What is American Healthcare REIT's operating income?

American Healthcare REIT's total operating income in 2025 was $128.41 million, based on the following breakdown: Total Gross Profit: $466.59 million Total Operating Expenses: $338.18 million

American Healthcare REIT (AHR) Financials

$54.30 -0.01 (-0.01%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$54.72 +0.41 (+0.76%)

As of 08/14/2026 07:39 PM Eastern

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Annual Income Statements for American Healthcare REIT

This table shows American Healthcare REIT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-48	-81	-71	-38	70
Consolidated Net Income / (Loss)	-53	-73	-77	-36	71
Net Income / (Loss) Continuing Operations	-53	-73	-77	-36	71
Total Pre-Tax Income	-52	-73	-76	-34	49
Total Operating Income	21	28	47	84	128
Total Gross Profit	252	362	364	417	467
Total Revenue	1,282	1,643	1,867	2,071	2,260
Operating Revenue	1,282	1,643	1,867	2,071	2,260
Total Cost of Revenue	1,030	1,282	1,502	1,654	1,794
Operating Cost of Revenue	1,030	1,282	1,502	1,654	1,794
Total Operating Expenses	231	334	318	333	338
Selling, General & Admin Expense	43	43	48	48	59
Depreciation Expense	133	168	183	179	188
Other Operating Expenses / (Income)	39	60	57	53	51
Impairment Charge	3.34	78	24	46	50
Restructuring Charge	13	4.39	5.80	7.14	5.10
Other Special Charges / (Income)	0.00	-20	-	0.00	-15
Total Other Income / (Expense), net	-73	-101	-123	-118	-80
Interest Expense	81	106	163	128	86
Interest & Investment Income	0.50	4.47	6.61	4.49	6.84
Other Income / (Expense), net	7.54	0.78	34	5.47	-0.82
Income Tax Expense	0.96	0.59	0.66	1.71	-22
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.48	7.92	-5.42	2.21	1.01
Basic Earnings per Share	($0.95)	($1.24)	($1.08)	($0.29)	$0.42
Weighted Average Basic Shares Outstanding	50.08M	65.81M	66.05M	130.64M	166.06M
Diluted Earnings per Share	($0.95)	($1.24)	($1.08)	($0.29)	$0.42
Weighted Average Diluted Shares Outstanding	50.08M	65.81M	66.05M	130.64M	166.85M
Weighted Average Basic & Diluted Shares Outstanding	-	-	65.37M	157.57M	188.03M
Cash Dividends to Common per Share	$0.69	$1.60	$1.00	$1.00	$1.00

This table shows American Healthcare REIT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-27	-3.89	1.98	-4.13	-32	-6.80	9.91	56	11	24	31
Consolidated Net Income / (Loss)	-31	-3.00	2.93	-3.09	-32	-6.84	10	57	11	24	31
Net Income / (Loss) Continuing Operations	-31	-3.00	2.93	-3.09	-32	-6.84	10	57	11	24	31
Total Pre-Tax Income	-31	-2.73	3.61	-2.83	-32	-6.24	11	36	8.53	23	31
Total Operating Income	14	25	32	34	-6.41	17	34	53	25	38	41
Total Gross Profit	98	96	102	107	112	108	116	118	124	139	149
Total Revenue	483	500	505	524	543	541	543	573	604	651	674
Operating Revenue	483	500	505	524	543	541	543	573	604	651	674
Total Cost of Revenue	385	404	403	417	431	432	426	455	480	512	525
Operating Cost of Revenue	385	404	403	417	431	432	426	455	480	512	525
Total Operating Expenses	84	71	70	73	119	91	82	65	99	100	109
Selling, General & Admin Expense	11	12	12	12	12	13	15	14	17	18	20
Depreciation Expense	44	43	45	44	47	41	42	49	55	67	72
Other Operating Expenses / (Income)	13	14	13	13	13	14	13	13	12	13	12
Impairment Charge	-	0.00	0.00	0.00	-	22	13	3.77	12	0.42	1.72
Restructuring Charge	3.55	2.78	0.02	3.54	0.81	1.84	-0.08	0.05	3.30	1.97	2.79
Other Special Charges / (Income)	-	-	-	0.00	-	0.00	0.00	-15	-	0.00	0.00
Total Other Income / (Expense), net	-45	-28	-28	-37	-26	-23	-23	-18	-16	-15	-9.74
Interest Expense	41	36	31	30	30	23	23	20	20	19	19
Interest & Investment Income	0.86	0.66	2.07	0.02	1.74	-0.32	0.24	2.77	4.15	3.13	2.81
Other Income / (Expense), net	-4.50	8.25	0.47	-6.28	3.03	0.31	-0.56	-0.12	-0.45	0.71	6.08
Income Tax Expense	-0.11	0.28	0.69	0.26	0.49	0.60	0.73	-21	-2.42	-0.53	-0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-3.53	0.89	0.95	1.03	-0.66	-0.04	0.17	0.71	0.17	0.30	0.37
Basic Earnings per Share	($0.41)	($0.04)	$0.01	($0.03)	($0.23)	($0.04)	$0.06	$0.33	$0.07	$0.13	$0.16
Weighted Average Basic Shares Outstanding	66.05M	104.30M	130.53M	133.73M	130.64M	156.92M	160.50M	169.01M	166.06M	187.32M	192.71M
Diluted Earnings per Share	($0.41)	($0.04)	$0.01	($0.03)	($0.23)	($0.04)	$0.06	$0.33	$0.07	$0.13	$0.16
Weighted Average Diluted Shares Outstanding	66.05M	104.30M	130.69M	133.73M	130.64M	156.92M	161.14M	169.80M	166.85M	187.97M	193.35M
Weighted Average Basic & Diluted Shares Outstanding	65.37M	131.65M	131.65M	153.06M	157.57M	159.50M	168.58M	176.91M	188.03M	192.72M	218.00M

