American Healthcare REIT vs Healthpeak Properties
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The short version
- Healthpeak Properties is the larger business, with $2.8B of revenue in fiscal 2025 against $2.3B for American Healthcare REIT.
- American Healthcare REIT grew revenue faster (9.2%, against 4.5%).
- Investors pay more for each dollar of American Healthcare REIT’s earnings: a P/E of 78.0x against 55.0x for Healthpeak Properties.
| Latest fiscal year | AHR · FY25 | DOC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.2B | $13.3B |
| Revenue | $2.3B | $2.8B |
| Free cash flow | — | $357M |
| Net income | $69.8M | $71.3M |
| Growth | ||
| Revenue growth | 9.2% | 4.5% |
| 5-year growth | 16.2% | 11.4% |
| Share count change | 27.7% | 2.9% |
| Profitability | ||
| Gross margin | 20.6% | 60.0% |
| Operating margin | 18.4% | — |
| Net margin | 3.1% | 2.5% |
| FCF margin | — | 12.7% |
| Return on capital | — | 3.2% |
| Return on equity | 2.5% | 0.9% |
| Balance sheet | ||
| Net debt | — | $9.4B |
| Net debt / EBITDA | — | 5.7x |
| Dividends and buybacks | $164M | $946M |
| Valuation & quality | ||
| P/E | 78.0x | 55.0x |
| Piotroski F-score | — | — |
Revenue
FY16
AHR $3.2M
DOC $2.1B
FY17
AHR $33.3M
DOC $1.8B
FY18
AHR $84.5M
DOC $1.2B
FY19
AHR $121M
DOC $1.2B
FY20
AHR $1.1B
DOC $1.6B
FY21
AHR $1.1B
DOC $1.9B
FY22
AHR $1.4B
DOC $2.1B
FY23
AHR $1.9B
DOC $2.2B
FY24
AHR $2.1B
DOC $2.7B
FY25
AHR $2.3B
DOC $2.8B
AHR
DOC
Operating margin
FY16
AHR −157.2%
DOC —
FY17
AHR —
DOC —
FY18
AHR —
DOC —
FY19
AHR 183.3%
DOC —
FY20
AHR 20.4%
DOC —
FY21
AHR 19.0%
DOC —
FY22
AHR 21.4%
DOC —
FY23
AHR 16.4%
DOC —
FY24
AHR 17.6%
DOC —
FY25
AHR 18.4%
DOC —
AHR
DOC
Free cash flow
FY16
AHR −$3.6M
DOC $755M
FY17
AHR $11.3M
DOC $375M
FY18
AHR $11.2M
DOC $288M
FY19
AHR $111M
DOC $169M
FY20
AHR $211M
DOC −$30.5M
FY21
AHR —
DOC $35.5M
FY22
AHR $140M
DOC −$61.7M
FY23
AHR —
DOC $182M
FY24
AHR —
DOC $334M
FY25
AHR —
DOC $357M
AHR
DOC
Return on capital
FY16
AHR —
DOC 1.6%
FY17
AHR —
DOC 2.3%
FY18
AHR —
DOC 1.6%
FY19
AHR —
DOC 1.3%
FY20
AHR —
DOC 3.3%
FY21
AHR —
DOC 2.1%
FY22
AHR —
DOC 5.1%
FY23
AHR —
DOC 3.8%
FY24
AHR —
DOC 3.5%
FY25
AHR —
DOC 3.2%
AHR
DOC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.