ARDT Ardent Health, Inc. Common Stock
$11.02
Price · Aug 18, 2026
Fundamentals as of Aug 10, 2026
52W Range
$8–$15
43% of range
Analyst Rating
BUY
18 analysts
Price Target
$13
+15% upside
P/E (TTM)
11.5
ROE
11.2%
Net Profit Margin
2.1%
About Ardent Health, Inc. Common Stock Company overview from Wikipedia
Ardent Health, Inc., formerly known as Behavioral Healthcare Corporation is a for-profit healthcare company based in Brentwood, Tennessee, United States.
Read more
Ardent Health, Inc., formerly known as Behavioral Healthcare Corporation is a for-profit healthcare company based in Brentwood, Tennessee, United States.
## History
The Behavioral Healthcare Corporation was founded in 1993 by Edward Stack. Until 2001, it was a privately held company owned by Kindred Healthcare and Welsh Carson Anderson & Stowe and several individual investors and focused owning and operating behavioral health facilities. It currently owns and operates hospitals in Tulsa, Oklahoma, Albuquerque, New Mexico, Amarillo, Texas, Pocatello, Idaho, Topeka, Kansas, 2 in New Jersey and, as of March 1, 2018, UTHET in Tyler, Texas.
By 2001, the private equity firm Welsh, Carson, Anderson & Stowe became majority shareholders and changed the name of the company.
The company sold its behavioral health operations to Psychiatric Solutions, Inc. in 2005.
In 2015, Ventas acquired the company for $1.75b through a traditional sale-leaseback transaction where Ventas remained the owner of essentially all of Ardent's real property interests while a joint venture between Equity Group Investments, Ventas and several members of management acquired its hospital operations.
In February 2018, Ardent Health Services acquired the East Texas Medical Center (ETMC) hospital system, and created the Tyler Regional Hospital, LLC, purchased the name-rights of the University of Texas Health Sciences Brand, and created a Doing-Business-As name of "UT Health Tyler." Tyler Regional Hospital, LLC continues operating under the UT Health Brand but is not currently under the University of Texas umbrella of administration. Currently, the University of Texas system owns a 30% share in the hospital while Ardent Health owns a 70% share.
In February 2020, Ardent Health Services president and CEO David T. Vandewater announced his plans to retire from the company. He remained president and CEO until a successor was named.
In August 2020, Ardent Health Services appointed Martin J. Bonick as president and CEO. Today the company has 26,000 employees, 30 hospitals, and over 200 sites of care in six states.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ARDT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$11.02
Market Cap
$1.58B
P/E (TTM)
11.5
EPS (TTM)
$0.96
Revenue (TTM)
$6.32B
Div Yield
—
ROE
11.2%
Debt/Equity
0.9
52W Range
$8 – $15
ARDT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$6.32B
2022-12-31
→
2025-12-31
EPS
$0.96
2022-12-31
→
2025-12-31
Free Cash Flow
—
Margins
2.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ARDT
Peer Median
P/E (TTM)
11.5
13.1
P/S (TTM)
0.2
1.1
P/B
1.2
1.8
EV / EBITDA
12.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ARDT
Peer Median
Net Profit Margin
2.1%
2.9%
ROA
2.6%
2.7%
ROE
11.2%
1.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ARDT
Peer Median
Debt / Equity
0.9
—
Current Ratio
