Ventas
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Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. The last earnings update was 21 days ago. More info.
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VTR Share Price and Events
7 Day Returns
1 Year Returns
VTR Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Ventas (VTR) | 2.4% | 10.1% | 0.4% | 24.5% | -0.8% | -3.1% |
| US REITs | 1.8% | 2.4% | 3.1% | 16.3% | 13.8% | 26.4% |
| US Market | -0.7% | -2% | 2.4% | 3% | 39.2% | 42% |
1 Year Return vs Industry and Market
- VTR outperformed the REITs industry which returned 16.3% over the past year.
- VTR outperformed the Market in United States of America which returned 3% over the past year.
Value
Is Ventas undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Ventas
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Ventas.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 9 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.6% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (46.44%)) |
0.816 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.82 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.816 * 5.96%) |
7.6% |
Discounted Cash Flow Calculation for NYSE:VTR using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Ventas is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Ventas is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.6%) |
|
|---|---|---|---|
| 2019 | 1,231.16 | Analyst x8 | 1,144.25 |
| 2020 | 1,248.75 | Analyst x9 | 1,078.68 |
| 2021 | 1,361.01 | Analyst x2 | 1,092.66 |
| 2022 | 1,420.42 | Est @ 4.37% | 1,059.86 |
| 2023 | 1,475.46 | Est @ 3.87% | 1,023.21 |
| 2024 | 1,527.56 | Est @ 3.53% | 984.56 |
| 2025 | 1,577.83 | Est @ 3.29% | 945.18 |
| 2026 | 1,627.10 | Est @ 3.12% | 905.89 |
| 2027 | 1,675.99 | Est @ 3% | 867.24 |
| 2028 | 1,724.97 | Est @ 2.92% | 829.58 |
| Present value of next 10 years cash flows | $9,931.11 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $1,724.97 × (1 + 2.73%) ÷ (7.6% – 2.73%) |
$36,424.09 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $36,424.09 ÷ (1 + 7.6%)10 |
$17,517.20 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $9,931.11 + $17,517.20 |
$27,448.31 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $27,448.31 / 361.38 |
$75.96 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $75.96 |
| Current discount | Discount to share price of
$64.97
= -1 x ($64.97 - $75.96) / $75.96 |
14.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Ventas's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- Ventas's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Ventas's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Ventas's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $1.28 |
| NYSE:VTR Share Price ** | NYSE (2019-05-17) in USD | $64.97 |
| United States of America REITs Industry PE Ratio | Median Figure of 156 Publicly-Listed REITs Companies | 32.79x |
| United States of America Market PE Ratio | Median Figure of 3,088 Publicly-Listed Companies | 17.89x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Ventas.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:VTR Share Price ÷ EPS (both in USD) = 64.97 ÷ 1.28 |
50.73x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Ventas is overvalued based on earnings compared to the US REITs industry average.
- Ventas is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Ventas's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 50.73x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts |
0.7%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 2.4x |
| United States of America Market PEG Ratio | Median Figure of 2,117 Publicly-Listed Companies | 1.56x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 50.73x ÷ 0.7% |
74.27x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Ventas is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Ventas's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $28.32 |
| NYSE:VTR Share Price * | NYSE (2019-05-17) in USD | $64.97 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.86x |
| United States of America Market PB Ratio | Median Figure of 5,195 Publicly-Listed Companies | 1.83x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:VTR Share Price ÷ Book Value per Share (both in USD) = 64.97 ÷ 28.32 |
2.29x |
* Primary Listing of Ventas.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Ventas is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess Ventas's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Ventas has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is Ventas expected to perform in the next 1 to 3 years based on estimates from 9 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Ventas's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
- Ventas's earnings growth is positive but not above the United States of America market average.
