Comprehensive Stock Comparison
Compare Diversified Healthcare Trust (DHC) vs American Healthcare REIT, Inc. (AHR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | AHR | 11.4% revenue growth vs DHC's 2.8% |
| Quality / Margins | AHR | 1.2% net margin vs DHC's -18.6% |
| Stability / Safety | AHR | Beta 0.48 vs DHC's 0.75 |
| Dividends | AHR | 1.8% yield; DHC pays no meaningful dividend |
| Momentum (1Y) | DHC | +140.3% vs AHR's +78.7% |
| Efficiency (ROA) | AHR | 0.6% ROA vs DHC's -6.6%, ROIC 2.4% vs -0.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Diversified Healthcare Trust is a real estate investment trust that owns and operates healthcare-related properties including medical office buildings, senior living communities, and life science facilities. It generates revenue primarily through property rental income — with medical office properties contributing roughly 60% of net operating income and senior living communities about 40% — along with management fees from its operating partner. The company's competitive advantage lies in its specialized healthcare real estate portfolio and its long-term management relationship with The RMR Group, which provides operational expertise in the healthcare property sector.
American Healthcare REIT is a real estate investment trust that owns and operates a diversified portfolio of healthcare properties including medical office buildings, senior housing facilities, and hospitals. It generates revenue primarily through rental income from its healthcare real estate portfolio — with senior housing and medical office buildings being its largest segments — supplemented by management fees from operating certain facilities. The company's competitive advantage lies in its fully integrated management platform with deep industry expertise and long-term relationships in the healthcare real estate sector.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
DHC leads in 3 of 6 categories (Valuation Metrics, Total Returns). AHR leads in 2 (Financial Metrics, Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
AHR and DHC operate at a comparable scale, with $2.2B and $1.5B in trailing revenue. AHR is the more profitable business, keeping 1.2% of every revenue dollar as net income compared to DHC's -18.6%. On growth, AHR holds the edge at +9.4% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | DHCDiversified Healt… | AHRAmerican Healthca… |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $2.2B |
| EBITDAEarnings before interest/tax | $292M | $378M |
| Net IncomeAfter-tax profit | -$286M | $27M |
| Free Cash FlowCash after capex | -$16M | $269M |
| Gross MarginGross profit ÷ Revenue | -16.0% | +20.7% |
| Operating MarginEBIT ÷ Revenue | +2.0% | +7.7% |
| Net MarginNet income ÷ Revenue | -18.6% | +1.2% |
| FCF MarginFCF ÷ Revenue | -1.0% | +12.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -0.0% | +9.4% |
| EPS Growth (YoY)Latest quarter vs prior year | +75.5% | +11.7% |
Valuation Metrics
On an enterprise value basis, DHC's 6.9x EV/EBITDA is more attractive than AHR's 29.9x.
| Metric | DHCDiversified Healt… | AHRAmerican Healthca… |
|---|---|---|
| Market CapShares × price | $1.6B | $8.9B |
| Enterprise ValueMkt cap + debt − cash | $1.5B | $10.7B |
| Trailing P/EPrice ÷ TTM EPS | -5.68x | -180.14x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 75.30x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 6.88x | 29.93x |
| Price / SalesMarket cap ÷ Revenue | 1.06x | 4.31x |
| Price / BookPrice ÷ Book value/share | 0.98x | 2.96x |
| Price / FCFMarket cap ÷ FCF | — | 106.18x |
Profitability & Efficiency
AHR delivers a 1.0% return on equity — every $100 of shareholder capital generates $1 in annual profit, vs $-17 for DHC. On the Piotroski fundamental quality scale (0–9), AHR scores 7/9 vs DHC's 3/9, reflecting strong financial health.
| Metric | DHCDiversified Healt… | AHRAmerican Healthca… |
|---|---|---|
| ROE (TTM)Return on equity | -17.2% | +1.0% |
| ROA (TTM)Return on assets | -6.6% | +0.6% |
| ROICReturn on invested capital | -0.9% | +2.4% |
| ROCEReturn on capital employed | -0.8% | +4.1% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 7 |
| Debt / EquityFinancial leverage | — | 0.81x |
| Net DebtTotal debt minus cash | -$105M | $1.8B |
| Cash & Equiv.Liquid assets | $105M | $77M |
| Total DebtShort + long-term debt | $0 | $1.9B |
| Interest CoverageEBIT ÷ Interest expense | -0.19x | 1.07x |
Total Returns (with DRIP)
A $10,000 investment in AHR five years ago would be worth $41,029 today (with dividends reinvested), compared to $14,904 for DHC. Over the past 12 months, DHC leads with a +140.3% total return vs AHR's +78.7%. The 3-year compound annual growth rate (CAGR) favors DHC at 91.5% vs AHR's 60.1% — a key indicator of consistent wealth creation.
