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Saturday 7 November 2026
Export AHR’s income statement to Excel — free account
American Healthcare REIT, Inc.
AHR Real Estate Reit Healthcare Facilities
American Healthcare REIT, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 9.15% from fiscal 2024.
- Revenue
- +29.5%
- EPS
- −57.6%
- Free cash flow
- +9.53%
- Total debt
- −64.6%
Quarter to September 2026, against a year earlier
57.92
1.88
+3.35%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | 33 | 84 | 1,223 | 1,244 | 1,282 | 1,643 | 1,867 | 2,071 | 2,260 | 2,671 | +69.4% | 2,806 | 3,292 | 4,025 | +21.2% | |
| Gross margin, % | — | 65.51 | 50.84 | 18.10 | 17.54 | 16.64 | 18.38 | 16.44 | 17.56 | 18.37 | 20.18 | (47.1) pt | ||||||
| EBT | — | 1 | (9) | 1 | 6 | (52) | (73) | (76) | (34) | 49 | 95 | +76.9% | ||||||
| EBT margin, % | — | 1.52 | (10.16) | 0.05 | 0.46 | (4.08) | (4.43) | (4.08) | (1.64) | 2.15 | 3.57 | +0.6 pt | ||||||
| Net income | — | 1 | (9) | (1) | 9 | (53) | (73) | (77) | (36) | 71 | 97 | +85.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 1.20 | 1.54 | 26.89 | 27.66 | 25.60 | 24.97 | 28.26 | 15.85 | 13.61 | 12.32 | +35.5% | |||||
| Earnings | — | 0.02 | (0.16) | (0.11) | 0.20 | (0.95) | (1.12) | (1.08) | (0.29) | 0.42 | 0.49 | +47.9% | ||||||
| Cash flow | — | 0.45 | 0.28 | 2.58 | 4.87 | 0.36 | 2.25 | 1.49 | 1.35 | 1.77 | 1.95 | +18.8% | ||||||
| Capex | — | (0.04) | (0.08) | (2.01) | (2.57) | (1.50) | (0.35) | 1.28 | 0.38 | (0.47) | 0.00 | +36.0% | ||||||
| Free cash flow | — | 0.41 | 0.20 | 0.57 | 2.30 | (1.14) | 1.89 | 2.77 | 1.73 | 1.30 | 1.95 | +15.7% | ||||||
| Book value | — | 0.00 | 10.17 | 12.97 | 23.00 | 35.08 | 23.82 | 21.58 | 17.64 | 20.24 | 25.75 | n/m | ||||||
| Shares, m | — | 28 | 55 | 45 | 45 | 50 | 66 | 66 | 131 | 166 | 191 | +25.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 114.78 | 118.20 | 12.8 | |||||
| P/S | — | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 1.79 | 3.46 | 4.70 | 0.9 | ||||||
| P/B | — | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 1.61 | 2.33 | 2.25 | 0.9 | ||||||
| EV/Sales | — | 1.79 | 1.79 | 1.79 | 1.79 | 1.79 | 1.79 | 1.79 | 2.56 | 4.08 | 5.14 | 2.1 | ||||||
| EV/FCF | — | 18.28 | 18.28 | 18.28 | 18.28 | 18.28 | 18.28 | 18.28 | 23.49 | 42.64 | 49.72 | 21.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | 12 | 15 | 117 | 219 | 18 | 148 | 99 | 176 | 294 | 422 | +48.6% | |||||
| Capex | — | (1) | (4) | (92) | (116) | (75) | (23) | 85 | 49 | (78) | (145) | +70.0% | ||||||
| Free cash flow | — | 11 | 11 | 26 | 103 | (57) | 125 | 183 | 225 | 216 | 422 | +44.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | (290) | (409) | (762) | (1,166) | (1,276) | (1,191) | (612) | (511) | (435) | +8.4% | |||||
| Net debt | — | — | 277 | 407 | 1,530 | 2,230 | 2,448 | 2,477 | 1,582 | 1,399 | 291 | +26.0% | ||||||
| Shareholders’ equity | — | — | 558 | 590 | 1,034 | 1,757 | 1,568 | 1,425 | 2,304 | 3,361 | 5,583 | +29.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | 0.00 | (1.86) | (0.51) | 0.10 | (1.22) | (1.74) | (1.53) | (0.83) | 1.41 | 1.56 | +1.4 pt | |||||
| ROIC | — | 0.00 | (0.13) | 5.04 | 2.24 | 0.38 | 1.34 | 1.14 | 2.09 | 2.15 | 1.76 | +2.2 pt | ||||||
| ROE | — | 0.00 | 0.00 | (0.87) | 0.27 | (3.42) | (4.89) | (4.78) | (2.03) | 2.46 | 2.32 | +2.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 100 | 113 | 110 | 114 | 121 | — | +4.9% | |||||
| Revenue/emp, $m | — | 0.00 | 0.00 | 0.00 | 0.00 | 12.82 | 14.54 | 16.97 | 18.16 | 18.68 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Business profile
American Healthcare REIT, Inc. vs peers in Reit Healthcare Facilities (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| VTR Ventas, Inc. | $48.1B | 164× | 140× | +23.02% (above 0%: growing) | −6.50% (below 0%: shrinking) | +20.48% (above 0%: growing) | 95.33% | 12.65% | Compare |