2.0
1.5
Quick Ratio
1.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ARDT
Peer Median
Revenue YoY
6.0%
—
Revenue CAGR 3Y
7.2%
—
EPS YoY
-39.2%
—
Net Income YoY
-35.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ARDT
Peer Median
ARDT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 5 27.8%
- Buy 7 38.9%
- Hold 5 27.8%
- Sell 1 5.6%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-16
Median
$13.00
Mean
$12.68
Now
$11.02
Low
$10.00
High
$14.00
Median target
$13.00
+18.0%
Mean target
$12.68
+15.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.12 | $0.18 | -0.06% |
| March 31, 2026 | $0.28 | $0.19 | 0.09% |
| Dec. 31, 2025 | $0.32 | $0.35 | -0.03% |
| Sept. 30, 2025 | $0.52 | $0.42 | 0.10% |
| June 30, 2025 | $0.52 | $0.30 | 0.22% |
| March 31, 2025 | $0.29 | $0.20 | 0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ARDT | $1.26B | 9.2 | 6.0% | 2.1% | 11.2% | — |
| BKD | $2.57B | -9.6 | 2.2% | -8.2% | -313.2% | 26.2% |
| ACHC | $1.28B | -1.2 | 5.0% | -33.3% | -43.9% | — |
| SGRY | $2.00B | -25.3 | 6.2% | -2.4% | -4.5% | — |
| SNDA | $612M | -7.7 | 25.2% | -18.6% | -197.2% | — |
| NUTX | $1.17B | 15.7 | 82.4% | 8.1% | 30.6% | 50.8% |
| USPH | — | 55.0 | 16.3% | 5.1% | 8.2% | 19.2% |
| CYH | $433M | 0.8 | -1.2% | 4.1% | -30.8% | — |
| JYNT | $123M | 45.9 | 5.2% | 5.3% | 16.3% | — |
| HCA | $104.86B | 16.5 | 7.1% | 9.0% | -159.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 11
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $6.32B | $5.97B | $5.41B | |
| SG&A Expense | $141M | $132M | $115M | |
| Operating Expenses | $6.04B | $5.60B | $5.26B | |
| Pretax Income | $286M | $363M | $152M | |
| Income Tax | $56M | $63M | $23M | |
| Net Income | $136M | $210M | $54M | |
| EPS (Basic) | $0.96 | $1.59 | $0.43 | |
| EPS (Diluted) | $0.96 | $1.58 | $0.43 | |
| Shares (Basic) | 140,760,736 | 132,439,695 | 126,115,301 | |
| Shares (Diluted) | 141,450,309 | 132,744,577 | 126,115,301 | |
| EBITDA | $156M | $146M | · |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $710M | $557M | $438M | |
| Receivables | $686M | $743M | $775M | |
| Inventory | $119M | $115M | $105M | |
| Prepaid Expense | $113M | $114M | $77M | |
| Other Current Assets | $432M | $304M | $222M | |
| Current Assets | $2.06B | $1.83B | $1.62B | |
| PP&E (Net) | · | $862M | $811M | |
| PP&E (Gross) | · | $1.85B | $1.71B | |
| Accum. Depreciation | · | $989M | $903M | |
| Goodwill | $879M | $852M | $845M | |
| Intangibles | $12M | · | · | |
| Other Non-current Assets | $112M | $143M | $147M | |
| Total Assets | $5.29B | $4.96B | $4.73B | |
| Accounts Payable | $458M | $401M | $475M | |
| Current Liabilities | $1.05B | $945M | $994M | |
| Capital Leases | $1.17B | $1.14B | · | |
| Other Non-current Liabilities | $77M | $35M | $76M | |
| Total Liabilities | $3.61B | $3.43B | $3.65B | |
| Long-term Debt | $1.12B | $1.11B | $1.19B | |
| Total Debt | $1.10B | $1.10B | · | |
| Common Stock | $1M | $1M | $0 | |
| Paid-in Capital | $788M | $754M | $0 | |
| Retained Earnings | $502M | $366M | $155M | |
| AOCI | $-4M | $10M | $19M | |
| Stockholders' Equity | $1.29B | $1.13B | $671M | |
| Liabilities + Equity | $5.29B | $4.96B | $4.73B | |
| Shares Outstanding | 142,864,171 | 142,747,818 | 0 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $156M | $146M | $141M | |
