AMERICAN TOWER CORP /MA/ vs Ventas, Inc., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both REITs carry GAAP earnings that mislead, but Ventas's 161.9 P/E is the more extreme, its senior-housing and medical-office income buried under heavy depreciation, against AMT's tower leases at 28.3 times. What matters is the cash: AMT pays a 3.88% dividend on contracted, escalating carrier leases, Ventas 2.16% on healthcare properties whose senior-housing operations carry more cyclicality. AMT carries 0.6 turns of debt, Ventas none shown. The pair prices tower infrastructure against healthcare real estate; AMT's leases are among the most defensive in REIT-land, escalating regardless of the economy, Ventas's senior-housing exposure adds operating risk and a lower yield, and the reader should judge both on the durability of their tenant cash flows rather than the depreciation-crushed earnings.
Comparison updated 2026-07-11.
| Metric | AMT | VTR |
|---|---|---|
| Price | $175.33 | $89.03 |
| Market cap | $81.8B | $43.3B |
| Sector | REIT | REIT |
| Stage | Mature | Growth |
| P/E | 28.3 | 161.9 |
| P/B | 8.06 | 3.29 |
| P/S | 7.57 | 7.07 |
| EV/EBITDA | 17.9 | 30.0 |
| Revenue growth | +6.3% | +20.6% |
| Operating margin | 45.3% | — |
| Net margin | 27.8% | 4.4% |
| Return on equity | 29.6% | 2.1% |
| Return on assets | 4.8% | 1.0% |
| Return on invested capital | 25.6% | — |
| FCF yield | 4.6% | 4.0% |
| Dividend yield | 3.9% | 2.2% |
| Debt / equity | 0.60 | 0.00 |
| Current ratio | 0.30 | — |
| Altman Z (solvency) | 0.92 | 1.67 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.