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Held by 256 of 2,417 reporting institutions (96th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $171.1B | 167.8× | — | 15.8× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 501 |
| PLD | $121.7B | 36.0× | — | 13.8× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 505 |
| EQIX | $102.3B | 75.3× | 26.1× | 11.1× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | -0.1× | 381 |
| AMT | $86.2B | 34.4× | 20.5× | 8.1× | 5.1% | — | 24.7% | 72.0% | 6.4% | 6.0× | 536 |
| SPG | $69.8B | 15.2× | — | 11.0× | 6.7% | — | 84.3% | 103% | 15.9% | — | 400 |
| DLR | $67.9B | 51.1× | — | 11.1× | 10.0% | — | 21.4% | 5.7% | 5.7% | — | — |
| PSA | $59.2B | 35.2× | — | 12.3× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 335 |
| O | $54.1B | 48.9× | — | 9.4× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 459 |
| VTR | $44.3B | 155.0× | — | 7.6× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 256 |
| CCI | $37.8B | 88.0× | 25.3× | 8.9× | -4.4% | 97.3% | 10.4% | -27.2% | 1.7% | 10.5× | 240 |
| IRM | $35.2B | 241.6× | 23.5× | 5.1× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.4× | 348 |
| EXR | $31.7B | 32.7× | 14.8× | 9.4× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | -0.1× | 204 |
| AVB | $27.1B | 25.6× | 12.3× | 8.9× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.1× | 1 |
| VICI | $27.0B | 9.4× | — | 6.7× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 233 |
| SBAC | $19.6B | 18.9× | 21.9× | 7.0× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.6× | 151 |
| HST | $17.6B | 23.4× | — | 2.9× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 196 |
| ESS | $17.0B | 25.5× | 11.3× | 9.0× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | -0.1× | 148 |
| KIM | $16.4B | — | 17.1× | 7.7× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.4× | 174 |
| LAMR | $16.1B | 27.6× | — | 7.1× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 205 |
| WY | $14.2B | 43.9× | 15.6× | 2.1× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.1× | 239 |
| OHI | $14.2B | 24.1× | 22.3× | 11.9× | 13.2% | — | 49.6% | 11.4% | 6.3% | 5.1× | 219 |
Peers = companies sharing VTR's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $860.1M dividends + $0 buybacks = $860.1M returned on -$1.28B FCF.
1 consecutive years of dividend increases · -5%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $741.1M (at 2025-12-31) covers the $731.1M due within a year 1.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~4.7% on $13.01B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-29
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.83B 100.0% | $4.92B 100.0% | $4.50B 100.0% | $4.13B 100.0% | $3.83B 100.0% | $3.80B 100.0% | $3.87B 100.0% | $3.75B 100.0% | $3.57B 100.0% | $3.44B 100.0% |
| Cost of Services | — | — | — | — | — | — | — | $1.4M 0.0% | $3.4M 0.1% | $7.3M 0.2% |
| Selling, General & Admin | $177.4M 3.0% | $163.0M 3.3% | $148.9M 3.3% | $144.9M 3.5% | $129.8M 3.4% | $130.2M 3.4% | $158.7M 4.1% | $146.0M 3.9% | $135.5M 3.8% | $126.9M 3.7% |
| Total Operating Expenses | $5.63B 96.5% | $4.93B 100.2% | $4.61B 102.6% | $4.22B 102.3% | $3.99B 104.2% | $3.71B 97.9% | $3.51B 90.7% | $3.36B 89.7% | $2.99B 83.6% | $2.93B 84.9% |