| Deferred Tax | $44M | $23M | $5M | |
| Amort. of Intangibles | $800.0K | · | · | |
| Other Non-cash | $135M | $-65M | · | |
| Operating Cash Flow | $471M | $315M | $222M | |
| Investing Cash Flow | $-214M | $-220M | $-138M | |
| Debt Issued | $0 | $4M | $7M | |
| Net Debt Issued | $-8M | $-105M | · | |
| Dividends Paid | · | $0 | $0 | |
| Financing Cash Flow | $-103M | $25M | $-102M | |
| Net Change in Cash | $153M | $119M | $-19M | |
| Taxes Paid | $37M | $42M | $19M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Net Margin | 2.1% | 3.5% | · | |
| Pretax Margin | 4.5% | 6.1% | · | |
| EBITDA Margin | 2.5% | 2.5% | · | |
| ROA | 2.6% | 4.3% | · | |
| ROE | 11.2% | 23.3% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 2.0 | 1.9 | · | |
| Quick Ratio | 1.3 | 1.4 | · | |
| Debt / Equity | 0.9 | 1.0 | · | |
| LT Debt / Equity | 0.8 | 1.0 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 1.2 | 1.2 | · | |
| Receivables Turnover | 8.9 | 7.9 | · |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 6.0% | 10.3% | 5.5% | |
| Revenue CAGR 3Y | 7.2% | · | · | |
| EPS YoY | -39.2% | 267.4% | -71.3% | |
| EPS CAGR 3Y | -13.8% | · | · | |
| Net Income YoY | -35.4% | 290.2% | -71.5% | |
| Net Income CAGR 3Y | -10.4% | · | · |
Valuation (TTM) 15
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $6.32B | $5.97B | · | |
| Net Income TTM | $136M | $210M | · | |
| Market Cap | $1.26B | $2.44B | · | |
| Enterprise Value | $1.65B | $2.98B | · | |
| P/E | 9.2 | 10.8 | · | |
| P/S | 0.2 | 0.4 | · | |
| P/B | 1.0 | 2.2 | · | |
| P / Tangible Book | 3.2 | 8.7 | · | |
| P / Cash Flow | 2.7 | 7.7 | · | |
| EV / EBITDA | 10.6 | 20.3 | · | |
| EV / Revenue | 0.3 | 0.5 | · | |
| Dividend Yield | · | 0.00% | · | |
| Earnings Yield | 10.9% | 9.2% | · | |
| Payout Ratio | · | 0.00% | · | |
| Annual Payout | · | $0 | · |
Income Statement 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.62B | $1.60B | $1.61B | $1.58B | $1.65B | $1.50B | $1.61B | $1.45B | $1.47B | $1.44B | $1.35B | $1.38B | |
| SG&A Expense | $61M | $49M | $37M | $36M | $33M | $35M | $37M | $34M | $29M | $33M | $32M | $29M | |
| Operating Expenses | $1.58B | $1.53B | $1.51B | $1.58B | $1.52B | $1.42B | $1.44B | $1.39B | $1.39B | $1.38B | $1.34B | $1.33B | |
| Pretax Income | $43M | $75M | $92M | $-2M | $122M | $74M | $167M | $57M | $82M | $57M | $9M | $46M | |
| Income Tax | $9M | $16M | $18M | $-3M | $26M | $15M | $26M | $11M | $15M | $11M | $-2M | $7M | |
| Net Income | $17M | $40M | $45M | $-23M | $73M | $41M | $114M | $26M | $43M | $27M | $-4M | $21M | |
| EPS (Basic) | $0.12 | $0.28 | $0.31 | $-0.17 | $0.52 | $0.30 | $0.85 | $0.19 | $0.34 | $0.21 | $-0.03 | $0.17 | |
| EPS (Diluted) | $0.12 | $0.28 | $0.32 | $-0.17 | $0.52 | $0.29 | $0.84 | $0.19 | $0.34 | $0.21 | $-0.03 | $0.17 | |
| Shares (Basic) | 141,688,279 | 141,266,013 | -280,903,302 | 141,226,862 | 140,374,892 | 140,062,284 | -256,898,502 | 137,107,595 | 126,115,301 | 126,115,301 | 0 | 126,115,301 | |
| Shares (Diluted) | 143,052,519 | 141,775,040 | -281,998,289 | 141,226,862 | 141,517,661 | 140,704,075 | -257,029,020 | 137,542,995 | 126,115,301 | 126,115,301 | 0 | 126,115,301 | |
| EBITDA | · | $43M | · | · | · | $36M | · | · | · | · | · | · |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $724M | $610M | $710M | $609M | $541M | $495M | $557M | $563M | $335M | · | · | · | |