This table details how cash moves in and out of American Healthcare REIT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-27	-14	-21	33	28
Net Cash From Operating Activities	18	148	99	176	294
Net Cash From Continuing Operating Activities	18	148	99	176	294
Net Income / (Loss) Continuing Operations	-53	-73	-77	-36	71
Consolidated Net Income / (Loss)	-53	-73	-77	-36	71
Depreciation Expense	133	168	183	179	188
Amortization Expense	24	33	55	42	38
Non-Cash Adjustments To Reconcile Net Income	-1.32	59	-7.01	60	51
Changes in Operating Assets and Liabilities, net	-85	-38	-55	-70	-52
Net Cash From Investing Activities	-139	-119	9.40	-8.73	-1,083
Net Cash From Continuing Investing Activities	-139	-119	9.40	-8.73	-1,083
Purchase of Property, Plant & Equipment	-80	-145	-145	-152	-1,013
Acquisitions	-1.20	-19	-13	-0.24	-119
Sale of Property, Plant & Equipment	4.50	48	185	141	50
Sale and/or Maturity of Investments	-	0.00	6.08	30	11
Other Investing Activities, net	0.00	-3.55	-23	-28	-12
Net Cash From Financing Activities	94	-43	-129	-135	817
Net Cash From Continuing Financing Activities	94	-43	-129	-135	817
Repayment of Debt	-196	-1,241	-566	-1,953	-437
Repurchase of Common Equity	-0.39	-23	-19	-109	-10
Payment of Dividends	-39	-67	-86	-125	-166
Issuance of Debt	350	1,280	562	954	279
Issuance of Common Equity	-	0.00	0.00	1,364	1,157
Other Financing Activities, net	-11	7.04	-19	-267	-4.41
Cash Interest Paid	70	89	153	116	80
Cash Income Taxes Paid	1.24	1.13	1.30	1.32	1.80

This table details how cash moves in and out of American Healthcare REIT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	8.58	34	-27	19	6.73	4.06	43	14	-33	5.17	35
Net Cash From Operating Activities	26	-5.95	59	63	60	61	71	107	55	81	119
Net Cash From Continuing Operating Activities	26	-5.95	59	63	60	61	71	107	55	81	119
Net Income / (Loss) Continuing Operations	-31	-3.00	2.93	-3.09	-32	-6.84	10	57	11	24	31
Consolidated Net Income / (Loss)	-31	-3.00	2.93	-3.09	-32	-6.84	10	57	11	24	31
Depreciation Expense	44	43	45	44	47	41	42	49	55	67	72
Amortization Expense	8.12	12	11	9.65	10	9.82	9.40	9.54	8.89	8.93	9.03
Non-Cash Adjustments To Reconcile Net Income	8.73	1.46	3.46	1.54	53	25	18	-8.26	17	4.52	0.50
Changes in Operating Assets and Liabilities, net	-4.07	-59	-3.09	11	-18	-8.21	-7.46	0.08	-37	-23	5.98
Net Cash From Investing Activities	-11	-5.22	-60	-30	87	-33	-62	-278	-710	-203	-173
Net Cash From Continuing Investing Activities	-11	-5.22	-60	-30	87	-33	-62	-278	-710	-203	-173
Purchase of Property, Plant & Equipment	-25	-20	-65	-30	-38	-38	-92	-291	-592	-204	-174
Acquisitions	-0.59	0.00	-	-	-0.24	-0.00	-0.36	-0.08	-118	-0.02	-0.05
Sale of Property, Plant & Equipment	17	15	-0.00	0.01	127	9.58	27	10	3.63	0.00	7.31
Other Investing Activities, net	-8.06	-7.89	-6.64	-5.26	-7.82	-7.70	0.11	-0.66	-4.21	1.18	-7.10
Net Cash From Financing Activities	-5.89	45	-26	-14	-140	-24	33	186	622	127	89
Net Cash From Continuing Financing Activities	-5.89	45	-26	-14	-140	-24	33	186	622	127	89
Repayment of Debt	-160	-799	-277	-339	-538	-92	-211	-96	-39	-5.53	-95
Repurchase of Common Equity	15	-73	-1.94	-57	33	-0.59	-1.72	-2.42	-5.32	-1.35	-2.14
Payment of Dividends	-18	-18	-34	-34	-39	-40	-40	-42	-43	-47	-40
Issuance of Common Equity	-	773	-	471	120	48	189	244	677	192	229
Other Financing Activities, net	-1.54	-0.73	-37	-223	-5.14	-2.90	-1.05	-0.50	0.04	-10	-1.84
Cash Interest Paid	39	36	27	28	25	21	21	19	19	18	18
Cash Income Taxes Paid	0.28	0.16	0.58	0.16	0.43	0.23	0.61	0.28	0.69	0.00	0.37

