A Business at a Glance
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American Healthcare REIT, Inc.
AHR
$9.5B
Mkt Cap
$57.44
+1.88%
American Healthcare REIT, Inc. (AHR) has a current P/E ratio of 136.8.
American Healthcare REIT, Inc. (AHR) has a 5-year average return on invested capital (ROIC) of 10.0%. This indicates solid capital allocation.
American Healthcare REIT, Inc. (AHR) has a market capitalization of $10.9B. It is classified as a large-cap stock.
Yes, American Healthcare REIT, Inc. (AHR) pays a dividend with a trailing twelve-month yield of 1.57%.
American Healthcare REIT, Inc. (AHR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
American Healthcare REIT, Inc. (AHR) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
American Healthcare REIT, Inc. (AHR) has a net profit margin of 3.1%. This is a modest margin.
American Healthcare REIT, Inc. is a self-managed REIT that acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties, with a primary focus on senior housing, skilled nursing facilities, outpatient medical buildings, and other healthcare-related facilities throughout the United States, the United Kingdom, and the Isle of Man. The company operates through a fully-integrated management platform with approximately 121 employees and utilizes a RIDEA structure to own and operate integrated senior health campuses (ISHC) and senior-housing operating properties (SHOP), generating current income through property operations and selective real estate development. The business model combines external growth through disciplined acquisitions with organic growth driven by hands-on asset management, leveraging operator partnerships and revenue management platforms to capture above-inflation rate growth and occupancy expansion in markets with favorable supply-demand dynamics. The company's competitive differentiation stems from its focus on newer-vintage assets in high-demographic markets, partnerships with experienced regional operators, and proprietary revenue management capabilities, particularly within its Trilogy platform which achieves above-average Medicare Advantage reimbursement rates and maintains a portfolio-wide CMS rating exceeding four stars. The portfolio generates strong cash flows through a mix of stabilized and growth-oriented assets, with particular strength in the senior housing segment where demographic tailwinds from the aging baby boomer population support sustained demand growth.
【Strong organic momentum continuing】 Management expects to sustain double-digit same-store NOI growth driven by favorable supply-demand fundamentals in senior housing, with occupancy and rate growth expected to continue trending upward as the baby boomer generation ages and new supply remains constrained at historically low levels. The company anticipates continued margin expansion across its operating portfolio, particularly within Trilogy, supported by Medicare Advantage reimbursement growth and revenue management optimization that is expected to extend multi-year growth runway at attractive yields. Capital deployment remains disciplined with a robust pipeline of awarded deals expected to close before year-end 2026, complemented by selective development projects totaling approximately $173.9 million in expected cost that should provide predictable cash flow and support retained earnings for future growth. Management is confident in the execution of its strategy across all segments and expects to continue generating strong, sustainable returns while maintaining financial flexibility and improving leverage metrics.
| Metric | Target | Period |
|---|---|---|
| Same-store NOI growth (total portfolio) | 9%-12% | FY2026 |
| Same-store NOI growth (Trilogy segment) | 11%-15% | FY2026 |
| Same-store NOI growth (SHOP segment) | 15%-19% | FY2026 |
| Same-store NOI growth (outpatient medical segment) | 0%-2% | FY2026 |
| Same-store NOI growth (triple net lease segment) | 2%-3% | FY2026 |
| NFFO per share | $2.03-$2.09 | FY2026 |
Same-store NOI growth (total portfolio) (FY2026): “raising our same-store NOI growth guidance for the full-year to a range of 9%-12%”
Same-store NOI growth (Trilogy segment) (FY2026): “At the segment level, our current full-year 2026 same-store NOI growth guidance is as follows. 11%-15% growth at Trilogy”
Same-store NOI growth (SHOP segment) (FY2026): “15%-19% growth in SHOP”
