Omega Healthcare Investors (OHI)
Market Price (7/22/2026): $50.59 | Market Cap: $15.0 BilSector: Real Estate | Industry: Health Care REITs
Omega Healthcare Investors (OHI)
Market Price (7/22/2026): $50.59Market Cap: $15.0 BilSector: Real EstateIndustry: Health Care REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.5%, Dividend Yield is 5.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 6.1% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 64% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 74%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 74% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/SPrice/Sales ratio is 12x Key risksOHI key risks include [1] significant tenant concentration and financial distress, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.5%, Dividend Yield is 5.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 6.1% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 64% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 74%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 74% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 12x |
| Key risksOHI key risks include [1] significant tenant concentration and financial distress, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Omega Healthcare Investors (OHI) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Robust Financial Performance in Fiscal Q1 2026.
Omega Healthcare Investors reported strong results for fiscal Q1 2026 (ended March 31, 2026), which were released on April 28, 2026. The company significantly surpassed revenue expectations, posting $322.9 million, a 22.13% beat over analyst estimates of $264.07 million. Additionally, Adjusted Funds From Operations (AFFO) increased to $0.82 per diluted share from $0.75 in fiscal Q1 2025, and Funds Available for Distribution (FAD) rose by 9.5% year-over-year to $0.78 per diluted share. The company also raised its full-year Adjusted FFO guidance midpoint, indicating positive future expectations.
2. Favorable Analyst Upgrades and Price Targets.
During the period, Omega Healthcare Investors received several positive analyst actions. Zacks upgraded OHI to a "Buy" (Zacks Rank #2) on July 7, 2026, citing an upward trend in earnings estimates. On the same day, Barclays initiated coverage with a "Buy" rating and a price target of $51.00. Weiss Ratings also raised its rating for OHI from "buy (b)" to "buy (b+)" on June 30, 2026. These upgrades and favorable initiations, with an average price target of $50.78 from 20 analysts, contributed to increased investor confidence.
Show more
Omega Healthcare Investors (OHI) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Robust Financial Performance in Fiscal Q1 2026.
Omega Healthcare Investors reported strong results for fiscal Q1 2026 (ended March 31, 2026), which were released on April 28, 2026. The company significantly surpassed revenue expectations, posting $322.9 million, a 22.13% beat over analyst estimates of $264.07 million. Additionally, Adjusted Funds From Operations (AFFO) increased to $0.82 per diluted share from $0.75 in fiscal Q1 2025, and Funds Available for Distribution (FAD) rose by 9.5% year-over-year to $0.78 per diluted share. The company also raised its full-year Adjusted FFO guidance midpoint, indicating positive future expectations.
2. Favorable Analyst Upgrades and Price Targets.
During the period, Omega Healthcare Investors received several positive analyst actions. Zacks upgraded OHI to a "Buy" (Zacks Rank #2) on July 7, 2026, citing an upward trend in earnings estimates. On the same day, Barclays initiated coverage with a "Buy" rating and a price target of $51.00. Weiss Ratings also raised its rating for OHI from "buy (b)" to "buy (b+)" on June 30, 2026. These upgrades and favorable initiations, with an average price target of $50.78 from 20 analysts, contributed to increased investor confidence.
3. Positive Healthcare REIT Sector Dynamics.
The broader healthcare real estate investment trust (REIT) sector exhibited strong fundamentals, benefiting OHI. The sector is positioned for operational resilience and stability in 2026 due to sustained demand for healthcare services, an aging U.S. population, and improving capital market conditions. Senior housing, a key focus for OHI, continues to lead performance, with REITs strategically increasing their exposure to operating platforms in this segment. Additionally, limited new construction in the healthcare real estate market has helped to support rent growth and reduce vacancy pressures.
4. Sustained and Attractive Dividend Payouts.
Omega Healthcare Investors maintained its commitment to shareholder returns by declaring a quarterly cash dividend of $0.67 per share, payable on May 15, 2026. This dividend represents an attractive yield of approximately 5.3%. The company has a history of maintaining dividend payments for 24 consecutive years, which reinforces its appeal to income-focused investors and contributes to stock stability and demand.
