Sabra Health Care REIT, Inc. SBRA

Real EstateResidential & Commercial REITsUnited States of America

Last close 20.35 USD on Nov 3, 2026, +12.3% year to date

Quant rating

Quant rating C Rank 71 of 175 in Real Estate

Growth A 8 of 175
Valuation C 119 of 175
Quality B 66 of 175
Revisions C 108 of 175
Momentum B 62 of 175

Wall Street consensus Buy (2.47)Average target 22.47 USD +10.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.2B
Enterprise value: 7.6B
52-week range: 17.54 – 22.77
3-year range: 12.91 – 22.77
Dividend yield: 6.09%
Beta (5 years): 0.64
Shares outstanding: 255M
Next earnings: Nov 2, 2026

About the company

Sabra Health Care REIT Inc operates as a self-administered, self-managed real estate investment trust that, through its subsidiaries, owns and invests in real estate serving the healthcare industry. The Company's primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. The Company invests primarily in the United States nursing home industry, including skilled nursing and transitional care facilities, the United States and Canadian senior housing industry, which includes independent living, assisted living, memory care and continuing care retirement communities, select behavioral health and addiction treatment centers, and acute care and other hospitals. Its skilled nursing facilities provide services that include daily nursing, therapeutic rehabilitation, social services, activities, housekeeping, nutrition, medication management and administrative services for individuals.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	775	703	648	625	569	–
Revenue growth	10.2%	8.6%	3.7%	9.8%	−4.6%	5.4%
EPS (basic, normalized)	0.64	0.54	0.06	−0.34	−0.52	–
EPS growth	18.5%	800.0%	–	–	–	–
Gross margin	66.9%	70.1%	72.6%	77.1%	79.4%	73.2%
Net margin	20.1%	18.0%	2.1%	−12.4%	−19.9%	1.6%
ROE	5.6%	4.6%	0.5%	−2.4%	−3.3%	1.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	36.2
Current ratio	–
Long-term debt (mil)	2,436
Net debt (mil)	2,401
Total equity (mil)	2,840
Net debt / equity	0.85x
Net debt / EBITDA	5.41x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	775	+10.2%	9.8x	444	+4.2%	17.1x	0.64	+18.5%	31.8x
2026	919	+18.7%	8.3x	509	+14.8%	14.9x	0.49	−22.9%	41.3x
2027	1,018	+10.8%	7.5x	568	+11.6%	13.4x	0.75	+51.8%	27.2x
2028	1,127	+10.7%	6.7x	605	+6.5%	12.6x	0.78	+3.9%	26.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	919	+0.7%	+1.7%	+6.2%	0.49	−6.9%	−25.7%	−29.7%
2027	1,018	+0.8%	+1.8%	+8.8%	0.75	−1.2%	−2.6%	−2.7%
2028	1,127	+1.2%	+1.4%	+28.1%	0.78	−1.3%	−4.1%	−4.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	167	176	178	182	184	189	190	212	222	236
Sales mean (mil)	160	166	172	178	178	180	187	185	208	220
Surprise	+4.3%	+6.1%	+3.3%	+2.5%	+2.9%	+4.8%	+1.7%	+14.7%	+6.8%	+7.4%
EPS reported	0.11	0.10	0.13	0.19	0.17	0.27	0.09	0.11	0.16	−0.10
EPS mean	0.14	0.15	0.16	0.16	0.17	0.17	0.18	0.17	0.17	0.17
Surprise	−20.6%	−32.7%	−17.0%	+16.3%	−1.9%	+54.3%	−50.8%	−36.4%	−3.4%	−157.9%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SBRA Sabra Health Care REIT, Inc.	5.2B	5.41x	20.1%	1.88x	41.3x	27.2x	14.9x	13.4x
NHP National Healthcare Properties, Inc.	1.1B	–	−20.8%	1.07x	32.5x	309.8x	15.7x	15.7x
Mean		5.41x	−0.3%	1.47x	36.9x	168.5x	15.3x	14.5x
Median		5.41x	−0.3%	1.47x	36.9x	168.5x	15.3x	14.5x

