GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC
LTC Properties Inc (NYSE:LTC)
[1]
Modestly Undervalued[5]$ 35.40
REITs - REIT - Healthcare Facilities
Market Cap: $ 1,394 Mil
LTC Properties Inc is a self-administered health care real estate investment trust. It invests in senior housing and health care properties through acquisitions, development, mortgage loans and other investments.
Valuation Rank
Score: 8 /10CurrentIndustry MedianHistorical Median
PE Ratio22.9917.4421.55
Forward P/EN/A19.63N/A
PB Ratio1.871.052.29
PS Ratio8.568.2511.03
P/FCF13.8717.7115.64
Shiller P/E14.8515.7023.25
PEG Ratio4.693.852.72
Valuation Analysis
% of Price
NCAV-8.13-23
Tangible Book18.9153
Graham Number25.672
DCF (Earnings Based)28.5881
Price35.40
DCF (FCF Based)37.67106
Median PS Value46.55131
Dividend & Ownership
Dividend Yield(ttm) %6.44
Dividend Yield(forward) %6.44
Payout1.48
Dividend Growth(5y) %1.7
Yield on Cost(5y) %7.01
Continuous Div. since2002
Insider Ownership %3.01
Institution Ownership %62.4
Financial Strength
Score: 3 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.070.080.14
Equity-to-Asset0.510.520.59
Interest Coverage3.183.554.65
Piotroski F-Score555
Profitability Rank
Score: 8 /10CurrentIndustry MedianHistorical Median
Operating Margin %53.9148.7666.07
Net Margin %37.3739.4555.27
ROE %7.935.4910.71
ROA %4.172.786.62
ROC (Joel Greenblatt) %3458.63157.28360.19
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)4.92.52.1
EBITDA Growth (%)6.64.9-20
Oprt. Income Growth (%)3.7-1.72.7
EPS w/o NRI Growth (%)8.34.1-32.2
Free Cash Flow Growth (%)N/A2.5-14.6
Book Value Growth (%)4.72.1-3.7
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue3846403837
Net Income1218141811
EPS0.310.450.350.460.28
Revenue (YoY) %-18.99-0.41-13.2133.88-1.84
Net Income (YoY) %-55.0740.11-78.37875.35-9.78
EPS (YoY) %-54.4145.16-78.13820-9.68
Free Cash Flow3030212721
Cash & Equiv.2388645
Current Assets357342346345388
Short-Term Debt & CLO----------
Current Liabilities3434313638
Total Liabilities698684691654700
Stockholders Equity770767756754745
Warning Signs
SEVEREFinancial Strength: Poor
SEVEREAltman Z-Score: Distress
SEVERERevenue per Share: Declined
SEVEREOperating Margin %: Declined
Good Signs
GOODBeneish M-Score: Unlikely manipulator
As of 01-23-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W-3.02-5.75
1M5.86-5.42
3M5.36-3.10
6M-8.241.47
YTD4.25-7.79
1Y-4.8715.50
3Y-1.4919.94
5Y-0.1516.09
10Y6.0614.91
54.18
14.44
25.3
593355
296677.5
2012201320142015201620172018201920202021CurrentPerformance
31.0537.248.1744.0548.3154.1852.6546.8552.9250.0444.73Highest Stock Price
21.6530.3734.4535.1838.8941.1243.2734.8540.2625.331.36Lowest Stock Price
9361075123015321620184317231653178015271394Market Cap
29.230.333.136.637.338.639.639.839.839.339.2Shares Outstanding-Diluted
22.6922.4121.7121.6922.2421.2619.810.7122.1616.0822.99PE Ratio
2.192.532.072.462.462.492.2822.291.991.87PB Ratio
10.7911.5211.1713.311.8211.2210.279.859.619.598.56PS Ratio
15.0717.1116.8416.2918.1516.5715.4210.3316.4413.2415.81EV-to-EBITDA
2011201220132014201520162017201820192020TTMPer Share Data
2.863.053.173.253.654.194.244.234.664.064.14Revenue per Share
1.361.571.631.991.942.212.23.892.022.421.54Earnings per Share
-1.142.532.62.572.722.72.632.873.072.952.55Free Cash Flow per Share
1.681.791.912.042.072.192.282.282.282.282.28Dividends per Share
14.1113.917.0917.5217.5618.8719.0820.8219.5519.5618.91Tangible Book per Share
20.6824.0726.5328.5433.8444.8447.3947.5152.445.6646.55Median PS Value
20.5521.9524.528.0127.6830.6330.7442.6829.832.6325.6Graham Number
2011201220132014201520162017201820192020TTMIncome Statement
83.692.5105119136.2161.6168.1168.6185.3159.3162.2Revenue
77.282.693.6105.8118.7135.1168.1168.6168.5144.3147.1Gross Profit
92.389.389.28987.283.6----9190.690.7Gross Margin %
22.122.326.724.127.527.454.956.857.858.859.6Total Operating Expense
55.160.266.981.891.2107.8113.1111.8110.785.587.4Operating Income
65.865.163.768.766.966.767.366.359.853.753.9Operating Margin %
49.351.357.873.473.185.187.315580.595.360.6Net Income
58.955.555.161.753.752.75291.943.559.837.4Net Margin %
55.160.266.886.590.6111.6117.3185.3111.5125.488.5EBIT
74.782.491.5112.1120147.5154.9222.8150.7164.5127.2EBITDA
8.610.39.910.810.612.111.619.51012.37.9ROE %
8.27.16.77.76.56.46.110.45.36.44.2ROA %
2011201220132014201520162017201820192020Sep21Balance Sheet
4.47.26.825.212.985.22.74.27.845.5Cash & Equivalents
79.270.3196.5200.3266.7311.2319.8350.2344.3328.9339.3Total Receivables
647.1789.6931.4964.81275.41394.91465.61513.61514.21459.51453.1Total Assets
----------------------Short-Term Debt & CLO
159.2303.9278.8280.6571.9609.4667.5645693.4649.4661.8Long-Term Debt & CLO
178.4326.5299304.6616.2654.8706.9680.6728.8683.7700.2Total Liabilities
466.7463.1632.4660.1659.2740755.2825.5776.9767.4744.5Total Stockholders Equity
468.7463.1632.4660.1659.2740758.6833785.4775.8752.9Total Equity
2011201220132014201520162017201820192020TTMCashflow Statement
70.576.887.195.8102.3105.7105.3115.5122.5116.1100.1Cash Flow from Operations
-93-158.6-164.9-29-326.8-139.9-92-3.6-7943.919.7Cash Flow from Investing
-------------------18--Repurchase of Stock
67.8144.7-25.12.8291.337.458.2-22.748.2-44.2-2.7Net Issuance of Debt
20.184.677.3-48.3212.229.2-16.1-112.4-44-156.5-97.1Cash Flow from Financing
-2.52.8-0.418.5-12.3-5-2.8-0.4-0.53.522.6Net Change in Cash
-103.9-0.1-0.9-1.5-0.8-1.4-0.9-1.2-0.6-0.4--Capital Expenditure
-33.476.786.294.3101.5104.3104.4114.3121.9115.7100.1Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
NYSE:LTCLTC Properties Inc381,39422.998.5637.374.177.93
NYSE:CHCTCommunity Healthcare Trust Inc461,10752.7511.6524.723.084.40
NYSE:GMREGlobal Medical REIT Inc341,075111.608.5313.471.301.68
NYSE:GEOThe GEO Group Inc378857.010.386.113.1213.14
NYSE:UHTUniversal Health Realty Income Trust3778134.559.4527.304.5114.32
GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Poor (3/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.07

