Ventas, Inc. (VTR) intrinsic value & 10-year financials
Ventas, Inc. (VTR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 6.0% a year to $5.8B, with an average return on invested capital of 1.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $85.86
- Market cap
- $39.7B
- Revenue (FY2025)
- $5.8B
- Revenue growth (10-yr CAGR)
- 6.0%
- ROIC (10-yr avg)
- 1.7%
- Free cash flow (FY2025)
- -$1.3B
VTR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.8B | $261.5M | $0.54 | -$1.3B | — | 1.1% |
| FY2024 | $4.9B | $88.4M | $0.19 | -$1.2B | — | 0.4% |
| FY2023 | $4.5B | -$30.3M | -$0.10 | $470.4M | — | -0.1% |
| FY2022 | $4.1B | -$40.9M | -$0.12 | $219.5M | — | -0.2% |
| FY2021 | $3.8B | $56.6M | $0.13 | -$775.9M | — | 0.3% |
| FY2020 | $3.8B | $441.2M | $1.17 | $842.9M | — | 2.0% |
| FY2019 | $3.9B | $439.3M | $1.17 | $1.3B | — | 2.0% |
| FY2018 | $3.7B | $416.0M | $1.14 | $1.2B | — | 1.9% |
| FY2017 | $3.6B | $1.4B | $3.78 | $1.3B | — | 6.3% |
| FY2016 | $3.4B | $651.5M | $1.86 | $1.3B | — | 3.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ventas has demonstrated mature, steady growth, with revenue compounding at 6.0% annually over the past decade.
Ventas has historically struggled to out-earn its cost of capital, averaging just 1.7% ROIC.
Ventas has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ventas is modeled at -12.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-8.00 per share.