VTR US S&P 500Russell 1000 Earnings call · transcribed from the recording
Ventas (VTR) · Q3 2026 results and valuation
Share price: $90.42 · 2026-11-11
Ventas owns and operates a portfolio of senior housing communities, outpatient medical buildings, research centers, and healthcare facilities. The company serves an aging population and operates in the North American and United Kingdom markets. Source: 10-K annual report (2026-02-06)
Results Q3 2026 vs Q2 2026 · previous quarter · published 27 Oct 2026 and 30 Jul 2026
Net income down 6.8% on the previous quarter, guidance raised. Management sounded very upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−6.8%
Net income vs Q2 2026
Guidance raised
Net income 67.3M vs 72.2M
Revenue +5.9%
2 · How management spoke
Very upbeat
More upbeat than 93% of company calls
Answers to analysts: very upbeat, in line with the script.
Last call it was different: the answers were more upbeat than the script.
3 · What stood out
Figure
Ventas' $60 billion enterprise generates performance from nearly 1,500 physical assets serving the need-based secular demand and of a large and…
Valuation
Is Ventas undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $10.63 a share — the stock trades 750% above it. Today's price assumes 38.9% growth a year.
Current price
$90.42
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+38.9% for 10 yrs
Fair value / share
$10.63
Buy below
$7.98
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance ↑
Given its strong year-to-date performance and investment execution, Ventas is once again increasing its earnings outlook for the year.
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Guidance
Finally, Ventas expects the majority of its disposition and loan repayment guidance of $700 million at a 7% yield to close in the fourth quarter.
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Dropped
Ventas has good visibility into the key selling season.
Source quote
“We have good visibility into the key selling season. So that means we need around 300 for the rest of the year. It's on track.”
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Fading
Value creation opportunity by growing Ventas' SHOP footprint
Source quote
“With a decade of powerful demographic demand ahead, we intend to capture the unprecedented multiyear NOI growth and value creation... Ventas delivered excellent results in the quarter, powered by strong growth in our senior housing operating portfolio and accelerating senior housing investment activity. Since we adopted our 1-2-3 strategy in late 2023, our team has executed it with commitment and excellence to deliver outstanding returns and build our financial strength....”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We are delivering strong organic growth in shop, adding to our footprint through market leading acquisitions with Upside, outperforming industry occupancy benchmarks, and continuously continuously elevating the fully deployed Ventas...”
“I note that the 11% same-store growth rate for the company is a record high and is driven both by the attractive mid-teens growth rate in SHOP and also by...”
“Our pipeline remains robust and we are actively advancing actionable shop investment opportunities to build on our success and expand our shop business.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.83B | 1.73B | +5.9% | 1.49B | +23.0% |
| Operating income | 52.6M | 54.2M | −3.0% | 44.4M | +18.4% |
| Net income | 67.3M | 72.2M | −6.8% | 68.7M | −2.1% |
| EPS | 0.13 | 0.14 | −7.1% | 0.14 | −7.1% |
| P/E today 151.5 | 161.5 | 148.7 | +12.8 | 146.9 | +14.6 |
Topics
Most discussed now
- Ventas' strong and improving financial profile provides stability and opportunity amid volatile capital market conditions.
- As occupancy rises, a greater share of each incremental revenue dollar converts to NOI.
- Income mental margin flow through was 53 percent, which has also been trending positively.
- Turning to the balance sheet, Ventas' net debt to EBITDA of 4.4 times is its strongest leverage level in well...
- Ventas' triple net portfolio generated over 8% same-store cash NOI growth in the third quarter and was driven by negotiated...
Faded since Q2 2026
- Fading Meanwhile, normalized FFO per share was $0.97, representing 9% year-over-year growth, driven by strong property performance across the…
- Fading That's been a key part of its thesis as Ventas talks about this multiyear growth opportunity.
- Fading With the knowledge that Ventas has a long ways to go really to get through the rest of the key...
- Fading One of the reasons it stands out is because Ventas has an independent living product.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
Ventas reported Normalized FFO of $0.99 per share for the third quarter of 2026, representing a 10% increase compared to $0.90 per share in the same period of 2025.
- Director or officer change · SEC 8-K
Ventas, Inc. appointed Laurida Sayed as Senior Vice President, Chief Accounting Officer and Controller, effective October 5, 2026, with an annual base salary of $500,000 and a $150,000 sign-on bonus.
- Results of operations · SEC 8-K
Ventas, Inc. issued a press release on July 29, 2026, regarding its results of operations for the quarter ended June 30, 2026.
- Director or officer change; Other events · SEC 8-K
Carey S. Roberts will resign as Executive Vice President and General Counsel effective June 26, 2026, to join Blackstone, Inc., with Kevin M. Bohl appointed as interim successor.
- Director or officer change; Shareholder vote results; Other events · SEC 8-K
The company entered into a separation agreement with executive Peter J. Bulgarelli on May 12, 2026, and shareholders voted on 12 director nominees at the Annual Meeting on May 13, 2026.
- Results of operations · SEC 8-K
Ventas, Inc. issued a press release on April 27, 2026, regarding its results of operations for the quarter ended March 31, 2026.
- Director or officer change · SEC 8-K
Gregory R. Liebbe resigned as Senior Vice President, Chief Accounting Officer, and Controller of Ventas, Inc., effective February 27, 2026, with Robert F. Probst assuming the role on an interim basis.
- Other events · SEC 8-K
Ventas, Inc. entered into Amendment No. 2 to the ATM Sales Agreement, increasing the aggregate gross sales price of common stock available for issuance to $2,500,000,000.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-11.
Cash & runway
Cash & equivalents
$199.0M
2026-06-30
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: +8.1% YoY, +2.8% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 414.6M |
| Q1 2025 | 439.9M |
| Q2 2025 | 452.6M |
| Q3 2025 | 456.0M |
| Q1 2026 | 476.2M |
| Q2 2026 | 489.3M |
Shares outstanding: 512.9M (2026-07-28)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 90 filings; 50 filings parsed.
Sold by insiders
36.7K shares
$3.1M · 2 transactions
Bought by insiders
2.5K shares
$197.0K · 1 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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For the full year
raised normalized FFO expectations to $3.85 to $3.90 per share
Source quote
“For the full year, we are again raising our normalized FFO expectations to $3.85 to $3.90 per share, equating to 8% to 10% growth, primarily because of our increased investment activity.”
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2026
expected to complete $4.5 billion of investments focused on senior housing
Source quote
“We now expect to complete $4.5 billion of 2026 investments focused on senior housing from $3 billion previously.”
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back half of this year
make more dispositions of nonstrategic assets
Source quote
“We also expect to make more dispositions of nonstrategic assets in the back half of this year to improve our growth rate and expand our senior housing footprint.”
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by year-end
SHOP to be 60% of our $60 billion enterprise
Source quote
“The combination of more SHOP investments, strong SHOP internal NOI growth and increased dispositions should make SHOP 60% of our $60 billion enterprise by year-end.”
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over the next few years
projected 1,200 basis points of net demand
Source quote
“We are well positioned in markets with a projected 1,200 basis points of net demand over the next few years.”