American Healthcare REIT, Inc.AHR
NYSE•Real Estate•REIT - Healthcare Facilities
American Healthcare REIT, Inc., a Maryland-based self-managed REIT, owns and operates a diversified portfolio of clinical healthcare real estate across the U.S., U.K., and the Isle of Man. Its focus includes senior housing, skilled nursing facilities (SNFs), outpatient medical (OM) buildings, and other healthcare-related properties. The company utilizes a fully integrated management platform and operates senior housing under the RIDEA structure. In addition to owning and operating properties, it has originated and acquired secured loans and may pursue other real estate-related investments opportunistically. The REIT seeks income-generating assets and selectively develops healthcare properties. It has elected to be taxed as a REIT under the U.S. Internal Revenue Code and intends to maintain compliance with REIT requirements. American Healthcare REIT, Inc. is based in Irvine, United States.
American Healthcare REIT, Inc. (AHR) reported trailing twelve months revenue of $2.37B as of March 2026, a 23.1% increase year-over-year. Quarterly revenue reached $650.77M, reflecting continued top-line momentum.
American Healthcare REIT, Inc. generated $100.32M in TTM net income, with quarterly EBITDA of $192.56M. The operating margin expanded from 17.5% to 19.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (19.3%) and net margin (3.6%) indicates significant non-operating expenses or interest burden. Net margin has improved from -1.3% a year ago, signaling stronger bottom-line efficiency.
AHR trades at a P/E of 87.4x (a premium multiple) and a P/S of 3.7x. The price-to-book ratio of 2.5x reflects a moderate premium to book value.
The company generated $42.75M in free cash flow over the trailing twelve months, a 8.4% increase year-over-year, indicating cash generation ability. The balance sheet shows $5.60B in total assets with no in long-term debt against $3.48B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~19.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~31.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~18.8% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 43.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation