OHIHIGH SIGNALFINANCIAL10-K

OHI experienced a dramatic cash depletion with cash reserves falling from $518.3M to $27.0M while simultaneously improving profitability and strengthening its balance sheet through debt reduction.

The massive reduction in cash holdings suggests either significant capital deployment, debt paydown, or major dividend distributions that aren't fully captured in the reported dividend figure. Despite this cash burn, the company improved its debt-to-equity profile and grew profitability, indicating strategic capital allocation rather than financial distress.

Comparing 2026-02-09 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

OHI delivered solid operational performance with revenue growing 13.2% and net income advancing meaningfully, supported by 17.2% growth in operating cash flow. However, the company's cash position collapsed dramatically from over $500M to just $27M, while total debt declined 12% and stockholders' equity increased 14.2%. The financial picture suggests aggressive capital deployment that strengthened the balance sheet structure while leaving minimal cash reserves, creating both opportunity through improved leverage metrics and risk through reduced financial flexibility.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-94.8%
$518.3M→$27.0M

Cash declined 94.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
+45.2%
$406.3M→$590.2M

Net income grew 45.2% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+17.2%
$749.4M→$878.6M

Operating cash flow grew 17.2% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+14.2%
$4.5B→$5.2B

Equity base grew 14.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Dividends Paid
Cash Flow
+13.9%
$685.4M→$780.4M

Dividend payments increased 13.9% — management confidence in sustained cash generation.

Revenue
P&L
+13.2%
$1.1B→$1.2B

Revenue growing 13.2% — solid top-line momentum, watch margins for quality of growth.

Total Debt
Balance Sheet
-12%
$4.8B→$4.3B

Debt reduced 12% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Income
P&L
+10.9%
$497.6M→$551.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Total Liabilities
Balance Sheet
-10.8%
$5.2B→$4.6B

Liabilities reduced 10.8% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-09
PRIOR — 2025-02-13
ADDED
held by non-affiliates was $ 10,743,896,520 as of June 30, 2025, the last business day of the registrant s most recently completed second fiscal quarter.
As of February 3, 2026, there were 295,570 thousand shares of Omega Healthcare Investors, Inc.
) and Canada, which investments comprise our one reportable segment.
As of December 31, 2025, Parent owned approximately 95% of the issued and outstanding units of partnership interest in Omega OP ( Omega OP Units ), and other investors owned approximately 5% of the outstanding Omega OP Units.
Property Types Our investment portfolio primarily consists of skilled nursing facilities ( SNFs ), assisted living facilities ( ALFs ), including care homes in the U.K., independent living facilities ( ILFs ), rehabilitation and acute care facilities ( specialty facilities ) and continuing care retirement communities ( CCRCs ).
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REMOVED
held by non-affiliates was $ 8,700,286,277 as of June 28, 2024, the last business day of the registrant s most recently completed second fiscal quarter.
As of February 7, 2025, there were on the 281,837 thousand shares of Omega Healthcare Investors, Inc.
As of December 31, 2024, Parent owned approximately 97% of the issued and outstanding units of partnership interest in Omega OP ( Omega OP Units ), and other investors owned approximately 3% of the outstanding Omega OP Units.
Property Types Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities ( SNFs ), assisted living facilities ( ALFs ), and to a lesser extent, independent living facilities ( ILFs ), rehabilitation and acute care facilities ( specialty facilities ) and medical office buildings ( MOBs ).
Medical office buildings MOBs are facilities designed specifically for healthcare providers such as physicians, dentists and other clinicians.
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