This table presents American Healthcare REIT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,787	4,578	4,488	5,426
Total Current Assets	203	229	288	319
Cash & Equivalents	65	43	77	115
Accounts Receivable	138	185	211	204
Plant, Property, & Equipment, net	3,582	3,425	3,367	4,183
Total Noncurrent Assets	1,003	924	834	924
Goodwill	232	235	235	235
Intangible Assets	236	180	161	253
Other Noncurrent Operating Assets	535	508	437	435
Total Liabilities & Shareholders' Equity	4,787	4,578	4,488	5,426
Total Liabilities	3,137	3,119	2,184	2,066
Total Current Liabilities	244	243	258	318
Accounts Payable	244	243	258	318
Total Noncurrent Liabilities	2,894	2,876	1,926	1,748
Long-Term Debt	2,512	2,526	1,671	1,517
Capital Lease Obligations	273	226	165	136
Noncurrent Deferred Revenue	50	76	52	60
Other Noncurrent Operating Liabilities	59	48	38	36
Commitments & Contingencies	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	82	34	0.22	0.00
Total Equity & Noncontrolling Interests	1,568	1,425	2,306	3,361
Total Preferred & Common Equity	1,400	1,270	2,261	3,321
Preferred Stock	0.00	0.00	0.00	0.00
Total Common Equity	1,400	1,270	2,261	3,321
Common Stock	2,541	2,549	3,722	4,882
Retained Earnings	-1,138	-1,276	-1,458	-1,559
Accumulated Other Comprehensive Income / (Loss)	-2.69	-2.43	-2.51	-2.10
Noncontrolling Interest	168	155	43	40

This table presents American Healthcare REIT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	4,589	4,703	4,645	4,677	4,464	4,507	4,770	5,599	5,704
Total Current Assets	205	293	253	272	309	358	336	361	387
Cash & Equivalents	35	77	52	68	86	133	147	119	157
Accounts Receivable	169	216	201	204	223	224	189	242	230
Plant, Property, & Equipment, net	0.00	3,479	3,510	3,536	3,337	3,346	3,599	4,320	4,419
Total Noncurrent Assets	4,384	932	882	870	818	803	836	918	899
Goodwill	235	235	235	235	235	235	235	235	235
Intangible Assets	197	188	179	178	156	156	181	250	237
Other Noncurrent Operating Assets	3,952	509	468	457	427	412	419	432	427
Total Liabilities & Shareholders' Equity	4,589	4,703	4,645	4,677	4,464	4,507	4,770	5,599	5,704
Total Liabilities	3,055	2,561	2,541	2,420	2,159	2,044	2,050	2,077	1,962
Total Current Liabilities	234	257	254	270	272	274	298	340	332
Accounts Payable	234	257	254	270	272	274	298	340	332
Total Noncurrent Liabilities	2,821	2,303	2,287	2,150	1,887	1,770	1,752	1,737	1,630
Long-Term Debt	2,498	1,988	2,012	1,879	1,643	1,533	1,521	1,512	1,423
Capital Lease Obligations	-	220	179	174	154	148	141	131	125
Noncurrent Deferred Revenue	44	49	50	52	53	52	54	58	61
Other Noncurrent Operating Liabilities	279	47	46	45	37	37	36	36	21
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	60	12	0.22	0.22	0.22	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,474	2,131	2,104	2,257	2,304	2,463	2,722	3,521	3,742
Total Preferred & Common Equity	1,314	1,961	1,933	2,207	2,262	2,421	2,678	3,482	3,695
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,314	1,961	1,933	2,207	2,262	2,421	2,678	3,482	3,695
Common Stock	2,549	3,277	3,280	3,596	3,770	3,959	4,204	5,067	5,299
Retained Earnings	-1,232	-1,313	-1,344	-1,387	-1,505	-1,536	-1,523	-1,583	-1,602
Accumulated Other Comprehensive Income / (Loss)	-2.62	-2.47	-2.46	-2.15	-2.34	-1.99	-2.11	-2.22	-2.21
Noncontrolling Interest	159	170	171	49	42	42	42	40	47

