Sabra Health Care REIT, Inc. (SBRA) Cash Flow Statement
Where SBRA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $348.6M +12.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $348.6M 45.0% margin
- Returned to shareholders
- $289.5M 83% of free cash flow
- Change in cash
- $11.8M cash at year-end $78.1M
Cash from operations
$348.6M
Investments (net)
+$7.0M
Acquisitions & other
−$384.9M
Dividends
−$289.5M
Net borrowing (repayment)
+$107.7M
Shares issued
+$227.8M
Other financing
−$5.2M
Change in cash
$11.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SBRA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SBRA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $176.7M2016 | $348.6M2025 | +7.8%/yr | |
| Capital expenditures | $56.6M2016 | $02025 | −100.0% | |
| Free cash flow | $176.7M2016 | $348.6M2025 | +7.8%/yr | |
| Free cash flow margin | 67.8%2016 | 45.0%2025 | −22.8 pts | |
| Operating cash flow / net income | 2.522016 | 2.242025 | −0.28 | |
| Stock-based compensation | $7.5M2016 | $11.4M2025 | +4.7%/yr | |
| Dividends paid | $119.3M2016 | $289.5M2025 | +10.4%/yr | |
| Share buybacks (net) | $1.3M2016 | $2.7M2023 | +11.0%/yr | |
| Capex / revenue | 21.7%2016 | 0.0%2025 | −21.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SBRA cash flow by activity
OperatingInvestingFinancingChange in cash
SBRA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SBRA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $155.5M | $126.7M | $13.8M | −$77.6M | −$113.3M | $138.4M | $69.0M | $279.1M | $158.4M | $70.2M |
| Depreciation & amortization | $187.0M | $169.6M | $183.1M | $187.8M | $179.0M | $176.7M | $181.5M | $199.1M | $113.0M | $68.5M |
| Stock-based compensation | $11.4M | $9.0M | $7.9M | $7.5M | $7.9M | $7.9M | $9.8M | $7.6M | $8.4M | $7.5M |
| Change in working capital | −$9.9M | −$22.5M | −$2.7M | −$19.7M | $22.7M | −$2.7M | −$23.5M | −$18.5M | −$90.3M | $6.3M |
| Other non-cash items | $4.6M | $27.8M | $98.5M | $217.8M | $260.0M | $34.5M | $135.6M | −$108.8M | −$55.9M | $24.3M |
| Cash from operating activities | $348.6M | $310.5M | $300.6M | $315.7M | $356.4M | $354.9M | $372.5M | $358.5M | $133.5M | $176.7M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$5.2M | −$146.7M | −$33.6M | −$105.6M | −$252.5M | −$93.4M | −$334.1M | −$56.6M |
| Investments (net) | $7.0M | −$109.0M | $103.1M | −$161.4M | −$287.1M | $3.7M | $13.1M | $50.7M | $17.2M | $9.7M |
| Acquisitions & other investing | −$384.9M | $0 | $5.2M | $91.9M | −$15.5M | −$34.6M | $502.2M | −$215.9M | $76.8M | $189.3M |
| Cash from investing activities | −$378.0M | −$109.0M | $103.1M | −$216.2M | −$336.2M | −$136.5M | $262.8M | −$258.5M | −$240.1M | $142.4M |
| Financing activities | ||||||||||
| Dividends paid | −$289.5M | −$280.1M | −$277.4M | −$277.2M | −$262.9M | −$278.3M | −$335.4M | −$325.2M | −$182.1M | −$119.3M |
| Share repurchases & issuance (net) | — | — | −$2.7M | −$4.8M | −$308.7M | −$80.1M | −$549.3M | −$143.8M | $434.0M | −$1.3M |
| Net borrowing (repayment) | $107.7M | $12.6M | −$94.1M | $122.8M | −$15.7M | −$3.9M | −$624.0M | $17.0M | $253.0M | −$229.0M |
| Shares issued | $227.8M | $86.1M | $0 | $0 | $308.7M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5.2M | −$94,000 | −$36.0M | −$2.5M | $308.7M | $160.2M | $862.6M | −$177.4M | $93.9M | $48.7M |
| Cash from financing activities | $40.8M | −$181.6M | −$410.3M | −$161.7M | $30.1M | −$202.1M | −$646.2M | −$629.3M | $598.8M | −$300.9M |
| Summary | ||||||||||
| Net change in cash | $11.8M | $19.6M | −$7.2M | −$62.0M | $50.4M | $16.4M | −$10.5M | −$527.8M | $493.0M | $18.2M |
| Cash at end of period | $78.1M | $66.3M | $46.7M | $53.9M | $115.9M | $65.5M | $49.1M | $59.7M | $518.6M | $25.7M |
| Free cash flow | $348.6M | $310.5M | $300.6M | $315.7M | $322.8M | $249.3M | $372.5M | $451.9M | −$200.6M | $176.7M |
| Free cash flow margin | 45.0% | 44.2% | 46.4% | 50.5% | 56.7% | 41.6% | 55.7% | 72.5% | −49.5% | 67.8% |
| Capex / revenue | 0.0% | 0.0% | 0.8% | 23.5% | 5.9% | 17.6% | 37.8% | 15.0% | 82.4% | 21.7% |
