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REITs · Real Estate · Fiscal year ends Dec 31
Sabra Health Care REIT reported revenue of $357M in the fiscal year ended Dec 2025, up 25.4% from the year before. Operating income was $266M, an operating margin of 74.5%, and net income was $156M. Net debt was $2.5B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 156 | 187 | 236 | 285 | 357 |
| Operating incomederived: pre-tax income + interest | 179 | 127 | 132 | 243 | 266 |
| Interest expense | 98.6 | 105 | 113 | 115 | 112 |
| Pre-tax income | 80.7 | 21.7 | 18.7 | 128 | 153 |
| Income tax | 1.8 | 1.2 | 2.0 | 1.0 | 1.8 |
| Net income | −113 | −77.6 | 13.8 | 127 | 156 |
| Diluted EPS | −0.52 | −0.34 | 0.06 | 0.54 | 0.64 |
| Diluted shares | 219 | 231 | 233 | 236 | 244 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 112 | 49.3 | 41.3 | 60.5 | 71.5 |
| Total assets | 5,967 | 5,748 | 5,386 | 5,304 | 5,493 |
| Long-term debt | 2,394 | 2,507 | 2,414 | 2,418 | 2,529 |
| Total liabilities | 2,587 | 2,691 | 2,584 | 2,562 | 2,670 |
| Shareholders' equity | 3,380 | 3,056 | 2,803 | 2,741 | 2,822 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 356 | 316 | 301 | 311 | 349 |
| Depreciation & amortisation | 179 | 188 | 183 | 170 | 187 |
| Stock-based compensation | 7.9 | 7.5 | 7.9 | 9.0 | 11.4 |
| Dividends paid | 263 | 277 | 277 | 280 | 289 |
| Dividend per share | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.0% | 26.5% | 20.5% | 25.4% |
| Operating income growth (YoY) | – | −29.1% | 3.5% | 84.9% | 9.3% |
| EPS growth (YoY) | – | – | – | 800.0% | 18.5% |
| Operating margin | 115.3% | 68.1% | 55.7% | 85.5% | 74.5% |
| Net margin | −72.8% | −41.6% | 5.8% | 44.5% | 43.6% |
| Return on equityBlank when equity is negative | −3.4% | −2.5% | 0.5% | 4.6% | 5.5% |
| Cash conversion (CFO ÷ net income) | −3.15x | −4.07x | 21.9x | 2.45x | 2.24x |
| Interest cover | 1.82x | 1.21x | 1.17x | 2.11x | 2.36x |
| Debt ÷ equity | 0.71x | 0.82x | 0.86x | 0.88x | 0.90x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,282 | 2,457 | 2,373 | 2,357 | 2,457 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.