Show less
Stock Movement Drivers
Fundamental Drivers
The 17.1% change in OHI stock from 3/31/2026 to 7/21/2026 was primarily driven by a 9.6% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.20 | 50.60 | 17.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,190 | 1,236 | 3.9% |
| Net Income Margin (%) | 49.6% | 51.1% | 3.1% |
| P/E Multiple | 21.7 | 23.8 | 9.6% |
| Shares Outstanding (Mil) | 296 | 297 | -0.2% |
| Cumulative Contribution | 17.1% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| OHI | 17.1% | |
| Market (SPY) | 15.1% | -22.4% |
| Sector (XLRE) | 10.7% | 57.9% |
Fundamental Drivers
The 17.5% change in OHI stock from 12/31/2025 to 7/21/2026 was primarily driven by a 9.2% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.06 | 50.60 | 17.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,150 | 1,236 | 7.5% |
| Net Income Margin (%) | 46.8% | 51.1% | 9.2% |
| P/E Multiple | 23.6 | 23.8 | 0.5% |
| Shares Outstanding (Mil) | 296 | 297 | -0.4% |
| Cumulative Contribution | 17.5% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| OHI | 17.5% | |
| Market (SPY) | 10.0% | -19.4% |
| Sector (XLRE) | 12.8% | 42.9% |
Fundamental Drivers
The 46.9% change in OHI stock from 6/30/2025 to 7/21/2026 was primarily driven by a 23.8% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.44 | 50.60 | 46.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,085 | 1,236 | 14.0% |
| Net Income Margin (%) | 41.3% | 51.1% | 23.8% |
| P/E Multiple | 21.8 | 23.8 | 9.3% |
| Shares Outstanding (Mil) | 283 | 297 | -4.7% |
| Cumulative Contribution | 46.9% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| OHI | 46.9% | |
| Market (SPY) | 22.1% | -14.6% |
| Sector (XLRE) | 11.9% | 43.0% |
Fundamental Drivers
The 105.2% change in OHI stock from 6/30/2023 to 7/21/2026 was primarily driven by a 58.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.66 | 50.60 | 105.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 847 | 1,236 | 45.9% |
| Net Income Margin (%) | 32.3% | 51.1% | 58.5% |
| P/E Multiple | 21.2 | 23.8 | 12.1% |
| Shares Outstanding (Mil) | 235 | 297 | -20.9% |
| Cumulative Contribution | 105.2% |
Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| OHI | 105.2% | |
| Market (SPY) | 74.8% | 11.2% |
| Sector (XLRE) | 31.7% | 48.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OHI Return | -12% | 3% | 20% | 34% | 26% | 15% | 111% |
| Peers Return | 33% | -1% | 1% | -8% | -3% | 44% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| OHI Win Rate | 33% | 50% | 67% | 67% | 50% | 71% | |
| Peers Win Rate | 67% | 40% | 57% | 47% | 48% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| OHI Max Drawdown | -26% | -19% | -12% | -10% | -9% | -11% | |
| Peers Max Drawdown | -15% | -46% | -32% | -34% | -39% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EGP, BRX, FR, COLD, NHP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)
How Low Can It Go
| Event | OHI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.0% | -6.7% |
| % Gain to Breakeven | 11.2% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.3% | -24.5% |
| % Gain to Breakeven | 14.0% | 32.4% |
| Time to Breakeven | 1 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.1% | -33.7% |
| % Gain to Breakeven | 195.2% | 50.9% |
| Time to Breakeven | 1262 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -21.3% | -3.7% |
| % Gain to Breakeven | 27.1% | 3.9% |
| Time to Breakeven | 217 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.9% | -12.2% |
| % Gain to Breakeven | 29.7% | 13.9% |
| Time to Breakeven | 69 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.4% | -6.8% |
| % Gain to Breakeven | 25.6% | 7.3% |
| Time to Breakeven | 36 days | 15 days |
In The Past
Omega Healthcare Investors's stock fell -0.6% during the 2025 US Tariff Shock. Such a loss loss requires a 0.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | OHI | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -66.1% | -33.7% |
| % Gain to Breakeven | 195.2% | 50.9% |
| Time to Breakeven | 1262 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -21.3% | -3.7% |
| % Gain to Breakeven | 27.1% | 3.9% |
| Time to Breakeven | 217 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.9% | -12.2% |
| % Gain to Breakeven | 29.7% | 13.9% |
| Time to Breakeven | 69 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.4% | -6.8% |
| % Gain to Breakeven | 25.6% | 7.3% |
| Time to Breakeven | 36 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.6% | -17.9% |
| % Gain to Breakeven | 44.1% | 21.8% |
| Time to Breakeven | 163 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -30.9% | -53.4% |
| % Gain to Breakeven | 44.7% | 114.4% |
| Time to Breakeven | 40 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.1% | -8.6% |
| % Gain to Breakeven | 25.2% | 9.5% |
| Time to Breakeven | 51 days | 47 days |
In The Past
Omega Healthcare Investors's stock fell -0.6% during the 2025 US Tariff Shock. Such a loss loss requires a 0.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Omega Healthcare Investors (OHI)
Omega Healthcare Investors (OHI) is a real estate investment trust (REIT) specializing in the long-term healthcare sector. The company's core business involves acquiring and owning properties, predominantly skilled nursing and assisted living facilities. Rather than operating these facilities itself, Omega leases them out to various third-party healthcare companies, establishing itself as a landlord in the vital healthcare real estate market.
