American Healthcare REIT, Inc. (AHR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AHR SEC filings page.
American Healthcare REIT, Inc. (AHR) reported $2.5B in revenue over the twelve months to Jun 30, 2026, up 16.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).
FY2025 shows an asset-heavy healthcare REIT turning improving operations into cash while becoming less liability-dependent.
Cash conversion was materially stronger than bottom-line profit: operating cash flow reached$294M in FY2025 despite net income of$71M . The same relationship held in FY2024, and the$188M depreciation charge helps explain why cash generation ran ahead of accounting earnings.
Gross margin expansion was substantial, rising from
Liabilities fell from
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of American Healthcare REIT, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. American Healthcare REIT, Inc. scores 32/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. American Healthcare REIT, Inc. scores 88/100 on it among other REITs.
Not available for American Healthcare REIT, Inc., and counted as zero in the overall score.
American Healthcare REIT, Inc.'s operating income of $415.2M covered its interest expense of $85.8M 4.84 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and American Healthcare REIT, Inc. scores 88/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. American Healthcare REIT, Inc. scores 37/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. American Healthcare REIT, Inc. scores 69/100 on it among other REITs.
American Healthcare REIT, Inc. passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, American Healthcare REIT, Inc. generates $4.16 in operating cash flow ($294.4M OCF vs $70.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
American Healthcare REIT, Inc. earns $4.84 in operating income for every $1 of interest expense ($415.2M vs $85.8M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
American Healthcare REIT, Inc. generated $674.3M in revenue in Q2 2026. This represents an increase of 24.3% from the same quarter a year earlier. Against the prior quarter it is up 3.6%.
American Healthcare REIT, Inc.'s EBITDA was $209.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 44.2% from the same quarter a year earlier. Against the prior quarter it is up 8.7%.
American Healthcare REIT, Inc. reported $30.6M in net income in Q2 2026. This represents an increase of 208.9% from the same quarter a year earlier. Against the prior quarter it is up 29.1%.
American Healthcare REIT, Inc. earned $0.16 per diluted share (EPS) in Q2 2026. This represents an increase of 166.7% from the same quarter a year earlier. Against the prior quarter it is up 23.1%.
Cash & Balance Sheet
American Healthcare REIT, Inc. held $156.9M in cash as of Q2 2026; long-term debt is not reported for that period.
American Healthcare REIT, Inc. paid $0.25 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
American Healthcare REIT, Inc.'s gross margin was 22.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.
American Healthcare REIT, Inc.'s operating margin was 20.3% in Q2 2026, reflecting core business profitability. This is up 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.
American Healthcare REIT, Inc.'s net profit margin was 4.5% in Q2 2026, showing the share of revenue converted to profit. This is up 2.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.
American Healthcare REIT, Inc.'s ROE was 0.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
Capital Allocation
None of these metrics is reported for Q2 2026.
AHR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $674.3M+24.3% | $650.8M+20.4% | $604.1M+11.3% | $572.9M+9.4% | $542.5M+7.5% | $540.6M+8.2% | $542.7M-7.6% | $523.8M+25.9% |
| Cost of Revenue | $524.8M+23.1% | $512.2M+18.4% | $480.3M+11.5% | $454.5M+9.0% | $426.3M+5.9% | $432.4M+7.1% | $430.6M+11.8% | $417.1M+11.4% |
| Gross Profit | $149.4M+28.6% | $138.6M+28.1% | $123.8M+10.4% | $118.4M+11.0% | $116.2M+13.9% | $108.2M+12.8% | $112.2M-44.6% | $106.7M+156.4% |
| SG&A Expenses | $19.9M+33.1% | $17.6M+33.8% | $16.5M+37.0% | $14.1M+18.3% | $14.9M+27.2% | $13.2M+11.2% | $12.1M+6.4% | $11.9M+5.1% |
| Operating Income | $137.2M+32.9% | $125.5M+32.8% | $111.6M+12.6% | $105.8M+13.1% | $103.2M+16.4% | $94.5M+15.0% | $99.1M+17.3% | $93.5M+24.6% |
| EBITDA | $209.4M+44.2% | $192.6M+42.0% | $166.9M+14.3% | $155.0M+12.5% | $145.2M+8.4% | $135.7M+8.6% | $146.0M+13.7% | $137.8M+10.8% |
| Interest Expense | $18.6M-17.7% | $18.8M-18.1% | $19.8M-34.6% | $20.4M-32.9% | $22.6M-26.0% | $22.9M-37.0% | $30.3M-26.4% | $30.4M-27.6% |
| Income Tax | -$3K-100.4% | -$525K-186.9% | -$2.4M-596.9% | -$21.1M-8119.8% | $732K+6.7% | $604K+117.3% | $486K+533.9% | $263K-7.4% |
| Net Income | $30.6M+208.9% | $23.7M+448.5% | $11.8M+139.9% | $55.9M+1455.5% | $9.9M+400.7% | -$6.8M-74.8% | -$29.6M+10.0% | -$4.1M+31.1% |
| EPS (Basic) | $0.16+166.7% | $0.13+425.0% | $0.06+125.0% | $0.33+1200.0% | $0.06+500.0% | -$0.040.0% | -$0.24+41.5% | -$0.03+66.7% |
| EPS (Diluted) | $0.16+166.7% | $0.13+425.0% | $0.06 | $0.33+1200.0% | $0.06+500.0% | -$0.04 | -$0.24 | -$0.03 |
| Diluted Shares (Avg) | 193M+20.0% | 188M+19.8% | N/A | 170M+27.0% | 161M+23.3% | 157M | N/A | 134M |
Not reported in any period shown, so not listed: R&D Expenses.
