1.Sales and profit
See section β- Diversified Healthcare Trust had $1.5B of revenue in fiscal 2025, up 2.8% on the year before. Over five years, revenue changed β1.2% a year on average.
- Diversified Healthcare Trust lost $286M in fiscal 2025.
Diversified Healthcare Trust
DHC Nasdaq Real Estate Investment Trusts Financials FY2016βFY2025
Diversified Healthcare Trust had $1.5B of revenue in fiscal 2025, up 2.8% on the year before. Over five years, revenue changed β1.2% a year on average.
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$7.86
0.1%KIRAβs summary AI analyst
Hi! I read Diversified Healthcare Trustβs latest annual report (fiscal 2025). Here is what stands out:
1 strength 1 to watch
2.Cash and shareholders
See section β- Diversified Healthcare Trust returned $10.8M to shareholders in fiscal 2025. The diluted share count rose 0.3%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section β- Diversified Healthcare Trust owes $2.3B more than it holds in cash.
- Diversified Healthcare Trust passes 4 of 7 financial health tests (Piotroski F-score).
Diversified Healthcare Trust in 30 seconds
Good So-so Weak
So-so
Are sales growing?
+2.8%
Only a little. Sales grew 2.8% last year.
Weak
Does it make a profit?
β18.6%
No. It lost money last year.
So-so
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.9B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$1.11 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Diversified Healthcare Trust did it, and the next one. Share prices often move a lot on those days.
Next results
November 2, 2026
Monday Β· in 8 days
- Time
- After the market closes
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- $0.15
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 3, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 4, 2026 | Q1 '26 | After the market closes | 8-K β |
| Jan 9, 2026 | Q4 '25 | Time not announced | 8-K β |
| Nov 3, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 4, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 5, 2025 | Q1 '25 | After the market closes | 8-K β |
| Feb 25, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 4, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· Diversified Healthcare Trust had $1.5B of revenue in fiscal 2025, up 2.8% on the year before. Over five years, revenue changed β1.2% a year on average.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY16
Revenue $1.1B
FY17
Revenue $1.1B
FY18
Revenue $1.1B
FY19
Revenue $1.0B
FY20
Revenue $1.6B
FY21
Revenue $1.4B
FY22
Revenue $1.3B
FY23
Revenue $1.4B
FY24
Revenue $1.5B
FY25
Revenue $1.5B
Revenue
Q3 '23
Revenue $357M
Q4 '23
Revenue $362M
Q1 '24
Revenue $371M
Q2 '24
Revenue $371M
Q3 '24
Revenue $374M
Q4 '24
Revenue $380M
Q1 '25
Revenue $387M
Q2 '25
Revenue $383M
Q3 '25
Revenue $389M
Q4 '25
Revenue $380M
Q1 '26
Revenue $366M
Q2 '26
Revenue $365M
Margins, % of revenue
FY16
Gross β
Operating 28.6%
Net 13.4%
FCF β
FY17
Gross β
Operating 25.6%
Net 13.7%
FCF β
FY18
Gross β
Operating β
Net 25.7%
FCF β
FY19
Gross β
Operating β
Net β8.5%
FCF β
FY20
Gross β
Operating β
Net β8.5%
FCF β
FY21
Gross β
Operating β
Net 12.6%
FCF β
FY22
Gross β
Operating β
Net β1.2%
FCF β
FY23
Gross β
Operating β
Net β20.8%
FCF β
FY24
Gross β
Operating β
Net β24.8%
FCF β
FY25
Gross β
Operating β
Net β18.6%
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net β18.5%
FCF β
Q4 '23
Gross β
Operating β
Net β28.4%
FCF β
Q1 '24
Gross β
Operating β
Net β23.3%
FCF β
Q2 '24
Gross β
Operating β
Net β26.3%
FCF β
Q3 '24
Gross β
Operating β
Net β26.4%
FCF β
Q4 '24
Gross β
Operating β
Net β23.0%
FCF β
Q1 '25
Gross β
Operating β
Net β2.3%
FCF β
Q2 '25
Gross β
Operating β
Net β23.9%
FCF β
Q3 '25
Gross β
Operating β
Net β42.2%
FCF β
Q4 '25
Gross β
Operating β
Net β5.6%
FCF β
Q1 '26
Gross β
Operating β
Net β11.8%
FCF β
Q2 '26
Gross β
Operating β
Net β10.2%
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Diversified Healthcare Trust lost $286M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY16