The primary "product" Omega offers is the provision of essential real estate assets for long-term care. Its main service involves capital investment through property acquisition and subsequent leasing, primarily utilizing a triple-net lease structure. Under this arrangement, the tenant (the healthcare operator) typically bears the responsibility for property expenses such as maintenance, insurance, and taxes, in addition to rent. This model provides Omega with a stable revenue stream and limits its direct operational involvement with the facilities.
Omega's primary customers are the diverse group of healthcare companies that operate skilled nursing and assisted living facilities. These operators lease properties from Omega to provide care services to their residents. Therefore, the company indirectly serves the elderly population requiring various levels of long-term care. Geographically, Omega's investment portfolio is extensive, covering all regions within the United States, and it also maintains a significant presence in the United Kingdom.
AI Analysis | Feedback
Omega Healthcare Investors (OHI)
- It's like Simon Property Group, but for nursing homes and assisted living facilities instead of shopping malls.
- Think of it as the American Tower for healthcare facilities, owning and leasing out skilled nursing and assisted living centers.
- It's like McDonald's, but instead of owning and leasing restaurant locations to franchisees, Omega owns and leases healthcare facilities to independent operators.
AI Analysis | Feedback
- Leasing of Skilled Nursing Facilities: Omega provides real estate properties for operators delivering skilled nursing care, primarily under triple-net lease agreements.
- Leasing of Assisted Living Facilities: Omega provides real estate properties for operators delivering assisted living services, primarily under triple-net lease agreements.
AI Analysis | Feedback
Omega Healthcare Investors (OHI) is a real estate investment trust (REIT) that leases its healthcare properties to operating companies. Therefore, its major customers are these healthcare operating companies.
Based on OHI's most recent financial disclosures, its top customer companies include:
- Guardian Healthcare
- Laurel Health Care Co.
- Agemo Healthcare
- Consulate Health Care
- Maplewood Senior Living
- CommuniCare
- Genesis HealthCare
- Signature HealthCARE
- ReNew Health Group
- Prestige Healthcare
These operating companies are primarily private entities, and as such, do not have public stock symbols.
```AI Analysis | Feedback
AI Analysis | Feedback
C. Taylor Pickett, Chief Executive Officer, Director
Mr. Pickett has served as Chief Executive Officer of Omega Healthcare Investors since 2001 and as a Director since 2002. Prior to joining Omega, he served as Executive Vice President and Chief Financial Officer of Integrated Health Services, Inc. (IHS) from 1998 to 2001, and held various senior management positions at IHS from 1993 to 1998. Before his time at IHS, he worked at PHH Corporation and KPMG Peat Marwick. Mr. Pickett was appointed CEO in 2001 following a $100 million equity injection from Explorer Holdings, a venture capital firm, with a mandate to stabilize the balance sheet and get properties operational again. He also serves as Chair of the Compensation Committee and a member of the Investment Committee for COPT Defense Properties (NYSE:CDP) since 2013.