AHR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.7B+26.6% | $5.6B+25.4% | $5.4B+20.9% | $4.8B+2.0% | $4.5B-3.0% | $4.5B-5.1% | $4.5B-2.0% | $4.7B+1.9% |
| Cash & Equivalents | $156.9M+17.5% | $119.4M+38.7% | $114.8M+49.7% | $147.4M+117.2% | $133.5M+156.3% | $86.1M+11.7% | $76.7M+76.5% | $67.8M+92.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $20.5M+5.6% | $20.4M+5.6% | $18.8M-3.3% | $20.2M0.0% | $19.4M-3.0% | $19.4M-6.6% | $19.5M0.0% | $20.2M-8.0% |
| Accounts Receivable | $229.6M+2.5% | $241.6M+8.5% | $204.3M-3.2% | $188.6M-7.4% | $224.1M+11.5% | $222.7M+3.1% | $211.1M+13.9% | $203.7M+20.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $234.9M0.0% | $234.9M0.0% | $234.9M0.0% | $234.9M0.0% | $234.9M0.0% | $234.9M0.0% | $234.9M+6953.2% | $234.9M0.0% |
| Total Liabilities | $2.0B-4.0% | $2.1B-3.8% | $2.1B-5.4% | $2.1B-15.3% | $2.0B-19.5% | $2.2B-15.7% | $2.2B-30.0% | $2.4B-20.8% |
| Total Equity | $3.7B+52.6% | $3.5B+53.9% | $3.3B+46.9% | $2.7B+21.3% | $2.4B+25.2% | $2.3B+15.4% | $2.3B+78.0% | $2.2B+68.0% |
| Retained Earnings | -$1.6B-4.3% | -$1.6B-5.2% | -$1.6B-6.9% | -$1.5B-9.8% | -$1.5B-14.3% | -$1.5B-14.6% | -$1.5B-14.3% | -$1.4B-12.5% |
Not reported in any period shown, so not listed: Current Assets, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
AHR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $118.6M+66.0% | $81.1M+33.7% | $55.2M-7.3% | $107.2M+69.8% | $71.5M+20.3% | $60.6M+1118.1% | $59.5M+130.9% | $63.1M+116.8% |
| Depreciation & Amortization | $72.1M+72.0% | $67.1M+63.1% | $55.3M+17.9% | $49.2M+11.2% | $41.9M-7.3% | $41.1M-3.9% | $46.9M+6.7% | $44.2M-10.2% |
| Stock-Based Compensation | N/A | $4.9M+90.4% | N/A | N/A | N/A | $2.6M+31.8% | N/A | N/A |
| Investing Cash Flow | -$173.3M-179.2% | -$203.1M-519.6% | -$710.0M-914.1% | -$278.5M-815.8% | -$62.1M-2.9% | -$32.8M-527.5% | $87.2M+871.4% | -$30.4M-376.1% |
| Financing Cash Flow | $89.5M+170.1% | $127.2M+635.0% | $622.2M+544.5% | $185.7M+1455.8% | $33.1M+227.3% | -$23.8M-152.9% | -$140.0M-2278.6% | -$13.7M+73.5% |
| Dividends Paid | $47.6M+19.4% | $46.8M+18.4% | $42.9M+11.9% | $41.2M+25.0% | $39.9M+20.8% | $39.5M+138.3% | $38.3M+130.8% | $33.0M+98.8% |
| Share Buybacks | N/A | N/A | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0 |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
AHR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.2%+0.7pp | 21.3%+1.3pp | 20.5%-0.2pp | 20.7%+0.3pp | 21.4%+1.2pp | 20.0%+0.8pp | 20.7%-13.8pp | 20.4%+10.4pp |
| Operating Margin | 20.3%+1.3pp | 19.3%+1.8pp | 18.5%+0.2pp | 18.5%+0.6pp | 19.0%+1.4pp | 17.5%+1.0pp | 18.3%+3.9pp | 17.9%-0.2pp |
| Net Margin | 4.5%+2.7pp | 3.6%+4.9pp | 1.9%+7.4pp | 9.8%+10.6pp | 1.8%+1.4pp | -1.3%-0.5pp | -5.5%+0.1pp | -0.8%+0.6pp |
| Return on Equity | 0.8%+0.4pp | 0.7%+1.0pp | 0.4%+1.7pp | 2.1%+2.3pp | 0.4%+0.3pp | -0.3%-0.1pp | -1.3%+1.3pp | -0.2%+0.3pp |
| Return on Assets | 0.5%+0.3pp | 0.4%+0.6pp | 0.2%+0.9pp | 1.2%+1.3pp | 0.2%+0.2pp | -0.1%-0.1pp | -0.7%+0.1pp | -0.1%0.0pp |
| Debt-to-Equity | 0.53-0.3x | 0.60-0.4x | 0.62-0.3x | 0.77-0.3x | 0.84-0.5x | 0.95-0.4x | 0.97-1.5x | 1.10-1.2x |
| Asset Turnover | 0.120.0x | 0.120.0x | 0.110.0x | 0.120.0x | 0.120.0x | 0.120.0x | 0.120.0x | 0.110.0x |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| American Healthcare REIT, Inc. AHR | FY2025 | $2.3B | $70.8M | 3.1% | $11.1B | 52/100 |
| CareTrust REIT, Inc CTRE | FY2025 | $476.4M | $320.5M | 67.3% | $8.5B | 58/100 |
