| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 15 | 166.6x | 17.8x | Bottom tier | |
Growth | 79 | 21.5% | 7.1% | Top tier | |
Quality | 17 | 3.4% | 4.5% | Bottom tier | |
Safety | 42 | 5.0x | 2.6x | Around median | |
Capital Return | 52 | 2.12% | 2.12% | Around median | |
Momentum | 77 | 35.1% | 2.9% | Top tier | |
Sentiment | 75 | 6 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Ventas, Inc. is a healthcare real estate investment company focused on senior housing, medical and research properties, and triple-net leased assets. The main growth driver is the senior housing operating portfolio, SHOP, where the company combines occupancy and rate growth with the Ventas OI asset management platform, while the outpatient medical and research portfolio, OM&R, and triple-net leases provide additional income sources. Management aims for SHOP to represent approximately 60% of a $60 billion enterprise by the end of fiscal year 2026, after directing most of its investments since the beginning of 2024 toward senior housing.
In quarter 2 of fiscal year 2026, revenue according to EDGAR was approximately $1.7 billion, net income was $70.6 million, and GAAP earnings per share were $0.14, equivalent to a net income margin of approximately 4.2%. Normalized funds from operations were $0.97 per share, up 9% year over year, while company-wide same-store cash net operating income increased 10%. SHOP led the operating mix with same-store net operating income growth of 16%, compared with 5% for the OM&R portfolio and 3% for the triple-net portfolio.
Within SHOP, same-store revenue increased approximately 9% in quarter 2 of fiscal year 2026, driven by a 300-basis-point increase in average occupancy and 5% RevPOR growth, while operating expenses increased 5%. As a result of operating leverage, the net operating income margin expanded 210 basis points to 31%, and the incremental revenue flow-through to margin reached 55%. The U.S. portfolio was the strongest driver, delivering 18% net operating income growth and a 360-basis-point year-over-year increase in occupancy.
The average analyst price target is $98.85, within a wide range of $88 to $110, and the consensus rating is Buy; the average is below the 52-week range high of $101.6, while the highest target exceeds that high. A usable price-to-earnings ratio is not available in the provided data, so the valuation is based on expected normalized funds from operations growth of between 8% and 10% in fiscal year 2026 against equity financing, interest rate, and execution risks; the 52-week range of $66.38–$101.6 also reflects high sensitivity to occupancy and acquisition expectations.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
The main driver is the senior housing operating portfolio, SHOP, which delivered 16% same-store net operating income growth during quarter 2 of fiscal year 2026. In the United States, growth reached 18% with a 360-basis-point year-over-year increase in occupancy. RevPOR also increased 5%, helping same-store revenue grow approximately 9% and expanding the net operating income margin to 31%.
On July 30, 2026, the company raised its normalized funds from operations guidance range to $3.85–$3.90 per share, compared with a previous midpoint that was $0.02 lower. Higher senior housing investments added $0.03 per share after accounting for increased capital recycling, while interest rates, the stronger dollar, and the share price effect deducted $0.01. The new range represents expected year-over-year growth of between 8% and 10%.
Ventas raised its fiscal year 2026 investment guidance from $3 billion to $4.5 billion, with a primary focus on senior housing. Since the beginning of fiscal year 2026, it has completed more than $3 billion across 27 transactions, with an average expected first-year yield of 6.6%. The transactions also targeted unlevered internal rates of return ranging from the low teens to the mid-teens, with an average cost of $358 thousand per unit.
Automated analysis for informational purposes only — not investment advice.
Occupancy in the U.S. senior housing portfolio was 87%, while occupancy in non-same-store assets was 83% in quarter 2 of fiscal year 2026. Same-store U.S. communities with occupancy of 90% or higher delivered 25% net operating income growth and 6% RevPOR growth. Approximately 10% of SHOP communities also operate at or near full occupancy, providing operational evidence of the potential to continue increasing occupancy and margins.
EDGAR data showed net income of $70.6 million and GAAP earnings per share of $0.14 in quarter 2 of fiscal year 2026. In contrast, Ventas reported normalized funds from operations of $0.97 per share, up 9% year over year and exceeding an estimate of $0.96. Management uses normalized funds from operations to measure the performance of the real estate investment trust, while earnings per share of $0.14 remains the accounting measure tied to net income.
SHOP guidance is tied to the selling season from May to September and maintaining year-over-year occupancy growth of approximately 300 basis points, so weak move-ins could reduce operating leverage. The $4.5 billion investment plan is also being executed amid increasing competition and declining capitalization rates, with clear reliance on equity financing after raising $4.2 billion since the beginning of fiscal year 2026. In addition, interest rates and the stronger dollar pressured guidance, while the research portfolio recorded a negative annualized impact of $900 thousand due to several tenant non-renewals.
