American Healthcare REIT
AHR NYSE Health Care REITs Financials FY2016–FY2025
American Healthcare REIT's revenue rose 9.2% to $2.3 billion in fiscal 2025. Its operating margin was 18.4%, up from 17.6% a year earlier. It paid out $164 million in dividends and buybacks. The diluted share count rose 27.7%.
Revenue
Total sales reported in the income statement.
$2.3B
9.1%
vs prior year
Operating margin
Operating income as a share of revenue.
18.4%
0.8 pts
Net income
Profit after all expenses, interest and tax.
$69.8M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$10.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
78.0x
On $0.68 EPS (TTM)
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-4), so every year is on today's share basis.
What American Healthcare REIT does
No business description yet.
- Legal name
- American Healthcare REIT, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001193125-26-082692
0001632970
Revenue and margins
American Healthcare REIT had $2.3B of revenue in fiscal 2025, up 9.2% on the year before.
FY16
Revenue $3.2M
FY17
Revenue $33.3M
FY18
Revenue $84.5M
FY19
Revenue $121M
FY20
Revenue $1.1B
FY21
Revenue $1.1B
FY22
Revenue $1.4B
FY23
Revenue $1.9B
FY24
Revenue $2.1B
FY25
Revenue $2.3B
Q3 '23
Revenue $416M
Q4 '23
Revenue $433M
Q1 '24
Revenue $500M
Q2 '24
Revenue $505M
Q3 '24
Revenue $524M
Q4 '24
Revenue $543M
Q1 '25
Revenue $541M
Q2 '25
Revenue $543M
Q3 '25
Revenue $573M
Q4 '25
Revenue $604M
Q1 '26
Revenue $651M
Q2 '26
Revenue $674M
FY16
Gross 71.6%
Operating −157.2%
Net −173.5%
FCF −115.5%
FY17
Gross 78.1%
Operating —
Net 1.6%
FCF 33.9%
FY18
Gross 86.4%
Operating —
Net −9.9%
FCF 13.2%
FY19
Gross 84.1%
Operating 183.3%
Net −4.1%
FCF 91.9%
FY20
Gross 7.1%
Operating 20.4%
Net 0.2%
FCF 19.7%
FY21
Gross 8.3%
Operating 19.0%
Net −4.3%
FCF —
FY22
Gross 9.3%
Operating 21.4%
Net −5.8%
FCF 9.9%
FY23
Gross 19.5%
Operating 16.4%
Net −3.8%
FCF —
FY24
Gross 20.1%
Operating 17.6%
Net −1.8%
FCF —
FY25
Gross 20.6%
Operating 18.4%
Net 3.1%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross 10.0%
Operating 18.0%
Net −1.4%
FCF —
Q4 '23
Gross 11.1%
Operating 19.5%
Net −6.3%
FCF —
Q1 '24
Gross 19.2%
Operating 16.5%
Net −0.8%
FCF —
Q2 '24
Gross 20.2%
Operating 17.6%
Net 0.4%
FCF —
Q3 '24
Gross 20.4%
Operating 17.9%
Net −0.8%
FCF —
Q4 '24
Gross 20.7%
Operating 18.3%
Net −5.9%
FCF —
Q1 '25
Gross 20.0%
Operating 17.5%
Net −1.3%
FCF —
Q2 '25
Gross 21.4%
Operating 19.0%
Net 1.8%
FCF —
Q3 '25
Gross 20.7%
Operating 18.5%
Net 9.8%
FCF —
Q4 '25
Gross 20.5%
Operating 18.5%
Net 1.8%
FCF —
Q1 '26
Gross 21.3%
Operating 19.3%
Net 3.6%
FCF —
Q2 '26
Gross 22.2%
Operating 20.4%
Net 4.5%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$5.5M
FY17
Net income $0.5M
FY18
Net income −$8.4M
FY19
Net income −$5.0M
FY20
Net income $2.2M
FY21
Net income −$47.8M
FY22
Net income −$81.3M
FY23
Net income −$71.5M
FY24
Net income −$37.8M
FY25
Net income $69.8M
Q3 '23
Net income −$6.0M
Q4 '23
Net income −$27.4M
Q1 '24
Net income −$3.9M
Q2 '24
Net income $2.0M
Q3 '24
Net income −$4.1M
Q4 '24
Net income −$31.8M
Q1 '25
Net income −$6.8M
Q2 '25
Net income $9.9M
Q3 '25
Net income $55.9M
Q4 '25
Net income $10.8M
Q1 '26
Net income $23.7M
Q2 '26
Net income $30.6M
FY16
Diluted EPS −$7.00
FY17
Diluted EPS $0.08
FY18
Diluted EPS −$0.60
FY19
Diluted EPS −$0.12
FY20
Diluted EPS $0.05
FY21
Diluted EPS −$0.95
FY22
Diluted EPS −$1.24
FY23
Diluted EPS −$1.08
FY24
Diluted EPS −$0.29
FY25
Diluted EPS $0.42
Q3 '23
Diluted EPS −$0.09
Q4 '23
Diluted EPS −$0.41
Q1 '24
Diluted EPS −$0.04
Q2 '24
Diluted EPS $0.01
Q3 '24
Diluted EPS −$0.03
Q4 '24
Diluted EPS −$0.24
Q1 '25
