Ventas (VTR) FY2019 results: revenue $3.9 billion, up 3.4% on the year
Ventas, Inc. (VTR) reported revenue of $3.9 billion for fiscal 2019, the year ended 31 December 2019, up 3.4% on the year before. Net income was $433 million, up 5.8%, and diluted earnings per share $1.17. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$3.9 billion
+3.4% on the year
FY2012FY2019
Operating margin
9.3%
10.3% a year earlier
FY2012FY2019
Net income
$433 million
+5.8% on the year
FY2012FY2019
Diluted EPS
$1.17
+2.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,873
3,746
3,574
+3.4%
Operating income
359
385
585
-6.6%
Operating margin
9.3%
10.3%
16.4%
Interest expense
452
442
448
+2.1%
Pre-tax income
359
385
585
-6.6%
Income tax
-56.3
-40.0
-59.8
Effective tax rate
-15.7%
-10.4%
-10.2%
Net income
433
409
1,356
+5.8%
Net margin
11.2%
10.9%
38.0%
Diluted EPS
$1.17
$1.14
$3.78
+2.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,438
1,381
1,429
+4.1%
Capital expenditure
157
132
133
+18.9%
Free cash flow
1,281
1,250
1,296
+2.5%
Free cash flow margin
33.1%
33.4%
36.3%
Cash from investing
-1,585
324
-937
Cash from financing
161
-1,762
-671
Depreciation and amortisation
1,046
920
888
+13.7%
Share-based compensation
33.9
30.0
26.5
+13.2%
Dividends paid
1,158
1,127
827
+2.7%
Dividend per share
$3.17
$3.16
$3.12
+0.2%
Diluted shares, weighted
370m
359m
359m
+2.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
10,446
10,216
10,866
+2.3%
Non-controlling interest
99.6
55.7
66.0
+78.6%
Redeemable equity
274
188
158
+45.5%
Debt
12,159
10,734
11,276
+13.3%
Other liabilities
1,714
1,391
1,588
+23.2%
Total liabilities and equity
24,692
22,585
23,955
+9.3%
Goodwill
1,051
1,051
1,035
+0.1%
Securities held for sale or to maturity
237
206
0.0
+15.0%
Loans
n/a
n/a
59.9
Cash and equivalents
106
72.3
81.4
+47.2%
Other assets
23,297
21,255
22,779
+9.6%
Total assets
24,692
22,585
23,955
+9.3%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.