77.
Dividend: 5.9% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $570m | $625m | $648m | $703m | $775m |
| Operating margin | |||||
| Operating margin | 31.5% | 20.3% | 20.3% | 34.6% | 34.3% |
| Debt to equity | |||||
| Debt to equity | 0.71 | 0.82 | 0.86 | 0.88 | 0.90 |
| Shares outstanding | |||||
| Shares outstanding | 0.23bn | 0.23bn | 0.24bn | 0.25bn | 0.26bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.90× equity
- Revenue growth, five yearsSlow, 5.3% a year
- Buying back its own sharesNo, 11% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $236 million last quarter, up 25% on a year ago.
- A loss of $25 million, after a profit of $66 million a year ago.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $2.4 billion more than cash, about the same as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $178m |
| December 2024 | $182m |
| March 2025 | $184m |
| June 2025 | $189m |
| September 2025 | $190m |
| December 2025 | $212m |
| March 2026 | $222m |
| June 2026 | $236m |
| Quarter to | Amount |
|---|---|
| September 2024 | $30m |
| December 2024 | $47m |
| March 2025 | $40m |
| June 2025 | $66m |
| September 2025 | $23m |
| December 2025 | $27m |
| March 2026 | $41m |
| June 2026 | -$25m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 463 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $7m | <0.1% | Cut |
| Polaris Capital ManagementBernard Horn | $2m | 0.2% | Added |
| Gotham Asset ManagementJoel Greenblatt | $458,797 | <0.1% | Cut |
Largest holders overall
- BlackRock$812mAdded
- Principal Financial Group$482m
- Vanguard Portfolio Management$456m
- State Street$240m
- Vanguard Capital Management$221m
- Geode Capital Management$154mAdded
- Centersquare Investment Management$113mAdded
- Bank of America$103mCut
- Charles Schwab Investment Management$94m
- Nuveen$87mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor9.2%Since 31 March 2026
- PRINCIPAL REAL ESTATE INVESTORS LLCPassive investorat least 8.6%+0.3 pts(filed with 1 related holder)Since 31 December 2025
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 9.2% | 31 March 2026 | |
PRINCIPAL REAL ESTATE INVESTORS LLC Passive investor | at least 8.6%+0.3 pts (filed with 1 related holder) | 31 December 2025 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $4m, $4m of it under preset trading plans.
- MATROS RICHARD KChair, CEO and President, DirectorSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 200,000
- Price
- $20.83
- Value
- $4m
- FLORES JESSICAExecutive VP & CAOSold
- Date
- 25 March 2026
- Shares
- 15,231
- Price
- $19.86
- Value
- $302,488
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 September 2026 | MATROS RICHARD K Chair, CEO and President, Director | Sold under a preset trading plan | 200,000 | $20.83 | $4m |
| 25 March 2026 | FLORES JESSICA Executive VP & CAO | Sold | 15,231 | $19.86 | $302,488 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 41.3× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.