Question 1

What is Ventas's P/FCF ratio?

Accepted Answer

Ventas (VTR) P/FCF ratio is 99.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Ventas?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Ventas specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is Ventas's P/FCF ratio high or low?

Accepted Answer

Ventas's P/FCF ratio of 99.1× is above its own 5-year average of 25.6× and above the sector median of 15.9×. That places the current reading at the 100th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Ventas's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Ventas (VTR) P/FCF ratio has ranged from a low of 1.8× in 2008 to a high of 99.5× in 2026. The 5-year average is 25.6× and the 5-year median is 23.1×.

Question 7

What was Ventas's P/FCF ratio in 2025?

Accepted Answer

Ventas (VTR) P/FCF ratio at the end of 2025 was 27.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Ventas's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$36.5B	$1.32B	27.7×	+4.2×	Dec 31, 2025
2024	$24.8B	$1.06B	23.5×	+2.0×	Dec 31, 2024
2023	$20.1B	$935M	21.5×	+2.0×	Dec 31, 2023
2022	$18B	$926M	19.4×	-4.3×	Dec 31, 2022
2021	$20.4B	$859M	23.8×	+9.7×	Dec 31, 2021
2020	$18.4B	$1.3B	14.1×	-2.7×	Dec 31, 2020
2019	$21.5B	$1.28B	16.8×	+0.8×	Dec 31, 2019
2018	$20.9B	$1.31B	16.0×	-0.4×	Dec 31, 2018
2017	$21.4B	$1.3B	16.4×	-2.3×	Dec 31, 2017
2016	$22.1B	$1.18B	18.7×	+2.5×	Dec 31, 2016
2015	$18.9B	$1.16B	16.3×	-3.0×	Dec 31, 2015
2014	$20.4B	$1.06B	19.3×	+4.8×	Dec 31, 2014
2013	$14.7B	$1.02B	14.5×	—	Dec 31, 2013
2012	$16.7B	-$232M	—	—	Dec 31, 2012
2011	$13.9B	-$134M	—	—	Dec 31, 2011
2010	$7.37B	$153M	48.1×	+31.6×	Dec 31, 2010
2009	$5.99B	$363M	16.5×	+2.2×	Dec 31, 2009
2008	$4.21B	$294M	14.3×	+0.8×	Dec 31, 2008
2007	$5.4B	$400M	13.5×	—	Dec 31, 2007
2006	$3.93B	-$252M	—	—	Dec 31, 2006
2005	$2.91B	-$366M	—	—	Dec 31, 2005
2004	$2.03B	-$174M	—	—	Dec 31, 2004
2003	$1.57B	$137M	11.5×	+4.6×	Dec 31, 2003
2002	$791M	$116M	6.8×	—	Dec 31, 2002


CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Ventas (VTR) 2002-2026

P/FCF Ratio daily chart for Ventas (VTR)

Historical P/FCF Ratio for Ventas (VTR) from 2002 to 2025

About P/FCF Ratio at Ventas (VTR)

Ventas P/FCF Ratio by Year

Ventas P/FCF Ratio 2025: 27.7×

Ventas P/FCF Ratio 2024: 23.5×

Ventas P/FCF Ratio 2023: 21.5×

Ventas P/FCF Ratio 2022: 19.4×

Ventas P/FCF Ratio 2021: 23.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Ventas (VTR) Key Financials