Financials Ventas, Inc. Deutsche Boerse AG

Stocks

VEN

US92276F1003

Specialized REITs

Real-time Estimate Tradegate Other stock markets 21:59:46 06/08/2026 +04			5-day change	1st Jan Change
79.95 ^EUR	+1.67%		-5.93%	+18.72%

08-05	Argus Research Adjusts Ventas Price Target to $98 From $92	MT
08-04	Citigroup Adjusts Price Target on Ventas to $110 From $100, Maintains Buy Rating	MT

Projected Income Statement: Ventas, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	3,828	4,129	4,498	4,924	5,834	6,986	7,905	8,937
Change	-	7.87%	8.93%	9.48%	18.47%	19.75%	13.16%	13.05%
EBITDA ¹	1,656	1,744	1,834	1,995	2,295	2,513	2,865	3,156
Change	-	5.26%	5.19%	8.78%	15.01%	9.5%	14.03%	10.14%
EBIT ¹	459	545.7	441.6	742	915.4	910	1,157	1,412
Change	-	18.89%	-19.08%	68.02%	23.38%	-0.59%	27.09%	22.06%
Interest Paid ¹	-440.1	-467.6	-574.1	-602.8	-612.2	-632.8	-656.6	-692.8
Earnings before Tax (EBT) ¹	61.39	-64.37	-50.51	50.58	247.4	276.7	550.4	833.1
Change	-	-204.87%	21.53%	200.13%	389.1%	11.86%	98.93%	51.36%
Net income ¹	49.01	-47.45	-40.97	81.15	251.4	283.4	497.1	732
Change	-	-196.81%	13.64%	298.06%	209.76%	12.74%	75.4%	47.27%
Announcement Date	17/02/22	09/02/23	14/02/24	12/02/25	05/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	976.1	1,022	1,018	1,023	1,037	1,051	1,077	1,106	1,150	1,164	1,200	1,201	1,236	1,287	1,358	1,421	1,489	1,566	1,657	1,730	1,770	1,805	1,888	1,941	1,995	2,057	2,125	2,180
Change	-	4.75%	-0.48%	0.53%	1.4%	1.36%	2.46%	2.7%	3.93%	1.27%	3.05%	0.09%	2.94%	4.1%	5.52%	4.63%	4.79%	5.17%	5.81%	4.39%	2.33%	1.96%	4.61%	2.84%	2.78%	3.1%	3.3%	2.59%
EBITDA ¹	408.2	405.3	431.2	416.4	438.4	441.4	432.2	459.8	469.9	472.1	477.1	497.5	499.3	521.2	535.1	570.5	586.1	602.8	606.7	657.7	664.3	683.1	672	711.3	728.9	748.6	738.6	773.9
Change	-	-0.72%	6.39%	-3.45%	5.29%	0.68%	-2.07%	6.39%	2.18%	0.47%	1.05%	4.28%	0.38%	4.38%	2.67%	6.61%	2.73%	2.86%	0.65%	8.41%	1%	2.82%	-1.62%	5.85%	2.48%	2.7%	-1.33%	4.78%
EBIT ¹	94.65	86.36	142.2	133.3	136.9	117.2	150.1	155.2	99.51	36.82	176.8	157.6	195.1	212.5	213.6	222.8	228.9	250.1	224.3	250	245.2	256.4	262.8	291.5	307.7	316.5	325.4	357.9
Change	-	-8.76%	64.63%	-6.26%	2.72%	-14.4%	28.09%	3.35%	-35.86%	-62.99%	380.16%	-10.86%	23.76%	8.91%	0.55%	4.3%	2.73%	9.26%	-10.33%	11.5%	-1.93%	4.56%	2.48%	10.95%	5.55%	2.85%	2.81%	9.99%
Charge d'intérêts ¹	-108.8	-110.5	-110.8	-114	-119.4	-123.4	-128.1	-143.3	-147.9	-154.9	-149.9	-149.3	-150.4	-153.2	-149.4	-150.3	-158.1	-154.5	-156.1	-160	-156.3	-157.6	-162.9	-164	-163.2	-162.3	-157.1	-155.2
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	-	-15.54	28.93	24	13.19	37.8	75.34	62.36	71.87	43.11	46.6	81.14	87.12	101.4	131.3	140.1	152.8	157	180
Change	-	-	-	-	-	-	-	-	-	-	-	286.14%	-17.06%	-45.05%	186.62%	99.31%	-17.22%	15.24%	-40.02%	8.11%	74.11%	7.37%	16.35%	29.56%	6.65%	9.12%	2.74%	14.65%