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.51

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.89

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 5

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 7.01% vs ROIC : 6.25%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 7.19%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Profitability[3] (Annual data, as of Dec. 2020) : Good (8/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $37 Mil vs Net Income : $11 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $45 Mil vs Long-Term Debt* : $662 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 49.88%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $0.28

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.57

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $0.53

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $35.40)


PE Ratio without NRI : 20.58

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 1.68

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 7.66

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 12.42

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : 21.16

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Financial Strength : Poor

LTC Properties Inc displays poor financial strength. Usually this is caused by too much debt for the company.

Altman Z-Score : Distress

Altman Z-score of 1.69 is in distress zone. This implies bankrupcy possibility in the next two years.

Revenue per Share : Declined

LTC Properties Inc revenue per share has been in decline over the past 3 years.

Operating Margin % : Declined

LTC Properties Inc operating margin has been in 5-year decline. The average rate of decline per year is -4.1%.

Good Signs

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

Medium Warning Signs

Interest Coverage : Low

Ben Graham prefers companies interest coverage is at least 5. LTC Properties Inc interest coverage is 3.18, which is low.

Dividend Payout Ratio : Too high

If a company dividend payout ratio is too high, its dividend may not be sustainable. The dividend payout ratio of LTC Properties Inc is 1.48, which seems too high.

ROIC vs. WACC : Return on invested capital is less than weighted average cost of capital.

Companys's return on invested capital is less than weighted average cost of capital. It might not be capital efficient
GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NAS:CTRECareTrust REIT Inc4/100.030.560.734.5651.72-2.198.096.51
NYSE:CHCTCommunity Healthcare Trust Inc4/100.010.620.573.1862.41-2.494.794.52
NYSE:NHINational Health Investors Inc4/100.040.530.843.6451.64-2.586.905.90
NAS:SBRASabra Health Care REIT Inc4/100.200.540.812.3930.64-2.848.264.14
NAS:DHCDiversified Healthcare Trust3/100.180.331.900.043-0.01-2.566.700.15
NYSE:GMREGlobal Medical REIT Inc3/100.010.500.911.7960.59-2.695.992.25
NYSE:LTCLTC Properties Inc3/100.070.510.893.1851.69-2.657.016.25
OTCPK:GBCSSelectis Health Inc3/100.070.0711.820.2950.73-1.395.621.35
NYSE:GEOThe GEO Group Inc3/100.170.223.022.1150.95-2.554.085.95
NYSE:UHTUniversal Health Realty Income Trust3/100.030.292.263.8870.71-2.715.043.86

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NYSE:LTCLTC Properties Inc8/1053.9137.377.934.1713.873458.63-1.502.303.20
NYSE:NHINational Health Investors Inc7/1056.2345.929.324.6212.53638.253.202.902.30
NYSE:GEOThe GEO Group Inc7/1011.866.1113.143.122.9912.581.50-2.90-8.10
NYSE:UHTUniversal Health Realty Income Trust7/1034.0327.3014.324.5116.39259.592.20-13.60-25.10
NAS:CTRECareTrust REIT Inc6/1058.1340.448.084.5913.5635.680.7010.4034.40
NYSE:CHCTCommunity Healthcare Trust Inc6/1035.9324.724.403.0821.63387.9311.7013.4061.50
NAS:DHCDiversified Healthcare Trust6/100.68-14.48-8.55-2.980.0038.1914.90-17.100.00
NAS:SBRASabra Health Care REIT Inc6/1039.83-8.84-1.52-0.868.18119.58-9.20-16.20-21.80
NYSE:GMREGlobal Medical REIT Inc4/1032.2513.471.681.300.00976.239.408.80-23.60
OTCPK:GBCSSelectis Health Inc4/102.433.3225.821.770.0028.4484.30102.700.00

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NAS:DHCDiversified Healthcare TrustAt Loss0.310.500.150.000.120.000.001.1620.57
NAS:SBRASabra Health Care REIT IncAt Loss0.884.840.550.000.800.000.000.90-4.40
NYSE:GEOThe GEO Group Inc7.010.870.380.370.480.310.001.748.3321.12
NYSE:NHINational Health Investors Inc18.771.758.610.841.180.730.001.214.848.48
NYSE:LTCLTC Properties Inc22.991.878.560.841.240.760.001.384.405.63
OTCPK:GBCSSelectis Health Inc26.798.290.830.000.000.341.074.104.8518.18
NAS:CTRECareTrust REIT Inc27.732.2411.061.190.000.000.001.663.619.10
NYSE:UHTUniversal Health Realty Income Trust34.555.149.451.750.000.770.002.912.670.20
NYSE:CHCTCommunity Healthcare Trust Inc52.752.4011.651.390.000.004.132.372.3216.24
NYSE:GMREGlobal Medical REIT Inc111.601.998.530.000.000.004.463.452.07-23.84
GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Per Share Data



