American Healthcare REIT, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data American Healthcare REIT, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.16	33.3	84.5	1,099	1,069	1,124	1,412	1,867	2,071	2,260
Cost of revenue	0.9	7.29	11.5	19.2	994	1,030	1,282	1,502	1,654	1,794
Gross profit	2.26	26	73	1,080	75.3	93.7	131	364	417	467
General and administrative	1.22	4.34	9.17	29.7	27	43.2	43.4	47.5	47.6	58.7
Operating expenses	0.44
Operating income	-4.96			221	218	213	302	307	364	415
Interest expense	0.51	2.7	6.79	78.6	71.3	80.9	106	163	128	85.8
Other non-operating income				-79.7	-86.3	-76.2	-159	-147	-164	-115
Pre-tax income	-5.47	0.51	-8.58	0.67	5.79	-52.3	-72.8	-76.2	-33.9	48.6
Income tax	0	0	0.01	1.52	-3.08	0.96	0.59	0.66	1.71	-22.2
Net income to minority interests			-0.23	4.11	6.7	-5.48	7.92	-5.42	2.21	1.01
Net income	-5.47	0.54	-8.35	-4.97	2.16	-47.8	-81.3	-71.5	-37.8	69.8
EBITDA	-3.71			333	317	347	470	489	543	603
EPS, basic	-1.09	0.01	-0.09	-0.15	0.05	-0.95	-1.24	-1.08	-0.29	0.42
EPS, diluted	-1.09	0.01	-0.09	-0.15	0.05	-0.95	-1.24	-1.08	-0.29	0.42
Shares, basic (weighted)	5.01	44.4	87.8	36.4	45	50.1	65.8	66	131	166
Shares, diluted (weighted)	5.01	44.4	87.8	36.4	45	50.1	65.8	66	131	167
Dividend per share	0.25	0.38	0.38	3.25	0.86	0.69	1.60	1.00	1.00	1.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.24	7.09	35.1	53.1	113	81.6	65.1	43.4	76.7	115
Inventory					24.7	18.9	19.8	19.5	19.5	18.8
Lease right-of-use assets			0	14.3	204	158	276	228	164	135
Goodwill					75.3	210	232	3.33	235	235
Intangible assets	19.7	44.8	74.7	74	155	249	236	180	161	253
Total assets	143	480	896	1,068	3,235	4,580	4,787	4,578	4,488	5,426
Total liabilities	50.5	126	337	477	2,160	2,751	3,137	3,119	2,184	2,066
Paid-in capital	99.5	376	622	720	1,731	2,534	2,540	2,548	3,720	4,880
Retained earnings	-7.35	-23.5	-64.8	-131	-864	-951	-1,138	-1,276	-1,458	-1,559
Other comprehensive income					-2.01	-1.97	-2.69	-2.43	-2.51	-2.1
Shareholders' equity	92.3			590	866	1,581	1,400	1,270	2,261	3,321
Minority interests	0			0	168	176	168	155	42.7	40
Total equity	92.3	353	1,219	1,059	1,034	1,757	1,568	1,425	2,304	3,361
Total liabilities and equity	143	480	896	1,068	3,235	4,580	4,787	4,578	4,488	5,426
Shares outstanding					180					186

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.47	0.51	-8.59	-0.85	8.86	-53.3	-73.4	-76.9	-35.6	70.8
Depreciation and amortization	1.25	13.6	32.7	111	98.9	133	168	183	179	188
Stock-based compensation	0.08	0.13	0.19	2.74	-1.34	8.8	3.91	5.47	9.87	14.6
Deferred income tax		0	0.01	0.96	-3.33	0	0	0	0	-22.9
Change in payables	0.77	2.44	0.22	18.1	30.3	-32.6	14.1	15.4	-0.65	29
Cash from operations	-3.62	12.4	15.4	117	219	17.9	148	98.5	176	294
Capital expenditures	-0.02	-1.12	-4.26	-6.5			-7.54
Cash from investing	-133	-331	-412	-103	-148	-139	-119	9.4	-8.73	-1,083
Stock issued	111	299	254	90.4	0		0	0	1,364	1,156
Share buybacks	0	-0.74	-3.31	-89.9	-23.1	-0.38	-20.7	-0.47	-0.01	0
Dividends paid	-0.55	-6.4	-14	-62.6	-27	-22.8	-51.1	-76.3	-121	-164
Cash from financing	139	323	404	2.69	-8.81	94.1	-42.9	-129	-135	817
Exchange rate effect				0.15	-0.09	-0.07	0.15	0.01	-0.09	0.06
Net change in cash	2.04	4.87	7.49	17	62.4	-26.6	-13.7	-21.1	32.6	28.4
Free cash flow	-3.64	11.3	11.2	111			140
Interest paid	0.2	2.05	5.19	68.7	65.8	70.2	88.7	153	116	80.1
Income taxes paid	0	0.01	0.01	0.92	0.75	1.24	1.13	1.3	1.32	1.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $52.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.2%	Gross profit / revenue.
Operating margin	19.2%	Operating income / revenue.
EBITDA margin	28.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.9%	Pre-tax income / revenue.
Net margin	4.8%	Net income / revenue.
Operating cash flow margin	14.5%	Cash from operations / revenue.
Effective tax rate	-24.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.
Return on invested capital (ROIC)	10.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	9.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	52.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	44.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	14.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	100.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	53.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	67.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-14.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	46.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	33.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	30.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	20.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	27.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	36.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	30.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	34.4%	Total liabilities / total assets.
Interest coverage	6.19x	Operating income / interest expense.
Goodwill and intangibles / assets	8.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Inventory turnover	96.1x	Cost of revenue / average inventory.
Days inventory	4 days	365 x average inventory / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.94	Revenue / diluted weighted shares.
Operating cash flow per share	$1.87	Cash from operations / diluted weighted shares.
Book value per share	$18.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.55	Tangible book value / shares outstanding.
Cash per share	$0.81	(Cash + short-term investments) / shares outstanding.
Payout ratio	147.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.34B	Share price x shares outstanding.
Enterprise value	$11.18B	Market cap + total debt - cash - short-term investments.
P/E	93.7x	Market cap / net income. Only when net income is positive.
P/S	4.53x	Market cap / revenue.
P/B	3.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.52x	Market cap / tangible book value, when positive.
P/OCF	31.3x	Market cap / cash from operations, when positive.
EV/Sales	4.47x	Enterprise value / revenue.
EV/EBIT	23.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.6%	Dividends paid over the period / market cap.
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.

What was American Healthcare REIT, Inc.'s revenue in fiscal 2025?

American Healthcare REIT, Inc. reported revenue of $2.26B for fiscal 2025, 9.1% higher than the year before.

Was American Healthcare REIT, Inc. profitable in fiscal 2025?

Yes. Net income was $69.8M, a net margin of 3.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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