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Omega Healthcare Investors

OHI
59
REIT - Healthcare Facilities · Real Estate
Also trades as: 0KBL.L GBP 0.46 (+2.31%)
Price
$46.30
+1.85 (+4.16%)
Market Cap
$14.03B
Exchange
New York Stock Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Exceptional
18/20
Cash Flow
Exceptional
9/10
Stability
Good
5/10
Valuation
Mixed
4/10
Ownership
Weak
1/15
Dividends
Good
3/5

59 of 100 counted points = Winston Score 59.

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Share count rising — dilution

+27.2% over 4y

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

Diluted shares outstanding: 244.3M (2021) → 310.7M (2025)

§Winston Score History

The full picture

Omega Healthcare Investors is a real estate investment trust (REIT) that owns buildings where elderly and disabled people receive care. Its properties are mostly skilled nursing facilities and assisted living communities across the United States and the United Kingdom. Omega does not run these facilities itself — it leases them to healthcare operators who manage the day-to-day care.

Omega makes money by collecting rent from the operators who lease its roughly 900 properties. Most of its revenue comes from long-term triple-net leases, meaning tenants pay most property expenses on top of rent, which helps explain its high margins. Its competitive position comes from its large scale and deep relationships with specialized healthcare operators, though its main risk is tenant financial stress — if operators struggle to collect enough government reimbursement from Medicare and Medicaid, they may fall behind on rent. The aging U.S. population is the key long-term growth driver, as demand for skilled nursing beds is expected to rise steadily over the coming decades.

Growth Profile

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

Revenue Growth

+18.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+163.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Omega Healthcare Investors is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
46.4%
Healthy — 46.4% gross margin
Profit after running costs
Operating Margin
56.2%
Excellent — 56.2% operating margin
Return on the money invested
ROCE
8.6%
Below par — 8.6% 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
+15.9%
Fast-growing sales (+15.9% YoY)
Profit growth
EPS YoY
+76.2%
Earnings growing fast (+76.2% YoY)

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

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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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
66.6%
Converts sales into free cash efficiently (66.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.75
Moderate — manageable debt (0.75)
Covers its interest
Interest Cover
3.88x
Tight — interest eats into profit (3.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
16.0x
Fair value — P/E 16.0

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
-6.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
6.00%
Healthy income — 6.00% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+0.4%
Dividend flat
Payout Ratio
93%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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