American Healthcare REIT, Inc.

AHR

Real EstateSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

American Healthcare REIT, Inc., a Maryland-based self-managed REIT, owns and operates a diversified portfolio of clinical healthcare real estate across the U.S., U.K., and the Isle of Man. Its focus includes senior housing, skilled nursing facilities (SNFs), outpatient medical (OM) buildings, and other healthcare-related properties. The company utilizes a fully integrated management platform and operates senior housing under the RIDEA structure. In addition to owning and operating properties, it has originated and acquired secured loans and may pursue other real estate-related investments opportunistically. The REIT seeks income-generating assets and selectively develops healthcare properties. It has elected to be taxed as a REIT under the U.S. Internal Revenue Code and intends to maintain compliance with REIT requirements.

Valuation

Market Cap$9.6B

Current Price$48.87as of Jun 23, 2026

P/E Ratio137.32

P/B Ratio2.89

EV / EBITDA31.02

EV / Sales4.94

Profitability

Operating Margin7.5%

Net Profit Margin3.1%

EBITDA Margin15.9%

Returns

ROE2.1%

ROCE3.7%

ROIC %2.7%

ROA1.3%

Solvency

Current Ratio0.43

Debt / Equity0.51

Debt / Assets0.31

CFO / Net Profit4.22

Price History▲ 33.45% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.3B▲ 9.1%

EBITDA$360M▲ 14.0%

Net Profit$70M▼ 284.6%

Cash from Ops (CFO)$294M▲ 67.2%

Free Cash Flow (FCF)$166M▲ 97.1%

Revenue CAGR 3Y11.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.3B	$360M	$70M	$166M	2.1%	9.1%	-284.6%
2024	$2.1B	$315M	$-38M	$84M	-1.7%	11.4%	-47.1%
2023	$1.9B	$324M	$-71M	$-1M	-5.6%	14.9%	-12.1%
2022	$1.6B	$234M	$-81M	$76M	-5.8%	-	-
2021

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	1,617.50	1,859.14	2,070.67	2,260.12
Operating Revenue	-	1,617.50	1,859.14	2,070.67	2,260.12
Cost Of Revenue	-	1,281.53	1,502.31	1,653.89	1,793.53
Gross Profit	-	335.97	356.83	416.78	466.59
Operating Expense	-	245.38	280.11	279.99	297.73
Selling General And Administration	-	103.10	104.98	100.80	110.17
Total Expenses	-	1,526.91	1,782.42	1,933.88	2,091.26
Operating Income	-	90.59	76.72	136.78	168.87
EBITDA	-	233.76	324.26	315.48	359.62
Normalized EBITDA	-	315.23	320.62	362.91	415.48
EBIT	-	33.16	86.97	93.84	134.42
Interest Expense	-	105.96	163.19	127.73	85.78
Net Interest Income	-	-105.96	-163.19	-127.73	-85.78
Other Non Operating Income Expenses	-	3.06	7.60	11.35	8.80
Other Income Expense	-	-57.43	10.25	-42.94	-34.44
Interest Expense Non Operating	-	105.96	163.19	127.73	85.78
Net Non Operating Interest Income Expense	-	-105.96	-163.19	-127.73	-85.78
Pretax Income	-	-72.80	-76.22	-33.89	48.65
Tax Provision	-	0.59	0.66	1.71	-22.17
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-17.11	0.76	-9.96	-11.73
Net Income Continuous Operations	-	-73.38	-76.89	-35.60	70.82
Net Income From Continuing And Discontinued Operation	-	-81.30	-71.47	-37.81	69.81
Net Income From Continuing Operation Net Minority Interest	-	-81.30	-71.47	-37.81	69.81
Net Income	-	-81.30	-71.47	-37.81	69.81
Net Income Common Stockholders	-	-81.30	-71.47	-37.81	69.81
Net Income Including Noncontrolling Interests	-	-73.38	-76.89	-35.60	70.82
Normalized Income	-	-16.94	-74.34	-0.34	113.94
Diluted NI Availto Com Stockholders	-	-81.30	-71.47	-37.81	69.80
Basic Average Shares	-	66.21	66.05	130.64	166.06
Diluted Average Shares	-	66.21	66.05	130.64	166.85
Reconciled Depreciation	-	200.60	237.30	221.64	225.20
Reconciled Cost Of Revenue	-	1,248.88	1,447.62	1,611.45	1,755.89
Total Unusual Items	-	-81.47	3.64	-47.43	-55.86
Total Unusual Items Excluding Goodwill	-	-81.47	3.64	-47.43	-55.86
Minority Interests	-	-7.92	5.42	-2.21	-1.01
Special Income Charges	-	-82.24	-30.21	-52.90	-55.04
Impairment Of Capital Assets	-	77.86	24.42	45.76	49.94
Restructuring And Mergern Acquisition	-	4.39	5.80	7.14	5.10
Gain On Sale Of Security	-	0.78	33.85	5.47	-0.82
Depreciation Amortization Depletion Income Statement	-	167.96	182.60	179.19	187.56
Depreciation And Amortization In Income Statement	-	167.96	182.60	179.19	187.56
General And Administrative Expense	-	103.10	104.98	100.80	110.17
Other Gand A	-	43.42	47.51	47.56	58.74
Gain On Sale Of Ppe	-0.10	5.48	32.47	-	-
Rent Expense Supplemental	-	59.68	57.48	53.24	51.43
Other Operating Expenses	-16.95	-25.68	-7.48	-	-
Rent And Landing Fees	-	59.68	57.48	53.24	51.43
Earnings From Equity Interest	-	20.97	-0.99	-6.87	12.61
Average Dilution Earnings	-	-	0	0	-0.01