Per Share Data

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
3.19
2.98
3.17
2.98
2.99
3.02
2.86
3.05
3.17
3.25
3.65
4.19
4.24
4.23
4.66
4.06
4.14
Revenue per Share
2.95
2.7
2.86
2.69
2.65
2.62
2.56
2.72
2.76
3.06
3.22
3.82
3.91
5.59
3.79
4.19
3.25
EBITDA per Share
2.34
2.13
2.25
2.04
2.01
1.96
1.88
1.99
2.02
2.36
2.43
2.89
2.96
4.65
2.8
3.19
2.26
EBIT per Share
1.56
2.51
1.31
1.24
1.27
1.21
1.36
1.57
1.63
1.99
1.94
2.21
2.2
3.89
2.02
2.42
1.54
Earnings per Share (Diluted)
1.48
1.21
1.31
1.22
1.26
1.19
1.33
1.54
1.56
1.99
1.94
2.21
2.2
3.89
2.02
2.42
1.54
EPS without NRI
1.86
2.79
1.55
1.41
1.66
1.39
0.71
0.8
1.02
1.4
2.09
2.98
2.93
4.71
2.83
3.17
2.44
Owner Earnings per Share (TTM)
-0.19
1.54
2.24
2.21
1.87
-1.44
-1.14
2.53
2.6
2.57
2.72
2.7
2.63
2.87
3.07
2.95
2.55
Free Cash Flow per Share
2.83
2.35
2.49
2.44
2.6
2.65
2.41
2.54
2.63
2.61
2.74
2.74
2.66
2.9
3.08
2.96
2.55
Operating Cash Flow per Share
2.16
3.08
1.9
1.88
1.91
1.85
2.04
2.31
2.33
2.46
2.71
3.05
3.09
3.04
3.09
2.39
2.41
FFO per Share
--
1.69
2.15
1.19
0.66
0.51
0.36
0.24
0.2
0.71
0.35
0.2
0.13
0.07
0.11
0.2
1.16
Cash per Share
1.29
1.44
1.5
1.56
1.56
1.58
1.68
1.79
1.91
2.04
2.07
2.19
2.28
2.28
2.28
2.28
2.28
Dividends per Share
19.96
12.35
11.83
11.6
11.39
12.48
14.11
13.9
17.09
17.52
17.56
18.87
19.08
20.82
19.55
19.56
18.91
Book Value per Share
19.96
12.35
11.83
11.6
11.39
12.48
14.11
13.9
17.09
17.52
17.56
18.87
19.08
20.82
19.55
19.56
18.91
Tangible Book per Share
--
0.24
0.22
0.2
1.09
3.47
5.25
9.95
8.03
7.91
15.23
15.54
16.87
16.27
17.44
16.55
16.81
Total Debt per Share
21.03
27.31
25.05
20.28
26.75
28.08
30.86
35.19
35.39
43.17
43.14
46.98
43.55
41.68
44.77
38.91
35.4
Month End Stock Price

Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
7.85
12.77
6.25
6.07
6.46
6.52
8.64
10.25
9.89
10.78
10.63
12.11
11.63
19.53
10
12.29
7.93
ROE %
7.48
5.78
2.95
3.47
2.75
2.9
3.95
4.05
4.78
4.38
4.32
4.86
5.1
9.77
4.37
6.18
4.24
ROE % Adjusted to Book Value
9.3
13.67
8.59
8.18
8.84
8.72
8.15
7.14
6.72
7.74
6.52
6.37
6.11
10.4
5.32
6.41
4.17
ROA %
7.85
12.77
6.25
6.07
6.46
6.52
8.64
10.25
9.89
10.78
10.63
12.11
11.63
19.53
10
12.29
7.93
Return-on-Tangible-Equity
9.3
13.67
8.59
8.18
8.84
8.72
8.15
7.14
6.72
7.74
6.52
6.37
6.11
10.4
5.32
6.41
4.17
Return-on-Tangible-Asset
12.36
10.41
10.91
10.24
11.13
11.27
22.73
343
353
496
473
425
367
467
246
297
3459
ROC (Joel Greenblatt) %
9.39
9.57
10.61
9.52
9.49
9.38
9.36
8.64
7.96
9.34
8.34
8.65
8.45
12.76
7.54
8.64
6.24
ROCE %
9.38
9.39
10.31
9.65
9.88
9.72
9.55
8.75
8.03
8.99
8.55
8.42
8.19
7.72
7.51
5.91
6.25
ROIC %
10.57
11.23
12.44
8.63
9.55
8.22
7.19
6.12
7.36
5.59
4.24
3.04
2.54
5.36
5.11
6.16
7.01
WACC %
--
--
92.87
83.79
16.07
4.54
5.13
4.29
3.9
4.69
4.11
4.48
4.69
4.6
4.57
4.42
4.23
Effective Interest Rate on Debt %
--
--
--
--
--
96.43
92.31
89.26
89.17
88.96
87.15
83.64
--
--
90.96
90.55
90.69
Gross Margin %
73.38
71.61
70.86
68.39
67.1
65.43
65.84
65.13
63.7
68.73
66.93
66.7
67.32
66.3
59.75
53.66
53.91
Operating Margin %
72.79
108
63.85
62.43
63.51
61.72
58.9
55.46
55.08
61.7
53.66
52.68
51.97
91.9
43.46
59.81
37.37
Net Margin %
-5.83
51.78
70.77
74.11
62.49
-47.71
-39.94
82.92
82.11
79.23
74.53
64.55
62.12
67.77
65.76
72.64
61.7
FCF Margin %
--
0.01
0.01
0.01
0.06
0.2
0.34
0.66
0.44
0.43
0.87
0.82
0.88
0.78
0.89
0.85
0.89
Debt-to-Equity
0.79
0.88
0.88
0.91
0.92
0.81
0.72
0.59
0.68
0.68
0.52
0.53
0.52
0.55
0.51
0.53
0.51
Equity-to-Asset
--
0.01
0.01
0.01
0.05
0.16
0.25
0.39
0.3
0.29
0.45
0.44
0.46
0.43
0.46
0.45
0.46
Debt-to-Asset
0.21
0.11
0.11
0.09
0.07
0.19
0.28
0.41
0.32
0.32
0.48
0.47
0.48
0.45
0.48
0.47
0.48
Liabilities-to-Assets
12.78
12.69
13.45
13.11
13.92
13.62
12.77
11.49
10.88
11.16
10.6
10.12
11.75
11.32
11.13
9.7
10.13
Gross-Profit-to-Asset %
0.13
0.13
0.14
0.13
0.14
0.14
0.14
0.13
0.12
0.13
0.12
0.12
0.12
0.11
0.12
0.11
0.11
Asset Turnover
0.87
1.19
1.15
1.28
1.24
1.33
1.26
1.16
1.22
1.03
1.07
0.99
1.04
0.59
1.13
0.94
1.48
Dividend Payout Ratio
0.6
0.47
0.79
0.83
0.82
0.86
0.83
0.78
0.82
0.83
0.76
0.72
0.74
0.75
0.74
0.95
0.95
Dividend-Payout-to-FFO
--
--
--
10.66
50.33
91.4
95.73
100
98.69
95.75
101
111
130
150
118
80.35
54.86
Days Sales Outstanding
--
--
--
--
--
--
165
302
434
--
--
--
--
--
738
1501
109
Days Inventory
--
--
--
10.66
50.33
91.4
260
402
533
95.75
101
111
130
150
855
1582
164
Cash Conversion Cycle
--
--
--
--
--
--
2.22
1.21
0.84
--
--
--
--
--
0.49
0.24
3.35
Inventory Turnover
--
--
--
--
--
0.04
0.08
0.11
0.11
0.11
0.13
0.16
--
--
0.09
0.09
0.09
COGS-to-Revenue
--
--
--
--
--
--
0.04
0.09
0.13
--
--
--
0.03
0.03
0.18
0.39
0.03
Inventory-to-Revenue
0.94
0.27
0.08
0.08
0.25
1.35
1.24
0
0.01
0.01
0.01
0.01
0.01
0.01
0
0
-- Capex-to-Revenue
1.29
0.38
0.11
0.11
0.37
2.07
1.89
0
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0
-- Capex-to-Operating-Income
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Financial Satement



