The business behind the dividend
| Measure | OHI | Median | Formula |
|---|---|---|---|
| Return on equity | 11.4% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $225.03m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $188.15m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 52.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 49.6% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.82x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.90x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.49x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 11.4% | 9.0% | 6.8% | 12.2% | 11.0% | 4.3% | 8.5% | 8.5% | 3.0% | 9.9% | 8.5% |
| Return on capital employed | 6.6% | 4.6% | 3.0% | — | — | — | 6.0% | 6.2% | 3.9% | 6.8% | 6.0% |
| Operating margin | 52.5% | 40.8% | 26.9% | — | — | — | 59.4% | 56.4% | 34.7% | 62.2% | 52.5% |
| Net margin | 49.6% | 38.6% | 25.5% | 50.0% | 40.3% | 18.3% | 37.9% | 33.3% | 11.5% | 42.6% | 37.9% |
| Debt to equity | 0.82x | 1.07x | 1.42x | 1.46x | 1.34x | 1.35x | 1.24x | 1.32x | 1.29x | 1.13x | 1.29x |
| Cash conversion | 1.49x | 1.84x | 2.55x | 1.43x | 1.69x | 4.33x | 1.57x | 1.70x | 5.51x | 1.63x | 1.69x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, Omega Healthcare Investors pays out less than 3 of them. The median for that group is 65.5%, against this company’s 96.4%.
Closest on funds from operations
- Iron Mountain (IRM) 81.5%
- Realty Income (O) 85.8%
- Americold Realty Trust (COLD) 88.0%
- W. P. Carey (WPC) 100.3%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →