AMERICAN HEALTHCARE REIT INC Financials

AHR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows AMERICAN HEALTHCARE REIT INC (AHR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$1.9B

YoY+67.6%

5Y CAGR+124.1%

AMERICAN HEALTHCARE REIT INC generated $1.9B in revenue in fiscal year 2024. This represents an increase of 67.6% from the prior year.

EBITDA

$542.7M

YoY+56.6%

AMERICAN HEALTHCARE REIT INC's EBITDA was $542.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 56.6% from the prior year.

Free Cash Flow

N/A

Net Income

-$37.8M

YoY+20.9%

AMERICAN HEALTHCARE REIT INC reported -$37.8M in net income in fiscal year 2024. This represents an increase of 20.9% from the prior year.

EPS (Diluted)

$-0.29

YoY+69.5%

AMERICAN HEALTHCARE REIT INC earned $-0.29 per diluted share (EPS) in fiscal year 2024. This represents an increase of 69.5% from the prior year.

Cash & Debt

$76.7M

YoY-6.0%

5Y CAGR+61.0%

AMERICAN HEALTHCARE REIT INC held $76.7M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.00

YoY+44.9%

5Y CAGR+10.8%

AMERICAN HEALTHCARE REIT INC paid $1.00 per share in dividends in fiscal year 2024. This represents an increase of 44.9% from the prior year.

Shares Outstanding

N/A

Gross Margin

12.2%

YoY+3.9pp

5Y CAGR-75.2pp

AMERICAN HEALTHCARE REIT INC's gross margin was 12.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.9 percentage points from the prior year.

Operating Margin

19.3%

YoY+0.3pp

AMERICAN HEALTHCARE REIT INC's operating margin was 19.3% in fiscal year 2024, reflecting core business profitability. This is up 0.3 percentage points from the prior year.

Net Margin

-2.0%

YoY+2.2pp

5Y CAGR-3.6pp

AMERICAN HEALTHCARE REIT INC's net profit margin was -2.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$14K

YoY-96.3%

5Y CAGR-54.7%

AMERICAN HEALTHCARE REIT INC spent $14K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 96.3% from the prior year.

Capital Expenditures

N/A

AHR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$1.9B+67.6%	$1.1B+5.1%	$1.1B-2.7%	$1.1B+1201.4%	$84.5M+153.4%	$33.3M
Cost of Revenue	$1.7B+60.5%	$1.0B+3.7%	$993.7M+2.7%	$967.9M+3123.7%	$30.0M+614.3%	$4.2M
Gross Profit	$229.9M+145.3%	$93.7M+24.4%	$75.3M-42.6%	$131.2M+141.1%	$54.4M+86.9%	$29.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$47.6M+10.1%	$43.2M+60.0%	$27.0M-9.2%	$29.7M+224.3%	$9.2M+111.4%	$4.3M
Operating Income	$363.5M+70.4%	$213.3M-2.3%	$218.3M-1.4%	$221.4M	N/A	N/A
Interest Expense	$127.7M+57.8%	$80.9M+13.6%	$71.3M-9.3%	$78.6M+1057.2%	$6.8M+151.5%	$2.7M
Income Tax	$1.7M+79.2%	$956K+131.1%	-$3.1M-302.0%	$1.5M+18950.0%	$8K	$0
Net Income	-$37.8M+20.9%	-$47.8M-2309.6%	$2.2M+143.6%	-$5.0M+40.6%	-$8.4M-1644.2%	$541K
EPS (Diluted)	$-0.29+69.5%	$-0.95-2000.0%	$0.05+266.7%	$-0.03	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$572.9M+5.6%	$542.5M+0.4%	$540.6M+38.7%	$389.7M-6.4%	$416.2M+1.4%	$410.6M-9.2%	$452.2M+13.4%	$398.7M
Cost of Revenue	$454.5M+6.6%	$426.3M-1.4%	$432.4M+12.3%	$385.0M+2.8%	$374.6M+0.6%	$372.5M+0.6%	$370.1M+2.6%	$360.8M
Gross Profit	$118.4M+1.9%	$116.2M+7.4%	$108.2M+2213.5%	$4.7M-88.8%	$41.6M+9.3%	$38.1M-53.6%	$82.1M+117.0%	$37.8M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$14.1M-5.6%	$14.9M+13.6%	$13.2M+16.0%	$11.3M0.0%	$11.3M-3.7%	$11.8M-9.8%	$13.1M+11.1%	$11.7M
Operating Income	$105.8M+2.5%	$103.2M+9.2%	$94.5M+11.9%	$84.5M+12.6%	$75.1M-6.6%	$80.4M+20.2%	$66.9M-13.0%	$76.9M
Interest Expense	$20.4M-9.9%	$22.6M-1.4%	$22.9M-44.3%	$41.2M-2.0%	$42.0M+2.5%	$41.0M+5.1%	$39.0M+12.2%	$34.8M
Income Tax	-$21.1M-2981.4%	$732K+21.2%	$604K+639.3%	-$112K-139.4%	$284K-18.4%	$348K+143.4%	$143K+64.4%	$87K
Net Income	$55.9M+464.5%	$9.9M+245.6%	-$6.8M+75.2%	-$27.4M-357.9%	-$6.0M+50.8%	-$12.2M+52.9%	-$25.9M+45.6%	-$47.5M
EPS (Diluted)	$0.33+450.0%	$0.06+250.0%	$-0.04+90.2%	$-0.41-355.6%	$-0.09+52.6%	$-0.19+51.3%	$-0.39+45.8%	$-0.72

AHR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$4.5B-2.0%	$4.6B+41.6%	$3.2B+202.8%	$1.1B+19.2%	$896.4M+86.7%	$480.2M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$76.7M-6.0%	$81.6M-27.9%	$113.2M+113.0%	$53.1M+51.3%	$35.1M+395.7%	$7.1M
Inventory	$19.5M+2.9%	$18.9M-23.3%	$24.7M	N/A	N/A	N/A
Accounts Receivable	$211.1M+71.9%	$122.8M-1.4%	$124.6M+2603.0%	$4.6M-59.0%	$11.2M+296.4%	$2.8M
Goodwill	$234.9M+11.9%	$209.9M+178.7%	$75.3M	N/A	N/A	N/A
Total Liabilities	$2.2B-20.6%	$2.8B+27.3%	$2.2B+22252.2%	$9.7M+103.0%	-$322.3M-355.9%	$125.9M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.3B+28.7%	$1.8B+69.8%	$1.0B-2.3%	$1.1B-13.1%	$1.2B+245.0%	$353.2M
Retained Earnings	-$1.5B-53.3%	-$951.3M-10.1%	-$864.3M-561.7%	-$130.6M-101.6%	-$64.8M-175.9%	-$23.5M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$4.8B+5.8%	$4.5B+1.0%	$4.5B-2.5%	$4.6B-0.2%	$4.6B-1.7%	$4.7B-1.7%	$4.7B-0.8%	$4.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$147.4M+10.4%	$133.5M+55.1%	$86.1M+98.1%	$43.4M+23.5%	$35.2M-27.3%	$48.4M+17.1%	$41.3M-36.4%	$65.1M
Inventory	$20.2M+4.2%	$19.4M+0.3%	$19.4M-0.5%	$19.5M-11.5%	$22.0M+14.0%	$19.3M+1.2%	$19.1M-3.7%	$19.8M
Accounts Receivable	$188.6M-15.8%	$224.1M+0.6%	$222.7M+20.1%	$185.4M+9.4%	$169.5M+16.4%	$145.7M+1.3%	$143.7M+4.5%	$137.5M
Goodwill	$234.9M0.0%	$234.9M0.0%	$234.9M0.0%	$234.9M0.0%	$234.9M0.0%	$234.9M0.0%	$234.9M+1.4%	$231.6M
Total Liabilities	$2.1B+0.3%	$2.0B-5.3%	$2.2B-30.8%	$3.1B+2.1%	$3.1B-1.8%	$3.1B-1.6%	$3.2B+0.7%	$3.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.7B+8.8%	$2.5B+6.9%	$2.3B+61.7%	$1.4B-3.3%	$1.5B-1.5%	$1.5B-2.0%	$1.5B-2.6%	$1.6B
Retained Earnings	-$1.5B+0.8%	-$1.5B-2.1%	-$1.5B-17.9%	-$1.3B-3.6%	-$1.2B-1.9%	-$1.2B-2.4%	-$1.2B-3.7%	-$1.1B

AHR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$176.1M+883.0%	$17.9M-91.8%	$219.2M+86.6%	$117.5M+661.6%	$15.4M+24.3%	$12.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$8.7M+93.7%	-$138.7M+6.3%	-$147.9M-43.5%	-$103.1M+74.9%	-$411.6M-24.5%	-$330.7M
Financing Cash Flow	-$134.7M-243.2%	$94.1M+1168.1%	-$8.8M-427.8%	$2.7M-99.3%	$403.6M+24.9%	$323.1M
Dividends Paid	$120.9M+430.5%	$22.8M-15.6%	$27.0M-56.9%	$62.6M+347.6%	$14.0M+118.6%	$6.4M
Share Buybacks	$14K-96.3%	$382K-98.3%	$23.1M-74.3%	$89.9M+2614.0%	$3.3M+350.6%	$735K

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	N/A	N/A	$60.6M	N/A	N/A	N/A	$23.9M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	-$32.8M	N/A	N/A	N/A	-$33.3M	N/A
Financing Cash Flow	N/A	N/A	-$23.8M	N/A	N/A	N/A	-$14.3M	N/A
Dividends Paid	N/A	N/A	$39.5M	N/A	N/A	N/A	$26.5M	N/A
Share Buybacks	N/A	N/A	$0	N/A	N/A	N/A	$78K	N/A

