Ventas Inc
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+ FollowMarket Cap$44.99B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong operating performance; SHOP is driving growth
- Q3’26 normalized FFO/share: $0.99, +10% YoY
- Total company same-store cash NOI: +11% YoY (record-high), driven by SHOP +16% YoY
- SHOP same-store cash NOI: +16% YoY for the quarter (17th consecutive quarter of double-digit growth)
- Occupancy tailwind: average occupancy +120 bps sequentially; +290 bps YoY (U.S. led by +320 bps YoY, and independent living +340 bps YoY)
- RevPOR: +5% (improving vs 4.7% last year and 4.4% the year before)
- Margins: same-store cash NOI margin +190 bps YoY to 30.7%; 53% incremental margin flow-through
Outlook upgrade for 2026 (forecast)
- Company increased full-year normalized FFO/share guidance to $3.87–$3.90 (midpoint improvement)
- Implies ~9%–10% YoY growth
- Normalized FFO guide was raised again due to 2026 investment activity (not because of demand deterioration)
- Same-store cash NOI guidance reaffirmed (for each segment and total company)
- Net income guidance also raised to $0.64–$0.67/share (midpoint $0.66)
- Q4/late-year expectations: pipeline strong; guidance assumes refinancing of maturing debt; expects ~$700M of dispositions/loan repayments at about 7% yield to close in Q4
Financial profile improving; balance sheet flexibility
- Net debt to EBITDA: 4.4x, stated as best leverage in well over a decade and nearly a full turn improvement YoY
- Credit improvement attributed to organic property growth + equity-funded investments
- Liquidity: $4.5B, giving flexibility to continue acquisitions amid capital-market volatility
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Share Statistics
| Market cap | $44.99 Billion |
|---|---|
| Enterprise Value | $44.79 Billion |
| Annual dividend | $2.04 |
| Dividend yield | 2.40% |
| Earnings per Share | $0.55 |
| Beta | 0.74 |
| Outstanding Shares | 513,946,000 |
Return
| Return on Equity | 1.81% |
|---|---|
| Return on Assets | 0.90% |
| Return on Invested Capital | 3.37% |
Valuation & Multiples
| P/E Ratio | 157.09 |
|---|---|
| PEG | -100.19 |
| Price to Sales | 6.86 |
| Price to Book Ratio | 3.08 |
| Enterprise Value to Revenue | 6.6 |
| Enterprise Value to EBIT | 44.82 |
| Enterprise Value to Net Income | 168 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.18
Consensus analyst estimateRevenue Estimate
$1.72 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$0.16
Consensus analyst estimateRevenue Estimate
$1.83 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 39.24% |
|---|---|
| Total Calls | 100▼ 99.98% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.23%▼ 107.82% |
|---|---|
| Total Invested | $1.33B▼ 97.18% |
| Investors Holding | 322▼ 658.00% |
About Ventas Inc
542 employees
CEO: Debra Cafaro
Ventas, an S&P 500 listed enterprise, occupies a distinctive position at the convergence of the healthcare and real estate industries. As a globally recognized leader among Real Estate Investment Trusts (REITs), the company strategically...