OHI

Omega Healthcare Investors is a skilled-nursing-facility (SNF) and assisted-living REIT that has staged a clear recovery. FY2025 revenue grew 13.2% to $1.19B and net income jumped 45.2% to $590M, with diluted EPS up 25.2% to $1.94, extending a turnaround from the COVID-era trough. As a REIT the relevant cash measure is operating cash flow, which rose 17.2% to $879M — strong coverage that funds the business and most of the dividend. Operating margin of 46.4% and net margin of 49.6% reflect the high-margin triple-net lease model across 1,027 facilities operated by 89 third-party operators.

The balance sheet has improved markedly: total liabilities fell 10.8% to $4.61B and long-term debt dropped 12.0% to $4.26B, while equity rose 14.2% to $5.18B, leaving a conservative 0.89x liabilities-to-equity ratio. The newly adopted RIDEA structure (begun Q4 2025) lets Omega capture operating upside at select facilities beyond fixed rents, a potential growth lever.