This table displays calculated financial ratios and metrics derived from American Healthcare REIT's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	176,908,238.00
DEI Adjusted Shares Outstanding	-	-	-	-	176,908,238.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	0.39
Growth Metrics	-	-	-	-	-
Profitability Metrics	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	14	20	33	59	187
Return On Investment Capital (ROIC_SIMPLE)	-	0.45%	0.79%	1.42%	3.73%
Earnings before Interest and Taxes (EBIT)	28	29	81	89	128
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	186	229	318	311	353
Valuation Ratios	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-4,349	234	163	-648
Efficiency Ratios	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	4,369	4,168	4,063	4,898
Increase / (Decrease) in Invested Capital	0.00	4,369	-201	-104	835
Book Value per Share	$0.00	$21.28	$19.18	$14.77	$18.77
Tangible Book Value per Share	$0.00	$14.17	$12.91	$12.18	$16.01
Total Capital	0.00	4,434	4,211	4,140	5,015
Total Debt	0.00	2,785	2,752	1,836	1,652
Total Long-Term Debt	0.00	2,785	2,752	1,836	1,652
Net Debt	0.00	2,720	2,708	1,759	1,537
Capital Expenditures (CapEx)	75	96	-39	11	963
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-106	-58	-47	-113
Debt-free Net Working Capital (DFNWC)	0.00	-41	-14	29	1.41
Net Working Capital (NWC)	0.00	-41	-14	29	1.41
Net Nonoperating Expense (NNE)	68	93	110	94	116
Net Nonoperating Obligations (NNO)	0.00	2,720	2,708	1,759	1,536
Total Depreciation and Amortization (D&A)	157	201	237	222	225
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.08)	($0.29)	$0.42
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	66.05M	130.64M	166.06M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.08)	($0.29)	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	66.05M	130.64M	166.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	65.37M	157.57M	188.03M
Normalized Net Operating Profit after Tax (NOPAT)	26	63	54	96	118
Debt Service Ratios	-	-	-	-	-
Payout Ratios	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from American Healthcare REIT's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	176,908,238.00	188,028,542.00	192,722,308.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	176,908,238.00	188,028,542.00	192,722,308.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.06	0.13	0.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	10.46%	7.92%	12.83%	12.47%	8.22%	7.52%	9.38%	-	20.38%	24.29%
EBITDA Growth	8.43%	16.40%	5.09%	-16.71%	-12.48%	-22.44%	-4.20%	37.37%	-	69.42%	51.36%
EBIT Growth	0.00%	222.89%	19.05%	-20.36%	-136.54%	-48.47%	3.31%	92.99%	-	129.89%	40.95%
NOPAT Growth	0.00%	159.52%	59.30%	3,601.53%	-146.62%	-32.56%	22.70%	258.52%	-	235.74%	29.37%
Net Income Growth	0.00%	89.12%	124.66%	52.02%	-4.75%	-127.70%	244.46%	1,931.20%	-	451.04%	207.37%
EPS Growth	0.00%	89.74%	105.26%	66.67%	43.90%	0.00%	500.00%	1,200.00%	-	425.00%	166.67%
Operating Cash Flow Growth	-24.93%	-124.95%	200.31%	116.76%	130.93%	1,118.07%	20.32%	69.78%	-	33.74%	65.96%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	94.45%	-52.71%	106.34%	106.26%	141.62%	-	-467.21%	-509.71%
Invested Capital Growth	-4.61%	0.00%	0.00%	6.14%	-2.50%	-6.04%	-5.48%	-0.18%	-	25.64%	27.99%
Revenue Q/Q Growth	3.95%	3.51%	1.01%	3.81%	3.61%	-0.39%	0.35%	5.61%	-	7.73%	3.61%
EBITDA Q/Q Growth	-37.28%	42.85%	0.72%	-7.70%	-34.10%	26.61%	24.39%	32.35%	-	30.26%	11.13%
EBIT Q/Q Growth	-73.23%	256.99%	-2.77%	-14.27%	-112.28%	603.46%	94.93%	60.14%	-	61.91%	19.52%