| Receivables | $696M | $686M | $686M | $729M | $759M | $777M | $743M | $706M | $721M | · | · | · | |
| Inventory | $116M | $120M | $119M | $122M | $118M | $120M | $115M | $108M | $105M | · | · | · | |
| Prepaid Expense | $148M | $166M | $113M | $131M | $128M | $130M | $114M | $120M | $136M | · | · | · | |
| Other Current Assets | $371M | $438M | $432M | $366M | $332M | $239M | $304M | $194M | $205M | · | · | · | |
| Current Assets | $2.05B | $2.02B | $2.06B | $1.96B | $1.88B | $1.76B | $1.83B | $1.69B | $1.50B | · | · | · | |
| PP&E (Net) | · | · | · | $888M | $870M | $857M | · | $815M | $807M | · | · | · | |
| Goodwill | $879M | $879M | $879M | $878M | $878M | $877M | $852M | $852M | $852M | · | $845M | · | |
| Intangibles | · | · | $12M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $124M | $116M | $112M | $112M | $111M | $117M | $143M | $137M | $145M | · | · | · | |
| Total Assets | $5.28B | $5.25B | $5.29B | $5.15B | $5.03B | $4.91B | $4.96B | $4.80B | $4.61B | · | · | · | |
| Accounts Payable | $430M | $420M | $458M | $382M | $364M | $372M | $401M | $369M | $371M | · | · | · | |
| Current Liabilities | $976M | $951M | $1.05B | $943M | $881M | $830M | $945M | $887M | $909M | · | · | · | |
| Capital Leases | · | · | $1.17B | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $82M | $66M | $77M | $62M | $32M | $32M | $35M | $54M | $59M | · | · | · | |
| Total Liabilities | $3.54B | $3.52B | $3.61B | $3.52B | $3.38B | $3.35B | $3.43B | $3.41B | $3.45B | · | · | · | |
| Long-term Debt | $1.10B | $1.11B | $1.12B | $1.12B | $1.13B | $1.13B | $1.10B | $1.10B | $1.09B | · | · | · | |
| Total Debt | $1.10B | $1.11B | · | $1.11B | $1.11B | $1.11B | · | $1.10B | $1.09B | · | · | · | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $498M | · | · | · | |
| Paid-in Capital | $791M | $796M | $788M | $783M | $773M | $763M | $754M | $743M | · | · | · | · | |
| Retained Earnings | $558M | $541M | $502M | $457M | $480M | $407M | $366M | $252M | $225M | · | · | · | |
| AOCI | $-638.0K | $-2M | $-4M | $-3M | $-396.0K | $4M | $10M | $9M | $17M | · | · | · | |
| Stockholders' Equity | $1.35B | $1.34B | $1.29B | $1.24B | $1.25B | $1.18B | $1.13B | $1.01B | $740M | · | · | · | |
| Liabilities + Equity | $5.28B | $5.25B | $5.29B | $5.15B | $5.03B | $4.91B | $4.96B | $4.80B | $4.61B | · | · | · | |
| Shares Outstanding | 141,910,898 | 143,133,825 | 142,864,171 | 143,169,831 | 143,098,506 | 143,037,764 | 142,747,818 | 0 | 485,909,683 | · | 0 | · |
Cash Flow 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $41M | $43M | $41M | $39M | $39M | $36M | $38M | $37M | $36M | $35M | $36M | $35M | |
| Deferred Tax | $3M | $-429.0K | $29M | $18M | $-793.0K | $-2M | $22M | $3M | $-1M | $319.0K | $-592.0K | $1M | |
| Other Non-cash | · | $-143M | · | · | · | $-100M | · | · | · | · | · | · | |
| Operating Cash Flow | $197M | $-60M | $223M | $154M | $117M | $-25M | $120M | $90M | $120M | $-15M | $67M | $89M | |
| Investing Cash Flow | $-39M | $-28M | $-86M | $-59M | $-46M | $-23M | $-105M | $-45M | $-39M | $-32M | $-57M | $-25M | |
| Debt Issued | · | · | $0 | $0 | $0 | $0 | $0 | $2M | $847.0K | $951.0K | $5M | $0 | |
| Net Debt Issued | · | $-4M | · | · | · | $-1M | · | · | · | · | · | · | |
| Financing Cash Flow | $-43M | $-12M | $-37M | $-27M | $-26M | $-14M | $-20M | $183M | $-120M | $-18M | $-18M | $-24M | |