Technical analysis

1M+6.2%
3M+0.2%
1Y+20.8%
3Y+81.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Sabra Health Care REIT, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	775	703	648	625	569	597
Cost of revenue	257	210	177	143	117	107
Gross profit	518	493	470	482	452	490
Selling, general & administrative expenses	52.7	49.5	47.7	39.7	38.3	34.1
Research & development	–	–	–	–	–	–
Depreciation/amortization	187	170	183	188	179	177
Interest expense (income), operating	112	115	113	105	98.6	100
Unusual expense (income)	9.7	18.5	15.9	91.9	47.4	10.7
Other operating expenses	14.5	17.1	17.9	19.6	20.2	20.6
Operating income	142	123	92.7	37.3	68.0	148
Net interest income (expense)	3.9	−0.4	−2.9	−98.0	−192	−13.1
Gain (loss) on sale of assets	−3.5	2.1	−76.6	−12.0	12.3	2.9
Other non-operating income (expense)	15.2	2.7	2.6	−3.6	0.4	1.9
Net income before taxes	157	128	15.8	−76.4	−111	139
Provision for taxes	1.8	1.0	2.0	1.2	1.8	0.7
Minority interest	0.1	–	–	–	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	156	127	13.8	−77.6	−113	138
Extraordinary items	–	–	–	–	–	–
Net income	156	127	13.8	−77.6	−113	138
EBIT, normalized	264	257	222	235	214	259
EBITDA, normalized	451	427	405	422	393	435
Basic EPS, normalized	0.64	0.54	0.06	−0.34	−0.52	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Sabra Health Care REIT, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	71.5	60.5	41.3	49.3	112	59.1
Receivables	105	125	134	148	138	161
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	4,693	4,521	4,617	4,959	5,163	5,285
Goodwill	–	–	–	–	–	–
Intangibles	65.3	27.5	30.9	40.1	54.1	82.8
Long-term investments	184	183	195	186	154	333
Note receivable	369	381	363	360	342	58.9
Other long-term assets	183	191	181	202	254	226
Total assets	5,493	5,304	5,386	5,748	5,967	5,986
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	102	93.5	120	124	121	130
Accrued expenses	17.0	24.4	16.5	18.2	21.5	16.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,529	2,418	2,414	2,507	2,394	2,372
Minority interest	1.9	–	–	–	–	–
Other liabilities	141	145	170	185	193	204
Total liabilities	2,672	2,562	2,584	2,691	2,587	2,576
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	2.5	2.4	2.3	2.3	2.3	2.1
Additional paid-in capital	4,836	4,593	4,495	4,487	4,482	4,163
Retained earnings (accumulated deficit)	−2,013	−1,875	−1,718	−1,452	−1,095	−716
Treasury stock	–	–	–	–	–	–
Other equity	−3.6	20.9	23.7	19.1	−10.0	−39.9
Total equity	2,822	2,741	2,803	3,056	3,380	3,409
Total liabilities & shareholders' equity	5,493	5,304	5,386	5,748	5,967	5,986

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Sabra Health Care REIT, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	156	127	13.8	−77.6	−113	138
Depreciation, depletion & amortization	187	170	183	188	179	177
Deferred taxes	–	–	–	–	–	–
Non-cash items	16.0	36.8	106	225	268	42.4
Changes in working capital	−9.9	−22.5	−2.7	−19.7	22.7	−2.7
Cash from operations	349	311	301	316	356	355
Investing activities
Capital expenditures	−453	−136	−78.5	−92.2	−99.4	−92.9
Other investing cash flows	75.0	27.4	182	−124	−237	−43.5
Cash from investing	−378	−109	103	−216	−336	−136
Financing activities
Financing cash flow items	−5.2	−0.1	−18.1	0	−39.5	−0.8
Cash dividends paid	−289	−280	−277	−277	−263	−278
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	335	98.7	−115	115	333	77.0
Cash from financing	40.8	−182	−410	−162	30.1	−202
Foreign exchange effects	0.4	−0.4	−0.6	0.3	0	0.1
Net change in cash	11.8	19.6	−7.2	−62.0	50.4	16.4
Free cash flow	−104	174	222	224	257	262

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.