NOPAT Q/Q Growth	1,404.92%	80.30%	47.78%	-7.69%	-118.95%	360.84%	168.87%	169.73%	-	24.35%	3.60%
Net Income Q/Q Growth	-380.28%	90.30%	197.40%	-205.71%	-948.46%	78.91%	247.35%	461.95%	-	119.48%	29.02%
EPS Q/Q Growth	-355.56%	90.24%	125.00%	-400.00%	-666.67%	82.61%	250.00%	450.00%	-	85.71%	23.08%
Operating Cash Flow Q/Q Growth	-11.52%	-123.11%	1,097.68%	6.28%	-5.74%	1.86%	17.91%	49.96%	-	46.95%	46.32%
Free Cash Flow Firm Q/Q Growth	105.28%	-2,116.48%	0.90%	94.74%	144.98%	170.23%	-2.10%	-65.03%	-	-23.31%	-9.24%
Invested Capital Q/Q Growth	4.27%	2.54%	-0.71%	-0.02%	-4.22%	-1.18%	-0.12%	5.60%	-	3.00%	1.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.22%	19.20%	20.22%	20.37%	20.67%	20.01%	21.42%	20.67%	-	21.30%	22.16%
EBITDA Margin	12.71%	17.54%	17.49%	15.55%	9.89%	12.57%	15.58%	19.53%	-	17.69%	18.98%
Operating Margin	2.85%	4.96%	6.28%	6.46%	-1.18%	3.09%	6.22%	9.30%	-	5.91%	6.04%
EBIT Margin	1.92%	6.62%	6.37%	5.26%	-0.62%	3.15%	6.12%	9.28%	-	6.02%	6.94%
Profit (Net Income) Margin	-6.42%	-0.60%	0.58%	-0.59%	-5.98%	-1.27%	1.86%	9.89%	-	3.69%	4.59%
Tax Burden Percent	99.64%	110.20%	81.01%	109.29%	101.52%	109.69%	93.23%	159.34%	-	102.24%	100.01%
Interest Burden Percent	-335.58%	-8.25%	11.24%	-10.27%	944.22%	-36.61%	32.56%	66.86%	-	59.98%	66.19%
Effective Tax Rate	0.00%	0.00%	18.99%	0.00%	0.00%	0.00%	6.77%	-59.34%	-	-2.24%	-0.01%
Return on Invested Capital (ROIC)	0.87%	3.11%	4.68%	2.21%	-0.42%	1.10%	3.02%	7.69%	-	3.16%	3.31%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.62%	1.20%	2.55%	1.00%	-1.67%	0.14%	1.86%	6.07%	-	2.21%	2.64%
Return on Net Nonoperating Assets (RNNOA)	-1.09%	1.19%	2.59%	1.18%	-1.98%	0.12%	1.50%	4.27%	-	1.23%	1.25%
Return on Equity (ROE)	-0.22%	4.31%	7.27%	3.38%	-2.39%	1.22%	4.53%	11.95%	-	4.39%	4.56%
Cash Return on Invested Capital (CROIC)	5.49%	-197.95%	-197.65%	-4.19%	3.96%	7.51%	6.96%	7.88%	-	-18.43%	-20.28%
Operating Return on Assets (OROA)	0.76%	5.39%	5.35%	2.28%	-0.28%	1.45%	2.88%	4.32%	-	2.83%	3.40%
Return on Assets (ROA)	-2.56%	-0.49%	0.49%	-0.26%	-2.73%	-0.58%	0.87%	4.60%	-	1.74%	2.25%
Return on Common Equity (ROCE)	-0.18%	3.94%	6.68%	3.14%	-2.25%	1.16%	4.31%	11.73%	-	4.33%	4.49%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-2.67%	-1.94%	-1.55%	0.00%	-1.74%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	9.63	17	26	24	-4.49	12	31	85	32	39	41
NOPAT Margin	2.00%	3.48%	5.08%	4.52%	-0.83%	2.17%	5.80%	14.82%	-	6.04%	6.04%
Net Nonoperating Expense Percent (NNEP)	1.50%	1.91%	2.13%	1.20%	1.25%	0.97%	1.16%	1.62%	-	0.95%	0.66%
Return On Investment Capital (ROIC_SIMPLE)	0.23%	-	-	-	-0.11%	0.29%	0.76%	1.94%	0.63%	0.76%	0.77%
Cost of Revenue to Revenue	79.78%	80.80%	79.78%	79.63%	79.33%	79.99%	78.58%	79.33%	-	78.70%	77.84%
SG&A Expenses to Revenue	2.35%	2.37%	2.33%	2.28%	2.22%	2.43%	2.75%	2.46%	-	2.71%	2.95%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Operating Expenses to Revenue	17.37%	14.23%	13.94%	13.91%	21.85%	16.92%	15.20%	11.37%	-	15.39%	16.12%
Earnings before Interest and Taxes (EBIT)	9.26	33	32	28	-3.38	17	33	53	24	39	47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	61	88	88	81	54	68	85	112	88	115	128
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.48	0.99	1.56	1.92	2.11	2.42	2.64	-	2.55	2.72
Price to Tangible Book Value (P/TBV)	0.00	0.62	1.27	1.91	2.33	2.55	2.89	3.13	-	2.96	3.12
Price to Revenue (P/Rev)	0.00	0.50	0.99	1.71	2.10	2.26	2.73	3.22	-	3.74	4.02
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	259.81	-	88.39	83.05