Net income $141M
FY17
Net income $148M
FY18
Net income $287M
FY19
Net income β$88.2M
FY20
Net income β$139M
FY21
Net income $175M
FY22
Net income β$15.8M
FY23
Net income β$294M
FY24
Net income β$370M
FY25
Net income β$286M
Net income
Q3 '23
Net income β$65.8M
Q4 '23
Net income β$103M
Q1 '24
Net income β$86.3M
Q2 '24
Net income β$97.9M
Q3 '24
Net income β$98.7M
Q4 '24
Net income β$87.4M
Q1 '25
Net income β$9.0M
Q2 '25
Net income β$91.6M
Q3 '25
Net income β$164M
Q4 '25
Net income β$21.2M
Q1 '26
Net income β$43.3M
Q2 '26
Net income β$37.4M
Diluted EPS
FY16
Diluted EPS $0.60
FY17
Diluted EPS $0.62
FY18
Diluted EPS $1.21
FY19
Diluted EPS β$0.37
FY20
Diluted EPS β$0.59
FY21
Diluted EPS $0.73
FY22
Diluted EPS β$0.07
FY23
Diluted EPS β$1.23
FY24
Diluted EPS β$1.55
FY25
Diluted EPS β$1.19
Diluted EPS
Q3 '23
Diluted EPS β$0.28
Q4 '23
Diluted EPS β$0.43
Q1 '24
Diluted EPS β$0.36
Q2 '24
Diluted EPS β$0.41
Q3 '24
Diluted EPS β$0.41
Q4 '24
Diluted EPS β$0.37
Q1 '25
Diluted EPS β$0.04
Q2 '25
Diluted EPS β$0.38
Q3 '25
Diluted EPS β$0.68
Q4 '25
Diluted EPS β$0.09
Q1 '26
Diluted EPS β$0.18
Q2 '26
Diluted EPS β$0.16
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY16
Free cash flow β
FY17
Free cash flow β
FY18
Free cash flow β
FY19
Free cash flow β
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
Cash from operations vs capital spending
FY16
Cash from operations $424M
Capital spending β
FY17
Cash from operations $419M
Capital spending β
FY18
Cash from operations $393M
Capital spending β
FY19
Cash from operations $266M
Capital spending β
FY20
Cash from operations $159M
Capital spending β
FY21
Cash from operations β$63.3M
Capital spending β
FY22
Cash from operations β$40.4M
Capital spending β
FY23
Cash from operations $10.5M
Capital spending β
FY24
Cash from operations $112M
Capital spending β
FY25
Cash from operations β$19.6M
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$14.0M
Capital spending β
Q4 '23
Cash from operations β$7.2M
Capital spending β
Q1 '24
Cash from operations $28.6M
Capital spending β
Q2 '24
Cash from operations $44.3M
Capital spending β
Q3 '24
Cash from operations $21.1M
Capital spending β
Q4 '24
Cash from operations $18.2M
Capital spending β
Q1 '25
Cash from operations β$3.2M
Capital spending β
Q2 '25
Cash from operations $53.0M
Capital spending β
Q3 '25
Cash from operations β$49.3M
Capital spending β
Q4 '25
Cash from operations β$20.1M
Capital spending β
Q1 '26
Cash from operations $8.3M
Capital spending β
Q2 '26
Cash from operations $38.4M
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· Diversified Healthcare Trust returned $10.8M to shareholders in fiscal 2025. The diluted share count rose 0.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY16
Dividends $370M
Buybacks $0.5M
FY17
Dividends $371M
Buybacks $0.3M
FY18
Dividends $371M
Buybacks $0.4M
FY19
Dividends $200M
Buybacks $0.3M
FY20
Dividends $42.8M
Buybacks $0.2M
FY21
Dividends $9.5M
Buybacks $0.4M
FY22
Dividends $9.6M
Buybacks $0.2M
FY23
Dividends $9.6M
Buybacks $0.4M
FY24
Dividends $9.6M
Buybacks $0.9M
FY25
Dividends $9.7M
Buybacks $1.1M
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends $2.4M
Buybacks $0.4M
Q4 '23
Dividends $2.4M
Buybacks $0.0M
Q1 '24
Dividends $2.4M
Buybacks $0.1M
Q2 '24
Dividends $2.4M
Buybacks $0.0M
Q3 '24
Dividends $2.4M
Buybacks $0.8M
Q4 '24
Dividends $2.4M
Buybacks $0.0M
Q1 '25
Dividends $2.4M
Buybacks $0.0M
Q2 '25
Dividends $2.4M
Buybacks $0.1M
Q3 '25
Dividends $2.4M
Buybacks $1.0M
Q4 '25
Dividends $2.4M
Buybacks $0.1M
Q1 '26
Dividends $2.4M
Buybacks $0.1M
Q2 '26
Dividends $2.4M
Buybacks $0.1M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 0.24B
FY17
Diluted shares 0.24B
FY18
Diluted shares 0.24B
FY19
Diluted shares 0.24B
FY20
Diluted shares 0.24B
FY21
Diluted shares 0.24B
FY22
Diluted shares 0.24B
FY23
Diluted shares 0.24B
FY24
Diluted shares 0.24B
FY25
Diluted shares 0.24B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Diversified Healthcare Trust owes $2.3B more than it holds in cash.