Income Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
72.41
73.16
74.79
68.84
69.38
74.3
83.62
92.48
105
119
136
162
168
169
185
159
162
Revenue
--
--
--
--
--
2.65
6.43
9.93
11.36
13.13
17.5
26.44
--
--
16.76
15.07
15.09
Cost of Goods Sold
72.41
73.16
74.79
68.84
69.38
71.65
77.18
82.55
93.61
106
119
135
168
169
169
144
147
Gross Profit
--
--
--
--
--
96.43
92.31
89.26
89.17
88.96
87.15
83.64
--
--
90.96
90.55
90.69
Gross Margin %
--
--
7.88
7.01
7.52
9.83
9.67
10.73
11.54
11.64
14.99
17.41
17.51
19.19
18.45
19.71
20.9
Selling, General, & Admin. Expense
19.28
20.77
13.92
14.75
15.3
13.2
12.46
11.58
15.21
12.43
12.55
9.95
37.4
37.64
39.38
39.07
38.74
Other Operating Expense
19.28
20.77
21.79
21.76
22.82
23.03
22.13
22.31
26.75
24.07
27.54
27.36
54.92
56.84
57.84
58.78
59.65
Total Operating Expense
53.13
52.39
53
47.08
46.55
48.62
55.05
60.24
66.87
81.76
91.17
108
113
112
111
85.49
87.41
Operating Income
73.38
71.61
70.86
68.39
67.1
65.43
65.84
65.13
63.7
68.73
66.93
66.7
67.32
66.3
59.75
53.66
53.91
Operating Margin %
--
--
-4.96
-4.11
-2.42
-2.65
-6.43
-9.93
-11.36
-13.13
-17.5
-26.44
-29.95
-30.2
-30.58
-29.71
-27.53
  Interest Expense
--
--
-4.96
-4.11
-2.42
-2.65
-6.43
-9.93
-11.36
-13.13
-17.5
-26.44
-29.95
-30.2
-30.58
-29.71
-27.53
Net Interest Income
-53.13
-52.39
--
-42.97
0.23
-0.37
-0
--
-0.1
4.76
-0.59
3.77
4.14
73.46
0.74
39.89
1.08
Other Income (Expense)
--
--
48.04
--
44.36
45.6
48.62
50.31
55.41
73.4
73.08
85.12
87.34
155
80.87
95.68
60.96
Pre-Tax Income
50.69
45.54
48.04
42.97
44.14
45.6
48.62
50.31
55.41
73.4
73.08
85.12
87.34
155
80.87
95.68
60.96
Net Income (Continuing Operations)
2.02
33.25
0.06
0.32
0.23
0.46
0.82
1.02
2.41
--
--
--
--
--
--
--
-- Net Income (Discontinued Operations)
-0.35
-0.34
-0.34
-0.31
-0.3
-0.19
-0.19
-0.04
--
--
--
--
--
-0.1
-0.35
-0.38
-0.36
  Other Income (Minority Interest)
52.71
78.79
47.76
42.98
44.06
45.86
49.25
51.29
57.82
73.4
73.08
85.12
87.34
155
80.53
95.29
60.6
Net Income
72.79
108
63.85
62.43
63.51
61.72
58.9
55.46
55.08
61.7
53.66
52.68
51.97
91.9
43.46
59.81
37.37
Net Margin %
17.34
17.16
16.92
15.39
--
16.05
9.08
3.27
3.27
3.27
2.45
--
--
--
--
--
-- Preferred Dividends
1.58
2.64
1.32
1.24
1.27
1.21
1.36
1.58
1.64
2.01
1.97
2.21
2.21
3.91
2.03
2.42
1.54
EPS (Basic)
1.56
2.51
1.31
1.24
1.27
1.21
1.36
1.57
1.63
1.99
1.94
2.21
2.2
3.89
2.02
2.42
1.54
EPS (Diluted)
22.67
24.55
23.58
23.09
23.18
24.57
29.22
30.28
33.14
36.64
37.33
38.6
39.64
39.84
39.76
39.26
39.18
Shares Outstanding (Diluted Average)
53.13
52.39
53
47.08
46.55
48.25
55.05
60.24
66.77
86.53
90.58
112
117
185
111
125
88.49
EBIT
13.7
13.94
14.35
14.96
14.82
16.11
19.62
22.15
24.71
25.53
29.43
35.93
37.61
37.56
39.22
39.07
38.69
Depreciation, Depletion and Amortization
66.83
66.33
67.35
62.04
61.38
64.36
74.68
82.39
91.48
112
120
147
155
223
151
164
127
EBITDA

