American Healthcare REIT vs Ventas
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The short version
- Ventas is the larger business, with $5.8B of revenue in fiscal 2025 against $2.3B for American Healthcare REIT, about 2.6 times as much.
- Ventas grew revenue faster (18.5%, against 9.2%).
- Investors pay more for each dollar of Ventasβs earnings: a P/E of 163.8x against 78.0x for American Healthcare REIT.
| Latest fiscal year | AHR Β· FY25 | VTR Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.2B | $43.2B |
| Revenue | $2.3B | $5.8B |
| Free cash flow | β | β |
| Net income | $69.8M | $262M |
| Growth | ||
| Revenue growth | 9.2% | 18.5% |
| 5-year growth | 16.2% | 9.0% |
| Share count change | 27.7% | 11.1% |
| Profitability | ||
| Gross margin | 20.6% | β |
| Operating margin | 18.4% | β |
| Net margin | 3.1% | 4.5% |
| FCF margin | β | β |
| Return on capital | β | 3.4% |
| Return on equity | 2.5% | 2.2% |
| Balance sheet | ||
| Net debt | β | $12.3B |
| Net debt / EBITDA | β | 5.6x |
| Dividends and buybacks | $164M | $860M |
| Valuation & quality | ||
| P/E | 78.0x | 163.8x |
| Piotroski F-score | β | β |
Revenue
FY16
AHR $3.2M
VTR $3.4B
FY17
AHR $33.3M
VTR $3.6B
FY18
AHR $84.5M
VTR $3.7B
FY19
AHR $121M
VTR $3.9B
FY20
AHR $1.1B
VTR $3.8B
FY21
AHR $1.1B
VTR $3.8B
FY22
AHR $1.4B
VTR $4.1B
FY23
AHR $1.9B
VTR $4.5B
FY24
AHR $2.1B
VTR $4.9B
FY25
AHR $2.3B
VTR $5.8B
AHR
VTR
Operating margin
FY16
AHR β157.2%
VTR β
FY17
AHR β
VTR β
FY18
AHR β
VTR β
FY19
AHR 183.3%
VTR β
FY20
AHR 20.4%
VTR β
FY21
AHR 19.0%
VTR β
FY22
AHR 21.4%
VTR β
FY23
AHR 16.4%
VTR β
FY24
AHR 17.6%
VTR β
FY25
AHR 18.4%
VTR β
AHR
VTR
Free cash flow
FY16
AHR β$3.6M
VTR β
FY17
AHR $11.3M
VTR β
FY18
AHR $11.2M
VTR β
FY19
AHR $111M
VTR β
FY20
AHR $211M
VTR β
FY21
AHR β
VTR β
FY22
AHR $140M
VTR β
FY23
AHR β
VTR β
FY24
AHR β
VTR β
FY25
AHR β
VTR β
AHR
VTR
Return on capital
FY16
AHR β
VTR 4.5%
FY17
AHR β
VTR 4.8%
FY18
AHR β
VTR 3.8%
FY19
AHR β
VTR 3.7%
FY20
AHR β
VTR 2.5%
FY21
AHR β
VTR 1.0%
FY22
AHR β
VTR 1.3%
FY23
AHR β
VTR 1.6%
FY24
AHR β
VTR 2.0%
FY25
AHR β
VTR 3.4%
AHR
VTR
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.