Robert O. Stephenson, Chief Financial Officer
Mr. Stephenson has served as Chief Financial Officer of Omega Healthcare Investors since August 2001. From 1996 to July 2001, he was Senior Vice President and Treasurer of Integrated Health Services, Inc. (IHS). Before IHS, Mr. Stephenson held various positions at CSX Intermodal, Inc., Martin Marietta Corporation, and Electronic Data Systems. He currently serves on the Board of the University of Maryland Medical Center and was a board member of the University of Baltimore Foundation from 2015 to 2019. In March 2025, he was appointed to the Board of Directors for Plymouth Industrial REIT (NYSE:PLYM).
Matthew P. Gourmand, President
Mr. Gourmand was appointed President in January 2025. He previously served as Senior Vice President of Corporate Strategy & Investor Relations since October 2017. Before joining Omega, Mr. Gourmand spent a decade as an equity portfolio manager at Millennium Partners and Stevens Capital Management. His experience also includes three years as an equity research analyst at UBS and six years in the audit department of Deloitte, where he qualified as a Chartered Accountant and a Certified Public Accountant.
Vikas Gupta, Chief Investment Officer
Mr. Gupta was appointed Chief Investment Officer in January 2025. He joined Omega in July 2011 and served as Senior Vice President of Acquisitions & Development from April 2015. From 2003 to July 2011, Mr. Gupta held various roles at CapitalSource Finance, including Vice President, where he managed a portfolio of healthcare assets.
Neal A. Ballew, SVP, Chief Accounting Officer
Mr. Ballew joined Omega Healthcare Investors in August 2020 and oversees the company's accounting and financial reporting functions. Prior to Omega, he spent ten years at EY in its real estate and hospitality audit practice, with his most recent role as a senior manager focusing on technical accounting matters.
```AI Analysis | Feedback
Key risks to Omega Healthcare Investors (OHI) include:
- Regulatory Changes and Government Reimbursement Rates: The long-term healthcare industry, particularly skilled nursing facilities (SNFs) which comprise a significant portion of OHI's portfolio, is highly dependent on government programs like Medicare and Medicaid for revenue. Changes in reimbursement rates, regulatory policies, or increased scrutiny of billing practices can significantly impact the financial health of OHI's tenants. This, in turn, can affect their ability to meet rent obligations, directly influencing OHI's rental income and overall financial performance.
- Tenant Financial Health and Operator Performance: OHI's business model relies heavily on the financial stability and operational success of its healthcare facility tenants. If a significant number of these operators experience financial difficulties, face liquidity challenges, or struggle with operational performance (e.g., declining occupancy), it can lead to rent defaults, lease restructurings, or even bankruptcies among OHI's tenants. This directly threatens OHI's revenue streams and could necessitate property transitions or re-leasing, potentially at lower rates.
- Interest Rate Sensitivity: As a real estate investment trust (REIT), OHI is sensitive to fluctuations in interest rates. Rising interest rates can increase the cost of borrowing for OHI, impacting its ability to finance new acquisitions, refinance existing debt, or fund property improvements efficiently. Higher interest rates can also make OHI's dividend yield less attractive compared to alternative income-generating investments, potentially exerting downward pressure on its stock price and valuation.
AI Analysis | Feedback
- The accelerating shift towards home and community-based care (HCBS) and "aging in place" models. Driven by consumer preference, technological advancements in remote monitoring and telehealth, and government policy initiatives favoring care outside institutional settings, this trend directly reduces the long-term demand for beds in skilled nursing and assisted living facilities. This structural change could lead to declining occupancy rates for Omega's tenants, impacting their ability to generate revenue and pay rent, ultimately threatening the value of Omega's underlying assets.
- Persistent and worsening labor shortages across the healthcare industry, particularly for skilled nursing and assisted living facilities. A critical shortage of nurses, certified nursing assistants (CNAs), and other care staff, exacerbated by an aging workforce and post-pandemic challenges, leads to significantly increased labor costs for Omega's tenants. These escalating operational costs, often combined with fixed or slowly adjusting reimbursement rates, severely squeeze tenant margins, making it difficult for them to meet lease obligations and maintain profitability, and in some cases, can even lead to capacity reductions or facility closures.