- Ventas's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:VTR Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts | 0.7% |
| NYSE:VTR Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts | 1.7% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.7% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.9% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 3,889 | 474 | 2 | |
| 2020-12-31 | 3,810 | 1,530 | 464 | 9 |
| 2019-12-31 | 3,746 | 1,448 | 464 | 7 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 3,714 | 1,410 | 457 |
| 2018-12-31 | 3,702 | 1,381 | 409 |
| 2018-09-30 | 3,668 | 1,378 | 740 |
| 2018-06-30 | 3,646 | 1,429 | 1,252 |
| 2018-03-31 | 3,607 | 1,391 | 1,237 |
| 2017-12-31 | 3,565 | 1,429 | 1,357 |
| 2017-09-30 | 3,560 | 1,448 | 1,172 |
| 2017-06-30 | 3,527 | 1,435 | 707 |
| 2017-03-31 | 3,481 | 1,441 | 699 |
| 2016-12-31 | 3,447 | 1,355 | 650 |
| 2016-09-30 | 3,410 | 1,376 | 569 |
| 2016-06-30 | 3,369 | 1,335 | 465 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
All data from Ventas Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 1.26 | 1.26 | 1.26 | 1.00 |
| 2020-12-31 | 1.29 | 1.43 | 1.17 | 8.00 |
| 2019-12-31 | 1.28 | 1.45 | 1.13 | 9.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 1.28 |
| 2018-12-31 | 1.15 |
| 2018-09-30 | 2.08 |
| 2018-06-30 | 3.52 |
| 2018-03-31 | 3.48 |
| 2017-12-31 | 3.82 |
| 2017-09-30 | 3.30 |
| 2017-06-30 | 2.00 |
| 2017-03-31 | 2.00 |
| 2016-12-31 | 1.89 |
| 2016-09-30 | 1.68 |
| 2016-06-30 | 1.39 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Ventas's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Ventas has a total score of 0/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Ventas performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Ventas's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
- Ventas's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Ventas's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
All data from Ventas Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 3,714.19 | 456.55 | 155.57 | |
| 2018-12-31 | 3,701.58 | 409.48 | 151.98 | |
| 2018-09-30 | 3,667.75 | 739.77 | 148.44 | |
| 2018-06-30 | 3,645.89 | 1,251.78 | 142.08 | |
| 2018-03-31 | 3,607.47 | 1,237.11 | 138.70 | |
| 2017-12-31 | 3,564.55 | 1,356.58 | 135.49 | |
| 2017-09-30 | 3,559.64 | 1,171.82 | 132.05 | |
| 2017-06-30 | 3,526.62 | 707.41 | 130.30 | |
| 2017-03-31 | 3,481.14 | 698.86 | 129.11 | |
| 2016-12-31 | 3,447.00 | 650.15 | 126.88 | |
| 2016-09-30 | 3,409.89 | 569.41 | 123.02 | |
| 2016-06-30 | 3,368.98 | 465.07 | 123.57 | |
| 2016-03-31 | 3,331.02 | 453.34 | 125.44 | |
| 2015-12-31 | 3,283.93 | 406.74 | 128.04 | |
| 2015-09-30 | 3,171.16 | 366.16 | 128.51 | |
| 2015-06-30 | 3,049.10 | 411.89 | 125.86 | |
| 2015-03-31 | 2,835.84 | 360.88 | 123.20 | |
| 2014-12-31 | 2,772.41 | 376.03 | 121.74 | |
| 2014-09-30 | 2,776.46 | 398.11 | 123.98 | |
| 2014-06-30 | 2,783.23 | 434.62 | 123.18 | |
| 2014-03-31 | 2,867.54 | 487.18 | 119.20 | |
| 2013-12-31 | 2,514.09 | 374.34 | 115.08 | |
| 2013-09-30 | 2,728.74 | 482.60 | 107.78 | |
| 2013-06-30 | 2,672.85 | 470.73 | 105.99 | |
| 2013-03-31 | 2,600.89 | 381.20 | 105.09 | |
| 2012-12-31 | 2,486.66 | 308.81 | 98.51 | |
| 2012-09-30 | 2,394.56 | 400.05 | 99.02 | |
| 2012-06-30 | 2,294.35 | 387.54 | 92.77 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Ventas has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Ventas used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- Ventas has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Ventas's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Ventas has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Ventas's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Ventas's finances.
The net worth of a company is the difference between its assets and liabilities.