AHR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	12.2%+3.9pp	8.3%+1.3pp	7.0%-4.9pp	11.9%-52.5pp	64.5%-22.9pp	87.4%
Operating Margin	19.3%+0.3pp	19.0%-1.4pp	20.4%+0.3pp	20.1%	N/A	N/A
Net Margin	-2.0%+2.2pp	-4.3%-4.5pp	0.2%+0.7pp	-0.4%+9.4pp	-9.9%-11.5pp	1.6%
Return on Equity	N/A	N/A	0.2%	N/A	N/A	0.1%
Return on Assets	-0.8%+0.2pp	-1.0%-1.1pp	0.1%+0.5pp	-0.5%+0.5pp	-0.9%-1.0pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.97-0.6	1.57-0.5	2.09+2.1	0.01+0.3	-0.26-0.6	0.36
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	20.7%-0.8pp	21.4%+1.4pp	20.0%+18.8pp	1.2%-8.8pp	10.0%+0.7pp	9.3%-8.9pp	18.1%+8.7pp	9.5%
Operating Margin	18.5%-0.6pp	19.0%+1.5pp	17.5%-4.2pp	21.7%+3.7pp	18.0%-1.5pp	19.6%+4.8pp	14.8%-4.5pp	19.3%
Net Margin	9.8%+7.9pp	1.8%+3.1pp	-1.3%+5.8pp	-7.0%-5.6pp	-1.4%+1.5pp	-3.0%+2.8pp	-5.7%+6.2pp	-11.9%
Return on Equity	2.1%+1.7pp	0.4%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.2%+0.9pp	0.2%+0.4pp	-0.1%+0.5pp	-0.6%-0.5pp	-0.1%+0.1pp	-0.3%+0.3pp	-0.5%+0.5pp	-1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.77-0.1	0.83-0.1	0.94-1.3	2.19+0.1	2.070.0	2.080.0	2.07+0.1	2.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Financial Health Signals

Piotroski F-Score Neutral

5/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

-4.66x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Adequate

2.8x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is AMERICAN HEALTHCARE REIT INC's annual revenue?

AMERICAN HEALTHCARE REIT INC (AHR) reported $1.9B in total revenue for fiscal year 2024. This represents a 67.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is AMERICAN HEALTHCARE REIT INC's revenue growing?

AMERICAN HEALTHCARE REIT INC (AHR) revenue grew by 67.6% year-over-year, from $1.1B to $1.9B in fiscal year 2024.

Is AMERICAN HEALTHCARE REIT INC profitable?

No, AMERICAN HEALTHCARE REIT INC (AHR) reported a net income of -$37.8M in fiscal year 2024, with a net profit margin of -2.0%.

What is AMERICAN HEALTHCARE REIT INC's earnings per share (EPS)?

AMERICAN HEALTHCARE REIT INC (AHR) reported diluted earnings per share of $-0.29 for fiscal year 2024. This represents a 69.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is AMERICAN HEALTHCARE REIT INC's EBITDA?

AMERICAN HEALTHCARE REIT INC (AHR) had EBITDA of $542.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is AMERICAN HEALTHCARE REIT INC's gross margin?

AMERICAN HEALTHCARE REIT INC (AHR) had a gross margin of 12.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is AMERICAN HEALTHCARE REIT INC's operating margin?

AMERICAN HEALTHCARE REIT INC (AHR) had an operating margin of 19.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is AMERICAN HEALTHCARE REIT INC's net profit margin?

AMERICAN HEALTHCARE REIT INC (AHR) had a net profit margin of -2.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does AMERICAN HEALTHCARE REIT INC pay dividends?

Yes, AMERICAN HEALTHCARE REIT INC (AHR) paid $1.00 per share in dividends during fiscal year 2024.

What is AMERICAN HEALTHCARE REIT INC's operating cash flow?

AMERICAN HEALTHCARE REIT INC (AHR) generated $176.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are AMERICAN HEALTHCARE REIT INC's total assets?

AMERICAN HEALTHCARE REIT INC (AHR) had $4.5B in total assets as of fiscal year 2024, including both current and long-term assets.

Does AMERICAN HEALTHCARE REIT INC buy back shares?

Yes, AMERICAN HEALTHCARE REIT INC (AHR) spent $14K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is AMERICAN HEALTHCARE REIT INC's debt-to-equity ratio?

AMERICAN HEALTHCARE REIT INC (AHR) had a debt-to-equity ratio of 0.97 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is AMERICAN HEALTHCARE REIT INC's return on assets (ROA)?

AMERICAN HEALTHCARE REIT INC (AHR) had a return on assets of -0.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is AMERICAN HEALTHCARE REIT INC's Piotroski F-Score?

AMERICAN HEALTHCARE REIT INC (AHR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are AMERICAN HEALTHCARE REIT INC's earnings high quality?

AMERICAN HEALTHCARE REIT INC (AHR) has an earnings quality ratio of -4.66x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can AMERICAN HEALTHCARE REIT INC cover its interest payments?

AMERICAN HEALTHCARE REIT INC (AHR) has an interest coverage ratio of 2.8x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.