| Healthcare Realty Trust Incorporated HR | FY2025 | $1.2B | -$249.5M | -21.1% | $6.0B | 22/100 |
| Sabra Healthcare REIT, Inc. SBRA | FY2025 | $774.6M | $155.6M | 20.1% | $4.9B | 43/100 |
| National Health Investors NHI | FY2025 | $375.6M | $142.2M | 37.9% | $3.2B | 36/100 |
| Medical Properties Trust, Inc. MPW | FY2025 | $972.0M | -$277.0M | -28.5% | $3.0B | 2/100 |
Where American Healthcare REIT, Inc. Ranks
Frequently Asked Questions
What is American Healthcare REIT, Inc.'s annual revenue?
American Healthcare REIT, Inc. (AHR) reported $2.3B in total revenue for fiscal year 2025. This represents a 9.1% 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 9.1% year-over-year, from $2.1B to $2.3B in fiscal year 2025.
Is American Healthcare REIT, Inc. profitable?
Yes, American Healthcare REIT, Inc. (AHR) reported a net income of $70.8M in fiscal year 2025, with a net profit margin of 3.1%.
What is American Healthcare REIT, Inc.'s EBITDA?
American Healthcare REIT, Inc. (AHR) had EBITDA of $602.7M in fiscal year 2025, 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 20.6% in fiscal year 2025, 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 18.4% in fiscal year 2025, 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 3.1% in fiscal year 2025, 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 2025.
What is American Healthcare REIT, Inc.'s return on equity (ROE)?
American Healthcare REIT, Inc. (AHR) has a return on equity of 2.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is American Healthcare REIT, Inc.'s operating cash flow?
American Healthcare REIT, Inc. (AHR) generated $294.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are American Healthcare REIT, Inc.'s total assets?
American Healthcare REIT, Inc. (AHR) had $5.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is American Healthcare REIT, Inc.'s debt-to-equity ratio?
American Healthcare REIT, Inc. (AHR) had a debt-to-equity ratio of 0.62 as of fiscal year 2025, 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 1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is American Healthcare REIT, Inc.'s P/E ratio?
American Healthcare REIT, Inc. (AHR) trades at 90.7x earnings, its market capitalization divided by net income of $122.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $11.1B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is American Healthcare REIT, Inc.'s price-to-sales ratio?
American Healthcare REIT, Inc. (AHR) trades at 4.4x sales, its market capitalization divided by revenue of $2.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $11.1B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is American Healthcare REIT, Inc.'s Piotroski F-Score?
American Healthcare REIT, Inc. (AHR) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are American Healthcare REIT, Inc.'s earnings high quality?
American Healthcare REIT, Inc. (AHR) has an earnings quality ratio of 4.16x, considered cash-backed (high 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. Learn more in our complete guide to financial health indicators.
Can American Healthcare REIT, Inc. cover its interest payments?
American Healthcare REIT, Inc. (AHR) has an interest coverage ratio of 4.84x, 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. Learn more in our complete guide to financial health indicators.
How financially healthy is American Healthcare REIT, Inc.?
American Healthcare REIT, Inc. (AHR) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.