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
American Healthcare REIT, Inc.this co.	AHR	$9.6B	137.32↑ premium	2.89	2.1%	31.02
CareTrust REIT, Inc.	CTRE	$8.8B	27.59	2.19	7.9%	20.66
Hudson Pacific Properties, Inc.	HPP	$6.1B	-10.91	2.41	-22.1%	-214.84
Compass, Inc.	COMP	$5.9B	-	7.53	-7.5%	112.50
Kite Realty Group Trust	KRG

Learn while you research

Hand-picked academy chapters to deepen your understanding of American Healthcare REIT, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.3B

$360M

$70M

$166M

2.1%

9.1%

-284.6%

2024

$2.1B

$315M

$-38M

$84M

-1.7%

11.4%

-47.1%

2023

$1.9B

$324M

$-71M

$-1M

-5.6%

14.9%

-12.1%

2022

$1.6B

$234M

$-81M

$76M

-5.8%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

1,617.50

1,859.14

2,070.67

2,260.12

Operating Revenue

1,617.50

1,859.14

2,070.67

2,260.12

Cost Of Revenue

1,281.53

1,502.31

1,653.89

1,793.53

Gross Profit

335.97

356.83

416.78

466.59

Operating Expense

245.38

280.11

279.99

297.73

Selling General And Administration

103.10

104.98

100.80

110.17

Total Expenses

1,526.91

1,782.42

1,933.88

2,091.26

Operating Income

90.59

76.72

136.78

168.87

EBITDA

233.76

324.26

315.48

359.62

Normalized EBITDA

315.23

320.62

362.91

415.48

EBIT

33.16

86.97

93.84

134.42

Interest Expense

105.96

163.19

127.73

85.78

Net Interest Income

-105.96

-163.19

-127.73

-85.78

Other Non Operating Income Expenses

3.06

7.60

11.35

8.80

Other Income Expense

-57.43

10.25

-42.94

-34.44

Interest Expense Non Operating

105.96

163.19

127.73

85.78

Net Non Operating Interest Income Expense

-105.96

-163.19

-127.73

-85.78

Pretax Income

-72.80

-76.22

-33.89

48.65

Tax Provision

0.59

0.66

1.71

-22.17

Tax Rate For Calcs

Tax Effect Of Unusual Items

-17.11

0.76

-9.96

-11.73

Net Income Continuous Operations

-73.38

-76.89

-35.60

70.82

Net Income From Continuing And Discontinued Operation

-81.30

-71.47

-37.81

69.81

Net Income From Continuing Operation Net Minority Interest

-81.30

-71.47

-37.81

69.81

Net Income

-81.30

-71.47

-37.81

69.81

Net Income Common Stockholders

-81.30

-71.47

-37.81

69.81

Net Income Including Noncontrolling Interests

-73.38

-76.89

-35.60

70.82

Normalized Income

-16.94

-74.34

-0.34

113.94

Diluted NI Availto Com Stockholders

-81.30

-71.47

-37.81

69.80

Basic Average Shares

66.21

66.05

130.64

166.06

Diluted Average Shares

66.21

66.05

130.64

166.85

Reconciled Depreciation

200.60

237.30

221.64

225.20

Reconciled Cost Of Revenue

1,248.88

1,447.62

1,611.45

1,755.89

Total Unusual Items

-81.47

3.64

-47.43

-55.86

Total Unusual Items Excluding Goodwill

-81.47

3.64

-47.43

-55.86

Minority Interests

-7.92

5.42

-2.21

-1.01

Special Income Charges

-82.24

-30.21

-52.90

-55.04

Impairment Of Capital Assets

77.86

24.42

45.76

49.94

Restructuring And Mergern Acquisition

4.39

5.80

7.14

5.10

Gain On Sale Of Security

0.78

33.85

5.47

-0.82

Depreciation Amortization Depletion Income Statement

167.96

182.60

179.19

187.56

Depreciation And Amortization In Income Statement

167.96

182.60

179.19

187.56

General And Administrative Expense

103.10

104.98

100.80

110.17

Other Gand A

43.42

47.51

47.56

58.74

Gain On Sale Of Ppe

-0.10

5.48

32.47

Rent Expense Supplemental

59.68

57.48

53.24

51.43

Other Operating Expenses

-16.95

-25.68

-7.48

Rent And Landing Fees

59.68

57.48

53.24

51.43

Earnings From Equity Interest

20.97

-0.99

-6.87

12.61

Average Dilution Earnings

-0.01

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

American Healthcare REIT, Inc.this co.

AHR

$9.6B

137.32↑ premium

2.89

2.1%

31.02

CareTrust REIT, Inc.

CTRE

$8.8B

27.59

2.19

7.9%

20.66

Hudson Pacific Properties, Inc.

HPP

$6.1B

-10.91

2.41

-22.1%

-214.84

Compass, Inc.

COMP

$5.9B

7.53

-7.5%

112.50

Kite Realty Group Trust

KRG

American Healthcare REIT, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

American Healthcare REIT, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on