American Healthcare REIT
AHR · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
American Healthcare REIT reported revenue of $2.1B in the fiscal year ended Dec 2025, up 11.2% from the year before. Operating income was $415M, an operating margin of 19.8%, and net income was $70M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.4B | $1.7B | $1.9B | $2.1B |
| Cost of revenue | $1B | $1.3B | $1.5B | $1.7B | $1.8B |
| Gross profit | $94M | $131M | $166M | $230M | $301M |
| Operating income | $213M | $302M | $307M | $364M | $415M |
| Interest expense | $81M | $106M | $163M | $128M | $86M |
| Pre-tax income | −$52M | −$73M | −$76M | −$34M | $49M |
| Income tax | $956,000 | $586,000 | $663,000 | $2M | −$22M |
| Net income | −$48M | −$81M | −$71M | −$38M | $70M |
| Diluted EPS | −0.95 | −1.24 | −1.08 | −0.29 | 0.42 |
| Diluted shares | 50M | 66M | 66M | 131M | 167M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $82M | $65M | $43M | $77M | $115M |
| Inventory | $19M | $20M | $19M | $19M | $19M |
| Goodwill | $210M | $232M | $3M | $235M | $235M |
| Total assets | $4.6B | $4.8B | $4.6B | $4.5B | $5.4B |
| Total liabilities | $2.8B | $3.1B | $3.1B | $2.2B | $2.1B |
| Shareholders' equity | $1.6B | $1.4B | $1.3B | $2.3B | $3.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $18M | $148M | $99M | $176M | $294M |
| Depreciation & amortisation | $133M | $168M | $183M | $179M | $188M |
| Stock-based compensation | $9M | $4M | $5M | $10M | $15M |
| Share buybacks | $382,000 | $21M | $469,000 | $14,000 | $0 |
| Dividends paid | $23M | $51M | $76M | $121M | $164M |
| Dividend per share | 0.69 | 1.60 | 1.00 | 1.00 | 1.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.6% | 18.2% | 12.9% | 11.2% |
| Operating income growth (YoY) | – | 41.5% | 1.6% | 18.5% | 14.2% |
| Gross margin | 8.3% | 9.3% | 10.0% | 12.2% | 14.4% |
| Operating margin | 19.0% | 21.4% | 18.4% | 19.3% | 19.8% |
| Net margin | −4.3% | −5.8% | −4.3% | −2.0% | 3.3% |
| Return on equityBlank when equity is negative | −3.0% | −5.8% | −5.6% | −1.7% | 2.1% |
| Cash conversion (CFO ÷ net income) | −0.37x | −1.82x | −1.38x | −4.66x | 4.22x |
| Inventory days | 7 | 6 | 5 | 4 | 4 |
| Interest cover | 2.64x | 2.85x | 1.88x | 2.85x | 4.84x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.