| Operating cash flow / net income | 2.24 | 2.45 | 21.85 | — | — | 2.56 | 5.40 | 1.28 | 0.84 | 2.52 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$25.2M | $40.8M | $27.2M | $22.5M | $65.5M | $40.3M | $46.7M | $29.8M | $24.0M | $26.3M | $17.2M | −$15.1M |
| Depreciation & amortization | $56.4M | $53.1M | $51.4M | $48.5M | $43.6M | $43.5M | $42.3M | $42.7M | $41.7M | $42.9M | $42.9M | $43.2M |
| Stock-based compensation | $4.1M | $3.1M | $3.1M | $2.9M | $2.7M | $2.7M | $2.5M | $2.6M | $1.3M | $2.5M | $2.4M | $2.2M |
| Change in working capital | −$13.2M | $579,000 | −$4.3M | $8.2M | −$6.2M | −$7.5M | −$6.7M | $29.7M | −$2.1M | −$27.6M | $4.9M | $6.6M |
| Other non-cash items | $63.8M | $741,000 | $10.0M | $17.9M | −$24.6M | $1.3M | −$4.8M | −$7.1M | $15.2M | $8.7M | $11.3M | $46.2M |
| Cash from operating activities | $85.8M | $98.4M | $87.4M | $100.0M | $81.0M | $80.3M | $80.0M | $97.7M | $80.1M | $52.8M | $78.7M | $83.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$25.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$5.3M | −$80.6M |
| Investments (net) | $436,000 | $1.2M | $2.5M | −$199.8M | −$45.1M | −$16.4M | $18.6M | −$57.0M | −$57.3M | −$13.2M | −$61.8M | $59.9M |
| Acquisitions & other investing | $111.2M | −$106.3M | −$119.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.3M | $80.6M |
| Cash from investing activities | $86.5M | −$105.1M | −$116.5M | −$199.8M | −$45.1M | −$16.4M | $18.6M | −$57.0M | −$57.3M | −$13.2M | −$61.8M | $59.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$75.7M | −$75.7M | −$74.8M | −$71.9M | −$71.4M | −$71.4M | −$71.0M | −$70.3M | −$69.5M | −$69.4M | −$69.4M | −$69.4M |
| Share repurchases & issuance (net) | $8.2M | −$8.2M | — | — | — | −$5.4M | — | — | $2.6M | −$2.6M | −$488,000 | −$41,000 |
| Net borrowing (repayment) | −$37.5M | $137.3M | −$65.5M | $119.1M | $78.5M | −$24.4M | −$44.7M | $21.4M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $47.6M | −$1.3M | $39.4M | $159.0M | $29.6M | −$80,000 | $14.7M | $35.0M | $20.4M | $51.8M | $60.5M | −$67.0M |
| Cash from financing activities | −$57.4M | $52.1M | −$100.9M | $206.2M | $36.7M | −$101.2M | −$101.0M | −$14.0M | −$46.4M | −$20.2M | −$9.4M | −$136.4M |
| Summary | ||||||||||||
| Net change in cash | $114.9M | $45.3M | −$129.4M | $105.9M | $72.8M | −$37.4M | −$2.6M | $26.7M | −$23.6M | $19.2M | $7.9M | $6.5M |
| Cash at end of period | $238.3M | $123.5M | $78.1M | $207.5M | $101.7M | $28.9M | $66.3M | $69.0M | $42.3M | $65.9M | $46.7M | $38.9M |
| Free cash flow | $60.7M | $98.4M | $87.4M | $100.0M | $81.0M | $80.3M | $80.0M | $97.7M | $80.1M | $52.8M | $78.7M | $83.2M |
| Free cash flow margin | 25.7% | 44.4% | 41.3% | 52.6% | 42.8% | 43.7% | 43.9% | 54.9% | 45.5% | 31.7% | 48.2% | 51.7% |
| Capex / revenue | 10.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.2% | 50.1% |
| Operating cash flow / net income | — | 2.41 | 3.21 | 4.44 | 1.24 | 1.99 | 1.71 | 3.28 | 3.34 | 2.01 | 4.59 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SBRA cash generation
In fiscal 2025 (ended December 31, 2025), Sabra Health Care REIT generated $348.6 million of cash from operations (up 12.3%) and spent $0 on capital expenditures, leaving free cash flow of $348.6 million, 45.0% of revenue. It returned $289.5 million to shareholders through dividends ($289.5 million) and net share buybacks ($0). Cash and equivalents rose by $11.8 million over the year.
Related: SBRA income statement, SBRA balance sheet, SBRA dividend history. See the SBRA stock overview for the latest quote and news.
SBRA cash flow FAQ
What is Sabra Health Care REIT's free cash flow?
Sabra Health Care REIT's free cash flow was $348.6 million in fiscal 2025: $348.6 million of operating cash flow minus $0 of capital expenditures It was $310.5 million a year earlier..
How much cash does Sabra Health Care REIT generate from operations?
Sabra Health Care REIT generated $348.6 million of cash from operating activities in fiscal 2025, 2.24 times its net income of $155.5 million.
How much does Sabra Health Care REIT pay in dividends?
Sabra Health Care REIT paid $289.5 million in dividends in fiscal 2025, 83.0% of free cash flow.