Cashflow Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
52.71
78.79
48.1
43.28
44.36
46.05
49.44
51.33
57.82
73.4
73.08
85.12
87.34
155
80.87
95.68
60.96
Net Income From Continuing Operations
13.7
13.94
14.35
14.96
14.82
16.11
19.62
22.15
24.71
25.53
29.43
35.93
37.61
37.56
39.22
39.07
38.69
Depreciation, Depletion and Amortization
-0.12
0.49
0.41
0.15
0.09
0.1
0.06
0.54
0.09
0.11
-3.94
-5.15
-5.37
-5.68
-5.85
-6.16
-6.23
  Change In Receivables
-0.36
--
0.14
-0.11
-0.29
-0.31
-0.49
--
--
--
--
--
--
--
--
--
--   Change In Prepaid Assets
-0.1
-0.17
-0.53
-0.5
2.58
0.57
0.68
1.92
0.15
0.13
0.42
0.7
0.6
-1.1
0.8
-0.77
-0.13
  Change In Payables And Accrued Expense
0.36
--
--
--
--
2.41
1.66
0.55
3.52
-0.37
5.39
1.09
-3.48
3.04
-1.75
-2.02
3.63
  Change In Other Working Capital
-0.21
0.32
0.02
-0.46
2.38
2.77
1.9
3
3.75
-0.13
1.87
-3.35
-8.24
-3.74
-6.8
-8.95
-2.73
Change In Working Capital
--
--
2.24
1.23
1.39
1.29
1.47
1.82
2.59
3.25
4.01
4.28
5.25
5.87
6.57
7.01
7.57
Stock Based Compensation
--
--
--
--
--
--
--
--
--
--
2.25
0.77
1.88
--
5.5
3.98
-- Asset Impairment Charge
-2.06
-35.48
-6.08
-2.63
-2.62
-1.25
-1.98
-1.48
-1.74
-6.29
-8.3
-17.03
-18.53
-79.22
-2.89
-20.69
-4.43
Cash Flow from Others
64.13
57.57
58.63
56.38
60.34
64.98
70.46
76.82
87.13
95.76
102
106
105
116
122
116
100
Cash Flow from Operations
49.06
75.58
44.86
43.38
44.23
45.39
59.46
69.78
77.26
90.22
101
118
123
121
123
93.8
94.45
FFO
-68.35
-19.69
-5.7
-5.37
-16.98
-100
-104
-0.13
-0.93
-1.51
-0.83
-1.41
-0.91
-1.25
-0.61
-0.35
-- Purchase Of Property, Plant, Equipment
0.61
54.04
0.32
0.56
--
4.86
--
--
--
--
--
--
--
--
--
--
-- Sale Of Property, Plant, Equipment
--
--
--
--
--
--
--
--
--
--
-23.04
-1.77
-3.85
-0.67
-0.47
-8.52
-7.8
Purchase Of Business
--
--
--
--
--
--
--
--
--
--
--
--
--
--
6.6
17.85
0.09
Sale Of Business
-4.09
-1.49
-6.04
-9.64
-0.22
-1.69
-0.23
--
--
--
--
--
--
--
--
--
-- Purchase Of Investment
15.23
4.18
5.02
0.85
0.67
--
--
6.5
--
--
--
--
--
--
--
--
-- Sale Of Investment
6.2
22.53
32.95
18.56
7.47
10.23
11.07
-165
-164
-27.53
-303
-137
-87.26
-1.69
-84.51
34.96
-4.43
Cash From Other Investing Activities
-50.42
59.57
26.56
4.96
-9.07
-87.03
-93.01
-159
-165
-29.03
-327
-140
-92.01
-3.61
-78.99
43.93
19.71
Cash Flow from Investing
32.63
--
--
--
0.77
67.79
104
--
176
24.64
--
78.59
14.58
1.01
--
--
-- Issuance of Stock
-3.3
-1.48
-18.77
--
-0.02
--
--
--
--
--
--
--
--
--
--
-18.01
-- Repurchase of Stock
--
--
--
-14.28
-2
-59.07
-88.41
--
--
--
--
--
--
--
--
--
-- Net Issuance of Preferred Stock
45.12
19.77
--
--
19
134
218
239
163
67.5
491
201
213
116
208
24
92.5
  Issuance of Debt
-14.42
-17.77
-1.52
-15.54
-30.34
-67.68
-150
-94.57
-188
-64.7
-200
-164
-155
-139
-160
-68.16
-95.16
  Payments of Debt
30.7
2
-1.52
-15.54
-11.34
66.02
67.77
145
-25.1
2.8
291
37.43
58.23
-22.67
48.23
-44.16
-2.66
Net Issuance of Debt
-46.42
-50.91
-51.98
-51.79
-51.37
-53.9
-56.57
-57.79
-66.9
-74.43
-76.77
-84.57
-90.22
-90.37
-90.9
-90.26
-90.42
Cash Flow for Dividends
-28.07
-40.43
-0.18
-1.25
0.43
-0.75
-6.36
-2.34
-6.91
-1.28
-2.38
-2.22
1.34
-0.34
-1.34
-4.07
-4.03
Other Financing
-14.46
-90.82
-72.44
-82.85
-63.54
20.1
20.06
84.61
77.35
-48.27
212
29.24
-16.07
-112
-44
-157
-97.11
Cash Flow from Financing
-0.75
26.32
12.74
-21.51
-12.26
-1.95
-2.5
2.78
-0.41
18.46
-12.3
-4.95
-2.78
-0.45
-0.52
3.53
22.65
Net Change in Cash
-68.35
-19.69
-5.7
-5.37
-16.98
-100
-104
-0.13
-0.93
-1.51
-0.83
-1.41
-0.91
-1.25
-0.61
-0.35
-- Capital Expenditure
-4.22
37.88
52.93
51.02
43.36
-35.45
-33.4
76.69
86.19
94.26
102
104
104
114
122
116
100
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Financial Satement