Dividend Yield	0.00%	1.72%	3.42%	2.87%	3.52%	3.30%	2.72%	2.38%	-	2.12%	1.92%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	-	1.13%	1.20%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.76	1.00	1.29	1.51	1.63	1.86	2.04	-	2.07	2.24
Enterprise Value to Revenue (EV/Rev)	0.00	1.70	2.17	2.72	2.97	3.09	3.47	3.93	-	4.40	4.59
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.86	12.64	17.17	19.78	22.40	25.90	27.16	-	26.08	25.91
Enterprise Value to EBIT (EV/EBIT)	0.00	31.38	38.82	53.64	68.85	89.00	100.13	86.37	-	69.67	70.35
Enterprise Value to NOPAT (EV/NOPAT)	0.00	74.55	85.01	75.11	104.77	122.99	136.60	26.44	-	53.56	58.80
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	47.45	39.07	38.43	34.94	26.90	29.24	28.91	-	33.12	31.73
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	37.74	20.98	25.95	25.85	-	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.89	1.03	1.04	0.91	0.80	0.78	0.68	0.61	-	0.47	0.41
Long-Term Debt to Equity	1.89	1.03	1.04	0.91	0.80	0.78	0.68	0.61	-	0.47	0.41
Financial Leverage	1.75	0.99	1.02	1.17	1.19	0.86	0.81	0.70	-	0.56	0.47
Leverage Ratio	3.01	2.20	2.21	2.44	2.41	2.06	2.00	1.90	-	1.73	1.65
Compound Leverage Factor	-10.11	-0.18	0.25	-0.25	22.75	-0.75	0.65	1.27	-	1.04	1.09
Debt to Total Capital	65.35%	50.74%	51.01%	47.63%	44.34%	43.81%	40.57%	37.92%	-	31.81%	29.26%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Long-Term Debt to Total Capital	65.35%	50.74%	51.01%	47.63%	44.34%	43.81%	40.57%	37.92%	-	31.81%	29.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.48%	4.18%	3.98%	1.15%	1.04%	1.03%	1.01%	0.95%	-	0.77%	0.90%
Common Equity to Total Capital	30.17%	45.07%	45.01%	51.22%	54.62%	55.16%	58.42%	61.09%	-	67.42%	69.84%
Debt to EBITDA	8.64	6.67	6.54	6.44	5.90	6.17	5.85	5.23	-	4.11	3.49
Net Debt to EBITDA	8.51	6.44	6.39	6.23	5.66	5.87	5.38	4.76	-	3.81	3.14
Long-Term Debt to EBITDA	8.64	6.67	6.54	6.44	5.90	6.17	5.85	5.23	-	4.11	3.49
Debt to NOPAT	83.23	50.48	44.00	28.19	31.26	33.85	30.83	5.09	-	8.44	7.92
Net Debt to NOPAT	81.92	48.72	42.95	27.25	29.96	32.23	28.38	4.64	-	7.82	7.12
Long-Term Debt to NOPAT	83.23	50.48	44.00	28.19	31.26	33.85	30.83	5.09	-	8.44	7.92
Altman Z-Score	0.00	0.27	0.49	0.89	1.21	1.35	1.77	2.13	-	2.62	3.16
Noncontrolling Interest Sharing Ratio	14.09%	8.49%	8.11%	7.10%	6.16%	5.04%	4.65%	1.87%	-	1.41%	1.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	1.14	1.00	1.01	1.11	1.13	1.31	1.13	-	1.06	1.16
Quick Ratio	0.94	1.14	1.00	1.01	1.11	1.13	1.31	1.13	-	1.06	1.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	211	-4,256	-4,217	-222	100	270	264	92	-803	-990	-1,082
Operating Cash Flow to CapEx	295.04%	-104.16%	92.00%	213.63%	0.00%	216.12%	109.14%	38.18%	-	39.69%	71.37%
Free Cash Flow to Firm to Interest Expense	5.12	-116.80	-137.84	-7.30	3.29	11.75	11.67	4.53	-	-52.69	-58.08
Operating Cash Flow to Interest Expense	0.63	-0.16	1.94	2.08	1.96	2.64	3.16	5.26	-	4.31	6.37
Operating Cash Flow Less CapEx to Interest Expense	0.41	-0.32	-0.17	1.10	4.90	1.42	0.26	-8.51	-	-6.55	-2.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.81	0.84	0.43	0.46	0.46	0.47	0.47	-	0.47	0.49
Accounts Receivable Turnover	11.56	0.00	0.00	10.78	10.45	9.63	10.11	11.21	-	10.21	11.03
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Fixed Asset Turnover	0.53	0.00	0.00	0.00	0.61	0.62	0.63	0.62	-	0.62	0.64
Accounts Payable Turnover	6.17	0.00	0.00	6.39	6.60	6.36	6.47	6.14	-	6.12	6.51
Days Sales Outstanding (DSO)	31.57	0.00	0.00	33.87	34.94	37.90	36.09	32.56	-	35.74	33.09
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Payable Outstanding (DPO)	59.13	0.00	0.00	57.16	55.31	57.43	56.40	59.43	-	59.68	56.07
