American Healthcare REIT (AHR) financial statements
American Healthcare REIT reported revenue of $2.1B in fiscal 2025, up 109.9% a year over 8 years.
Net income was $70M.
Free cash flow was $294M, and the company returned $164M in dividends.
The diluted share count rose 21213% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Healthcare REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $6M | $37M | $1.1B | $1.1B | $1.1B | $1.4B | $1.7B | $1.9B | $2.1B |
| Cost of revenue | $898,000 | $7M | $11M | $19M | $994M | $1.0B | $1.3B | $1.5B | $1.7B | $1.8B |
| Gross profit | -$898,000 | -$2M | $25M | $1.1B | $75M | $94M | $131M | $166M | $230M | $301M |
| Selling, general and admin | $1M | $4M | $9M | $30M | $27M | $43M | $43M | $48M | $48M | $59M |
| Operating income | -$5M | -$25M | -$49M | $221M | $218M | $213M | $302M | $307M | $364M | $415M |
| Interest expense | $514,000 | $3M | $7M | $79M | $71M | $81M | $106M | $163M | $128M | $86M |
| Pre-tax income | -$5M | $508,000 | -$9M | $672,000 | $6M | -$52M | -$73M | -$76M | -$34M | $49M |
| Income tax | $0 | $0 | $8,000 | $2M | -$3M | $956,000 | $586,000 | $663,000 | $2M | -$22M |
| Net income | -$5M | $541,000 | -$8M | -$5M | $2M | -$48M | -$81M | -$71M | -$38M | $70M |
| EPS (diluted) | -$7.00 | $0.08 | -$0.60 | -$0.12 | $0.05 | -$0.95 | -$1.24 | -$1.08 | -$0.29 | $0.42 |
| Diluted shares | 1M | 7M | 14M | 45M | 45M | 50M | 66M | 66M | 131M | 167M |
| Gross margin | — | -31.1% | 68.8% | 98.3% | 7.0% | 8.3% | 9.3% | 10.0% | 12.2% | 14.4% |
| Operating margin | — | -441.6% | -133.7% | 20.1% | 20.4% | 19.0% | 21.4% | 18.4% | 19.3% | 19.8% |
| Net margin | — | 9.7% | -22.7% | -0.5% | 0.2% | -4.3% | -5.8% | -4.3% | -2.0% | 3.3% |
Balance sheet
Fiscal years, from American Healthcare REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2M | $7M | $35M | $53M | $113M | $82M | $65M | $43M | $77M | $115M |
| Inventory | — | — | — | — | $25M | $19M | $20M | $19M | $19M | $19M |
| Goodwill | — | — | — | — | $75M | $210M | $232M | $3M | $235M | $235M |
| Total assets | $143M | $480M | $896M | $1.1B | $3.2B | $4.6B | $4.8B | $4.6B | $4.5B | $5.4B |
| Total liabilities | $51M | $126M | $337M | $477M | $2.2B | $2.8B | $3.1B | $3.1B | $2.2B | $2.1B |
| Shareholders' equity | $92M | $353M | $1.2B | $590M | $866M | $1.6B | $1.4B | $1.3B | $2.3B | $3.3B |
| Net debt | -$2M | -$7M | -$35M | -$53M | -$113M | -$82M | -$65M | -$43M | -$77M | -$115M |
Cash flow
Fiscal years, from American Healthcare REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4M | $12M | $15M | $117M | $219M | $18M | $148M | $99M | $176M | $294M |
| Capital spending | $23,000 | $1M | $4M | $6M | $1M | $1M | $2M | $5M | $472,000 | $0 |
| Free cash flow | -$4M | $11M | $11M | $111M | $218M | $17M | $145M | $93M | $176M | $294M |
| Stock-based compensation | $80,000 | $131,000 | $185,000 | $3M | -$1M | $9M | $4M | $5M | $10M | $15M |
| Dividends paid | $549,000 | $6M | $14M | $63M | $27M | $23M | $51M | $76M | $121M | $164M |
| Share buybacks (net) | $0 | -$735,000 | -$3M | -$90M | -$23M | -$382,000 | -$21M | -$469,000 | -$14,000 | $0 |
| Free cash flow margin | — | 202.8% | 30.3% | 10.1% | 20.4% | 1.5% | 10.3% | 5.6% | 9.3% | 14.1% |
| Dividends per share | $0.70 | $0.92 | $1.02 | $1.38 | $0.60 | $0.46 | $0.78 | $1.15 | $0.93 | $0.98 |
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Open AHR in InvestinglyQuestions
What was American Healthcare REIT's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does American Healthcare REIT generate?
$294M in fiscal 2025 (operating cash flow minus capital spending).
From American Healthcare REIT's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.