Balance Sheet

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
--
29.89
42.63
21.12
8.86
6.9
4.41
7.19
6.78
25.24
12.94
7.99
5.21
2.66
4.24
7.77
45.46
  Cash And Cash Equivalents
--
9.94
6.46
6.47
6.47
6.48
6.49
--
--
--
--
--
--
--
--
--
--   Marketable Securities
--
39.83
49.1
27.59
15.33
13.38
10.89
7.19
6.78
25.24
12.94
7.99
5.21
2.66
4.24
7.77
45.46
Cash, Cash Equivalents, Marketable Securities
--
--
--
2.01
17.12
20.09
23.77
27
29.76
32.65
42.69
55.28
64.49
73.86
45.7
24.45
24.3
  Accounts Receivable
--
--
--
2.9
--
--
0.82
3.18
0.6
1.44
1.96
16.43
16.4
12.72
17.93
14.47
18.68
  Notes Receivable
--
--
--
--
--
--
53.08
39.3
165
166
218
230
224
243
254
257
259
  Loans Receivable
--
3.17
2.55
0
1.96
1.57
1.49
0.79
0.7
0.6
4.54
9.68
15.05
20.73
26.59
32.75
37.48
  Other Current Receivables
--
3.17
2.55
4.91
19.09
21.66
79.16
70.27
197
200
267
311
320
350
344
329
339
Total Receivables
--
--
--
--
--
--
2.9
13.53
--
--
--
--
5.75
5.75
61.97
--
--   Inventories, Finished Goods
--
--
--
--
--
--
2.9
13.53
--
--
--
--
5.75
5.75
61.97
--
-- Total Inventories
--
--
--
--
9.14
8.95
6.25
3.44
6.76
9.93
21.44
22.95
0.31
4.18
-30
5.32
3.68
Other Current Assets
--
43
51.65
32.49
43.56
43.99
99.22
94.43
210
236
301
342
331
363
381
342
388
Total Current Assets
--
--
--
--
--
--
--
--
--
--
24.04
25.22
29.9
30.62
19
11.34
19.34
Investments And Advances
--
--
--
34.97
36.21
42.25
--
--
--
--
--
--
--
--
--
--
--   Land And Improvements
--
--
--
337
476
571
--
--
--
--
--
--
--
--
--
--
--   Buildings And Improvements
--
503
468
77.54
-0
--
--
--
--
--
--
--
--
--
--
--
--   Other Gross PPE
--
503
468
450
513
613
--
--
--
--
--
--
--
--
--
--
-- Gross Property, Plant and Equipment
--
--
--
--
-143
-159
--
--
--
--
--
--
--
--
--
--
--   Accumulated Depreciation
--
503
468
450
370
454
--
--
--
--
--
--
--
--
--
--
-- Property, Plant and Equipment
585
21.58
24.07
23.88
77.3
63.22
548
695
721
729
950
1028
1105
1120
1115
1106
1045
Other Long Term Assets
585
525
492
474
447
517
548
695
721
729
974
1053
1134
1151
1134
1117
1065
Total Long-Term Assets
585
568
544
506
491
561
647
790
931
965
1275
1395
1466
1514
1514
1459
1453
Total Assets
--
--
50.22
--
--
--
--
--
--
--
--
--
--
--
--
--
--   Accounts Payable
--
51.69
--
--
2.97
1.77
--
--
--
--
--
--
--
--
--
--
--   Other Current Payables
0.52
--
0.35
0.25
7.9
10.54
19.19
22.55
20.14
24.07
44.35
45.46
39.42
35.62
35.4
34.3
38.33
  Current Accrued Expense
0.52
51.69
50.57
0.25
10.87
12.31
19.19
22.55
20.14
24.07
44.35
45.46
39.42
35.62
35.4
34.3
38.33
Accounts Payable & Accrued Expense
--
5.55
5.13
4.69
--
--
--
--
--
--
--
--
--
--
--
--
--   Short-Term Debt
--
5.55
5.13
4.69
--
--
--
--
--
--
--
--
--
--
--
--
-- Short-Term Debt & Capital Lease Obligation
0.52
57.23
55.7
4.94
10.87
12.31
19.19
22.55
20.14
24.07
44.35
45.46
39.42
35.62
35.4
34.3
38.33
Total Current Liabilities
--
--
--
--
25.41
91.43
159
304
279
281
572
609
668
645
693
649
662
  Long-Term Debt
--
--
--
--
25.41
91.43
159
304
279
281
572
609
668
645
693
649
662
Long-Term Debt & Capital Lease Obligation
--
0.01
0.01
0.01
0.06
0.2
0.34
0.66
0.44
0.43
0.87
0.82
0.88
0.78
0.89
0.85
0.89
Debt-to-Equity
120
6.58
5.73
40.1
0
--
--
--
--
--
--
--
0
--
--
--
0
Other Long-Term Liabilities
120
6.58
5.73
40.1
25.41
91.43
159
304
279
281
572
609
668
645
693
649
662
Total Long-Term Liabilities
121
63.82
61.43
45.04
36.28
104
178
326
299
305
616
655
707
681
729
684
700
Total Liabilities
--
0.24
0.23
0.23
0.23
0.26
0.3
0.31
0.35
0.36
0.38
0.39
0.4
0.4
0.4
0.39
0.39
Common Stock
--
209
209
190
187
127
38.5
38.5
38.5
38.5
--
--
--
--
--
--
-- Preferred Stock
--
-42.99
-47.19
-54.63
-61.26
-70.48
-79.6
-86.09
-95.18
-96.21
-99.9
-99.35
-102
-37.62
-90.8
-85.77
-111
Retained Earnings
--
--
--
--
--
--
0.2
0.15
0.12
0.08
0.05
--
--
--
--
--
-- Accumulated other comprehensive income (loss)
--
332
317
322
326
399
507
510
689
717
759
839
857
863
867
853
855
Additional Paid-In Capital
465
1.69
0.96
0.74
0.39
0.26
--
0
0
--
-0
--
--
--
--
--
-- Other Stockholders Equity
465
500
479
458
452
456
467
463
632
660
659
740
755
825
777
767
745
Total Stockholders Equity
--
3.52
3.52
3.13
1.98
1.96
1.96
0.01
--
--
--
--
3.49
7.48
8.48
8.4
8.41
Minority Interest
465
504
483
461
454
458
469
463
632
660
659
740
759
833
785
776
753
Total Equity
0.79
0.88
0.88
0.91
0.92
0.81
0.72
0.59
0.68
0.68
0.52
0.53
0.52
0.55
0.51
0.53
0.51
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Valuation Ratios



