Latest Ratios: P/E Ratio 126.2x · EV/EBITDA 31.8x · ROE 2.5%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.0B | $7.9B | $3.7B | — | — | — | — | — | — | — | — |
| Enterprise Value | $12.5B | $9.4B | $5.5B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 126.24 | 112.05 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.85 | 3.47 | 1.79 | — | — | — | — | — | — | — | — |
| P/B Ratio | 2.63 | 2.34 | 1.61 | — | — | — | — | — | — | — | — |
| P/FCF | 66.07 | 47.34 | 44.12 | — | — | — | — | — | — | — | — |
| P/OCF | 37.22 | 26.67 | 21.08 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.17 | 2.66 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 31.80 | 23.91 | 15.36 | — | — | — | — | — | — | — | — |
| EV / EBIT | 74.21 | 70.10 | 58.68 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 56.81 | 65.44 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.6% | 20.6% | 20.1% | 19.2% | 20.8% | 14.4% | 13.4% | 18.0% | 18.3% | 20.2% | 18.4% |
| Operating Margin | 7.5% | 7.5% | 6.6% | 4.1% | 5.6% | 11.0% | 11.1% | 15.5% | 15.8% | 17.1% | 15.5% |
| Net Profit Margin | 3.1% | 3.1% | -1.8% | -3.8% | -5.0% | -3.8% | 0.2% | -0.4% | 1.2% | 1.1% | -14.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.5% | 2.5% | -2.0% | -4.6% | -4.7% | -3.3% | 0.2% | -0.4% | 1.0% | 0.8% | -10.1% |
| ROA | 1.4% | 1.4% | -0.8% | -1.5% | -1.7% | -1.2% | 0.1% | -0.2% | 0.5% | 0.4% | -5.2% |
| ROIC | 2.8% | 2.8% | 2.4% | 1.3% | 1.6% | 2.9% | 3.4% | 5.1% | 5.1% | 5.2% | — |
| ROCE | 4.2% | 4.2% | 4.1% | 2.1% | 2.4% | 4.3% | 4.4% | 6.6% | 6.6% | 6.7% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.50 | 0.50 | 0.81 | 2.07 | 1.72 | 1.37 | 1.75 | 1.67 | 1.16 | 0.91 | 0.82 |
| Debt / EBITDA | 4.28 | 4.28 | 5.22 | 9.61 | 9.73 | 8.55 | 7.11 | 5.60 | 5.27 | 4.28 | 2.81 |
| Net Debt / Equity | — | 0.47 | 0.78 | 2.04 | 1.68 | 1.32 | 1.64 | 1.63 | 1.13 | 0.88 | 0.80 |
| Net Debt / EBITDA | 3.99 | 3.99 | 5.01 | 9.48 | 9.51 | 8.27 | 6.68 | 5.44 | 5.15 | 4.16 | 2.74 |
| Debt / FCF | — | 9.47 | 21.32 | — | 36.30 | — | 19.40 | 72.87 | 35.51 | 14.43 | 16.98 |
| Interest Coverage | 1.57 | 1.57 | 0.73 | 0.53 | 0.31 | 0.07 | 0.46 | 0.99 | 1.25 | 1.08 | -2.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.37 | 0.37 | 0.37 | 0.20 | 0.61 | 0.30 | 1.83 | 1.91 | 2.09 | 2.18 | 2.51 |
| Quick Ratio | 0.37 | 0.37 | 0.35 | 0.19 | 0.57 | 0.28 | 1.71 | 1.77 | 1.95 | 2.02 | 2.35 |
| Cash Ratio | 0.13 | 0.13 | 0.08 | 0.03 | 0.12 | 0.07 | 0.58 | 0.31 | 0.24 | 0.27 | 0.27 |
| Asset Turnover | — | 0.42 | 0.46 | 0.41 | 0.34 | 0.28 | 0.37 | 0.38 | 0.39 | 0.37 | 0.35 |
| Inventory Turnover | — | — | 84.92 | 77.15 | 64.81 | 57.16 | 41.59 | 41.96 | 43.68 | 43.38 | 46.34 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 2.1% | 3.3% | — | — | — | — | — | — | — | — |
| Payout Ratio | 234.3% | 234.3% | — | — | — | — | 1248.1% | — | 451.0% | 497.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 0.9% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.5% | 2.1% | 2.3% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.9% | 2.1% | 3.3% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $167M | $131M | $66M | $66M | $66M | $66M | $45M | $50M | $50M | $49M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying AHR stock.