| Net Change in Cash | $115M | $-100M | $100M | $69M | $46M | $-62M | $-6M | $229M | $-38M | $-65M | $-7M | $40M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 1.0% | 2.5% | · | -1.5% | 4.4% | 2.8% | · | 1.8% | 2.9% | · | · | · | |
| Pretax Margin | 2.7% | 4.7% | · | -0.14% | 7.4% | 5.0% | · | 3.9% | 5.6% | · | · | · | |
| EBITDA Margin | · | 2.7% | · | · | · | 2.4% | · | · | · | · | · | · | |
| ROA | 0.33% | 0.78% | · | -0.47% | 1.5% | 1.7% | · | 1.1% | 1.9% | · | · | · | |
| ROE | 1.3% | 3.2% | · | -2.1% | 7.3% | 7.0% | · | 5.2% | 11.6% | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.1 | 2.1 | · | 2.1 | 2.1 | 2.1 | · | 1.9 | 1.7 | · | · | · | |
| Quick Ratio | 1.5 | 1.4 | · | 1.4 | 1.5 | 1.5 | · | 1.4 | 1.2 | · | · | · | |
| Debt / Equity | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 1.1 | 1.5 | · | · | · | |
| LT Debt / Equity | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 1.1 | 1.5 | · | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.6 | · | 0.6 | 0.6 | · | · | · | |
| Receivables Turnover | 2.2 | 2.2 | · | 2.2 | 2.2 | 3.9 | · | 4.1 | 4.1 | · | · | · |
Valuation (TTM) 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.45B | $6.32B | · | $6.17B | $6.06B | $5.86B | · | $5.74B | $5.66B | · | · | · | |
| Net Income TTM | $106M | $131M | · | $117M | $183M | $138M | · | $117M | $124M | · | · | · | |
| Market Cap | $1.40B | $1.23B | · | $1.90B | $1.95B | $1.97B | · | $0 | · | · | · | · | |
| Enterprise Value | $1.77B | $1.73B | · | $2.39B | $2.52B | $2.58B | · | $533M | · | · | · | · | |
| P/E | 13.1 | 9.3 | · | 16.0 | 10.2 | 13.3 | · | 20.2 | · | · | · | · | |
| P/S | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.0 | · | · | · | · | |
| P/B | 1.0 | 0.9 | · | 1.5 | 1.6 | 1.7 | · | · | · | · | · | · | |
| P / Tangible Book | 3.0 | 2.7 | · | 5.3 | 5.2 | 6.6 | · | 0.0 | · | · | · | · | |
| P / Cash Flow | · | -20.3 | · | · | · | -79.3 | · | · | · | · | · | · | |
| EV / EBITDA | · | 40.2 | · | · | · | 71.3 | · | · | · | · | · | · | |
| EV / Revenue | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.1 | · | · | · | · | |
| Earnings Yield | 7.6% | 10.8% | · | 6.3% | 9.8% | 7.5% | · | 5.0% | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Revenue | $6.32B | $5.97B | $5.41B | $5.13B |
| Net Income | $136M | $210M | $54M | $189M |
| Diluted EPS | $0.96 | $1.58 | $0.43 | $1.50 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Debt / Equity | 0.9 | 1.0 | — | — |
| Current Ratio | 2.0 | 1.9 | — | — |
| Quick Ratio | 1.3 | 1.4 | — | — |
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Institutional owners (13F) 148 filers · $1.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 31 (+6 vs prior Q) | 16 (-2 vs prior Q) | 61 (+15 vs prior Q) | 30 (-7 vs prior Q) | +4.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| CHAI TRUST CO LLC | $760,105,550 | 77,246,499 | 74.88% | Shares |
| Ventas, Inc. | $91,930,210 | 9,342,501 | 9.06% | Shares |
| AMERIPRISE FINANCIAL INC | $19,634,039 | 1,995,329 | 1.93% | Shares |
| GOLDENTREE ASSET MANAGEMENT LP | $15,526,017 | 1,580,423 | 1.53% | Shares |
| CastleKnight Management LP | $10,597,355 | 1,076,967 | 1.04% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $9,484,117 | 963,833 | 0.93% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $8,276,680 | 841,126 | 0.82% | Shares |