| Metric | DHCDiversified Healt… | AHRAmerican Healthca… |
|---|---|---|
| YTD ReturnYear-to-date | +35.9% | +10.6% |
| 1-Year ReturnPast 12 months | +140.3% | +78.7% |
| 3-Year ReturnCumulative with dividends | +602.0% | +310.3% |
| 5-Year ReturnCumulative with dividends | +49.0% | +310.3% |
| 10-Year ReturnCumulative with dividends | -21.4% | +310.3% |
| CAGR (3Y)Annualised 3-year return | +91.5% | +60.1% |
Risk & Volatility
AHR is the less volatile stock with a 0.48 beta — it tends to amplify market swings less than DHC's 0.75 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. DHC currently trades 98.7% from its 52-week high vs AHR's 95.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | DHCDiversified Healt… | AHRAmerican Healthca… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.75x | 0.48x |
| 52-Week HighHighest price in past year | $6.85 | $54.67 |
| 52-Week LowLowest price in past year | $2.00 | $26.48 |
| % of 52W HighCurrent price vs 52-week peak | +98.7% | +95.6% |
| RSI (14)Momentum oscillator 0–100 | 68.1 | 73.2 |
| Avg Volume (50D)Average daily shares traded | 1.4M | 2.3M |
Analyst Outlook
Wall Street rates DHC as "Hold" and AHR as "Buy". Consensus price targets imply -3.5% upside for AHR (target: $50) vs -26.0% for DHC (target: $5). AHR is the only dividend payer here at 1.77% yield — a key consideration for income-focused portfolios.
| Metric | DHCDiversified Healt… | AHRAmerican Healthca… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $5.00 | $50.43 |
| # AnalystsCovering analysts | 17 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | +1.8% |
| Dividend StreakConsecutive years of raises | 3 | 0 |
| Dividend / ShareAnnual DPS | — | $0.93 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.1% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 24 | Feb 26 | Change |
|---|---|---|---|
| Diversified Healthc… (DHC) | 100 | 181.37 | +81.4% |
| American Healthcare… (AHR) | 103.48 | 359.91 | +247.8% |
American Healthcare… (AHR) returned +310% over 5 years vs Diversified Healthc… (DHC)'s +49%. A $10,000 investment in AHR 5 years ago would be worth $41,029 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Diversified Healthc… (DHC) | $1.1B | $1.5B | +45.4% |
| American Healthcare… (AHR) | $980M | $2.1B | +111.2% |
Diversified Healthcare Trust's revenue grew from $1.1B (2016) to $1.5B (2025) — a 4.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Diversified Healthc… (DHC) | 13.4% | -18.6% | -239.2% |
| American Healthcare… (AHR) | -14.9% | -1.8% | +87.7% |
Diversified Healthcare Trust's net margin went from 13% (2016) to -19% (2025).
Chart 4P/E Ratio History — 3 Years
| Stock | 2017 | 2021 | Change |
|---|---|---|---|
| Diversified Healthc… (DHC) | 30.9 | 4.2 | -86.4% |
Diversified Healthcare Trust has traded in a 4x–31x P/E range over 3 years; current trailing P/E is ~-6x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Diversified Healthc… (DHC) | 0.6 | -1.19 | -298.3% |
| American Healthcare… (AHR) | -3.01 | -0.29 | +90.4% |
Diversified Healthcare Trust's EPS grew from $0.60 (2016) to $-1.19 (2025) — a NaN% CAGR.
Chart 6Free Cash Flow — 5 Years
Diversified Healthcare Trust generated $-20M FCF in 2025 (+69% vs 2021). American Healthcare REIT, Inc. generated $84M FCF in 2024 (+236% vs 2021).
DHC vs AHR: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is DHC or AHR a better buy right now?
Analysts rate American Healthcare REIT, Inc. (AHR) a "Buy" — based on 11 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — DHC or AHR?
Over the past 5 years, American Healthcare REIT, Inc. (AHR) delivered a total return of +310.3%, compared to +49.0% for Diversified Healthcare Trust (DHC). A $10,000 investment in AHR five years ago would be worth approximately $41K today (assuming dividends reinvested). Over 10 years, the gap is even starker: AHR returned +310.3% versus DHC's -21.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — DHC or AHR?
By beta (market sensitivity over 5 years), American Healthcare REIT, Inc. (AHR) is the lower-risk stock at 0.48β versus Diversified Healthcare Trust's 0.75β — meaning DHC is approximately 58% more volatile than AHR relative to the S&P 500.
04Which has better profit margins — DHC or AHR?
American Healthcare REIT, Inc. (AHR) is the more profitable company, earning -1.8% net margin versus -18.6% for Diversified Healthcare Trust — meaning it keeps -1.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: AHR leads at 6.6% versus -2.6% for DHC. At the gross margin level — before operating expenses — AHR leads at 20.1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is DHC or AHR more undervalued right now?
Analyst consensus price targets imply the most upside for AHR: -3.5% to $50.43.
06Which pays a better dividend — DHC or AHR?
In this comparison, AHR (1.8% yield) pays a dividend. DHC does not pay a meaningful dividend and should not be held primarily for income.
07Is DHC or AHR better for a retirement portfolio?
For long-horizon retirement investors, American Healthcare REIT, Inc. (AHR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.48), 1.8% yield, +310.3% 10Y return). Both have compounded well over 10 years (AHR: +310.3%, DHC: -21.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between DHC and AHR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. AHR pays a dividend while DHC does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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