- Ventas's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Ventas's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Ventas Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 10,412.40 | 10,904.22 | 82.51 |
| 2018-12-31 | 10,459.74 | 10,733.70 | 72.28 |
| 2018-09-30 | 10,656.31 | 10,478.46 | 86.11 |
| 2018-06-30 | 10,827.39 | 10,402.90 | 93.68 |
| 2018-03-31 | 10,936.60 | 11,039.81 | 92.54 |
| 2017-12-31 | 11,090.68 | 11,276.06 | 81.36 |
| 2017-09-30 | 10,970.06 | 11,424.15 | 85.06 |
| 2017-06-30 | 10,624.31 | 11,908.00 | 103.35 |
| 2017-03-31 | 10,655.26 | 11,943.73 | 91.28 |
| 2016-12-31 | 10,729.48 | 11,127.33 | 286.71 |
| 2016-09-30 | 10,779.72 | 11,252.33 | 89.30 |
| 2016-06-30 | 9,967.46 | 10,901.13 | 57.32 |
| 2016-03-31 | 9,862.27 | 11,247.73 | 51.70 |
| 2015-12-31 | 9,821.96 | 11,207.00 | 53.02 |
| 2015-09-30 | 9,868.51 | 11,268.56 | 65.23 |
| 2015-06-30 | 11,293.15 | 11,507.86 | 60.53 |
| 2015-03-31 | 11,370.21 | 11,603.93 | 120.23 |
| 2014-12-31 | 8,926.41 | 10,844.35 | 55.35 |
| 2014-09-30 | 8,786.25 | 10,469.11 | 64.60 |
| 2014-06-30 | 8,899.95 | 9,602.44 | 86.64 |
| 2014-03-31 | 8,970.04 | 9,481.05 | 59.79 |
| 2013-12-31 | 9,060.47 | 9,378.09 | 94.82 |
| 2013-09-30 | 9,136.33 | 9,413.32 | 54.67 |
| 2013-06-30 | 9,190.74 | 8,420.07 | 62.42 |
| 2013-03-31 | 9,181.11 | 8,318.91 | 57.69 |
| 2012-12-31 | 9,263.92 | 8,436.85 | 67.91 |
| 2012-09-30 | 9,575.64 | 7,494.77 | 58.53 |
| 2012-06-30 | 9,639.24 | 7,228.33 | 52.80 |
- Ventas's level of debt (104.7%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (105.7% vs 104.7% today).
- Debt is not well covered by operating cash flow (12.9%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 2.1x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Ventas's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Ventas has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Ventas's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Ventas
shares you are expected to receive
$98
in your first year as a dividend.
Dividend Amount
- Ventas's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
- Ventas's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment
Purchase Ventas before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.9% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2000 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 3.27 | 4.00 |
| 2020-12-31 | 3.23 | 15.00 |
| 2019-12-31 | 3.18 | 15.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-15 | 3.170 | 4.906 |
| 2019-04-29 | 3.170 | 5.117 |
| 2019-04-26 | 3.170 | 5.263 |
| 2018-12-10 | 3.170 | 5.119 |
| 2018-09-14 | 3.160 | 5.473 |
| 2018-05-16 | 3.160 | 5.571 |
| 2018-04-27 | 3.160 | 5.999 |
| 2017-12-11 | 3.160 | 6.001 |
| 2017-08-30 | 3.100 | 4.783 |
| 2017-05-18 | 3.100 | 4.578 |
| 2017-02-14 | 2.965 | 4.658 |
| 2017-02-10 | 2.965 | 4.777 |
| 2016-08-29 | 2.920 | 4.541 |
| 2016-02-12 | 3.040 | 4.645 |
| 2015-05-14 | 3.160 | 5.449 |
| 2015-04-24 | 3.160 | 4.564 |
| 2014-12-11 | 3.160 | 4.238 |
| 2014-09-02 | 2.900 | 4.363 |
| 2014-05-21 | 2.900 | 4.491 |
| 2014-02-14 | 2.900 | 4.586 |
| 2013-12-09 | 2.900 | 4.883 |
| 2013-09-03 | 2.680 | 4.325 |
| 2013-05-17 | 2.680 | 3.938 |
| 2013-02-15 | 2.680 | 3.597 |
| 2012-12-07 | 2.480 | 3.782 |
| 2012-08-30 | 2.480 | 3.881 |
| 2012-05-17 | 2.480 | 3.989 |
| 2012-02-17 | 2.480 | 4.355 |
| 2011-12-05 | 2.300 | 4.146 |
| 2011-08-19 | 2.300 | 4.465 |
| 2011-05-16 | 2.300 | 4.378 |
| 2011-02-17 | 2.300 | 4.243 |
| 2010-12-07 | 2.140 | 4.054 |
| 2010-09-02 | 2.140 | 4.053 |
| 2010-05-03 | 2.140 | 4.396 |
| 2010-02-18 | 2.140 | 4.594 |
| 2009-12-04 | 2.050 | 4.735 |
| 2009-08-31 | 2.050 | 5.164 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Ventas's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.2x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (448.4x coverage).
