LTC Properties (LTC) financial statements
LTC Properties reported revenue of $263M in fiscal 2025, up 5.6% a year over 9 years.
Net income was $118M and the operating margin 77.9%, against 52.0% in 2016.
Free cash flow was $129M, and the company returned $107M in dividends.
The diluted share count rose 21% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from LTC Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $162M | $168M | $169M | $185M | $159M | $155M | $175M | $197M | $210M | $263M |
| Selling, general and admin | $17M | $18M | $19M | $18M | $20M | $21M | $24M | $24M | $27M | $31M |
| Operating income | $84M | $85M | $152M | $82M | $96M | $55M | $99M | $90M | $92M | $205M |
| Interest expense | $26M | $30M | $30M | $31M | $30M | $27M | $31M | $47M | — | — |
| Pre-tax income | — | — | — | — | — | — | — | $53M | $84M | $39M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $179,000 |
| Net income | $85M | $87M | $155M | $81M | $95M | $56M | $100M | $90M | $91M | $118M |
| EPS (diluted) | $2.21 | $2.20 | $3.89 | $2.02 | $2.42 | $1.41 | $2.48 | $2.16 | $2.04 | $2.52 |
| Diluted shares | 39M | 40M | 40M | 40M | 39M | 39M | 40M | 41M | 44M | 47M |
| Operating margin | 52.0% | 50.6% | 90.3% | 44.2% | 60.0% | 35.3% | 56.6% | 45.6% | 44.0% | 77.9% |
| Net margin | 52.7% | 52.0% | 91.9% | 43.5% | 59.8% | 36.0% | 57.1% | 45.5% | 43.4% | 44.9% |
Balance sheet
Fiscal years, from LTC Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $8M | $5M | $3M | $4M | $8M | $5M | $10M | $20M | $9M | $14M |
| Total assets | $1.4B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.7B | $1.9B | $1.8B | $2.1B |
| Total liabilities | $655M | $707M | $681M | $729M | $684M | $760M | $806M | $939M | $733M | $900M |
| Shareholders' equity | $740M | $755M | $825M | $777M | $767M | $737M | $828M | $881M | $961M | $1.1B |
| Net debt | -$8M | -$5M | -$3M | -$4M | -$8M | -$5M | -$10M | -$20M | -$9M | -$14M |
Cash flow
Fiscal years, from LTC Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $106M | $105M | $116M | $122M | $116M | $91M | $106M | $104M | $126M | $136M |
| Capital spending | $7M | $3M | $3M | $3M | $7M | $6M | $9M | $10M | $14M | $7M |
| Free cash flow | $99M | $102M | $112M | $120M | $109M | $85M | $97M | $95M | $112M | $129M |
| Stock-based compensation | $4M | $5M | $6M | $7M | $7M | $8M | $8M | $8M | $9M | $9M |
| Dividends paid | $85M | $90M | $90M | $91M | $90M | $90M | $92M | $95M | $101M | $107M |
| Share buybacks (net) | — | — | — | — | -$18M | — | — | — | — | — |
| Net borrowing | $37M | $58M | -$23M | $48M | -$44M | $74M | $46M | $123M | -$207M | $159M |
| Free cash flow margin | 61.2% | 60.9% | 66.6% | 64.6% | 68.5% | 54.7% | 55.1% | 48.1% | 53.5% | 49.0% |
| Dividends per share | $2.19 | $2.28 | $2.27 | $2.29 | $2.30 | $2.31 | $2.28 | $2.29 | $2.27 | $2.31 |
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Open LTC in InvestinglyQuestions
What was LTC Properties's revenue in 2025?
$263M in fiscal 2025, from its 10-K filing.
How much free cash flow does LTC Properties generate?
$129M in fiscal 2025 (operating cash flow minus capital spending).
From LTC Properties's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.