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Ventas

VTR on NYSE. Ventas rents senior housing and healthcare buildings to operators and tenants. Market value $41.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. 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.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
3.6%fair

For every $100 of what the whole company costs, it produced $3.59 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
64.6×full

You pay 64.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
1.6%five-year median

Each dollar kept in the business earns 2 cents a year. Above 10 is good.

Quality score: 63 of 100. Price score: 23 of 100. Our list needs 70 on quality and 60 on price.

$81.36 a share, 22% above its 1-year low

Over the past year the price has ranged from $66.93 to $101.60.

Dividend: 2.1% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.8
0.2
0.5
-1.2
-1.3
1.5
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $1.5 billion in the past 12 months, a shortfall of $1.3 billion in the year to December 2025.

Revenue
$3.8bn$4.1bn$4.5bn$4.9bn$5.8bn
Operating margin
7.3%9.0%10.2%12.1%14.0%
Debt to equity
1.131.251.421.261.04
Shares outstanding
0.40bn0.40bn0.42bn0.47bn0.51bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • Debt1.04× equity
  • Revenue growth, five yearsSlow, 9.0% a year
  • Buying back its own sharesNo, 28% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.7 billion last quarter, up 22% on a year ago.
  • Profit: $71 million, up 3% on a year ago.
  • Spare cash over the past 12 months: $1.5 billion, up from $1.2 billion.
  • 8% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $12.5 billion more than cash, up from $12.4 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.2bn
December 2024$1.3bn
March 2025$1.4bn
June 2025$1.4bn
September 2025$1.5bn
December 2025$1.6bn
March 2026$1.7bn
June 2026$1.7bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$19m
December 2024$57m
March 2025$47m
June 2025$68m
September 2025$66m
December 2025$70m
March 2026$56m
June 2026$71m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
27 October 2026
Last annual report (10-K)
6 February 2026
Next quarterly (estimated, 10-Q)
29 October 2026

Who owns it

4 long-term investors we follow own it, down from 5 last quarter. 951 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $197,025 of shares on the open market. 5 sold $58m, $55m of it under preset trading plans.

  • EMBLER MICHAEL J
    Director
    Bought
    Date
    3 June 2026
    Shares
    2,500
    Price
    $78.81
    Value
    $197,025
  • RAKOWICH WALTER C
    Director
    Sold
    under a preset trading plan
    Date
    14 May 2026
    Shares
    1,152
    Price
    $90.20
    Value
    $103,910
  • Roberts Carey S.
    EVP and GC
    Sold
    Date
    11 February 2026
    Shares
    35,532
    Price
    $85.00
    Value
    $3m
  • CAFARO DEBRA A
    Chairman and CEO, Director
    Sold
    under a preset trading plan
    Date
    6 February 2026
    Shares
    10,322
    Price
    $82.23
    Value
    $848,778
  • CAFARO DEBRA A
    Chairman and CEO, Director
    Sold
    under a preset trading plan
    Date
    2 February 2026
    Shares
    10,322
    Price
    $77.66
    Value
    $801,607
  • Probst Robert F
    EVP and CFO
    Sold
    under a preset trading plan
    Date
    2 January 2026
    Shares
    29,930
    Price
    $77.25
    Value
    $2m
  • CAFARO DEBRA A
    Chairman and CEO, Director
    Sold
    under a preset trading plan
    Date
    2 January 2026
    Shares
    10,322
    Price
    $77.26
    Value
    $797,478
  • CAFARO DEBRA A
    Chairman and CEO, Director
    Sold
    under a preset trading plan
    Date
    1 December 2025
    Shares
    10,322
    Price
    $80.55
    Value
    $831,437
  • Bulgarelli Peter J.
    EVP OM&R-Ventas/Pres&CEO-LHS
    Sold
    under a preset trading plan
    Date
    19 November 2025
    Shares
    2,229
    Price
    $80.08
    Value
    $178,498
  • Bulgarelli Peter J.
    EVP OM&R-Ventas/Pres&CEO-LHS
    Sold
    under a preset trading plan
    Date
    18 November 2025
    Shares
    2,771
    Price
    $80.01
    Value
    $221,708

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: 64.6× 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
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What a finished deep dive looks like

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.