| Interest Expense | $612.2M 10.5% | $602.8M 12.2% | $574.1M 12.8% | $467.6M 11.3% | $440.1M 11.5% | $469.5M 12.4% | $451.7M 11.7% | $442.5M 11.8% | $448.2M 12.5% | $419.7M 12.2% |
| Other Income (Expense), net | — | — | — | — | — | — | $17.6M 0.5% | -$66.8M -1.8% | -$20.1M -0.6% | — |
| Pretax Income | $204.3M 3.5% | -$8.0M -0.2% | -$115.6M -2.6% | -$94.1M -2.3% | -$162.4M -4.2% | $80.6M 2.1% | $359.4M 9.3% | $384.8M 10.3% | $584.7M 16.4% | $518.5M 15.1% |
| Income Tax Expense | -$14.2M -0.2% | -$37.8M -0.8% | -$9.5M -0.2% | -$16.9M -0.4% | $4.8M 0.1% | -$96.5M -2.5% | -$56.3M -1.5% | -$40.0M -1.1% | -$59.8M -1.7% | -$31.3M -0.9% |
| Net Income | $261.5M 4.5% | $88.4M 1.8% | -$30.3M -0.7% | -$40.9M -1.0% | $56.6M 1.5% | $441.2M 11.6% | $439.3M 11.3% | $416.0M 11.1% | $1.36B 38.1% | $651.5M 18.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.55 | $0.20 | -$0.10 | -$0.12 | $0.13 | $1.18 | $1.18 | $1.15 | $3.82 | $1.88 |
| EPS (Diluted) | $0.54 | $0.19 | -$0.10 | -$0.12 | $0.13 | $1.17 | $1.17 | $1.14 | $3.78 | $1.86 |
| Weighted Avg Shares (Basic) | 455.1M | 411.8M | 401.8M | 399.5M | 382.8M | 373.4M | 366.0M | 356.3M | 355.3M | 344.7M |
| Weighted Avg Shares (Diluted) | 462.6M | 416.4M | 405.7M | 403.5M | 386.3M | 376.5M | 369.9M | 359.3M | 358.6M | 348.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 94th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 1% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 3.9 | 4.1 | 3.4 | 3.4 | 3.5 | 3.3 | 3.3 | 3.0 |
| Income Tax | -1.1 | -1.5 | -2.5 | 0.1 | -0.4 | -0.2 | -0.8 | -0.2 |
| Net Income | 11.1 | 11.3 | 11.6 | 1.5 | -1.0 | -0.7 | 1.8 | 4.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VTR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | not reported | 18.9% |
| FY2017 | not reported | 16.9% | 38.1% |
| FY2018 | not reported | 12.1% | 11.1% |
| FY2019 | not reported | 8.8% | 11.3% |
| FY2020 | not reported | not reported | 11.6% |
| FY2021 | not reported | not reported | 1.5% |
| FY2022 | not reported | not reported | -1.0% |
| FY2023 | not reported | not reported | -0.7% |
| FY2024 | not reported | not reported | 1.8% |
| FY2025 | not reported | not reported | 4.5% |
Return on equity (2%) and return on invested capital (1%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is -$1.28B; after share-based compensation it is -$1.32B. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a reit.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $83.71, free cash flow must compound 32.54%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −34.2% | 32.5% |
| FY2021 | −192.1% | 32.5% |
| FY2023 | 114.3% | 32.5% |
| FY2024 | −355.1% | 32.5% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $262M | $262M |
| Share-based comp | $39M | $300M |
| Other non-cash & working capital | $1.35B | $1.65B |
| Operating cash flow | $1.65B | $1.65B |
| Capex | −$2.93B | −$1.28B |
| Free cash flow | −$1.28B | −$1.28B |
| FCF after SBC | −$1.32B | −$1.32B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -2.0% | not reported | not reported |
| FY2021 | 0.9% | not reported | not reported |
| FY2022 | 7.9% | not reported | not reported |
| FY2023 | 8.9% | not reported | not reported |
| FY2024 | 9.5% | not reported | not reported |