AI Analysis | Feedback
Omega Healthcare Investors (OHI) primarily invests in skilled nursing and assisted living facilities in the United States and the United Kingdom. The addressable markets for these services are substantial in both regions.
United States Market
- Skilled Nursing Facilities (SNFs): The U.S. skilled nursing facilities market was estimated at approximately USD 199.72 billion in 2024. This market is projected to grow to about USD 290.02 billion by 2033, with a compound annual growth rate (CAGR) of 4.39% from 2025 to 2033. Other estimates place the U.S. skilled nursing facility and rehabilitation market size at USD 254.95 billion in 2025, with a projection to reach around USD 388.42 billion by 2035.
- Assisted Living Facilities (ALFs): The U.S. assisted living facility market size was estimated to be around USD 103.5 billion in 2024 and is predicted to reach USD 182.3 billion by 2034, growing at a 5.9% CAGR during the forecast period from 2025 to 2034. Another estimate values the U.S. assisted living facility market at USD 89.4 billion in 2024, with an expectation to reach USD 129.2 billion by 2031.
United Kingdom Market
- Skilled Nursing Facilities (SNFs) / Residential Nursing Care: The market size for Residential Nursing Care in the UK was approximately £9.9 billion (approximately USD 12.38 billion, assuming 1 GBP = 1.25 USD) in 2025 and is projected to reach £10.0 billion (approximately USD 12.5 billion) in 2026. More broadly, the nursing care segment, as part of the UK long-term care market, generated a revenue of approximately USD 10.85 billion in 2023, representing 30.57% of the total UK long-term care market.
- Assisted Living Facilities (ALFs): The UK assisted living market is projected to reach USD 11.32 billion by 2026. In 2020, it was estimated that over 500,000 people were living in assisted living facilities in the UK.
AI Analysis | Feedback
Omega Healthcare Investors (OHI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- Strategic Acquisitions and New Investments: Omega Healthcare Investors actively expands its portfolio through strategic acquisitions of healthcare real estate, real estate loans, and investments in unconsolidated entities. For example, the company completed $1.1 billion in new investments in 2025, including significant allocations to senior housing and UK care homes. Its 2026 pipeline targets between $500 million and $700 million in new investments, signaling continued growth through capital deployment.
- Rent Escalations in Long-Term Leases: A consistent driver of revenue growth comes from embedded rent escalators within its long-term triple-net lease agreements. These lease renewals typically include annual rent escalations, generally ranging from 1.5% to 2.5%, providing a predictable increase in rental income from its existing property base.
- Improved Occupancy Rates and Operator Performance: Enhancements in operator coverage and occupancy rates within its skilled nursing and assisted living facilities contribute to revenue growth. These improvements are partly fueled by underlying demographic trends, such as the aging population, and supported by favorable legislative measures, which bolster tenant rent collections and overall portfolio stability.
- Portfolio Diversification through Geographic Expansion and RIDEA Structures: Omega is expanding its footprint geographically, with recent initial investments in Canada and a continued strategic focus on the UK market to mitigate concentration risks. Additionally, the company is increasing its emphasis on RIDEA (real estate investment trust income from operations) structures, which allows for greater participation in the operational upside of its facilities.
- Financing for Facility Construction and Renovation: Omega supports its tenants by providing financing for the construction and renovation of facilities. This strategy helps modernize existing properties and expand bed capacity, which in turn can lead to higher rental income and stronger, more resilient tenant relationships.
AI Analysis | Feedback
Share Repurchases
- In January 2022, Omega Healthcare Investors' Board of Directors authorized a new three-year $500 million share repurchase program, which extends through March 2025.
Share Issuance
- In 2025, Omega issued 7 million common shares of equity, raising $258 million in gross proceeds to pre-fund its investment pipeline.
- In early 2026, the company established a new $2.0 billion "at-the-market" (ATM) equity offering sales agreement, replacing a prior 2021 ATM program.
- Omega Healthcare Investors' shares outstanding increased by 2.52% in 2023, 7.99% in 2024, and 12.76% in 2025.
Outbound Investments
- For the full year 2025, Omega deployed approximately $1.1 billion in capital for strategic investments, with a significant portion allocated to senior housing and U.K. care homes.
- In the second quarter of 2025, OHI completed $527 million in new investments, predominantly acquisitions, including a 45-property portfolio of care homes in Scotland and Jersey for $344 million.