Income/ dividend checks
We assess Ventas's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Ventas afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Ventas has a total score of 6/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $13,116,202 |
| AGE | 60 |
| TENURE AS CEO | 20.2 years |
CEO Bio
Ms. Debra A. Cafaro, also known as Deb, J.D., has been the Chief Executive Officer at Ventas, Inc. since March 5, 1999 and has been its Chairman since January 28, 2003. Ms. Cafaro serves as the Chief Executive Officer and President at Ventas Capital. She serves as Chief Executive Officer and President of ElderTrust - General Partner of Ventas Capital Corp. She served as the President at Ambassador Apartments Inc. from April 1997 to May 1998. Ms. Cafaro was a Founding Member at Barack Ferrazzano, where she practiced real estate, corporate and finance law for 13 years. Ms. Cafaro became a Partner in 1987 at Barack Ferrazzano. She served as the President of Ventas, Inc. from March 5, 1999 to November 2010. She served as Chairman of National Association of Real Estate Investment Trusts Inc. from 2009 to 2010. She was the First Vice Chair of NAREIT from 2008 to 2009. She has been the Chair of Real Estate Roundtable, The since July 1, 2018 and its Director since 2011, and was its Secretary since 2017. She is the Chair Elect of the Economic Club of Chicago. She serves as a Director of World Business Chicago, Ventas Realty LP and Ventas Capital. Ms. Cafaro is also a member of the Boards of University of Chicago, Chicago Infrastructure Trust, Executives’ Club of Chicago, Chicago Symphony Orchestra. She serves as a Member of the Advisory Board at Ceres Real Estate Partners, LLC. Ms. Cafaro serves as an Independent Director of General Growth Properties, Inc. She has been a Director of Ventas, Inc., since 1999. Ms. Cafaro is a Member of the Board of Governors of the National Association of Real Estate Investment Trusts Inc. She has been a Director of The PNC Financial Services Group, Inc. and PNC Bank, National Association since August 10, 2017 and GGP Inc. since March 2010. She served as a Director of Weyerhaeuser Co. since February 15, 2007 until February 19, 2016. She served as Director at Ambassador Apartments Inc. since April 1997. Ms. Cafaro is admitted to the Bar in Illinois and Pennsylvania. She is a Member of the Law School and Chapter Director of the National Association of Corporate Directors. She is a member of the Business Council. Ms. Cafaro was an Adjunct Professor of Law at Northwestern University Law School from 1988 to 1992. In 2011, she was named one of the Top 25 Women in Healthcare by Modern Healthcare and one of the Women to Watch by Crain's Chicago Business. She was also voted to Institutional Investor's "2011 All-American Executive Team." In 2010, Forbes named Ms. Cafaro one of the ten "Best CEOs." She was also a recipient of the Aiming High Award from Legal Momentum, which recognizes remarkable women whose personal leadership has broken new ground for women in business (2009). Ms. Cafaro has been named an Outstanding Woman by National Real Estate Investor Magazine (2008), a Woman of Influence by Real Estate Forum (2008), Female Leader of the Year by Commercial Property News (2007), one of "50 Women to Watch" by the Wall Street Journal (2004), and one of the "Best of the Best" REIT CEOs (2003). She received her J.D. cum laude from the University of Chicago Law School in 1982 and B.A. magna cum laude from the University of Notre Dame in 1979.
CEO Compensation
- Deb's compensation has been consistent with company performance over the past year.
- Deb's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Ventas management team in years:
- The tenure for the Ventas management team is about average.
Management Team
Deb Cafaro
Chairman & CEO
$13M
60
20.2 yrs
Bob Probst
Executive VP & CFO
$5M
50
4.6 yrs
John Cobb
Executive VP & Chief Investment Officer
$5M
47
8.5 yrs
T. Riney
EVP, Chief Administrative Officer
$4M
60
12.3 yrs
Pete Bulgarelli
Executive Vice President of Office
$2M
57
1.1 yrs
Greg Liebbe
Senior VP
3.7 yrs
Bhavana Devulapally
Senior VP & Chief Information Officer
0.3 yrs
Juan Sanabria
Vice President of Investor Relations
0.3 yrs
Louise Adhikari
Vice President of Marketing & Corporate Communications
Ed Brady
Chief Human Resources Officer & Senior VP
4.9 yrs
Board of Directors Tenure
Average tenure and age of the Ventas board of directors in years:
- The tenure for the Ventas board of directors is about average.
