AMERICAN HEALTHCARE REIT INC (AHR) reported $2.3B in revenue for fiscal year 2025, up 9.1% from the prior fiscal year. 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).
American Healthcare REIT’s turnaround is being driven by a lighter financing burden and stronger cash conversion as the asset base expands.
In the latest year, operating income rose about14.2% while interest expense fell about32.8% . Because operating cash flow also exceeded net income, the move into profitability looks driven by financing relief and better cash capture, not just incremental revenue.
Over the last two years, debt-to-equity fell from 2.5x to 0.6x, a major change in how the asset base is financed. Equity also expanded from
Latest-year operating cash flow of
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.
Not available for AMERICAN HEALTHCARE REIT INC, and counted as zero in the overall score.
AMERICAN HEALTHCARE REIT INC passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 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 $2.3B in revenue in fiscal year 2025. This represents an increase of 9.1% from the prior year.
AMERICAN HEALTHCARE REIT INC's EBITDA was $602.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.1% from the prior year.
AMERICAN HEALTHCARE REIT INC reported $70.8M in net income in fiscal year 2025. This represents an increase of 298.9% from the prior year.
AMERICAN HEALTHCARE REIT INC earned $0.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 244.8% from the prior year.
Cash & Balance Sheet
AMERICAN HEALTHCARE REIT INC held $114.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
AMERICAN HEALTHCARE REIT INC paid $1.00 per share in dividends in fiscal year 2025. That is unchanged from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
AMERICAN HEALTHCARE REIT INC's gross margin was 20.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.5 percentage points from the prior year.
AMERICAN HEALTHCARE REIT INC's operating margin was 18.4% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.
AMERICAN HEALTHCARE REIT INC's net profit margin was 3.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.9 percentage points from the prior year.
AMERICAN HEALTHCARE REIT INC's ROE was 2.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.7 percentage points from the prior year.
Capital Allocation
AMERICAN HEALTHCARE REIT INC repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
AHR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.3B+9.1% | $2.1B+10.9% | $1.9B+32.2% | $1.4B+25.6% | $1.1B+5.1% | $1.1B-2.7% | $1.1B+1201.4% | $84.5M+153.4% | $33.3M+956.2% | $3.2M | $0 |
| Cost of Revenue | $2.0B | $1.8B+8.4% | $1.7B+10.1% | $1.5B+17.2% | $1.3B+24.4% | $1.0B+3.7% | $993.7M+2.7% | $967.9M+3123.7% | $30.0M+614.3% | $4.2M | $0 | N/A |
| Gross Profit | $530.2M | $466.6M+12.0% | $416.8M+14.4% | $364.3M+178.9% | $130.6M+39.4% | $93.7M+24.4% | $75.3M-42.6% | $131.2M+141.1% | $54.4M+86.9% | $29.1M+823.0% | $3.2M | N/A |
| SG&A Expenses | $68.1M | $58.7M+23.5% | $47.6M+0.1% | $47.5M+9.4% | $43.4M+0.5% | $43.2M+60.0% | $27.0M-9.2% | $29.7M+224.3% | $9.2M+111.4% | $4.3M+255.3% | $1.2M | $0 |
| Operating Income | $480.1M | $415.2M+14.2% | $363.5M+18.5% | $306.8M+1.6% | $302.0M+41.5% | $213.3M-2.3% | $218.3M-1.4% | $221.4M | N/A | N/A | -$5.0M | $0 |
| Interest Expense | $77.6M | $85.8M-32.8% | $127.7M-21.7% | $163.2M+54.0% | $106.0M+30.9% | $80.9M+13.6% | $71.3M-9.3% | $78.6M+1057.2% | $6.8M+151.5% | $2.7M+425.1% | $514K | $0 |
| Income Tax | -$24.0M | -$22.2M-1394.3% | $1.7M+158.4% | $663K+13.1% | $586K-38.7% | $956K+131.1% | -$3.1M-302.0% | $1.5M+18950.0% | $8K | $0 | $0 | N/A |
| Net Income | $122.0M | $70.8M+298.9% | -$35.6M+53.7% | -$76.9M-4.8% | -$73.4M-37.8% | -$53.3M-2562.7% | $2.2M+143.6% | -$5.0M+40.6% | -$8.4M-1644.2% | $541K+109.9% | -$5.5M | $0 |
