American Healthcare REIT vs Welltower
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KIRAβs take AI analyst
I put American Healthcare REIT and Welltower side by side, using each oneβs latest annual report. Here is what stands out:
- Welltower is the larger business, with $10.8B of revenue in fiscal 2025 against $2.3B for American Healthcare REIT, about 4.8 times as much.
- Welltower grew revenue faster (35.6%, against 9.2%).
- Investors pay more for each dollar of Welltowerβs earnings: a P/E of 119.7x against 78.8x for American Healthcare REIT.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
American Healthcare REIT
AHR
0/6
Welltower
WELL
6/6
Revenue growth5-year growthGross marginNet marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | AHR FY25 | WELL FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.4B | $174.8B |
| Revenue | $2.3B | $10.8B |
| Free cash flow | β | β |
| Net income | $69.8M | $962M |
| Growth | ||
| Revenue growth | 9.2% | 35.6% |
| 5-year growth | 16.2% | 18.7% |
| Share count change | 27.7% | 11.6% |
| Profitability | ||
| Gross margin | 20.6% | 40.1% |
| Operating margin | 18.4% | β |
| Net margin | 3.1% | 8.9% |
| FCF margin | β | β |
| Return on capital | β | 3.0% |
| Return on equity | 2.5% | 2.6% |
| Balance sheet | ||
| Net debt | β | $14.7B |
| Net debt / EBITDA | β | 4.1x |
| Dividends and buybacks | $164M | $1.9B |
| Valuation & quality | ||
| P/E | 78.8x | 119.7x |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
AHR $3.2M
WELL $4.3B
FY17
AHR $33.3M
WELL $4.3B
FY18
AHR $84.5M
WELL $4.7B
FY19
AHR $121M
WELL $5.1B
FY20
AHR $1.1B
WELL $4.6B
FY21
AHR $1.1B
WELL $4.7B
FY22
AHR $1.4B
WELL $5.9B
FY23
AHR $1.9B
WELL $6.6B
FY24
AHR $2.1B
WELL $8.0B
FY25
AHR $2.3B
WELL $10.8B
AHR
WELL
Operating margin
FY16
AHR β157.2%
WELL β
FY17
AHR β
WELL β
FY18
AHR β
WELL β
FY19
AHR 183.3%
WELL β
FY20
AHR 20.4%
WELL β
FY21
AHR 19.0%
WELL β
FY22
AHR 21.4%
WELL β
FY23
AHR 16.4%
WELL β
FY24
AHR 17.6%
WELL β
FY25
AHR 18.4%
WELL β
AHR
WELL
Free cash flow
FY16
AHR β$3.6M
WELL β
FY17
AHR $11.3M
WELL β
FY18
AHR $11.2M
WELL β
FY19
AHR $111M
WELL β
FY20
AHR $211M
WELL β
FY21
AHR β
WELL β
FY22
AHR $140M
WELL β
FY23
AHR β
WELL β
FY24
AHR β
WELL β
FY25
AHR β
WELL β
AHR
WELL
Return on capital
FY16
AHR β
WELL 4.6%
FY17
AHR β
WELL 2.8%
FY18
AHR β
WELL 3.5%
FY19
AHR β
WELL 3.8%
FY20
AHR β
WELL 1.3%
FY21
AHR β
WELL 2.0%
FY22
AHR β
WELL 2.0%
FY23
AHR β
WELL 2.5%
FY24
AHR β
WELL 2.6%
FY25
AHR β
WELL 3.0%
AHR
WELL
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.