Sabra Health Care REIT

SBRA

REIT - Healthcare Facilities · Real Estate

Price

$20.39

-0.14 (-0.68%)

Market Cap

$5.14B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count rising — dilution

+11.6% over 4y

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

Diluted shares outstanding: 219.1M (2021) → 244.5M (2025)

Winston Score History

The full picture

Sabra Health Care REIT owns and leases buildings where sick or elderly people receive care. Its portfolio includes skilled nursing facilities, senior housing communities, and behavioral health centers across the United States and Canada. The company does not run these facilities itself — instead, it rents them to healthcare operators who manage the day-to-day care.

Sabra makes money by collecting rent from the healthcare operators that lease its properties, a model typical of real estate investment trusts. It is a mid-sized REIT with roughly 370 properties, and its competitive position comes from owning specialized facilities that are expensive and difficult to replace. The main growth driver is the aging U.S. population, which should increase demand for senior care over the coming decades. The main risk is tenant financial health — if operators struggle to pay rent, Sabra's income can drop quickly, as happened during the COVID-19 pandemic when many nursing home operators faced severe financial stress.

Growth Profile

For growth stock investors

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

Revenue Growth

+24.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-135.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.7%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$347M cash & investments

Quarterly Free Cash Flow

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

Growth + cash flow

Sabra Health Care REIT is a rare growth stock that's already generating positive cash flow while growing at 25%. 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

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-26.2%

Losing money on operations — -26.2%

Return on the money invested

ROCE

1.9%

Weak — 1.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+17.3%

Fast-growing sales (+17.3% YoY)

Profit growth

EPS YoY

-66.2%

Earnings shrinking (-66.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

718%

Turns 718% of profit into real cash

Spare cash per sale

FCF Margin

51.7%

Converts sales into free cash efficiently (51.7%)

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

0.91

Moderate — manageable debt (0.91)

Covers its interest

Interest Cover

1.15x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

77.2x

Expensive — P/E 77.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+52.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (77.2 → 24.7)

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Dividends

Dividend

Dividend Yield

5.70%

Healthy income — 5.70% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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