Diluted EPS −$0.04
Q2 '25
Diluted EPS $0.06
Q3 '25
Diluted EPS $0.33
Q4 '25
Diluted EPS $0.06
Q1 '26
Diluted EPS $0.13
Q2 '26
Diluted EPS $0.16
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity −11.8%
Return on assets −7.7%
FY17
Return on capital —
Return on equity 0.2%
Return on assets 0.2%
FY18
Return on capital —
Return on equity −1.1%
Return on assets −1.2%
FY19
Return on capital —
Return on equity −0.6%
Return on assets −0.5%
FY20
Return on capital —
Return on equity 0.3%
Return on assets 0.1%
FY21
Return on capital —
Return on equity −3.9%
Return on assets −1.2%
FY22
Return on capital —
Return on equity −5.5%
Return on assets −1.7%
FY23
Return on capital —
Return on equity −5.4%
Return on assets −1.5%
FY24
Return on capital —
Return on equity −2.1%
Return on assets −0.8%
FY25
Return on capital —
Return on equity 2.5%
Return on assets 1.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$3.6M
FY17
Free cash flow $11.3M
FY18
Free cash flow $11.2M
FY19
Free cash flow $111M
FY20
Free cash flow $211M
FY21
Free cash flow —
FY22
Free cash flow $140M
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations −$3.6M
Capital spending $0.0M
FY17
Cash from operations $12.4M
Capital spending $1.1M
FY18
Cash from operations $15.4M
Capital spending $4.3M
FY19
Cash from operations $118M
Capital spending $6.5M
FY20
Cash from operations $219M
Capital spending $8.3M
FY21
Cash from operations $17.9M
Capital spending —
FY22
Cash from operations $148M
Capital spending $7.5M
FY23
Cash from operations $98.5M
Capital spending —
FY24
Cash from operations $176M
Capital spending —
FY25
Cash from operations $294M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $29.1M
Capital spending —
Q4 '23
Cash from operations $25.8M
Capital spending —
Q1 '24
Cash from operations −$6.0M
Capital spending —
Q2 '24
Cash from operations $59.4M
Capital spending —
Q3 '24
Cash from operations $63.1M
Capital spending —
Q4 '24
Cash from operations $59.5M
Capital spending —
Q1 '25
Cash from operations $60.6M
Capital spending —
Q2 '25
Cash from operations $71.5M
Capital spending —
Q3 '25
Cash from operations $107M
Capital spending —
Q4 '25
Cash from operations $55.2M
Capital spending —
Q1 '26
Cash from operations $81.1M
Capital spending —
Q2 '26
Cash from operations $119M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
American Healthcare REIT returned $164M to shareholders in fiscal 2025. The diluted share count rose 27.7%.
FY16
Dividends $0.5M
Buybacks $0.0M
FY17
Dividends $6.4M
Buybacks $0.7M
FY18
Dividends $14.0M
Buybacks $3.3M
FY19
Dividends $62.6M
Buybacks $89.9M
FY20
Dividends $27.0M
Buybacks $23.1M
FY21
Dividends $22.8M
Buybacks $0.4M
FY22
Dividends $51.1M
Buybacks $20.7M
FY23
Dividends $76.3M
Buybacks $0.5M
FY24
Dividends $121M
Buybacks $0.0M
FY25
Dividends $164M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $16.6M
Buybacks $0.0M
Q4 '23
Dividends $16.6M
Buybacks $0.3M
Q1 '24
Dividends $16.6M
Buybacks $0.0M
Q2 '24
Dividends $33.0M
Buybacks $0.0M
Q3 '24
Dividends $33.0M
Buybacks $0.0M
Q4 '24
Dividends $38.3M
Buybacks $0.0M
Q1 '25
Dividends $39.5M
Buybacks $0.0M
Q2 '25
Dividends $39.9M
Buybacks $0.0M
Q3 '25
Dividends $41.2M
Buybacks $0.0M
Q4 '25
Dividends $42.9M
Buybacks $0.0M
Q1 '26
Dividends $46.8M
Buybacks $0.0M
Q2 '26
Dividends $47.6M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.00B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.13B
FY25
Diluted shares 0.17B
Value American Healthcare REIT yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 166.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 78.0x · peers 55.0x · sector 27.8x.
