CTREHIGH SIGNALFINANCIAL10-K

CareTrust REIT experienced explosive growth with net income surging 156% to $320.5M while doubling debt to $894.2M, indicating either major acquisitions or significant operational expansion.

The dramatic financial metrics suggest CareTrust executed a major growth strategy, likely through substantial property acquisitions given the 49.8% asset increase and 19% rise in outstanding shares (from 187.7M to 223.4M shares). However, the 125% debt increase significantly outpaced equity growth of 38.7%, materially changing the company's leverage profile and potentially increasing financial risk.

Comparing 2026-02-12 vs 2025-02-12View on EDGAR →
FINANCIAL ANALYSIS

CareTrust delivered exceptional financial performance with revenue growing 61% to $476.4M and net income more than doubling to $320.5M, while operating cash flow increased 61% to $394.0M, demonstrating strong operational execution. However, the company dramatically increased its leverage with total debt surging 125% to $894.2M, far outpacing the 39% growth in stockholders' equity to $4.0B. The overall picture suggests aggressive expansion financing through debt and equity issuance (19% share increase) that delivered strong returns but materially altered the balance sheet risk profile.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+156.3%
$125.1M→$320.5M

Net income grew 156.3% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
+125.3%
$396.9M→$894.2M

Debt increased 125.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

Total Liabilities
Balance Sheet
+114.6%
$507.6M→$1.1B

Liabilities grew 114.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Capital Expenditure
Cash Flow
+64.8%
$1.8M→$2.9M

Capital expenditure jumped 64.8% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
+61.3%
$244.3M→$394.0M

Operating cash flow surged 61.3% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+60.8%
$296.3M→$476.4M

Strong top-line growth of 60.8% — accelerating demand or successful expansion into new markets.

Total Assets
Balance Sheet
+49.8%
$3.4B→$5.1B

Asset base grew 49.8% — expansion through organic growth, acquisitions, or capital deployment.

Interest Expense
P&L
+44.2%
$30.3M→$43.7M

Interest expense surged 44.2% — significant debt increase or rising rates materially impacting earnings.

Stockholders Equity
Balance Sheet
+38.7%
$2.9B→$4.0B

Equity base grew 38.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-12
ADDED
As of February 11, 2026, there were 223,404,715 shares of the registrant s common stock outstanding.
You are urged to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, including those made below under Risk Factors Summary and Risk Factors in Item 1A of this Annual Report on Form 10-K.
RISK FACTORS SUMMARY Investors should consider the risks and uncertainties described below that may affect our business and future financial performance.
These and other risks and uncertainties are more fully described in Risk Factors in Item 1A of this Annual Report on Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission (the SEC ), including subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Additional risks not presently known to us or that we currently deem immaterial may also affect us.
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REMOVED
As of February 11, 2025, there were 187,661,893 shares of the registrant s common stock outstanding.
( PACS ) are subject to the reporting requirements of the SEC and are required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information.
As of December 31, 2024, CareTrust REIT owned, directly or in consolidated joint ventures, and leased to independent operators, 258 skilled nursing facilities ( SNFs ), multi-service campuses, assisted living facilities ( ALFs ) and independent living facilities ( ILFs ) (including facilities classified as held for sale) consisting of 28,088 operational beds and units located in 32 states with the highest concentration of properties by rental income located in California and Texas.
As of December 31, 2024, we also had other real estate related investments consisting of three preferred equity investments, 15 real estate secured loans receivable and five mezzanine loans receivable with a carrying value of $795.2 million and one financing receivable with a carrying value of $96.0 million.
From time to time, we also partner with third-party institutional investors to invest in healthcare real estate in consolidated joint ventures.
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