Ventas (VTR) FY2018 results: revenue $3.7 billion, up 4.8% on the year
Ventas, Inc. (VTR) reported revenue of $3.7 billion for fiscal 2018, the year ended 31 December 2018, up 4.8% on the year before. Net income was $409 million, down 69.8%, and diluted earnings per share $1.14. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2019.
Revenue
$3.7 billion
+4.8% on the year
FY2011FY2018
Operating margin
10.3%
16.4% a year earlier
FY2011FY2018
Net income
$409 million
-69.8% on the year
FY2011FY2018
Diluted EPS
$1.14
-69.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,746
3,574
3,444
+4.8%
Operating income
385
585
519
-34.2%
Operating margin
10.3%
16.4%
15.1%
Interest expense
442
448
420
-1.3%
Pre-tax income
385
585
519
-34.2%
Income tax
-40.0
-59.8
-31.3
Effective tax rate
-10.4%
-10.2%
-6.0%
Net income
409
1,356
649
-69.8%
Net margin
10.9%
38.0%
18.9%
Diluted EPS
$1.14
$3.78
$1.86
-69.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,381
1,429
1,355
-3.3%
Capital expenditure
132
133
117
-0.5%
Free cash flow
1,250
1,296
1,237
-3.6%
Free cash flow margin
33.4%
36.3%
35.9%
Cash from investing
324
-937
-1,214
Cash from financing
-1,762
-671
96.8
Depreciation and amortisation
920
888
899
+3.6%
Share-based compensation
30.0
26.5
21.0
+12.9%
Dividends paid
1,127
827
1,025
+36.2%
Dividend per share
$3.16
$3.12
$2.96
+1.5%
Diluted shares, weighted
359m
359m
348m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
10,216
10,866
10,460
-6.0%
Non-controlling interest
55.7
66.0
68.5
-15.5%
Redeemable equity
188
158
201
+18.7%
Debt
10,734
11,276
11,127
-4.8%
Other liabilities
1,391
1,588
1,310
-12.4%
Total liabilities and equity
22,585
23,955
23,167
-5.7%
Goodwill
1,051
1,035
1,033
+1.5%
Securities held for sale or to maturity
206
0.0
n/a
Loans
n/a
59.9
n/a
Cash and equivalents
72.3
81.4
287
-11.2%
Other assets
21,255
22,779
21,847
-6.7%
Total assets
22,585
23,955
23,167
-5.7%
10-K for the year ended 31 December 2018, filed 8 February 2019: the filing.