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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%
Market cap
$12.3B
P/E
118×
Fwd P/E
86.5×
Dividend yield
1.73%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

American Healthcare REIT, Inc. (AHR) valuation and DCF model

What the price implies · reverse DCF

At $57.92 the price implies FFO a share growing 10.6% a year for ten years.

FFO a share grew 21.3% a year over the last five years. The price asks for less than its five-year rate. The industry’s median company is priced for 5.1%.

FFO a share is worked out from American Healthcare REIT, Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
10.6%
Last 5 years, reported
21.3%
Industry median implies
5.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
10.6% a year for ten years
$57.92
today’s price
Its base case
20.0% a year for five years, then 12.0%
$89.19
54.0% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record American Healthcare REIT, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 10.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against American Healthcare REIT, Inc.’s own cost of capital: risk-free 4.3% + beta 0.79 × equity premium 4.5% = 7.9% cost of equity; weighted, 7.9%.

Use 7.9%
Base case value per share $89.19 ten years discounted, and what follows
Current price $57.92 market price per share
Above today’s price 54.0% upside at the base case’s assumptions

How we got there$30.94 10 years of FFO+$58.25 terminal value=$89.19 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Healthcare Facilities).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 118.20× 116.49× 116.49× 1% above 25.44× 365% above
P/FCF 45.44× 21.52× 13.14× 246% above 18.55× 145% above
P/B 2.25× 1.48× 1.05× 115% above 1.72× 31% above
EV/EBITDA 31.21× 18.20× 14.35× 117% above 17.56× 78% above
EV/Sales 5.14× 3.07× 2.43× 111% above 8.15× 37% below
P/FFO 29.04× 26.04× 26.04× 12% above — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
107.91×112.54×117.17×121.80×10Y avg 116.49×20252026

AHR trades at 118.20× P/E, against a 10-year average of 116.49× (range 114.78×–118.20×). That is dearer than 100% of the last 1 year-end readings; re-rating to the average implies $57.08 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.