Balance sheet
Cash, debt and the ratios that show how comfortably American Healthcare REIT can carry it.
FY16
Cash $2.2M
Debt —
FY17
Cash $7.1M
Debt —
FY18
Cash $35.1M
Debt —
FY19
Cash $53.1M
Debt —
FY20
Cash $113M
Debt —
FY21
Cash $81.6M
Debt —
FY22
Cash $65.1M
Debt —
FY23
Cash $43.4M
Debt —
FY24
Cash $76.7M
Debt —
FY25
Cash $115M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $81.6M | $65.1M | $43.4M | $76.7M | $115M |
| Interest coverage | 2.6x | 2.9x | 1.9x | 2.9x | 4.8x |
| Total assets | $4.6B | $4.8B | $4.6B | $4.5B | $5.4B |
| Total liabilities | $2.8B | $3.1B | $3.1B | $2.2B | $2.1B |
| Shareholders' equity | $1.6B | $1.4B | $1.3B | $2.3B | $3.3B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$5.5M
3 insiders
Of sales under plans
6%
$0.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 25, 2026 | Mark E. FosterEVP, GC & Secretary | Sold | 1,500 | $52.06 | $0.1M | Form 4 |
| Sep 1, 2026 | Mark E. FosterEVP, GC & Secretary | Sold plan | 2,000 | $55.39 | $0.1M | Form 4 |
| Jun 26, 2026 | Brian PeayChief Financial Officer | Sold | 25,000 | $50.70 | $1.3M | Form 4 |
| Jun 24, 2026 | Mark E. FosterEVP, GC & Secretary | Sold | 2,500 | $48.58 | $0.1M | Form 4 |
| Jun 1, 2026 | Mark E. FosterEVP, GC & Secretary | Sold plan | 2,000 | $48.32 | $0.1M | Form 4 |
| Mar 25, 2026 | Mark E. FosterEVP, GC & Secretary | Sold plan | 2,000 | $48.55 | $0.1M | Form 4 |
| Dec 23, 2025 | Jeffrey T HansonDirector | Sold | 19,208 | $48.40 | $0.9M | Form 4 |
| Dec 22, 2025 | Jeffrey T HansonDirector | Sold | 35,570 | $48.38 | $1.7M | Form 4 |
| Nov 11, 2025 | Mark E. FosterEVP, GC & Secretary | Sold | 1,500 | $49.35 | $0.1M | Form 4 |
| Nov 10, 2025 | Jeffrey T HansonDirector | Sold | 20,010 | $49.68 | $1.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.6% | −4.7% | −4.5% |
| Altman Z'' | — | — | — |
Similar companies
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| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| American Healthcare REIT AHR | $10.2B | 9.2% | 18.4% | — | — | 78.0x | — | |
| Healthpeak Properties DOC | $13.3B | 4.5% | — | 12.7% | 3.2% | 55.0x | — | Compare → |
| Omega Healthcare Investors OHI | $14.6B | 13.2% | — | 67.0% | 8.8% | 16.5x | — | Compare → |
| Healthcare Realty Trust HR | $6.1B | −6.9% | — | 10.8% | — | — | — | Compare → |
| Ventas VTR | $43.2B | 18.5% | — | — | 3.4% | 163.8x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.2M | $33.3M | $84.5M | $121M | $1.1B | $1.1B | $1.4B | $1.9B | $2.1B | $2.3B |
| Gross profit | $2.3M | $26.0M | $73.0M | $102M | $75.3M | $93.7M | $131M | $364M | $417M | $467M |
| Operating income | −$5.0M | — | — | $221M | $218M | $213M | $302M | $307M | $364M | $415M |
| Interest expense | $0.5M | $2.7M | $6.8M | $78.6M | $71.3M | $80.9M | $106M | $163M | $128M | $85.8M |
| Pretax income | −$5.5M | $0.5M | −$8.6M | $0.7M | $5.8M | −$52.3M | −$72.8M | −$76.2M | −$33.9M | $48.6M |
| Income tax | $0.0M | $0.0M | $0.0M | $1.5M | −$3.1M | $1.0M | $0.6M | $0.7M | $1.7M | −$22.2M |
| Net income | −$5.5M | $0.5M | −$8.4M | −$5.0M | $2.2M | −$47.8M | −$81.3M | −$71.5M | −$37.8M | $69.8M |
| Diluted EPS | −$7.00 | $0.08 | −$0.60 | −$0.12 | $0.05 | −$0.95 | −$1.24 | −$1.08 | −$0.29 | $0.42 |
| Diluted shares | 0.00B | 0.01B | 0.01B | 0.05B | 0.05B | 0.05B | 0.07B | 0.07B | 0.13B | 0.17B |