| ALGERT GLOBAL LLC | $5,881,811 | 597,745 | 0.58% | Shares |
| STATE STREET CORP | $5,571,457 | 566,205 | 0.55% | Shares |
| FIRST TRUST ADVISORS LP | $5,532,815 | 562,278 | 0.55% | Shares |
| Empowered Funds, LLC | $5,424,723 | 551,293 | 0.53% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $5,208,899 | 529,228 | 0.51% | Shares |
| SageView Advisory Group, LLC | $4,727,599 | 480,447 | 0.47% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $4,377,777 | 444,896 | 0.43% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,294,009 | 334,757 | 0.32% | Shares |
| AMERICAN CENTURY COMPANIES INC | $3,044,093 | 309,359 | 0.30% | Shares |
| Nuveen Asset Management, LLC | $2,642,276 | 154,700 | 0.26% | Shares |
| BlackRock, Inc. | $2,371,204 | 240,976 | 0.23% | Shares |
| DENALI ADVISORS LLC | $2,324,700 | 236,250 | 0.23% | Shares |
| GOLDMAN SACHS GROUP INC | $2,308,385 | 234,592 | 0.23% | Shares |
| JPMORGAN CHASE & CO | $2,304,902 | 232,115 | 0.23% | Shares |
| UBS Group AG | $2,222,256 | 225,839 | 0.22% | Shares |
| JANE STREET GROUP, LLC | $2,058,331 | 209,180 | 0.20% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,048,855 | 208,217 | 0.20% | Shares |
| Bank of New York Mellon Corp | $2,006,711 | 203,934 | 0.20% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,968,581 | 200,059 | 0.19% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,637,051 | 166,367 | 0.16% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,567,030 | 159,251 | 0.15% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $1,462,362 | 148,614 | 0.14% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,296,361 | 131,744 | 0.13% | Shares |
| Prescott Group Capital Management, L.L.C. | $1,199,742 | 121,925 | 0.12% | Shares |
| Point72 Asset Management, L.P. | $1,171,737 | 119,079 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $1,116,791 | 113,495 | 0.11% | Shares |
| Vanguard Global Advisers, LLC | $1,116,063 | 113,421 | 0.11% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,039,419 | 105,632 | 0.10% | Shares |
| IEQ CAPITAL, LLC | $907,159 | 92,191 | 0.09% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $897,045 | 104,795 | 0.09% | Shares |
| Walleye Capital LLC | $890,628 | 90,511 | 0.09% | Shares |
| Susquehanna Portfolio Strategies, LLC | $864,788 | 87,885 | 0.09% | Shares |
| FIFTH THIRD BANCORP | $860,144 | 87,413 | 0.08% | Shares |
| Trexquant Investment LP | $830,555 | 84,406 | 0.08% | Shares |
| MANGROVE PARTNERS IM, LLC | $806,004 | 81,911 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $707,496 | 71,900 | 0.07% | Shares |
| STRS OHIO | $700,608 | 71,200 | 0.07% | Shares |
| Lido Advisors, LLC | $689,371 | 70,058 | 0.07% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $679,659 | 69,071 | 0.07% | Shares |
| TWO SIGMA ADVISERS, LP | $630,462 | 71,400 | 0.06% | Shares |
| D. E. Shaw & Co., Inc. | $615,010 | 62,501 | 0.06% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $608,290 | 61,818 | 0.06% | Shares |
| TWO SIGMA INVESTMENTS, LP | $559,384 | 56,848 | 0.06% | Shares |
| HSBC HOLDINGS PLC | $542,850 | 55,280 | 0.05% | Shares |
| Mariner, LLC | $539,581 | 54,834 | 0.05% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $473,491 | 48,119 | 0.05% | Shares |