Valuation Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
13.48
10.88
19.12
16.35
21.06
23.21
22.69
22.41
21.71
21.69
22.24
21.26
19.8
10.71
22.16
16.08
22.99
PE Ratio
14.21
22.57
19.12
16.62
21.23
23.6
23.2
22.85
22.67
21.69
22.24
21.26
19.8
10.71
22.16
16.08
22.99
PE Ratio without NRI
11.29
9.8
16.12
14.42
16.1
20.25
43.59
43.82
34.7
30.77
20.66
15.75
14.85
8.85
15.83
12.27
14.49
Price-to-Owner-Earnings
1.05
2.21
2.12
1.75
2.35
2.25
2.19
2.53
2.07
2.46
2.46
2.49
2.28
2
2.29
1.99
1.87
PB Ratio
1.05
2.21
2.12
1.75
2.35
2.25
2.19
2.53
2.07
2.46
2.46
2.49
2.28
2
2.29
1.99
1.87
Price-to-Tangible-Book
--
17.7
11.16
9.18
14.3
--
--
13.89
13.61
16.78
15.87
17.39
16.53
14.53
14.61
13.2
13.87
Price-to-Free-Cash-Flow
7.43
11.65
10.08
8.3
10.28
10.62
12.8
13.87
13.46
16.51
15.73
17.15
16.39
14.37
14.54
13.16
13.87
Price-to-Operating-Cash-Flow
6.58
9.16
7.9
6.8
8.94
9.29
10.79
11.52
11.17
13.3
11.82
11.22
10.27
9.85
9.61
9.59
8.56
PS Ratio
--
--
--
--
--
--
--
--
26.67
9.43
5.01
2.74
2.18
0.79
2.17
2.81
4.69
PEG Ratio
6.76
11.24
9.91
9.28
11.86
12.74
13.46
15.25
14.67
15.35
16
15.13
14.22
13.65
13.37
13.66
12.4
EV-to-Revenue
7.32
12.4
11
10.3
13.4
14.71
15.07
17.11
16.84
16.29
18.15
16.57
15.42
10.33
16.44
13.24
15.81
EV-to-EBITDA
9.21
15.69
13.98
13.57
17.67
19.62
20.44
23.41
23.07
21.1
24.05
21.91
20.37
12.43
22.23
17.36
22.72
EV-to-EBIT
10.86
6.37
7.15
7.37
5.66
5.1
4.89
4.27
4.33
4.74
4.16
4.56
4.91
8.05
4.5
5.76
4.4
Earnings Yield (Joel Greenblatt) %
5.17
-8.54
-5.07
-3.3
-4.43
1.59
0.55
0.7
3.48
4.53
7.76
12.85
15.15
20.09
16.47
13.1
5.63
Forward Rate of Return (Yacktman) %
23.6
26.93
24.42
20.83
25.5
25.34
22.53
24.48
22.48
25.53
25.22
28.17
24.63
20.37
20.91
17.16
14.85
Shiller PE Ratio
6.13
5.27
5.99
7.69
5.83
5.63
5.44
5.09
5.38
4.73
4.8
4.66
5.24
5.47
5.09
5.86
6.44
Dividend Yield %
9.72
8.87
13.17
10.79
14.02
15.2
15.16
15.27
15.18
17.53
15.91
15.39
14.08
13.7
14.5
16.29
14.69
Price-to-FFO

