VTR Ventas, Inc.

Overview and Growth

Ventas, Inc. generated $5.83B of revenue in fiscal 2025, with net income of $251.38M and an operating cash inflow of $1.65B. At $5.83B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 18.5% from $4.92B in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $0.54, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS increased by 184.2% from $0.19 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The diluted weighted-average share count was 462.62M, linking total earnings with the per-share result received by shareholders. At period end, total assets were $27.59B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.21x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After all reported below-operating-line items, the company recorded net income of $251.38M for the fiscal year. The final earnings result represented 4.3% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $204.32M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 3.5%, relating income before taxes directly to revenue. The reported tax benefit was $14.15M, favorably bridging the pretax and after-tax results. The effective tax-benefit relationship was 6.9% of positive pretax income. The relationship between net income and period-end equity was 2.0%, indicating the profitability achieved on book capital. Return on period-end assets was 0.9%, connecting net income with the company’s total asset base. Against $81.15M in fiscal 2024, the current $251.38M bottom line finished above the prior-year result in absolute terms.

Liquidity and Capital Structure

At period end, the $27.59B asset base was financed through $14.63B of liabilities and $12.59B of equity. Cash and equivalents totaled $741.07M, identifying the most liquid reported component available within the broader current-asset balance. The company carried $13.01B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 1.03x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 47.2% of total assets, placing borrowing in the context of the company’s full resource base. Equity equaled 45.6% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 53.0%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 2.7%, comparing reported cash and equivalents with the full positive asset balance. Compared with $26.19B in fiscal 2024, the current asset base moved 5.4% and finished higher. Book equity was 16.2% higher than fiscal 2024 equity of $10.83B, showing how shareholder capital changed year over year. The reported cash balance changed 17.5% from $897.85M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.65B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 6.55x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $2.93B, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 177.8% of operating cash flow, quantifying the share of cash from operations directed to investment. Negative free cash flow was $1.28B, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 22.0% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 4.6% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.