Cash, debt and the ratios that show how comfortably Diversified Healthcare Trust can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY16
Cash $31.7M
Debt β
FY17
Cash $31.2M
Debt β
FY18
Cash $55.0M
Debt $3.7B
FY19
Cash $37.4M
Debt β
FY20
Cash $74.4M
Debt β
FY21
Cash $635M
Debt β
FY22
Cash $658M
Debt β
FY23
Cash $246M
Debt β
FY24
Cash $145M
Debt $3.1B
FY25
Cash $105M
Debt $2.4B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $635M | $658M | $246M | $145M | $105M |
| Debt incl. finance leases | β | β | β | $3.1B | $2.4B |
| Debt / equity | β | β | β | 1.6x | 1.5x |
| Total assets | $6.6B | $6.0B | $5.4B | $5.1B | $4.4B |
| Total liabilities | $4.0B | $3.4B | $3.1B | $3.2B | $2.7B |
| Shareholders' equity | $2.7B | $2.6B | $2.3B | $2.0B | $1.7B |
| Net debt (β = net cash) | β | β | β | $2.9B | $2.3B |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY16
Return on capital β
Return on equity 4.4%
Return on assets 2.0%
FY17
Return on capital β
Return on equity 4.7%
Return on assets 2.0%
FY18
Return on capital β
Return on equity 9.4%
Return on assets 4.0%
FY19
Return on capital β
Return on equity β3.1%
Return on assets β1.3%
FY20
Return on capital β
Return on equity β5.3%
Return on assets β2.1%
FY21
Return on capital β
Return on equity 6.8%
Return on assets 2.7%
FY22
Return on capital β
Return on equity β0.6%
Return on assets β0.2%
FY23
Return on capital β
Return on equity β11.8%
Return on assets β5.1%
FY24
Return on capital β
Return on equity β17.2%
Return on assets β7.0%
FY25
Return on capital β
Return on equity β15.8%
Return on assets β6.0%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Diversified Healthcare Trust passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | 4 / 7 |
| Accruals ratio | β3.9% | β3.7% | β1.5% | β5.1% | β4.5% | 3.6% | 0.4% | β5.3% | β9.1% | β5.6% |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.1B | $1.1B | $1.1B | $1.0B | $1.6B | $1.4B | $1.3B | $1.4B | $1.5B | $1.5B |
| Operating income | $303M | $275M | β | β | β | β | β | β | β | β |
| Interest expense | $168M | $165M | $179M | $180M | $201M | $256M | $209M | $192M | $235M | $204M |
| Pretax income | $142M | $152M | $292M | β$82.8M | β$133M | $181M | β$21.1M | β$273M | β$371M | β$321M |
| Income tax | $0.4M | $0.5M | $0.5M | $0.4M | $1.3M | $1.4M | $0.7M | $0.4M | $0.5M | $1.7M |
| Net income | $141M | $148M | $287M | β$88.2M | β$139M | $175M | β$15.8M | β$294M | β$370M | β$286M |
| Net income to common | $137M | $106M | β | β | β | β | β | β | β | β |
| Diluted EPS | $0.60 | $0.62 | $1.21 | β$0.37 | β$0.59 | $0.73 | β$0.07 | β$1.23 | β$1.55 | β$1.19 |
| Diluted shares | 0.24B | 0.24B | 0.24B | 0.24B | 0.24B | 0.24B | 0.24B | 0.24B | 0.24B | 0.24B |
| Cash flow | ||||||||||