Same-store NOI growth (outpatient medical segment) (FY2026): “0%-2% growth in outpatient medical”
Same-store NOI growth (triple net lease segment) (FY2026): “a range of 2%-3% growth in our triple net lease property segment”
NFFO per share (FY2026): “increase our full-year 2026 NFFO per share guidance to a range of $2.03- $2.09 per share”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.4B | 2.3B | 2.1B | 1.9B | 1.4B | 1.1B |
| Net Income | 100M | 70M | -38M | -71M | -81M | -48M |
| EPS | $0.59 | $0.42 | $-0.29 | $-0.07 | $-0.08 | $-0.06 |
| Free Cash Flow | -719M | -590M | 116M | 53M | 140M | -62M |
| ROIC | 14.6% | 10.7% | 11.1% | 10.0% | 9.5% | 8.8% |
| Gross Margin | - | 12.3% | 11.5% | 9.7% | 9.3% | 8.3% |
| Debt/Equity | 0.17 | 0.34 | 0.57 | 1.44 | 1.26 | 1.10 |
| Dividends/Share | $0.90 | $1.00 | $1.00 | $0.06 | $0.05 | $0.03 |
| Operating Income | 446M | 415M | 364M | 307M | 302M | 213M |
| Operating Margin | 18.8% | 18.4% | 17.6% | 16.4% | 21.4% | 19.0% |
| ROE | 2.9% | 2.5% | -2.1% | -5.4% | -5.5% | -3.9% |
| Shares Outstanding | 190M | 166M | 130M | 1,059M | 1,049M | 805M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 0 | 3.2M | 33M | 84M | 1.1B | 1.1B | 1.1B | 1.4B | 1.9B | 2.1B | 2.3B | 2.4B |
| Gross Margin | N/A | 60.3% | 30.7% | 25.8% | 1.8% | 7.0% | 8.3% | 9.3% | 9.7% | 11.5% | 12.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 0 | 1.2M | 4.3M | 9.2M | 30M | 27M | 43M | 43M | 48M | 48M | 59M | 63M |
| EBIT | 0 | -5.0M | 3.2M | -1.6M | 221M | 218M | 213M | 302M | 307M | 364M | 415M | 446M |
| Op. Margin | N/A | -157.2% | 9.7% | -1.8% | 20.1% | 20.4% | 19.0% | 21.4% | 16.4% | 17.6% | 18.4% | 18.8% |
| Net Income | 0 | -5.5M | 541K | -8.4M | -5.0M | 2.2M | -48M | -81M | -71M | -38M | 70M | 100M |
| Net Margin | N/A | -173.4% | 1.6% | -9.9% | -0.5% | 0.2% | -4.3% | -5.8% | -3.8% | -1.8% | 3.1% | 4.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23M | 16M | 53M | 55M | 55M |
| Returns on Capital | ||||||||||||
| ROIC | N/A | -8.7% | 1.2% | -0.3% | 11.0% | 17.1% | 8.8% | 9.5% | 10.0% | 11.1% | 10.7% | 14.6% |
| ROE | N/A | -11.8% | 0.2% | -1.8% | -0.5% | 0.3% | -3.9% | -5.5% | -5.4% | -2.1% | 2.5% | 2.9% |
| ROA | 0.0% | -7.7% | 0.2% | -1.2% | -0.5% | 0.1% | -1.2% | -1.7% | -1.5% | -0.8% | 1.4% | 1.8% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 0 | -3.6M | 12M | 15M | 117M | 219M | 18M | 148M | 99M | 176M | 294M | 315M |
| Free Cash Flow | 0 | -3.6M | 11M | 10M | 115M | 211M | -62M | 140M | 53M | 116M | -590M | -719M |
| Owner Earnings | 0 | -5.0M | -1.4M | -17M | 3.3M | 119M | -124M | -24M | -90M | -13M | 92M | 84M |
| CapEx | 0 | 23K | 1.4M | 5.4M | 2.6M | 8.3M | 80M | 7.5M | 45M | 60M | 884M | 1.0B |
| Maint. CapEx | 0 | 1.3M | 14M | 33M | 111M | 99M | 133M | 168M | 183M | 179M | 188M | 214M |
| Growth CapEx | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 697M | 820M |
| D&A | 0 | 1.3M | 14M | 33M | 111M | 99M | 133M | 168M | 183M | 179M | 188M | 214M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 52.2% | 43.7% | 328.3% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 549K | 6.4M | 14M | 63M | 27M | 23M | 51M | 76M | 121M | 164M | 171M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.1% | 2.7% | 1.6% |
| Share Buybacks | 0 | 0 | 735K | 3.3M | 90M | 23M | 382K | 21M | 469K | 14K | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | N/A | 0.0% |
| Stock-Based Comp | 0 | 80K | 131K | 185K | 2.7M | 1.3M | 8.8M | 3.9M | 5.5M | 9.9M | 15M | 17M |
| Debt Repayment | 0 | 0 | 0 | 0 | 870K | 0 | 127K | 3.2M | 269K | 2.3M | 150K | 150K |
| Balance Sheet | ||||||||||||
| Net Debt | -202K | 66M | 79M | 247M | 360M | 741M | 1.7B | 1.7B | 1.8B | 1.2B | 1.0B | 487M |
| Cash & Equiv. | 202K | 2.2M | 7.1M | 35M | 53M | 113M | 82M | 65M | 43M | 77M | 115M | 119M |
| Long-Term Debt | 0 | 34M | 2.2M | 7.2M | 16M | 10M | 511M | 488M | 610M | 598M | 568M | 56M |
| Debt/Equity | N/A | 0.73 | 0.24 | 0.50 | 0.70 | 0.99 | 1.10 | 1.26 | 1.44 | 0.57 | 0.34 | 0.17 |
| Interest Coverage | N/A | -9.6 | 1.2 | -0.2 | 2.8 | 3.1 | 2.6 | 2.8 | 1.9 | 2.8 | 4.8 | 5.5 |
| Equity | N/A | 92M | 353M | 559M | 590M | 866M | 1.6B | 1.4B | 1.3B | 2.3B | 3.3B | 3.5B |
| Total Assets | 202K | 143M | 480M | 896M | 1.1B | 3.2B | 4.6B | 4.8B | 4.6B | 4.5B | 5.4B | 5.6B |
| Total Liabilities | N/A | 51M | 126M | 337M | 477M | 2.2B | 2.8B | 3.1B | 3.1B | 2.2B | 2.1B | 2.1B |