| MILLENNIUM MANAGEMENT LLC | $472,389 | 48,007 | 0.05% | Shares |
| PRUDENTIAL FINANCIAL INC | $372,592 | 37,865 | 0.04% | Shares |
| VARCOV Co. | $354,388 | 36,015 | 0.03% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $347,647 | 35,330 | 0.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $294,196 | 29,898 | 0.03% | Shares |
| RHUMBLINE ADVISERS | $291,089 | 29,583 | 0.03% | Shares |
| ALLIANCEBERNSTEIN L.P. | $284,192 | 33,200 | 0.03% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $283,225 | 28,783 | 0.03% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $275,500 | 27,998 | 0.03% | Shares |
| MIRABELLA FINANCIAL SERVICES LLP | $271,328 | 27,574 | 0.03% | Shares |
| Voleon Capital Management LP | $270,659 | 27,506 | 0.03% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $251,617 | 24,962 | 0.02% | Shares |
| SEI INVESTMENTS CO | $248,716 | 25,276 | 0.02% | Shares |
| AXQ CAPITAL, LP | $246,443 | 25,045 | 0.02% | Shares |
| MACKENZIE FINANCIAL CORP | $240,667 | 24,458 | 0.02% | Shares |
| ARISTEIA CAPITAL, L.L.C. | $238,010 | 24,188 | 0.02% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $226,797 | 26,495 | 0.02% | Shares |
| DEUTSCHE BANK AG\ | $226,192 | 22,987 | 0.02% | Shares |
| Balyasny Asset Management L.P. | $225,001 | 22,866 | 0.02% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $221,036 | 25,822 | 0.02% | Shares |
| State of Wyoming | $218,438 | 22,199 | 0.02% | Shares |
| COMERICA BANK | $208,203 | 23,579 | 0.02% | Shares |
| BARCLAYS PLC | $194,576 | 19,774 | 0.02% | Shares |
| WELLS FARGO & COMPANY/MN | $194,104 | 19,726 | 0.02% | Shares |
| VANGUARD GROUP INC | $186,878 | 21,164 | 0.02% | Shares |
| XTX Topco Ltd | $171,974 | 17,477 | 0.02% | Shares |
| Cerity Partners LLC | $168,943 | 17,169 | 0.02% | Shares |
| ExodusPoint Capital Management, LP | $157,046 | 15,960 | 0.02% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $155,934 | 15,847 | 0.02% | Shares |
| CWM, LLC | $153,241 | 17,902 | 0.02% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $149,568 | 15,200 | 0.01% | Call option |
| Corient Private Wealth LP | $144,973 | 14,733 | 0.01% | Shares |
| MetLife Investment Management, LLC | $133,873 | 13,605 | 0.01% | Shares |
| WINTON GROUP Ltd | $124,161 | 12,618 | 0.01% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $122,016 | 12,400 | 0.01% | Put option |
| R Squared Ltd | $119,979 | 12,193 | 0.01% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $118,080 | 12,000 | 0.01% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $106,734 | 10,847 | 0.01% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $106,400 | 10,813 | 0.01% | Shares |
| Nuveen, LLC | $104,068 | 10,576 | 0.01% | Shares |
| FMR LLC | $103,320 | 10,500 | 0.01% | Shares |
| Abel Hall, LLC | $100,329 | 10,196 | 0.01% | Shares |
| LBMC INVESTMENT ADVISORS, LLC | $98,400 | 10,000 | 0.01% | Shares |
| Invesco Ltd. | $89,908 | 9,137 | 0.01% | Shares |
| Monetary Solutions, Ltd | $88,284 | 8,972 | 0.01% | Shares |
| MORGAN STANLEY | $87,074 | 8,849 | 0.01% | Shares |
| Arax Advisory Partners | $61,432 | 6,243 | 0.01% | Shares |
Company insiders 16 insiders · 7 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dave Caspers | CEO and President | July 1, 2026 A | 174,930 | 0 | 0 | $0 |
| Martin Bonick | President and CEO | July 18, 2024 A | 1,005,027 | 0 | 0 | $0 |