Board of Directors
Denny Shelton
Presiding Director
$331K
65
3 yrs
Deb Cafaro
Chairman & CEO
$13M
60
16.3 yrs
Bob Reed
Director
$291K
66
11.2 yrs
Rick Gilchrist
Director
$300K
72
7.8 yrs
Jay Gellert
Director
$291K
64
17.7 yrs
Matt Lustig
Director
$269K
58
8 yrs
Melody Barnes
Director
$294K
54
4.7 yrs
Walt Rakowich
Director
$286K
60
2.9 yrs
Roxanne Martino
Director
$289K
61
2.9 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18. Apr 19 | Sell | Gregory Liebbe | Individual | 20. Mar 19 | 20. Mar 19 | -4,113 | $60.68 | $-249,537 | ||
| 29. Mar 19 | Sell | John Cobb | Individual | 28. Mar 19 | 28. Mar 19 | -10,000 | $64.88 | $-648,751 | ||
Management checks
We assess Ventas's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Ventas has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Three Things You Should Check Before Buying Ventas, Inc. (NYSE:VTR) For Its Dividend
A dividend paying company with growing earnings can be rewarding in the long term. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … With Ventas yielding 5.3% and having paid a dividend for over 10 years, many investors likely find the company quite interesting.
Simply Wall St - – Full articleIs Ventas, Inc. (NYSE:VTR) Excessively Paying Its CEO?
First, this article will compare CEO compensation with compensation at other large companies. … How Does Deb Cafaro's Compensation Compare With Similar Sized Companies. … has a market cap of US$22b, and is paying total annual CEO compensation of US$13m.
Simply Wall St - – Full articleHow To Look At Ventas, Inc. (NYSE:VTR)
real estate investment trust (REIT) based in Chicago, United States. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation
Simply Wall St - – Full articleHave Insiders Been Selling Ventas, Inc. (NYSE:VTR) Shares?
(NYSE:VTR), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Over the last year, we can see that the biggest insider sale was by Director Melody Barnes for US$212k worth of shares, at about US$53.37 per share.
Simply Wall St - – Full articleIs Ventas, Inc.'s (NYSE:VTR) 7.0% ROE Strong Compared To Its Industry?
This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.070 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleInvesting In Ventas Inc (NYSE:VTR): What You Need To Know
This impacts how VTR’s business operates and also how we should analyse its stock. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of VTR’s daily operations
Simply Wall St - – Full articleDoes Ventas Inc's (NYSE:VTR) CEO Pay Compare Well With Peers?
This analysis aims first to contrast CEO compensation with other large companies. … How Does Deb Cafaro's Compensation Compare With Similar Sized Companies. … Our data indicates that Ventas Inc is worth US$20.4b, and total annual CEO compensation is US$25m.
Simply Wall St - – Full articleIs Ventas Inc (NYSE:VTR) A Healthy REIT?
real estate investment trust (REIT) based in Chicago, United States. … Funds from Operations (FFO) is a higher quality measure of VTR's earnings compared to net income … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleIs Buying Ventas Inc (NYSE:VTR) For Its Upcoming US$0.79 Dividend A Good Choice?
If you are interested in cashing in on Ventas Inc's (NYSE:VTR) upcoming dividend of US$0.79 per share, you only have 2 days left to buy the shares before its ex-dividend date, 29 June 2018, in time for dividends payable on the 12 July 2018. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Ventas's latest financial data to analyse its dividend characteristics. … Here's how I find good dividend stocks
Simply Wall St - – Full articleA Holistic Look At Ventas Inc (NYSE:VTR)
Ventas Inc (NYSE:VTR) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … dividend-paying company
Simply Wall St - – Full articleCompany Info
Description
Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of approximately 1,200 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, university-based research and innovation centers, inpatient rehabilitation and long-term acute care facilities, and health systems. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. References to “Ventas” or the “Company” mean Ventas, Inc. and its consolidated subsidiaries unless otherwise expressly noted.
Details
| Name: | Ventas, Inc. |
| VTR | |
| Exchange: | NYSE |
| Founded: | 1983 |
| $23,478,584,816 | |
| $23,284,530,471 | |
| 361,375,786 | |
| Website: | http://www.ventasreit.com |
| Address: |
Ventas, Inc. 353 North Clark Street, Suite 3300, Chicago, Illinois, 60654, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | VTR | Common Stock | New York Stock Exchange | US | USD | 19. Sep 1989 | |
| DB | VEN | Common Stock | Deutsche Boerse AG | DE | EUR | 19. Sep 1989 | |
| LSE | 0LO4 | Common Stock | London Stock Exchange | GB | USD | 19. Sep 1989 |
Number of employees
Current staff
Industry
| Health Care REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/20 01:44 |
| End of day share price update: | 2019/05/17 00:00 |
| Last estimates confirmation: | 2019/05/16 |
| Last earnings filing: | 2019/04/29 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