American Healthcare REIT, Inc.'s current P/E ratio is 126.2x. The historical average is 112.0x. This places it at the 100th percentile of its historical range.
American Healthcare REIT, Inc.'s current EV/EBITDA is 31.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.6x.
American Healthcare REIT, Inc.'s return on equity (ROE) is 2.5%. The historical average is -2.1%.
Based on historical data, American Healthcare REIT, Inc. is trading at a P/E of 126.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Healthcare REIT, Inc.'s current dividend yield is 1.85% with a payout ratio of 234.3%.
American Healthcare REIT, Inc. has 20.6% gross margin and 7.5% operating margin.
American Healthcare REIT, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Labor cost pressure on margins
Metrics are mathematically derived from official filings.
FFO Multiple Expands Amid Recovery
AHR's P/FFO has climbed from 14.7x in 2025Q1 to 19.6x in 2026Q2, reflecting investor optimism despite a thin 1.8% dividend yield, as per quarterly data.
The P/FFO multiple expansion suggests the market is pricing in sustained FFO growth, which is supported by the 67.7% YoY FFO growth in 2026Q2. However, the implied cap rate, derived from NOI and enterprise value, remains below private market transactions, indicating potential overvaluation if growth decelerates. Investors should monitor whether the multiple can be justified by continued operational improvements.
NOI Margin Stability Masks Segment Mix
NOI margin has held near 20% for the past year, but 2026Q2's negative NOI of -$7.0M signals a temporary disruption, as reported in the latest quarterly data.
The stable NOI margin around 20-21% suggests that the integrated campus model is generating consistent property-level profits, yet the negative NOI in 2026Q2 indicates a potential spike in operating costs or a one-time charge. This volatility, combined with a thin net margin of 3.09%, implies that FFO growth is not purely organic but may be influenced by acquisition activity and non-recurring items. The low gross margin of 1.76% (or 20.6% per recent context) highlights the high variable cost structure, particularly labor, which could compress margins if wage inflation persists.
Payout Ratio Volatile but Improving
FFO payout ratio fell from 151.5% in 2024Q4 to 46.3% in 2026Q2, indicating a strengthening dividend coverage, as per the latest financial statements.
The dramatic improvement in the FFO payout ratio suggests that AHR's dividend is now well-covered by FFO, with a buffer that allows for retained cash flow. However, the AFFO payout ratio remains a concern, as AFFO per share has been inconsistent, turning negative in 2024Q4. The 2.2x AFFO coverage in 2026Q2 is a positive sign, but the volatility in AFFO conversion warrants monitoring, as it may indicate that FFO is being inflated by non-cash items or that maintenance capex is understated.
Leverage Declines as Debt Matures
Debt-to-equity fell from 1.05 in 2024Q1 to 0.42 in 2026Q2, while interest coverage improved to 2.66x, as reported in the latest balance sheet data.
The significant deleveraging, with total debt decreasing from $2.2B to $1.6B, suggests a strategic focus on strengthening the balance sheet, possibly through asset recycling or equity raises. Interest coverage of 2.66x is adequate but not robust, and the low reported D/E may understate true leverage if operating leases are not capitalized. The maturity profile appears manageable, but the reliance on variable-rate debt could expose AHR to interest rate risk, especially if the Fed maintains higher rates.
Occupancy Gains Drive Same-Store Growth
Same-store NOI growth appears positive, with overall NOI margin stable at 20.5% in 2025Q4, suggesting organic improvements, based on the quarterly data.
The stable NOI margin and positive same-store trends indicate that AHR's integrated campus model is driving occupancy gains, particularly in senior housing. However, the concentration in skilled nursing and the UK portfolio introduces regulatory and currency risks. G&A efficiency appears reasonable, but the internalization of management may have increased fixed costs, which could pressure margins if revenue growth slows. The portfolio's heavy investment in PP&E (79% of assets) underscores the capital-intensive nature of the business, requiring ongoing maintenance capex.
P/E Misleads Due to Depreciation
AHR's P/E of 129.3x is distorted by depreciation, while P/FFO of 19.6x provides a clearer valuation, as per the latest financial data.
The standard P/E ratio is misleading for REITs because it includes depreciation, which is a non-cash charge that reduces net income but not cash flow. For AHR, the large depreciation expense on its $4.5B property portfolio depresses earnings, making the P/E appear excessively high. Investors should use P/FFO or P/AFFO instead, which add back depreciation and adjust for maintenance capex. The P/FFO of 19.6x is more comparable to peers like WELL and VTR, though AHR's higher operational complexity may warrant a discount.