| EPS (Diluted) | — | $0.42+244.8% | -$0.29 | -$1.08+12.9% | -$1.24-30.5% | -$0.95-2000.0% | $0.05 | -$0.03 | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AHR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.4B+20.9% | $4.5B-2.0% | $4.6B-4.4% | $4.8B+4.5% | $4.6B+41.6% | $3.2B+202.8% | $1.1B+19.2% | $896.4M+86.7% | $480.2M+236.3% | $142.8M+70572.3% | $202K |
| Cash & Equivalents | $114.8M+49.7% | $76.7M+76.5% | $43.4M-33.2% | $65.1M-20.3% | $81.6M-27.9% | $113.2M+113.0% | $53.1M+51.3% | $35.1M+395.7% | $7.1M+216.8% | $2.2M+1007.4% | $202K |
| Inventory | $18.8M-3.3% | $19.5M0.0% | $19.5M-1.5% | $19.8M+4.5% | $18.9M-23.3% | $24.7M | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $204.3M-3.2% | $211.1M+13.9% | $185.4M+34.8% | $137.5M+12.0% | $122.8M-1.4% | $124.6M+2603.0% | $4.6M-59.0% | $11.2M+296.4% | $2.8M+118.5% | $1.3M | N/A |
| Goodwill | $234.9M0.0% | $234.9M+6953.2% | $3.3M-98.6% | $231.6M+10.3% | $209.9M+178.7% | $75.3M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.1B-5.4% | $2.2B-30.0% | $3.1B-0.6% | $3.1B+14.1% | $2.8B+27.3% | $2.2B+353.1% | $476.8M+247.9% | -$322.3M-355.9% | $125.9M+149.4% | $50.5M | $0 |
| Total Equity | $3.3B+46.9% | $2.3B+78.0% | $1.3B-9.3% | $1.4B-11.5% | $1.6B+82.6% | $866.1M+46.8% | $590.1M-51.6% | $1.2B+245.0% | $353.2M+282.9% | $92.3M+46027.5% | $200K |
| Retained Earnings | -$1.6B-6.9% | -$1.5B-14.3% | -$1.3B-12.1% | -$1.1B-19.7% | -$951.3M-10.1% | -$864.3M-561.7% | -$130.6M-101.6% | -$64.8M-175.9% | -$23.5M-219.4% | -$7.4M | $0 |
Not reported in any period shown, so not listed: Current Assets, 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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $362.0M | $294.4M+67.2% | $176.1M+78.7% | $98.5M-33.3% | $147.8M+724.9% | $17.9M-91.8% | $219.2M+86.6% | $117.5M+661.6% | $15.4M+24.3% | $12.4M+442.6% | -$3.6M | $0 |
| Investing Cash Flow | -$1.4B | -$1.1B-12303.2% | -$8.7M-193.0% | $9.4M+107.9% | -$118.6M+14.5% | -$138.7M+6.3% | -$147.9M-43.5% | -$103.1M+74.9% | -$411.6M-24.5% | -$330.7M-148.0% | -$133.3M | $0 |
| Financing Cash Flow | $1.0B | $817.2M+706.5% | -$134.7M-4.4% | -$129.1M-200.7% | -$42.9M-145.6% | $94.1M+1168.1% | -$8.8M-427.8% | $2.7M-99.3% | $403.6M+24.9% | $323.1M+132.5% | $139.0M+68701.0% | $202K |
| Dividends Paid | $178.5M | $163.5M+35.3% | $120.9M+58.5% | $76.3M+49.2% | $51.1M+124.3% | $22.8M-15.6% | $27.0M-56.9% | $62.6M+347.6% | $14.0M+118.6% | $6.4M+1065.4% | $549K | $0 |
| Share Buybacks | N/A | $0-100.0% | $14K-97.0% | $469K-97.7% | $20.7M+5318.6% | $382K-98.3% | $23.1M-74.3% | $89.9M+2614.0% | $3.3M+350.6% | $735K | $0 | $0 |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AHR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.6%+0.5pp | 20.1%+0.6pp | 19.5%+10.3pp | 9.3%+0.9pp | 8.3%+1.3pp | 7.0%-4.9pp | 11.9%-52.5pp | 64.5%-22.9pp | 87.4%-12.6pp | 100.0% | N/A |
| Operating Margin | 18.4%+0.8pp | 17.6%+1.1pp | 16.4%-4.9pp | 21.4%+2.4pp | 19.0%-1.4pp | 20.4%+0.3pp | 20.1% | N/A | N/A | -157.2% | N/A |
| Net Margin | 3.1%+4.9pp | -1.7%+2.4pp | -4.1%+1.1pp | -5.2%-0.5pp | -4.7%-4.9pp | 0.2%+0.7pp | -0.4%+9.4pp | -9.9%-11.5pp | 1.6% | -173.4% | N/A |
| Return on Equity | 2.1%+3.7pp | -1.6%+4.5pp | -6.0%-0.8pp | -5.2%-1.9pp | -3.4%-3.6pp | 0.3%+1.1pp | -0.8%-0.1pp | -0.7%-0.8pp | 0.1%+6.1pp | -5.9%-5.9pp | 0.0% |
| Return on Assets | 1.3%+2.1pp | -0.8%+0.9pp | -1.7%-0.1pp | -1.5%-0.4pp | -1.2%-1.2pp | 0.1%+0.5pp | -0.5%+0.5pp | -0.9%-1.0pp | 0.1%+3.9pp | -3.8%-3.8pp | 0.0% |
| Debt-to-Equity | 0.62-0.3x | 0.97-1.5x | 2.46+0.2x | 2.24+0.5x | 1.74-0.8x | 2.49+1.7x | 0.81 | N/A | 0.36-0.2x | 0.55+0.5x | 0.00 |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
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 Piotroski F-Score?
AMERICAN HEALTHCARE REIT INC (AHR) has a Piotroski F-Score of 5 out of 6 computable signals; 3 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 50 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.