Valuation and Quality

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
489
644
573
469
624
740
936
1075
1230
1532
1620
1843
1723
1653
1780
1527
1394
Market Cap
489
822
741
639
822
947
1125
1410
1540
1826
2179
2444
2389
2303
2477
2177
2010
Enterprise Value
21.03
27.31
25.05
20.28
26.75
28.08
30.86
35.19
35.39
43.17
43.14
46.98
43.55
41.68
44.77
38.91
35.4
Month End Stock Price
-5.18
-1.17
-0.69
-0.89
-0.98
-3.5
-5.58
-10.45
-8.41
-7.88
-16.07
-16.49
-17.82
-17.29
-18.44
-17.44
-16.84
Net Cash per Share
-5.18
-9.91
-9.7
-8.87
-7.79
-7.16
-3.94
-8.86
-3.67
-3.03
-8.39
-7.97
-9.59
-8.2
-8.97
-8.92
-8.13
Net Current Asset Value
-5.18
-10.05
-9.81
-9.02
-8.45
-7.75
-6.22
-10.83
-8.88
-8.27
-15.21
-15.44
-16.53
-15.82
-16.8
-16.97
-16.38
Net-Net Working Capital
27.79
28.4
28.87
29.6
29.84
22.5
19.27
20.82
23.56
24.57
26.31
33.26
42.21
48
46.78
42.35
41.95
Intrinsic Value: Projected FCF
14.39
13.75
14.29
13.85
17.26
20.07
20.68
24.07
26.53
28.54
33.84
44.84
47.39
47.51
52.4
45.66
46.55
Median PS Value
--
--
--
--
--
--
--
--
--
--
--
17.15
20.02
52.79
20.52
13.79
-- Peter Lynch Fair Value
25.78
18.34
18.67
17.84
17.97
18.28
20.55
21.95
24.5
28.01
27.68
30.63
30.74
42.68
29.8
32.63
25.6
Graham Number
33.57
22.33
21.02
18.98
13.91
6.57
-3.93
-9.11
-5.53
-1.52
-0.79
8.42
9.87
12.91
13.63
14.46
13.98
Earnings Power Value (EPV)
2.56
6.04
5.6
6.33
10.38
4.32
3.29
2.3
2.92
3.56
2.05
2.22
1.98
2.2
2.02
1.9
1.69
Altman Z-Score
6
5
7
6
5
5
4
3
5
5
4
5
4
6
6
6
5
Piotroski F-Score
--
--
--
--
2.97
-3.12
-0.09
-2.6
-2.5
-2.51
-2.51
-2.28
-2.39
-2.55
-2.88
-3.17
-2.65
Beneish M-Score
0.85
0.8
0.77
0.81
0.92
1.09
1.1
1.17
1.15
0.98
1.26
1.05
1.02
1.01
0.97
0.94
0.97
Scaled Net Operating Assets
6.66
-6.75
-6.88
-3.63
-1.47
12.1
11.1
16.86
14.56
0.69
23.33
8.55
5.05
2.84
2.45
-4.44
-4.07
Sloan Ratio %
--
0.75
0.93
6.58
4.01
3.57
5.17
4.19
10.43
9.79
6.79
7.53
8.4
10.19
10.75
9.97
10.13
Current Ratio
--
0.75
0.93
6.58
4.01
3.57
5.02
3.59
10.43
9.79
6.79
7.53
8.25
10.02
9
9.97
10.13
Quick Ratio
--
0.7
0.88
5.58
1.41
1.09
0.57
0.32
0.34
1.05
0.29
0.18
0.13
0.07
0.12
0.23
1.19
Cash Ratio
No Debt
No Debt
10.69
11.44
19.25
18.33
8.56
6.07
5.88
6.23
5.21
4.08
3.78
3.7
3.62
2.88
3.18
Interest Coverage
23.54
27.91
29.25
31.16
27.98
28.73
31.05
37.2
48.17
44.05
48.31
54.18
52.65
46.85
52.92
50.04
44.73
Highest Stock Price
16.7
20.36
19.69
15.02
16.14
23.46
21.65
30.37
34.45
35.18
38.89
41.12
43.27
34.85
40.26
25.3
31.36
Lowest Stock Price
-8.9
-1.26
2.96
-1.16
-0.75
-13.01
-15.19
-0.65
-13.76
-2.11
-5.83
-4.46
-0.89
-0.22
-0.24
1.28
-0.34
Shares Buyback Ratio %
-5.99
0.23
3.28
--
-0.12
-9.16
-11.07
--
-14.33
-1.61
--
-4.27
-0.85
-0.06
--
1.18
-- Buyback Yield %
0.09
-6.7
6.41
-5.99
0.4
1.04
-5.39
6.75
3.7
2.53
12.38
14.72
1.29
-0.17
10.11
-12.94
2.07
YoY Rev. per Sh. Growth
103
60.9
-47.81
-5.34
2.42
-4.72
12.4
15.44
3.82
22.09
-2.51
13.92
-0.45
76.82
-48.07
19.8
-32.16
YoY EPS Growth
-37.79
-8.34
5.7
-5.92
-1.45
-1.06
-2.44
6.46
1.43
10.8
5.13
18.85
2.28
43.12
-32.24
10.5
-19.98
YoY EBITDA Growth
-1.3
-13.54
-10.7
-10.56
-9.94
-3.43
-2.13
-1.76
0.85
2.3
4.44
7.76
9.1
13.57
10.21
5.72
4.9
5-Year EBITDA Growth Rate
22.33
23.37
23.22
22.97
23.1
24.5
29.19
30.24
33.11
34.62
35.59
38.39
39.41
39.48
39.57
39.18
39.18
Shares Outstanding (Basic Average)
23.28
23.57
22.87
23.14
23.31
26.35
30.35
30.54
34.75
35.48
37.55
39.22
39.57
39.66
39.75
39.24
39.37
Shares Outstanding (EOP)
1.26
1.18
1.42
0.92
0.92
0.84
0.88
0.73
0.79
0.59
0.31
--
-0.11
0.49
0.57
1
1.07
Beta
02/23/06
02/22/07
03/13/08
02/25/09
02/24/10
02/23/11
02/27/12
02/21/13
02/20/14
02/26/15
02/22/16
02/22/17
03/01/18
02/28/19
02/20/20
02/18/21
  Filing Date
03/13/08
03/13/08
02/24/10
02/23/11
02/23/11
02/21/13
02/20/14
02/26/15
02/22/16
02/22/17
03/01/18
02/28/19
02/20/20
02/18/21
02/18/21
02/18/21
  Restated Filing Date
02/24/10
02/28/12
02/22/13
02/21/14
02/27/15
02/22/16
02/23/17
03/02/18
03/01/19
02/21/20
02/19/21
  Earnings Release Date
--
--
322
--
378
340
340
307
281
262
401
391
393
392
365
368
368
Number of Shareholders
12
12
13
13
13
13
17
18
18
19
22
24
20
21
22
24
24
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
LTC Properties Inc (NYSE:LTC)
www.gurufocus.com/stock/NYSE:LTC

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

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