- In 2025, the company acquired 71 facilities for $690.4 million and sold 49 facilities for approximately $282.8 million in net cash proceeds.
Capital Expenditures
- In the first quarter of 2025, Omega's new investment activity included $34 million in capital expenditures.
- The company's strategic focus involves investments in construction in progress, including the development of new skilled nursing facilities.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.64 |
| Mkt Cap | 9.6 |
| Rev LTM | 991 |
| Op Inc LTM | 302 |
| FCF LTM | 476 |
| FCF 3Y Avg | 404 |
| CFO LTM | 476 |
| CFO 3Y Avg | 404 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.7% |
| Rev Chg 3Y Avg | 6.9% |
| Rev Chg Q | 7.1% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 11.8% |
| Op Inc Chg 3Y Avg | 13.1% |
| Op Mgn LTM | 38.8% |
| Op Mgn 3Y Avg | 38.2% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 54.9% |
| CFO/Rev 3Y Avg | 51.2% |
| FCF/Rev LTM | 54.9% |
| FCF/Rev 3Y Avg | 51.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.6 |
| P/S | 9.7 |
| P/Op Inc | 21.4 |
| P/EBIT | 28.9 |
| P/E | 23.2 |
| P/CFO | 15.8 |
| Total Yield | 5.8% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | 5.0% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Price Behavior
| Market Price | $50.60 | |
| Market Cap ($ Bil) | 15.0 | |
| First Trading Date | 08/07/1992 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $47.28 | $44.49 |
| DMA Trend | up | up |
| Distance from DMA | 7.0% | 13.7% |
| 3M | 1YR | |
| Volatility | 23.8% | 20.6% |
| Downside Capture | -138.73 | -60.05 |
| Upside Capture | -52.48 | -6.10 |
| Correlation (SPY) | -29.6% | -15.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.59 | -0.40 | -0.31 | -0.27 | -0.21 | 0.16 |
| Up Beta | 0.11 | 0.28 | -0.09 | -0.13 | -0.15 | 0.21 |
| Down Beta | 0.27 | 0.11 | -0.08 | -0.01 | -0.19 | 0.15 |
| Up Capture | -95% | -50% | -12% | -19% | -0% | 7% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 20 | 33 | 65 | 137 | 404 |
| Down Capture | -122% | -112% | -110% | -77% | -82% | 4% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 21 | 30 | 59 | 113 | 338 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OHI | |
|---|---|---|---|---|
| OHI | 42.1% | 20.5% | 1.60 | - |
| Sector ETF (XLRE) | 10.8% | 14.3% | 0.49 | 43.1% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | -15.0% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | -5.2% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | -7.9% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 45.9% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | -18.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OHI | |
|---|---|---|---|---|
| OHI | 15.4% | 24.3% | 0.56 | - |
| Sector ETF (XLRE) | 3.0% | 19.1% | 0.06 | 49.0% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 25.9% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 4.7% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | 4.3% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 51.6% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 6.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OHI | |
|---|---|---|---|---|
| OHI | 12.6% | 34.3% | 0.43 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 55.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 38.5% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 5.6% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 16.9% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 61.0% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -1.5% | -1.3% | 0.6% |
| 2/4/2026 | 6.1% | 10.5% | 12.7% |
