# Ventas, Inc. (VTR) — Stock CV

Ventas, Inc. is a $42.1B real estate company. Revenue grew 21.5% over the last year, it keeps 4¢ of every dollar of sales as profit, and its net debt equals ~6.9 years of free cash flow. It trades at 165.0× earnings — around the middle of its own history.

> Ventas owns a diversified healthcare portfolio of almost 1,400 in-place properties spread across the senior housing, medical office, hospital, life science, and skilled nursing/post-acute care.

## Identity

- **Ticker**: VTR
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: CHICAGO, IL
- **Employees**: 542
- **Website**: https://www.ventasreit.com
- **Market cap**: $42.1B
- **Last price**: $82.04
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.44B
- **Net income**: $263M
- **Free cash flow**: $1.80B
- **Net debt**: $12.5B
- **P/E**: 165.0
- **Revenue growth (YoY)**: 21.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 56 |
| Growth | 70 |
| Profitability | 28 |
| Health | 11 |
| Quality | 67 |
| Moat | 30 |

## Qualifications (beginner checklist) — 6 of 11 passed

- [x] Revenue growing — +21.5% YoY
- [x] Profitable — $263M TTM
- [ ] Profit growing — -14.2% YoY
- [x] Generates cash — $1.80B TTM
- [ ] Debt under control — ~6.9y of cash flow to repay
- [x] Established company — $42.1B market cap
- [ ] Not printing shares — +24.0% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — Altman Z -0.3 — distress
- [x] Pays a dividend — yield 2.14%
- [ ] Valuation not extreme — P/E 165.0

## Experience (career milestones)

- **2021** — Ventas announced the acquisition of New Senior Investment Group
- **FY2017** — Best year on record: $1.36B net income
- **FY2016** — First recorded profitable year: $649M net income
- **FY2016** — Revenue already above $1B: $3.44B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — Ventas acquired the real estate investments of Ardent Health Services in 2015
- **1998** — The company was founded in 1998 as a spin-off of Vencor, a company founded by Bruce Lunsford, who would later be an…

## Strengths

- High gross margin (40.2%)
- Revenue growing 21.5% year over year
- Strong cash conversion — FCF is 28.0% of revenue
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Altman Z-Score -0.26 — elevated financial-distress risk
- Thin interest coverage (1.4×)
- Loss-making in 2 of the recent years
- Net debt equals ~6.9 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.83B | $49.0M | $1.03B |
| FY2022 | $4.13B | -$47.4M | $1.12B |
| FY2023 | $4.50B | -$41.0M | $1.12B |
| FY2024 | $4.92B | $81.2M | $1.33B |
| FY2025 | $5.83B | $251M | $1.65B |

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Source: https://stockcv.com/VTR — derived from company filings; may be delayed or incomplete. Information, not investment advice.