Aureus
AExcellent

Ventas, Inc.(VTR)

A

Financial data as of Dec 31, 2025Improving · Real Estate

FCF Margin16.5%Free Cash Flow / Revenue
Cash Conversion—Operating CF / Net Income
Free Cash Flow$1.0B
Revenue$5.8B
Net Cash-$12.5BNet debt position
Debt / FCF13.7xElevated debt burden
Current Ratio0.96Tight short-term liquidity
YoY FCF Growth+21.2%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
-1High debt-to-FCF ratio (13.7x; 7.8x sector-adjusted)
→
+0.5Healthy FCF margin with manageable debt (16.5%, 13.7x; 7.8x sector-adjusted)
→
-1Current ratio below 1.0 (0.96)
→
+1Strong YoY FCF growth (21.2% YoY)
→
+0.5Highly consistent quarterly FCF
→
+0.25Solid revenue growth (22.0% YoY)
→
FinalA

Analysis Summary

Strengths

  • Strong FCF margin (16.5%)
  • Strong YoY FCF growth (+21.2%)
  • Highly consistent quarterly FCF
  • Strong revenue growth (22.0% YoY)

Concerns

  • Heavy debt position ($12.5B net debt, 13.7x FCF)
  • High debt-to-FCF ratio (13.7x)
  • Current ratio below 1.0 — tight short-term liquidity
Cash conversion ratio unavailable or not meaningful

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin16.5%
Net Margin4.3%
Operating CF Margin28.2%
CapEx Ratio11.0%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$12.5BNet debt position
Debt / FCF13.7xElevated debt burden
Current Ratio0.96Tight liquidity
Debt / Equity1.06Moderate leverage

Quarterly FCF Trend

+21.2% YoYImproving (+21.2%)

Free cash flow per quarter

Sector Comparison — Real Estate

FCF Margin ranked against sector peers

View all →

Detailed Metrics

Company NameVentas, Inc.
SectorReal Estate
Free Cash Flow$1.0B
Revenue$5.8B
Net Income$251.4M
Operating Cash Flow$1.6B
Capital Expenditure$644.6M
FCF Margin16.5%
Cash Conversion Rate—
Net Margin4.3%
Total Debt$13.2B
Total Cash$741.1M
Net Cash-$12.5B
Current Ratio0.96
Debt / Equity1.06
Debt / FCF13.7x
YoY FCF Growth+21.2%
Positive Quarters5 of 5
Trend DirectionImproving
Report DateDec 31, 2025
GradeA
Data SourceYahoo Finance

Related Research

All research →
Sector Report4 min read

Real Estate: Sixteen A-Grades, One Disaster

Real estate prints a 46% median FCF margin with 16 A-grades. Equinix remains the lone failure at negative 9.7%.

May 15, 2026
OCCIVICIPSA+6
Sector Report5 min read

Real Estate: 11 A-Grades With Equinix Broken

The REIT sector prints 47% median margins with 11 A-grades. Then there's Equinix at -4.3% and declining.

Apr 10, 2026
OCCIVICIPSA+16