DIVERSIFIED HEALTHCARE TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DIVERSIFIED HEALTHCARE TRUST 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	1,058	1,075	1,117	1,040	1,632	1,383	1,284	1,410	1,495	1,538
General and administrative	46.6	104	85.9	37	30.6	34.1	26.4	26.1	26.5	45.5
Operating income	303	275
Interest expense	168	165	179	180	201	256	209	192	235	204
Pre-tax income	142	152	292	-82.8	-133	181	-21.1	-273	-371	-321
Income tax	0.42	0.45	0.48	0.44	1.25	1.43	0.71	0.45	0.47	1.74
Net income to minority interests	0	4.19		5.36	5.15	5.41	0	0
Net income	141	148	287	-88.2	-139	175	-15.8	-294	-370	-286
EBITDA	591	552
EPS, basic	0.60	0.62	1.21	-0.37	-0.59	0.73	-0.07	-1.23	-1.55	-1.19
EPS, diluted	0.60	0.62	1.21	-0.37	-0.59	0.73	-0.07	-1.23	-1.55	-1.19
Shares, basic (weighted)	237	237	238	238	238	238	238	239	240	240
Shares, diluted (weighted)	237	237	238	238	238	238	238	239	240	240
Dividend per share	1.56	1.56	1.56	0.84	0.18	0.04	0.04	0.04	0.04	0.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.7	31.2	55	37.4	74.4	635	658	246	145	105
Lease right-of-use assets				4.32	4.24	4.15	26.5	23.4	20	16.5
Intangible assets	514	472	419	338	287	48.7	45.4	33.9	26.3	20.7
Total assets	7,228	7,294	7,160	6,654	6,476	6,624	6,002	5,446	5,137	4,361
Total liabilities	4,028	4,017	3,981	3,777	3,857	3,961	3,363	3,109	3,178	2,696
Total debt			3,684						3,050	2,444
Paid-in capital	4,533	4,609	4,611	4,613	4,614	4,615	4,617	4,618	4,620	4,623
Retained earnings	1,619	1,766	2,141	2,053	1,913	2,088	2,072	1,778	1,408	1,122
Other comprehensive income	34.5	87.2	-0.27	0				0	-0.02	-0.01
Shareholders' equity	3,199	3,105	3,023	2,737	2,496	2,662	2,639	2,337	1,959	1,666
Minority interests	0	172	157	141	123	0
Total equity	3,199	3,277	3,180	2,877	2,619	2,662	2,639	2,337	1,959	1,666
Total liabilities and equity	7,228	7,294	7,160	6,654	6,476	6,624	6,002	5,446	5,137	4,361
Shares outstanding	238	238	238	238	238	239	240	240	241	242

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	141	152	292	-82.9	-134	180	-15.8	-294	-370	-286
Depreciation and amortization	288	277	286	289	270	271	239	284	285	262
Stock-based compensation	2.2	2.16	2.22	1.39	1.57	1.96	1.73	1.84	2.75	3.41
Deferred income tax	0	0	0	0	0	0	0	0	0	0
Change in receivables					-1.49
Cash from operations	424	419	393	266	159	-63.3	-40.4	10.5	112	-19.6
Capital expenditures	-99.7	-117	-104	-222	-186	-228	-299	-235	-202	-147
Purchases of investments	0	0
Sales and maturities of investments	0	0	0	6.43
Cash from investing	-293	-221	99.1	86.2	-40.4	243	388	-202	-187	484
Debt issued	0	0				0	0	750	0	369
Debt repaid		0	0	-100	-200	-300	-636	-965	-120	-1,321
Stock issued	0	0
Share buybacks	-0.45	-0.34	-0.41	-0.3	-0.17	-0.38	-0.17	-0.39	-0.9	-1.15
Dividends paid	-370	-371	-371	-200	-42.8	-9.54	-9.57	-9.6	-9.63	-9.66
Cash from financing	-140	-186	-469	-370	-79.5	747	-676	-250	-22.3	-492
Net change in cash	-8.23	11.7	22.8	-17.8	38.6	926	-329	-441	-97.1	-28.1
Free cash flow	325	302	289	43.4	-27	-291	-340	-225	-89.5	-166
Interest paid	160	160	165	177	196	236	201	187	132	272
Income taxes paid	0.44	0.44	0.47	0.45	0.4	2.8	0.94	0.68	0.48	1.78

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 $18.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	-19.8%	Pre-tax income / revenue.
Net margin	-17.7%	Net income / revenue.
FCF margin	-10.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.5%	Cash from operations / revenue.
Return on equity (ROE)	-16.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.3%	Net income / average total assets.
Capex / revenue	8.8%	Capital expenditures / revenue.
D&A / revenue	16.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-117.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
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	0.0%	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	-26.0%	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	-15.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.2%	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	-7.8%	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	-15.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.1%	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	-7.6%	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	0.3%	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	0.3%	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	0.2%	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
Debt / equity	1.54x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	57.6%	Total debt / total assets.
Liabilities / assets	62.7%	Total liabilities / total assets.
Net debt	$2.33B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.56B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.10	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	$6.23	Revenue / diluted weighted shares.
FCF per share	-$0.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.09	Cash from operations / diluted weighted shares.
Book value per share	$6.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.46	Tangible book value / shares outstanding.
Cash per share	$0.48	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.53B	Share price x shares outstanding.
Enterprise value	$6.85B	Market cap + total debt - cash - short-term investments.
P/S	3.02x	Market cap / revenue.
P/B	2.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.89x	Market cap / tangible book value, when positive.
EV/Sales	4.57x	Enterprise value / revenue.
FCF yield	-3.4%	Free cash flow / market cap.
Earnings yield	-5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was DIVERSIFIED HEALTHCARE TRUST's revenue in fiscal 2025?

DIVERSIFIED HEALTHCARE TRUST reported revenue of $1.54B for fiscal 2025, 2.8% higher than the year before.

Was DIVERSIFIED HEALTHCARE TRUST profitable in fiscal 2025?

No. It reported a net loss of $285.9M.

How much free cash flow did DIVERSIFIED HEALTHCARE TRUST generate in fiscal 2025?

Cash from operations of $19.6M minus capital expenditures of $146.8M left free cash flow of -$166.4M.

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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