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LTC Properties

LTC
56
REIT - Healthcare Facilities · Real Estate
Also trades as: 0JSP.L GBP 0.44 (+0.53%)
Price
$43.75
+0.42 (+0.97%)
Market Cap
$2.36B
Exchange
New York Stock Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
20/30
Growth
Good
13/20
Cash Flow
Good
5/10
Stability
Good
5/10
Valuation
Mixed
4/10
Ownership
Mixed
6/15
Dividends
Good
3/5

56 of 100 counted points = Winston Score 56.

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Share count rising — dilution

+18.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 39.2M (2021) → 46.6M (2025)

§Winston Score History

The full picture

LTC Properties is a real estate investment trust (REIT) that owns buildings where elderly people live and receive care. Its portfolio includes senior housing communities and skilled nursing facilities across the United States. The company does not run these facilities itself — instead, it rents the properties to healthcare operators who manage the day-to-day care.

LTC makes money primarily through rent payments and mortgage interest from the operators who lease or borrow against its properties. It operates across roughly 30 states, with a portfolio of around 200 properties, giving it broad geographic diversification. Its main competitive advantage is long-term triple-net leases, which shift most operating costs to tenants and create predictable income. The key growth driver is the aging U.S. population, which is expected to increase demand for senior care facilities over the next two decades, though the main risk is tenant financial stress — if operators struggle to fill beds or control costs, they may be unable to pay rent.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+64.1% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+72.7% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.33

30 Jun 2026: $0.57

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~17 months

$742M cash & investments

Quarterly Free Cash Flow

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

LTC Properties grew revenue 64% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
55.2%
Premium pricing power — 55.2% gross margin
Profit after running costs
Operating Margin
33.2%
Excellent — 33.2% operating margin
Return on the money invested
ROCE
7.1%
Weak — 7.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+59.9%
Fast-growing sales (+59.9% YoY)
Profit growth
EPS YoY
+53.3%
Earnings growing fast (+53.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
104%
Turns 104% of profit into real cash
Spare cash per sale
FCF Margin
-8.7%
Burning cash (-8.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.61
Moderate — manageable debt (0.61)
Covers its interest
Interest Cover
3.69x
Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.5x
Fair value — P/E 15.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-5.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
5.34%
Healthy income — 5.34% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
83%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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