| Cash flow | ||||||||||
| Cash from operations | −$3.6M | $12.4M | $15.4M | $118M | $219M | $17.9M | $148M | $98.5M | $176M | $294M |
| Capital expenditure | $0.0M | $1.1M | $4.3M | $6.5M | $8.3M | — | $7.5M | — | — | — |
| Free cash flow | −$3.6M | $11.3M | $11.2M | $111M | $211M | — | $140M | — | — | — |
| Depreciation and amortization | $1.3M | $13.6M | $32.7M | $111M | $98.9M | $133M | $168M | $183M | $179M | $188M |
| Stock-based compensation | $0.1M | $0.1M | $0.2M | $2.7M | −$1.3M | $8.8M | $3.9M | $5.5M | $9.9M | $14.6M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.7M | $3.3M | $89.9M | $23.1M | $0.4M | $20.7M | $0.5M | $0.0M | $0.0M |
| Dividends paid | $0.5M | $6.4M | $14.0M | $62.6M | $27.0M | $22.8M | $51.1M | $76.3M | $121M | $164M |
| Dividends and buybacks | $0.6M | $7.1M | $17.3M | $153M | $50.1M | $23.2M | $71.8M | $76.8M | $121M | $164M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.2M | $7.1M | $35.1M | $53.1M | $113M | $81.6M | $65.1M | $43.4M | $76.7M | $115M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.1M | $0.1M | $0.1M | $33.9M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $24.7M | $18.9M | $19.8M | $19.5M | $19.5M | $18.8M |
| Total assets | $143M | $480M | $896M | $1.1B | $3.2B | $4.6B | $4.8B | $4.6B | $4.5B | $5.4B |
| Total liabilities | $50.5M | $126M | $337M | $477M | $2.2B | $2.8B | $3.1B | $3.1B | $2.2B | $2.1B |
| Shareholders' equity | $92.3M | $353M | $1.2B | $590M | $866M | $1.6B | $1.4B | $1.3B | $2.3B | $3.3B |
| Margins | ||||||||||
| Gross margin | 71.6% | 78.1% | 86.4% | 84.1% | 7.1% | 8.3% | 9.3% | 19.5% | 20.1% | 20.6% |
| Operating margin | −157.2% | — | — | 183.3% | 20.4% | 19.0% | 21.4% | 16.4% | 17.6% | 18.4% |
| EBITDA margin | −117.5% | 50.5% | 36.6% | 275.6% | 29.7% | 30.8% | 33.3% | 26.2% | 26.2% | 26.7% |
| Net margin | −173.5% | 1.6% | −9.9% | −4.1% | 0.2% | −4.3% | −5.8% | −3.8% | −1.8% | 3.1% |
| FCF margin | −115.5% | 33.9% | 13.2% | 91.9% | 19.7% | — | 9.9% | — | — | — |
| Returns | ||||||||||
| Return on equity | −11.8% | 0.2% | −1.1% | −0.6% | 0.3% | −3.9% | −5.5% | −5.4% | −2.1% | 2.5% |
| Return on assets | −7.7% | 0.2% | −1.2% | −0.5% | 0.1% | −1.2% | −1.7% | −1.5% | −0.8% | 1.4% |
| Growth | ||||||||||
| Revenue growth | — | 956.2% | 153.4% | 43.0% | 785.2% | 5.1% | 25.6% | 32.2% | 10.9% | 9.2% |
| Net income growth | — | — | −1,644.2% | — | — | −2,309.6% | — | — | — | — |
| EPS growth | — | — | −850.0% | — | — | −2,000.0% | — | — | — | — |
| FCF growth | — | — | −1.0% | 893.7% | 90.0% | — | — | — | — | — |
| Share count change | −85.0% | 786.3% | 97.6% | 231.7% | −1.1% | 11.3% | 31.4% | 0.4% | 97.8% | 27.7% |
| Financial health | ||||||||||
| Interest coverage | −9.7x | 1.2x | −0.3x | 2.8x | 3.1x | 2.6x | 2.9x | 1.9x | 2.9x | 4.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.7% | 3.4% | 5.0% | 5.4% | 0.8% | — | 0.5% | — | — | — |
| Stock comp / revenue | 2.5% | 0.4% | 0.2% | 2.3% | −0.1% | 0.8% | 0.3% | 0.3% | 0.5% | 0.7% |
| Payouts / FCF | — | 63.2% | 154.9% | 137.4% | 23.8% | — | 51.2% | — | — | — |
| Quality scores | ||||||||||
| Accruals ratio | −2.6% | −3.8% | −3.5% | −12.5% | −10.1% | −1.7% | −4.9% | −3.6% | −4.7% | −4.5% |
Source: SEC EDGAR XBRL filings (CIK 0001632970). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.