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American Healthcare Reit, Inc. key statistics and ratios

In fiscal 2025, American Healthcare Reit, Inc. had return on equity of 2.5%, an operating margin of 18.4% and debt equal to 29.7% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin—71.5%78.1%86.4%98.3%7.0%8.3%9.3%19.5%20.1%20.6%21.2%
Operating margin—−157.2%——20.1%20.4%19.0%21.4%16.4%17.6%18.4%19.2%
Net margin—−173.4%1.6%−9.9%−0.5%0.2%−4.3%−5.8%−3.8%−1.8%3.1%4.8%
Free-cash-flow margin—−115.5%33.8%13.2%10.1%19.7%—9.9%5.3%8.5%13.0%14.5%
Return on equity0.0%−11.8%0.2%−1.1%−0.5%0.3%−3.9%−5.5%−5.4%−2.1%2.5%3.5%
Return on assets0.0%−7.7%0.2%−1.2%−0.5%0.1%−1.2%−1.7%−1.5%−0.8%1.4%2.2%
Asset turnover—0.040.110.121.120.500.290.300.400.460.460.45
Debt to equity0.0%36.7%3.3%1.4%4.6%96.3%70.6%89.6%104.4%44.4%29.7%24.1%
Interest cover (operating income ÷ interest)—n/m——2.8x3.1x2.6x2.8x1.9x2.8x4.8x6.2x
Effective tax rate——0.0%———————−45.6%−24.4%
Capital spending as % of revenue—0.7%3.4%5.0%0.6%0.8%—0.5%0.0%0.0%0.0%0.0%
Free cash flow ÷ net income——>999%——>999%————421.8%299.2%
Dividends ÷ net income——>999%——>999%————234.3%147.5%
Dividends and buybacks ÷ free cash flow——63.2%154.9%137.4%23.8%—51.2%77.9%68.7%55.5%49.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

27 /100

Weak moat

How hard American Healthcare Reit's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -0.8% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median 21.2%, moving by 31.3 percentage points (standard deviation) across 9 years.

  • Durability 5 / 20

    Operating margin has been a median 18.2%; its worst year was -23.3%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 7 of 10 years, at a median 8.7% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 2514.2% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from American Healthcare Reit, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to American Healthcare Reit, Inc.