| OHI Omega Healthcare Investors, Inc. | $14.5B | 19.2× | 19.0× | +9.30% (above 0%: growing) | −52.38% (below 0%: shrinking) | −12.12% (below 0%: shrinking) | 100.00% | 35.62% | Compare |
| DOC Healthpeak Properties, Inc. | $14.2B | 35.3× | 40.2× | +16.29% (above 0%: growing) | n/m | −1,493.36% (below 0%: shrinking) | 53.78% | 13.33% | Compare |
| AHR American Healthcare REIT, Inc. | $12.3B | 118× | 86.5× | +29.53% (above 0%: growing) | −57.58% (below 0%: shrinking) | +9.53% (above 0%: growing) | 22.21% | 6.36% | |
| CTRE CareTrust REIT, Inc. | $8.8B | 24.0× | 23.4× | +33.16% (above 0%: growing) | 0.00% | +200.68% (above 0%: growing) | 98.38% | 0.00% | Compare |
| HR Healthcare Realty Trust Incorporated | $6.5B | — (loss-making) | — (loss-making) | −3.74% (below 0%: shrinking) | n/m | −65.19% (below 0%: shrinking) | 64.26% | 14.64% | Compare |
| SBRA Sabra Healthcare REIT, Inc. | $5.5B | 74.7× | 48.8× | +31.32% (above 0%: growing) | +24.11% (above 0%: growing) | +26.70% (above 0%: growing) | 100.00% | 25.59% | Compare |
| NHI National Health Investors, Inc. | $3.5B | 20.5× | 16.5× | +33.81% (above 0%: growing) | +45.57% (above 0%: growing) | +2,585.45% (above 0%: growing) | 72.18% | 41.09% | Compare |
| LTC LTC Properties, Inc. | $2.6B | 4.6× | 23.6× | +66.32% (above 0%: growing) | n/m | −126.46% (below 0%: shrinking) | 100.00% | 303.46% | Compare |
| Median of peers | $7.6B | 24.0× | 23.6× | +27.17% | 0.00% | +4.18% | 96.86% | 20.12% |
From the latest earnings call
- Gabe Willhite said American Healthcare REIT is applying Trilogy’s revenue-management strategies across its operators while continuing to seek occupancy gains in senior housing.
- Jeff Hanson said the company had completed $2.1 billion in investments year to date and had an awarded pipeline of more than $1 billion outside its revised guidance.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
115.48%
Held by the ten largest
53.16%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 27.86m | 14.31% | +1.94m |
| BlackRock | 25.85m | 13.28% | −2.90m |
| State Street | 9.05m | 4.65% | −499.02k |
| Principal Financial | 8.92m | 4.58% | +1.49m |
| Wellington Management | 8.66m | 4.45% | +375.06k |
| Invesco | 5.26m | 2.70% | −1.51m |
| Fidelity (FMR) | 4.57m | 2.35% | −496.18k |
| Geode Capital Management | 4.56m | 2.34% | −1.63m |
| Bank of America | 4.53m | 2.33% | +1.30m |
| COHEN & STEERS, INC. | 4.24m | 2.18% | +4.24m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 9 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 6.69m | 20.63m | 385.26 |
| 2024 | 7.68m | 15.37m | 226.64 |
| 2023 | 3.78m | 2.97m | 0.00 |
| 2022 | 1.82m | 2.34m | 0.00 |
| 2021 | 2.40m | 2.40m | 0.00 |
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.
12.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
American Healthcare REIT, Inc. (AHR) Latest News
5 Nov
6 Oct
10 Aug
7 Aug
6 Aug
10 Jul
9 Jul
20 May
AHR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
American Healthcare REIT is a self-managed real estate investment trust, or REIT, headquartered in Irvine, California. It acquires, owns and operates healthcare real estate, focusing on senior housing, skilled nursing facilities and outpatient medical buildings. Jeff Hanson is chairman and chief executive officer.
The company serves older adults through senior housing and care facilities, and healthcare providers through leased medical buildings. Its integrated senior health campuses combine services such as independent living, assisted living, memory care and skilled nursing on one campus. That arrangement allows residents to receive different levels of care as their needs change. Its senior housing operating properties also offer combinations of housing and care services.