BKD
Brookdale Senior Living Inc.Healthcare·Medical - Care Facilities
$12.87
$3.1B market cap
Revenue
$3.1B
Free Cash Flow
$9.3M
Rev Growth
-2.0%
FCF Margin
0.3%
P/FCF
329.7x
EV/FCF
892.3x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Brookdale Senior Living Inc. owns, manages, and operates senior living communities in the United States. It operates in three segments: Independent Living, Assisted Living and Memory Care, and Continuing Care Retirement Communities (CCRCs). The Independent Living segment owns or leases communities comprising independent and assisted living units in a single community that are primarily designed for middle to upper income seniors. The Assisted Living and Memory Care segment owns or leases communi
2-Year Price History
$13.30+98.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 764.9 | 127.0 | 55.2 | -6.9 | 20.9 | -25.6 | -46.5 | 270.1 | 5,515 | 238.1 | 4.0% | 2.1x | 21.7x |
| Act | 2025-Q4 | 754.1 | 49.6 | 26.5 | -40.0 | 34.5 | -29.1 | -63.7 | 279.1 | 6,664 | 234.3 | 1.6% | 3.6x | 21.7x |
| Act | 2025-Q3 | 777.8 | 99.9 | -53.8 | -114.7 | 76.5 | 34.9 | -41.6 | 253.5 | 5,497 | 234.3 | -3.9% | 0.8x | 15.5x |
| Act | 2025-Q2 | 812.9 | 112.7 | 14.9 | -43.0 | 83.6 | 29.1 | -54.5 | 251.9 | 5,551 | 232.7 | 1.1% | 1.9x | 15.1x |
| Act | 2025-Q1 | 780.1 | 124.0 | 29.6 | -65.0 | 23.4 | -18.4 | -41.8 | 239.7 | 5,597 | 230.7 | 2.1% | 2.1x | 14.9x |
| Act | 2024-Q4 | 747.0 | 104.7 | -2.1 | -83.9 | 45.2 | -5.1 | -50.3 | 328.8 | 5,652 | 229.3 | -0.1% | 1.6x | 16.2x |
| Act | 2024-Q3 | 746.4 | 101.3 | 10.3 | -50.7 | 66.5 | 11.5 | -55.0 | 284.4 | 5,191 | 228.1 | 0.7% | 1.6x | 15.6x |
| Act | 2024-Q2 | 742.3 | 107.3 | 19.2 | -37.7 | 55.7 | 4.1 | -51.6 | 309.8 | 4,675 | 226.8 | 1.6% | 1.8x | 14.6x |
| Act | 2024-Q1 | 746.9 | 107.4 | 19.3 | -29.6 | -1.2 | -45.6 | -44.4 | 318.6 | 4,741 | 225.9 | 1.6% | -- | 13.1x |
| Act | 2023-Q4 | 719.1 | 103.3 | -24.2 | -91.2 | 29.3 | -29.2 | -58.5 | 307.7 | 4,726 | 225.4 | -2.0% | -- | 12.4x |
| Act | 2023-Q3 | 719.7 | 86.2 | -6.3 | -48.8 | 45.8 | -19.1 | -64.9 | 398.0 | 4,862 | 225.4 | -0.4% | -- | 12.0x |
| Act | 2023-Q2 | 746.7 | 139.8 | 41.2 | -4.5 | 63.8 | 3.7 | -60.1 | 432.8 | 4,888 | 225.4 | 3.3% | -- | 12.4x |
| Act | 2023-Q1 | 718.3 | 96.3 | 7.8 | -44.6 | 24.0 | -25.7 | -49.7 | 431.2 | 4,856 | 224.6 | 0.6% | -- | 15.5x |
| Act | 2022-Q4 | 695.7 | 130.2 | 25.7 | -25.6 | -48.6 | -94.9 | -46.4 | 447.5 | 4,893 | 202.3 | 2.0% | -- | 20.7x |
| Act | 2022-Q3 | 653.2 | 45.4 | 19.2 | -28.4 | 63.5 | 9.8 | -53.7 | 388.7 | 5,105 | 186.8 | 1.5% | -- | -- |
| Act | 2022-Q2 | 681.1 | 52.7 | -34.1 | -84.4 | 11.6 | -45.3 | -56.9 | 404.2 | 5,158 | 186.8 | -2.6% | -- | -- |
| Act | 2022-Q1 | 677.4 | 30.4 | -53.5 | -100.0 | -23.3 | -63.2 | -40.0 | 468.5 | 5,202 | 185.9 | -3.8% | -- | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2.73 | — | 9.6% | 259 | 20.7× | n/m | n/m | 0.3× |
| 2023 | 5.82 | +7.3% | 14.7% | 426 | 12.4× | n/m | n/m | 0.3× |
| 2024 | 5.03 | +2.7% | 14.1% | 421 | 16.2× | n/m | n/m | 0.5× |
| 2025 | 10.79 | +4.8% | 12.4% | 386 | 21.7× | 507.8× | n/m | 0.6× |
| TTM | 12.87 | +3.1% | 12.5% | 389 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$12.87
Market Cap$3.1B
Enterprise Value$8.3B
P/S Ratio1.0x
P/FCF329.7x
EV/FCF892.3x
FCF Margin (TTM)0.3%
FCF Yield0.3%
Dividend Yield (TTM)9.7%
Annual Dilution3.2%
CurrencyUSD
TTM Financial Snapshot
Revenue$3.1B
Net Income$-204.6M
Free Cash Flow$9.3M