| FY2025 | 18.5% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.0 percent |
| FY2020 | -4.2 percent |
| FY2021 | -3.9 percent |
| FY2022 | -4.8 percent |
| FY2023 | -4.7 percent |
| FY2024 | -4.7 percent |
| FY2025 | -5.0 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-15 | 2 co-filers Group filing | Grant | 239 | $84.86 | $20k |
| 2026-10-15 | Barnes Melody C Director | Grant | 81 | $84.86 | $7k |
| 2026-10-15 | 2 co-filers Group filing | Grant | 55 | $84.86 | $5k |
| 2026-10-15 | Nader Marguerite M Director | Grant |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 81 |
| $84.86 |
| $7k |
| 2026-10-15 | Embler Michael J Director | Grant | 81 | $84.86 | $7k |
| 2026-10-15 | Rodriguez Joe Vasquez Jr. Director | Grant | 55 | $84.86 | $5k |
| 2026-10-15 | 3 co-filers Group filing | Grant | 66 | $84.86 | $6k |
| 2026-10-15 | 2 co-filers Group filing | Grant | 199 | $84.86 | $17k |
| 2026-10-15 | 2 co-filers Group filing | Grant | 81 | $84.86 | $7k |
| 2026-10-15 | 2 co-filers Group filing | Grant | 81 | $84.86 | $7k |
| 2026-10-15 | 3 co-filers Group filing | Grant | 81 | $84.86 | $7k |
| 2026-10-13 | 3 co-filers Group filing | Grant | 18 | $83.85 | $1k |
| 2026-10-13 | 2 co-filers Group filing | Grant | 18 | $83.85 | $1k |
| 2026-10-06 | Martino Roxanne M Director | Grant | 18 | $81.86 | $2k |
| 2026-10-06 | Smith Maurice S Director | Grant | 18 | $81.86 | $2k |
| 2026-10-05 | Sayed Laurida SVP, Chief Accounting Officer | Grant | 4,301 | $81.36 | $350k |
| 2026-10-01 | Martino Roxanne M Director | Grant | 582 | $83.73 | $49k |
| 2026-10-01 | Lustig Matthew J Director | Grant | 448 | $83.73 | $37k |
| 2026-10-01 | Roy Sumit Director | Grant | 373 | $83.73 | $31k |
| 2026-10-01 | Smith Maurice S Director | Grant | 478 | $83.73 | $40k |
| 2026-08-01 | 2 co-filers EVP OM&R-Ventas/Pres&CEO-LHS | Grant | 10,694 | $93.51 | $1000k |
| 2026-08-01 | 2 co-filers EVP OM&R-Ventas/Pres&CEO-LHS | Grant | 4,314 | $93.51 | $403k |
| 2026-07-16 | 2 co-filers Group filing | Grant | 56 | $95.04 | $5k |
| 2026-07-16 | Martino Roxanne M Director | Grant | 174 | $95.04 | $17k |
| 2026-07-16 | Barnes Melody C Director | Grant | 72 | $95.04 | $7k |
| 2026-07-16 | Rodriguez Joe Vasquez Jr. Director | Grant | 49 | $95.04 | $5k |
| 2026-07-16 | Nader Marguerite M Director | Grant | 72 | $95.04 | $7k |
| 2026-07-16 | Embler Michael J Director | Grant | 72 | $95.04 | $7k |
| 2026-07-16 | 2 co-filers Group filing | Grant | 210 | $95.04 | $20k |
| 2026-07-16 | 2 co-filers Group filing | Grant | 47 | $95.04 | $4k |
| 2026-07-16 | 2 co-filers Group filing | Grant | 72 | $95.04 | $7k |
| 2026-07-16 | 2 co-filers Group filing | Grant | 72 | $95.04 | $7k |
| 2026-07-16 | 2 co-filers Group filing | Grant | 72 | $95.04 | $7k |
| 2026-07-01 | Lustig Matthew J Director | Grant | 448 | $89.65 | $40k |
| 2026-07-01 | Smith Maurice S Director | Grant | 461 | $89.65 | $41k |
| 2026-07-01 | Martino Roxanne M Director | Grant | 544 | $89.65 | $49k |
| 2026-07-01 | Roy Sumit Director | Grant | 349 | $89.65 | $31k |
| 2026-06-03 | Embler Michael J Director | Open-market buy | 2,500 | $78.81 | $197k |
| 2026-05-14 | 2 co-filers Group filing | 10b5-1 plan sale | 1,152 | $90.20 | $104k |
| 2026-05-13 | Martino Roxanne M Director | Grant | 2,047 | $90.35 | $185k |