Cash Conversion Cycle (CCC)	-27.56	0.00	0.00	-23.28	-20.36	-19.54	-20.31	-26.87	-	-23.93	-22.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,168	4,273	4,243	4,242	4,063	4,015	4,011	4,235	4,898	5,045	5,133
Invested Capital Turnover	0.44	0.90	0.92	0.49	0.50	0.51	0.52	0.52	-	0.52	0.55
Increase / (Decrease) in Invested Capital	-201	4,273	4,243	246	-104	-258	-233	-7.43	835	1,030	1,123
Enterprise Value (EV)	0.00	3,260	4,233	5,471	6,152	6,527	7,449	8,639	-	10,431	11,489
Market Capitalization	0.00	948	1,923	3,436	4,350	4,774	5,860	7,082	-	8,867	10,050
Book Value per Share	$19.18	$30.00	$14.69	$16.77	$14.77	$14.36	$15.18	$15.89	$18.77	$18.52	$19.17
Tangible Book Value per Share	$12.91	$23.53	$11.54	$13.63	$12.18	$11.87	$12.73	$13.42	$16.01	$15.94	$16.72
Total Capital	4,211	4,350	4,295	4,310	4,140	4,101	4,144	4,384	5,015	5,164	5,290
Total Debt	2,752	2,208	2,191	2,053	1,836	1,797	1,681	1,662	1,652	1,643	1,548
Total Long-Term Debt	2,752	2,208	2,191	2,053	1,836	1,797	1,681	1,662	1,652	1,643	1,548
Net Debt	2,708	2,130	2,139	1,985	1,759	1,711	1,548	1,515	1,537	1,524	1,391
Capital Expenditures (CapEx)	8.73	5.72	65	30	-89	28	65	281	589	204	166
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-58	-41	-53	-66	-47	-50	-50	-109	-113	-99	-103
Debt-free Net Working Capital (DFNWC)	-14	36	-0.54	1.74	29	36	84	38	1.41	21	54
Net Working Capital (NWC)	-14	36	-0.54	1.74	29	36	84	38	1.41	21	54
Net Nonoperating Expense (NNE)	41	20	23	27	28	19	21	28	21	15	9.74
Net Nonoperating Obligations (NNO)	2,708	2,130	2,139	1,985	1,759	1,711	1,548	1,513	1,536	1,524	1,391
Total Depreciation and Amortization (D&A)	52	55	56	54	57	51	51	59	64	76	81
Debt-free, Cash-free Net Working Capital to Revenue	-3.08%	-2.16%	-2.70%	-3.29%	-2.28%	-2.35%	-2.31%	-4.98%	-	-4.16%	-4.10%
Debt-free Net Working Capital to Revenue	-0.75%	1.86%	-0.03%	0.09%	1.42%	1.73%	3.90%	1.72%	-	0.87%	2.17%
Net Working Capital to Revenue	-0.75%	1.86%	-0.03%	0.09%	1.42%	1.73%	3.90%	1.72%	-	0.87%	2.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.41)	($0.04)	$0.01	($0.03)	($0.23)	($0.04)	$0.06	$0.33	$0.07	$0.13	$0.16
Adjusted Weighted Average Basic Shares Outstanding	66.05M	104.30M	130.53M	133.73M	130.64M	156.92M	160.50M	169.01M	166.06M	187.32M	192.71M
Adjusted Diluted Earnings per Share	($0.41)	($0.04)	$0.01	($0.03)	($0.23)	($0.04)	$0.06	$0.33	$0.07	$0.13	$0.16
Adjusted Weighted Average Diluted Shares Outstanding	66.05M	104.30M	130.69M	133.73M	130.64M	156.92M	161.14M	169.80M	166.85M	187.97M	193.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.37M	131.65M	131.65M	153.06M	157.57M	159.50M	168.58M	176.91M	188.03M	192.72M	218.00M
Normalized Net Operating Profit after Tax (NOPAT)	12	19	26	26	-3.92	28	43	30	28	29	32
Normalized NOPAT Margin	2.51%	3.87%	5.09%	4.99%	-0.72%	5.21%	7.96%	5.20%	-	4.39%	4.70%
Pre Tax Income Margin	-6.44%	-0.55%	0.72%	-0.54%	-5.89%	-1.15%	1.99%	6.20%	-	3.61%	4.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.22	0.91	1.05	0.91	-0.11	0.74	1.47	2.61	-	2.08	2.51
NOPAT to Interest Expense	0.23	0.48	0.84	0.78	-0.15	0.51	1.39	4.16	-	2.09	2.19
EBIT Less CapEx to Interest Expense	0.01	0.75	-1.06	-0.07	2.82	-0.48	-1.43	-11.16	-	-8.78	-6.41
NOPAT Less CapEx to Interest Expense	0.02	0.32	-1.27	-0.19	2.78	-0.71	-1.50	-9.60	-	-8.78	-6.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-112.36%	-140.42%	-232.75%	-303.75%	-349.76%	-372.96%	-475.76%	588.25%	-	170.37%	141.18%
Augmented Payout Ratio	-114.90%	-234.96%	-367.46%	-570.25%	-554.07%	-374.14%	-443.18%	484.30%	-	181.00%	150.34%