| Alfred Lumsdaine | Chief Financial Officer | June 5, 2026 P | 329,183 | 1 | 0 | $88,100 |
| David Schultz | President of Hospital Operations. | July 18, 2024 A | 22,477 | 0 | 0 | $0 |
| Ethan Chernin | President of Health Services | July 18, 2024 A | 16,406 | 0 | 0 | $0 |
| David Raynor Byers | SVP & Chief Accounting Officer | July 18, 2024 A | 94,979 | 0 | 0 | $0 |
| Stephen C. Petrovich | Executive VP, GC and Secretary | July 18, 2024 A | 688,557 | 0 | 0 | $0 |
| Robert Demichiei | Director | June 5, 2026 P | 35,564 | 1 | 0 | $98,300 |
| Rahul Sen | Director | July 18, 2024 A | 11,562 | 0 | 0 | $0 |
| Edmondo Robinson | Director | July 18, 2024 A | 20,275 | 0 | 0 | $0 |
| Suzanne Campion | Director | July 18, 2024 A | 20,275 | 0 | 0 | $0 |
| Robert Thomas Webb | Director | July 18, 2024 A | 20,275 | 0 | 0 | $0 |
| Mark R Sotir | Director | July 18, 2024 A | 11,562 | 0 | 0 | $0 |
| Ellen Havdala | Director | July 18, 2024 A | 77,427 | 0 | 0 | $0 |
| Peter C B Bynoe | Director | July 18, 2024 A | 77,427 | 0 | 0 | $0 |
| William M Goodyear | Director | July 18, 2024 A | 77,427 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 32 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| FYT · First Trust Exchange-Traded AlphaDE… | 0.68% | 127,653 NS | April 30, 2026 | N-PORT |
| SVAL · iShares Trust | 0.45% | 80,670 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.33% | 405,519 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.14% | 8,035 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.14% | 1,645 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.14% | 19,732 NS | April 30, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.03% | 18,149 SH | Aug. 8, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.02% | 31,898 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 54,010 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 228,512 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.01% | 8,999 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 32,382 NS | May 31, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.01% | 12,889 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 135,376 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 20,573 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 631,378 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.01% | 5,350 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 10,008 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 1,092 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.00% | 115,217 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.00% | 13,112 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.00% | 1,097 SH | Aug. 8, 2026 | Daily |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.00% | 103,508 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 853 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 865 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 4,312 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 998 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 22 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 15,000 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 279,257 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 661,990 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,839 SH | Aug. 8, 2026 | Daily |