| 10/30/2025 | 5.4% | 8.7% | 17.3% |
| 7/31/2025 | 2.7% | 4.9% | 11.3% |
| 5/1/2025 | -4.0% | -6.1% | -2.1% |
| 2/5/2025 | -0.7% | -5.1% | -2.0% |
| 10/30/2024 | -0.1% | -5.4% | -2.9% |
| 8/1/2024 | 4.3% | 3.3% | 9.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 13 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 4.1% | 4.9% | 9.7% |
| Median Negative | -2.1% | -4.0% | -2.9% |
| Max Positive | 14.7% | 11.5% | 21.3% |
| Max Negative | -6.6% | -8.4% | -6.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -1.5% | -1.3% | 0.6% |
| 2/4/2026 | 6.1% | 10.5% | 12.7% |
| 10/30/2025 | 5.4% | 8.7% | 17.3% |
| 7/31/2025 | 2.7% | 4.9% | 11.3% |
| 5/1/2025 | -4.0% | -6.1% | -2.1% |
| 2/5/2025 | -0.7% | -5.1% | -2.0% |
| 10/30/2024 | -0.1% | -5.4% | -2.9% |
| 8/1/2024 | 4.3% | 3.3% | 9.7% |
| 5/2/2024 | 0.2% | -1.7% | 3.3% |
| 2/7/2024 | 6.5% | 10.1% | 9.4% |
| 11/2/2023 | -6.6% | -8.4% | -6.5% |
| 8/2/2023 | -1.5% | -0.3% | 0.0% |
| 5/2/2023 | 9.4% | 9.8% | 11.3% |
| 2/2/2023 | -2.1% | -5.5% | -6.6% |
| 11/2/2022 | 0.9% | -0.6% | -3.0% |
| 8/1/2022 | 0.6% | 4.8% | 3.0% |
| 5/2/2022 | 14.7% | 11.5% | 17.5% |
| 2/2/2022 | -6.5% | -3.8% | -4.6% |
| 11/4/2021 | 4.1% | 0.1% | -0.5% |
| 8/2/2021 | -3.9% | -2.6% | -6.9% |
| 5/3/2021 | -2.2% | -4.3% | -0.2% |
| 2/4/2021 | 0.9% | 3.8% | 2.2% |
| 10/29/2020 | -0.8% | 2.4% | 21.3% |
| 8/5/2020 | 2.4% | 2.0% | -0.2% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 13 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 4.1% | 4.9% | 9.7% |
| Median Negative | -2.1% | -4.0% | -2.9% |
| Max Positive | 14.7% | 11.5% | 21.3% |
| Max Negative | -6.6% | -8.4% | -6.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Asset Sale Proceeds | 480.00 Mil | 2300.0% | Raised | Guidance: 20.00 Mil for Q2 2026 | |||
| 2026 Quarterly G&A Expense | 14.00 Mil | 14.50 Mil | 15.00 Mil | 3.6% | Raised | Guidance: 14.00 Mil for 2026 | |
| 2026 Genesis Quarterly Rent | 13.30 Mil | ||||||
| 2026 Maplewood Quarterly Rent | 19.50 Mil | ||||||
| 2026 Adjusted FFO per share | 3.19 | 3.22 | 3.25 | 0.6% | Raised | Guidance: 3.2 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 G&A Expense | 13.00 Mil | 14.00 Mil | 15.00 Mil | 0 | Same New | Guidance: 14.00 Mil for Q4 2025 | |
| Q1 2026 Asset Sales | 15.00 Mil | 20.00 Mil | 25.00 Mil | ||||
| 2026 Adjusted FFO | 3.15 | 3.2 | 3.25 | 3.6% | Higher New | Actual: 3.09 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO per share | 3.08 | 3.09 | 3.1 | 1.1% | Raised | Guidance: 3.06 for 2025 | |
| Q4 2025 G&A expense | 13.50 Mil | 14.00 Mil | 14.50 Mil | ||||
Insider Activity
Updated 7/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gupta, Vikas | Chief Investment Officer | Direct | Buy | 11062025 | 42.97 | 11,500 | 494,118 | 591,782 | Form |
| 2 | Pickett, C Taylor | CHIEF EXECUTIVE OFFICER | See Footnote | Buy | 11062025 | 43.14 | 20,000 | 862,856 | 862,856 | Form |
| 3 | Egbuonu-Davis, Lisa | Direct | Sell | 8112025 | 40.16 | 2,500 | 100,394 | 749,098 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gupta, Vikas | Chief Investment Officer | Direct | Buy | 11062025 | 42.97 | 11,500 | 494,118 | 591,782 | Form |
| 2 | Pickett, C Taylor | CHIEF EXECUTIVE OFFICER | See Footnote | Buy | 11062025 | 43.14 | 20,000 | 862,856 | 862,856 | Form |
| 3 | Egbuonu-Davis, Lisa | Direct | Sell | 8112025 | 40.16 | 2,500 | 100,394 | 749,098 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Health Care REITs Resources |
| Healthcare Real Estate Insights |
| Seniors Housing Business |
| RevistaMed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.