Financials Breakdown Chart

Key Financial Trends

American Healthcare REIT (NYSE:AHR) showed a meaningful improvement in operating performance in Q1 2026, with revenue growth, stronger profitability, and positive operating cash flow. However, the company is still reliant on external capital to fund heavy property investment, and leverage remains significant.

Q1 2026 revenue rose to $650.8 million, up from $604.1 million in Q4 2025 and $572.9 million in Q3 2025, showing continued top-line growth.
Gross profit improved to $138.6 million in Q1 2026, compared with $123.8 million in Q4 2025 and $118.4 million in Q3 2025.
The company posted $24.0 million of net income in Q1 2026, a sharp rebound from $10.9 million in Q4 2025.
Operating income climbed to $38.4 million, up from $24.6 million in the prior quarter, indicating better operating leverage.
Cash from operations was strong at $81.1 million in Q1 2026, improving from $55.2 million in Q4 2025.
Cash and equivalents increased to $119.4 million at March 31, 2026, from $147.4 million at the end of Q3 2025, while the balance sheet still showed a solid liquidity cushion relative to near-term obligations.
Net change in cash was only $5.2 million despite strong operating cash flow, because investing outflows were very large.
The company continued to issue equity in Q1 2026, raising $191.7 million, which helped fund growth but also dilutes existing shareholders.
Capital spending remained heavy at $204.3 million in Q1 2026, which is well above operating cash flow and keeps AHR dependent on outside financing.
Long-term debt and capital lease obligations remained sizable, with $1.51 billion of long-term debt and $130.8 million of capital lease obligations on the balance sheet.

Looking at the broader trend, AHR has improved significantly since early 2024, when it was posting quarterly losses and negative operating cash flow. Over the last several quarters, revenue has trended higher, margins have improved, and net income turned positive. That said, the business still looks like a capital-intensive REIT that must regularly balance dividend payments, debt service, acquisitions, and property investment.

One important watch item is the gap between operating cash flow and investing needs. In Q1 2026, AHR generated $81.1 million from operations but spent $204.3 million on property, plant and equipment. That pattern is workable if capital markets stay open, but it adds financing risk if conditions weaken.

Bottom line: AHR’s latest quarter was encouraging, with better profitability and stronger operations. Still, investors should keep an eye on leverage, dilution, and the company’s continued need for external funding to support growth.

08/17/26 01:59 AM ETAI Generated. May Contain Errors.

American Healthcare REIT Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Healthcare REIT's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

American Healthcare REIT's net income appears to be on a downward trend, with a most recent value of $70.82 million in 2025, falling from -$53.27 million in 2021. The previous period was -$35.60 million in 2024. Check out American Healthcare REIT's forecast to explore projected trends and price targets.

American Healthcare REIT's total operating income in 2025 was $128.41 million, based on the following breakdown:

Total Gross Profit: $466.59 million
Total Operating Expenses: $338.18 million

Over the last 4 years, American Healthcare REIT's total revenue changed from $1.28 billion in 2021 to $2.26 billion in 2025, a change of 76.3%.

American Healthcare REIT's total liabilities were at $2.07 billion at the end of 2025, a 5.4% decrease from 2024, and a 34.2% decrease since 2022.

In the past 3 years, American Healthcare REIT's cash and equivalents has ranged from $43.45 million in 2023 to $114.84 million in 2025, and is currently $114.84 million as of their latest financial filing in 2025.

Over the last 4 years, American Healthcare REIT's book value per share changed from 0.00 in 2021 to 18.77 in 2025, a change of 1,877.0%.

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Financial statements for NYSE:AHR last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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American Healthcare REIT (AHR) Financials

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American Healthcare REIT (AHR) Financials

Annual Income Statements for American Healthcare REIT

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