| Intangibles | 0 | 20M | 45M | 75M | 74M | 155M | 249M | 236M | 180M | 161M | 253M | 250M |
| Retained Earnings | 0 | -7.4M | -23M | -65M | -131M | -864M | -951M | -1.1B | -1.3B | -1.5B | -1.6B | -1.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 0 | 5.4M | 19M | 32M | 32M | 187M | 187M | 244M | 243M | 258M | 318M | 340M |
| Per Share Data | ||||||||||||
| EPS | 0.00 | -0.11 | 0.00 | -0.01 | -0.00 | 0.00 | -0.06 | -0.08 | -0.07 | -0.29 | 0.42 | 0.59 |
| Owner EPS | 0.00 | -0.10 | -0.00 | -0.02 | 0.00 | 0.04 | -0.15 | -0.02 | -0.08 | -0.10 | 0.56 | 0.44 |
| Book Value | N/A | 1.84 | 0.82 | 0.63 | 0.22 | 0.30 | 1.96 | 1.33 | 1.20 | 17.34 | 19.98 | 18.33 |
| Cash Flow/Share | 0.00 | -0.07 | 0.03 | 0.02 | 0.04 | 0.08 | 0.02 | 0.14 | 0.09 | 1.35 | 1.77 | 1.65 |
| Dividends/Share | 0.00 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.03 | 0.05 | 0.06 | 1.00 | 1.00 | 0.90 |
| Shares Out. | 136.0M | 50.0M | 432.8M | 891.1M | 2.6B | 2.9B | 805.0M | 1.0B | 1.1B | 130.4M | 166.2M | 189.9M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 113.6 | 96.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 31.0 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 25.5 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.6 | 2.4 | 3.1 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.1 | 2.7 | 4.6 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.2% | -7.4% | -6.6% |
| Market Cap | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.6B | 7.9B | 10.9B |
| Avg. Price | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 18.20 | 36.61 | 57.44 |
| Year-End Price | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 27.49 | 47.70 | 57.44 |
American Healthcare REIT, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 65.1x vs a median of 31.0x. The company's 5-year average ROIC is 10.0% with a gross margin of 10.2%. Total shareholder yield (dividends) is 1.6%. At current prices, the estimated annualized return to fair value is +58.4%.
American Healthcare REIT, Inc. (AHR) generated $-590 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
American Healthcare REIT, Inc. (AHR) has a debt-to-equity ratio of 0.34. This indicates a conservatively financed balance sheet.
American Healthcare REIT, Inc. (AHR) reported earnings per share (EPS) of $0.42 in its most recent fiscal year.
American Healthcare REIT, Inc. (AHR) has a return on equity (ROE) of 2.5%. This indicates moderate shareholder returns.
American Healthcare REIT, Inc. (AHR) has a 5-year average gross margin of 10.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 11 years of financial data for American Healthcare REIT, Inc. (AHR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
American Healthcare REIT, Inc. (AHR) has a book value per share of $19.98, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to sustain double-digit same-store NOI growth driven by favorable supply-demand fundamentals in senior housing, with occupancy and rate growth expected to continue trending upward as the baby boomer generation ages and new supply remains constrained at historically low levels. The company anticipates continued margin expansion across its operating portfolio, particularly within Trilogy, supported by Medicare Advantage reimbursement growth and revenue management optimization that is expected to extend multi-year growth runway at attractive yields. Capital deployment remains disciplined with a robust pipeline of awarded deals expected to close before year-end 2026, complemented by selective development projects totaling approximately $173.9 million in expected cost that should provide predictable cash flow and support retained earnings for future growth. Management is confident in the execution of its strategy across all segments and expects to continue generating strong, sustainable returns while maintaining financial flexibility and improving leverage metrics.
Based on recent SEC filings and earnings calls, American Healthcare REIT, Inc. (AHR) has provided the following forward guidance: Same-store NOI growth (total portfolio): 9%-12% (FY2026); Same-store NOI growth (Trilogy segment): 11%-15% (FY2026); Same-store NOI growth (SHOP segment): 15%-19% (FY2026); Same-store NOI growth (outpatient medical segment): 0%-2% (FY2026); Same-store NOI growth (triple net lease segment): 2%-3% (FY2026), plus 1 additional metric.