Revenue Growth (YoY)-2.0%
EBITDA Margin12.5%
Net Margin-6.6%
FCF Margin0.3%
CapEx % of Revenue6.6%
SBC % of Revenue0.4%
ROIC0.7%
WC Change % Rev-2.6%
Interest Coverage1.5x
Forward Outlook & Risk
Short Interest
Short % of Float16.1%
Short Shares37.8M
Days to Cover13.6
Change (vs Prior)-1.6%
Short % Float History
16.10%+12.60pp
Options
Call IV (ATM)46%
Put IV (ATM)38%
ATM Spread7.5%
Call $OI (near money)$2.9M
Put $OI (near money)$370K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$13.0
Major Expirations4
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $10.00 | $3.00/$4.20 | 13 | --/$0.75 | 81 |
| $11.00 | $2.10/$3.20 | 6,942 | $0.05/$0.20 | 7,032 |
| $12.00 | $1.50/$1.75 | 32 | $0.15/$0.80 | 2,513 |
| $13.00 | $0.65/$1.65 | 22 | $0.30/$0.90 | 1 |
| $14.00 | $0.25/$1.10 | 109 | $0.85/$1.65 | 4 |
| $15.00 | --/$0.80 | 2,081 | $0.65/$3.50 | 4 |
| $16.00 | $0.10/$0.30 | 214 | $2.10/$4.10 | 0 |
| $17.00 | --/$0.75 | 10 | $3.00/$4.20 | 130 |
Snapshot: 2026-05-22
Employees
Headcount24,480
Revenue / Employee$127,032
Gross Profit / Employee$18,192
2022: 36,000 → 2023: 36,000 → 2024: 36,000 → 2025: 33,000 (-3% CAGR)
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 25.4% of float, sold 13.2%. 8 filers moved >1% of shares (5 buying, 3 selling).
Net flow · Q1 2026still filing
+12.2% of float (net)
Bought 25.4% · Sold 13.2%
286 filers reported (last quarter: 245)
Ownership composition
Active
81.3%(+49.5% YoY)
260 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
27.5%(+15.9% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.8%(+0.7% YoY)
8 filers
Citadel, Susquehanna
Insiders
3.1%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $311M | $6.84 | −$115M | +$5.7M | -0.2% | $5.69T |
| WCM INVESTMENT MANAGEMENT/CA | $172M | $13.68 | +$175M | +$172M | -0.3% | $43.79B |
| DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C) | $159M | $4.14 | +$0 | −$54.4M | -0.9% | $7.18B |
| ANTIPODES PARTNERS Ltd | $156M | $6.13 | −$301K | −$31.2M | +1.1% | $5.19B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $142M | $13.68 | +$142M | +$142M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $138M | $13.68 | +$138M | +$138M | — | $4.04T |
| WELLINGTON MANAGEMENT GROUP LLP | $121M | $6.42 | −$18.1M | +$5.7M | -0.3% | $533.98B |
| CARRONADE CAPITAL MANAGEMENT, LP | $117M | $7.47 | +$16.9M | +$108M | -0.1% | $1.21B |
| Maple Rock Capital Partners Inc. | $112M | $7.92 | −$4.6M | +$112M | +2.4% | $3.07B |
| RENAISSANCE TECHNOLOGIES LLC | $105M | $8.99 | +$17.8M | +$19.4M | +1.2% | $63.91B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $88.2M | $8.14 | +$13.3M | +$26.3M | +2.3% | $1.61T |
| TWO SIGMA INVESTMENTS, LP | $84.3M | $11.27 | +$74.8M | +$81.4M | -0.9% | $117.03B |
| STATE STREET CORPPassive | $73.7M | $6.20 | −$280K | +$10.4M | -0.2% | $2.89T |
| DIMENSIONAL FUND ADVISORS LPPassive | $71.1M | $6.39 | +$2.4M | −$26.0M | -0.4% | $480.92B |
| FMR LLC | $62.9M | $8.98 | +$3.7M | +$61.0M | -0.0% | $1.89T |
| GOLDMAN SACHS GROUP INC | $57.1M | $9.40 | +$27.5M | +$41.3M | -0.2% | $760.93B |
| Park West Asset Management LLC | $48.9M | $13.10 | +$39.1M | +$48.9M | +0.9% | $1.13B |
| Eversept Partners, LP | $48.8M | $11.46 | +$43.7M | +$48.8M | -0.3% | $1.52B |
| Adelante Capital Management LLC | $47.6M | $6.26 | −$837K | −$22.0M | -2.2% | $1.45B |
| D. E. Shaw & Co., Inc. | $47.2M | $9.31 | +$23.8M | +$36.7M | -0.3% | $118.02B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.29%