Net income ¹	60.68	-40.85	38.73	-42.42	1.256	-45.02	17.52	103.5	-71.12	-90.82	-14.31	19.39	19.24	56.84	46.87	68.26	66.05	70.2	55.91	70.57	76.37	85.06	90.8	122.6	135.5	149.3	145.8	176
Change	-	-167.33%	194.81%	-209.51%	102.96%	-3,684.32%	138.91%	490.59%	-168.75%	-27.69%	84.24%	235.46%	-0.74%	195.35%	-17.54%	45.65%	-3.25%	6.29%	-20.36%	26.22%	8.21%	11.39%	6.74%	35.02%	10.54%	10.16%	-2.32%	20.68%
Announcement Date	05/11/21	17/02/22	05/05/22	04/08/22	03/11/22	09/02/23	08/05/23	03/08/23	02/11/23	14/02/24	01/05/24	01/08/24	30/10/24	12/02/25	30/04/25	30/07/25	29/10/25	05/02/26	27/04/26	29/07/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Ventas, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	11,878	12,174	12,982	12,625	12,225	12,350	12,494	12,942
Change	-	2.49%	6.64%	-2.75%	-3.17%	1.02%	1.17%	3.59%
Announcement Date	17/02/22	09/02/23	14/02/24	12/02/25	05/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Ventas, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	433	454.1	643	603.8	363.9	443.4	540.1	598.7
Change	-	4.87%	41.61%	-6.09%	-39.74%	21.86%	21.82%	10.83%
Free Cash Flow (FCF) ¹	-	-	-	725.8	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	17/02/22	09/02/23	14/02/24	12/02/25	05/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Ventas, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	43.27%	42.22%	40.78%	40.52%	39.33%	35.96%	36.24%	35.31%
EBIT Margin (%)	11.99%	13.22%	9.82%	15.07%	15.69%	13.03%	14.63%	15.8%
EBT Margin (%)	1.6%	-1.56%	-1.12%	1.03%	4.24%	3.96%	6.96%	9.32%
Net margin (%)	1.28%	-1.15%	-0.91%	1.65%	4.31%	4.06%	6.29%	8.19%
FCF margin (%)	-	-	-	14.74%	-	-	-	-
FCF / Net Income (%)	-	-	-	894.33%	-	-	-	-
Profitability
ROA	0.2%	-0.19%	-0.17%	0.32%	0.93%	1.1%	1.69%	2.4%
ROE	0.47%	-0.45%	-0.42%	0.8%	2.16%	2.15%	3.55%	5.03%
Financial Health
Leverage (Debt/EBITDA)	7.17x	6.98x	7.08x	6.33x	5.33x	4.92x	4.36x	4.1x
Debt / Free cash flow	-	-	-	17.39x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	11.31%	11%	14.3%	12.26%	6.24%	6.35%	6.83%	6.7%
CAPEX / EBITDA (%)	26.14%	26.04%	35.06%	30.27%	15.86%	17.65%	18.85%	18.97%
CAPEX / FCF (%)	-	-	-	83.2%	-	-	-	-
Items per share
Cash flow per share ¹	2.656	2.776	2.761	3.193	3.56	3.867	4.231	4.691
Change	-	4.52%	-0.57%	15.68%	11.47%	8.63%	9.41%	10.88%
Dividend per Share ¹	1.8	1.8	1.8	1.8	1.92	2.08	2.24	2.438
Change	-	0%	0%	0%	6.67%	8.31%	7.73%	8.84%
Book Value Per Share ¹	27.18	25.4	23.39	25.87	26.38	27.57	27.02	26.65
Change	-	-6.53%	-7.92%	10.61%	1.96%	4.53%	-2%	-1.37%
EPS ¹	0.13	-0.12	-0.1	0.19	0.54	0.5707	0.9445	1.349
Change	-	-192.31%	16.67%	290%	184.21%	5.69%	65.48%	42.88%
Nbr of stocks (in thousands)	399,176	399,718	402,104	419,508	469,733	512,946	512,946	512,946
Announcement Date	17/02/22	09/02/23	14/02/24	12/02/25	05/02/26	-	-	-