Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent a good deal of time with Ventas's second-quarter 10-Q, its recent earnings releases, and the record of the past decade, and our conclusion is straightforward: this is an average business enjoying the best operating environment of its corporate life, priced as if that environment were permanent. The stock closed today at $93.51 — pennies below its all-time high of $100.53 set a week ago — which puts it at roughly 24 times this year's guided normalized FFO of $3.85 to $3.90 per share. The dividend yields 2.2% while the ten-year Treasury pays roughly twice that. Here is the fact that anchors everything else in this report: Ventas earned about $4.13 per share in normalized FFO in 2016. A decade later, in 2026, management is guiding to $3.85–$3.90.
Recent filings analysed: 10-Q (2026-07-30), 8-K (2026-07-29), 8-K (2026-06-15), 8-K (2026-05-15).
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