| Cash from operations | $424M | $419M | $393M | $266M | $159M | β$63.3M | β$40.4M | $10.5M | $112M | β$19.6M |
| Depreciation and amortization | $288M | $277M | $286M | $289M | $270M | $271M | $239M | $284M | $285M | $262M |
| Stock-based compensation | $2.2M | $2.2M | $2.2M | $1.4M | $1.6M | $2.0M | $1.7M | $1.8M | $2.7M | $3.4M |
| Share buybacks | $0.5M | $0.3M | $0.4M | $0.3M | $0.2M | $0.4M | $0.2M | $0.4M | $0.9M | $1.1M |
| Dividends paid | $370M | $371M | $371M | $200M | $42.8M | $9.5M | $9.6M | $9.6M | $9.6M | $9.7M |
| Dividends and buybacks | $371M | $371M | $371M | $200M | $43.0M | $9.9M | $9.7M | $10.0M | $10.5M | $10.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $31.7M | $31.2M | $55.0M | $37.4M | $74.4M | $635M | $658M | $246M | $145M | $105M |
| Total debt | β | β | $3.7B | β | β | β | β | β | $3.1B | $2.4B |
| Finance lease liabilities | β | β | β | β | $7.8M | $6.6M | $5.3M | $3.9M | $2.3M | $0.6M |
| Intangible assets | $514M | $472M | $419M | $338M | $287M | $48.7M | $45.4M | $33.9M | $26.3M | $20.7M |
| Total assets | $7.2B | $7.3B | $7.2B | $6.7B | $6.5B | $6.6B | $6.0B | $5.4B | $5.1B | $4.4B |
| Total liabilities | $4.0B | $4.0B | $4.0B | $3.8B | $3.9B | $4.0B | $3.4B | $3.1B | $3.2B | $2.7B |
| Shareholders' equity | $3.2B | $3.1B | $3.0B | $2.7B | $2.5B | $2.7B | $2.6B | $2.3B | $2.0B | $1.7B |
| Margins | ||||||||||
| Operating margin | 28.6% | 25.6% | β | β | β | β | β | β | β | β |
| EBITDA margin | 55.9% | 51.4% | β | β | β | β | β | β | β | β |
| Net margin | 13.4% | 13.7% | 25.7% | β8.5% | β8.5% | 12.6% | β1.2% | β20.8% | β24.8% | β18.6% |
| Returns | ||||||||||
| Return on equity | 4.4% | 4.7% | 9.4% | β3.1% | β5.3% | 6.8% | β0.6% | β11.8% | β17.2% | β15.8% |
| Return on assets | 2.0% | 2.0% | 4.0% | β1.3% | β2.1% | 2.7% | β0.2% | β5.1% | β7.0% | β6.0% |
| Return on tangible equity | 5.1% | 4.0% | 11.0% | β3.7% | β6.3% | 6.7% | β0.6% | β12.7% | β19.2% | β17.4% |
| Growth | ||||||||||
| Revenue growth | β | 1.6% | 3.9% | β6.9% | 56.9% | β15.2% | β7.2% | 9.9% | 6.0% | 2.8% |
| Net income growth | β | 4.5% | 94.3% | β130.8% | β | β | β109.0% | β | β | β |
| EPS growth | β | 3.3% | 95.2% | β130.6% | β | β | β109.6% | β | β | β |
| Share count change | β | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.2% | 0.3% | 0.3% |
| Financial health | ||||||||||
| Debt / equity | β | β | 1.2x | β | β | β | β | β | 1.6x | 1.5x |
| Interest coverage | 1.8x | 1.7x | β | β | β | β | β | β | β | β |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | β | β | β | β | β | β | β | 4.0 |
| Accruals ratio | β3.9% | β3.7% | β1.5% | β5.1% | β4.5% | 3.6% | 0.4% | β5.3% | β9.1% | β5.6% |
Source: SEC EDGAR XBRL filings (CIK 0001075415). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.