avg per quarter
Holders (ex-self)
+0.23%
excl. this stock
Buyers (this Q)
+0.20%
154 buyers · $1.29B in
Sellers (this Q)
+0.42%
96 sellers · $0.11B out
alpha coverage: 91% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+5.7%
how holders react when this stock falls
On quiet Qs
-13.9%
−10% to +10% baseline
On rallies (+10%+)
-23.8%
how they react when this stock rises
Holders' portfolio flow this Q
+1.7%
inflows — adds are organic
Sellers' portfolio flow this Q
-26.8%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-6.0%
Holder mid (any stock)
-4.7%
Holder rally (any stock)
-8.9%
Biggest decreases this quarter
BlackRock, Inc.−$115Mα-0.2Point72 Asset Management, L.P.exited−$28.1MWELLINGTON MANAGEMENT GROUP LLP−$18.1Mα-0.3DEUTSCHE BANK AG\−$10.4Mα-0.3Hudson Bay Capital Management LPexited−$8.1MWalleye Capital LLCexited−$7.3MMaple Rock Capital Partners Inc.−$4.6Mα+2.4CHARLES SCHWAB INVESTMENT MANAGEMENT INC−$4.6Mα+0.7Bellevue Group AGexited−$1.8MEmmett Investment Management, LPexited−$1.4M
New buyers this quarter
Top-5 holders · 26.8%
BlackRock, Inc.--
WCM INVESTMENT MANAGEMENT/CA--
DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)--
ANTIPODES PARTNERS Ltd--
VANGUARD PORTFOLIO MANAGEMENT LLC--
Put / call ratio: 1.71 (-1.6% QoQ) — net bearish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
WCM INVESTMENT MANAGEMENT/CA12.8MDEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)11.6MANTIPODES PARTNERS Ltd11.4MCamber Capital Management LP—WELLINGTON MANAGEMENT GROUP LLP8.8MCARRONADE CAPITAL MANAGEMENT, LP8.6MGLENVIEW CAPITAL MANAGEMENT, LLC—Flat Footed LLC2.4MMaple Rock Capital Partners Inc.8.2MRENAISSANCE TECHNOLOGIES LLC7.7M
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| AVB | AvalonBay Communities, Inc. | 3 | 49.78× |
| SNDX | Syndax Pharmaceuticals, Inc. | 3 | 46.85× |
| GTX | Garrett Motion Inc. | 3 | 41.92× |
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| NRG | NRG Energy, Inc. | 3 | 25.69× |
| EXE | Expand Energy Corporation | 4 | 22.60× |
| TLN | Talen Energy Corporation | 3 | 17.70× |
| HCA | HCA Healthcare, Inc. | 3 | 16.59× |
| RKT | Rocket Companies, Inc. | 3 | 14.48× |
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$18.003990.0%
Last Year (7 analysts)$14.711430.0%
Current Price$12.87
Analyst Ratings
7
4
1
Buy: 7Hold: 4Sell: 1Consensus: Buy
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 740M | 97M | -11M | $-0.04 | $-0.07 – $-0.02 | 2 |
| 2026 Q4 | 747M | 97M | -8M | $-0.03 | $-0.03 – $-0.03 | 1 |
| 2027 Q1 | 769M | 100M | 7M | $0.03 | $0.03 – $0.03 | 1 |
| 2027 Q2 | 762M | 99M | 2M | $0.01 | $0.01 – $0.01 | 1 |
| 2027 Q3 | 776M | 101M | 6M | $0.03 | $0.03 – $0.03 | 1 |
| 2027 Q4 | 785M | 102M | 9M | $0.04 | $0.04 – $0.04 | 1 |
| 2028 Q1 | 818M | 107M | 0M | $0.00 | $0.00 – $0.00 | 1 |
| 2028 Q2 | 813M | 106M | 0M | $0.00 | $0.00 – $0.00 | 1 |
| 2028 Q3 | 821M | 107M | 0M | $0.00 | $0.00 – $0.00 | 1 |
| 2028 Q4 | 818M | 107M | 0M | $0.00 | $0.00 – $0.00 | 1 |
Corporate
Executive Compensation (2023-2025)
Direct Pay$42.8M
Incentive & Other$22.2M
Total Compensation$65.1M
% of Revenue0.7%
Order Flow (FINRA, ~3w lag)
16.5%retail+5.3pp
26.0%dark-1.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2026-Q1)
| Health Care, Resident Service | $722.5M | -7% |
| Reimbursement Costs, Managed Communities | $37.0M | +10% |
| Management Service | $5.4M | +105% |