American Healthcare REIT, Inc. (AHR) Financial Ratios
10 years of historical data (2016–2025) · Real Estate · REIT - Healthcare Facilities
EV/EBITDA
↑
30.93
↑+49% vs avg
5yr avg: 20.80
30Y Low15.4·High26.2
P/FCF
↑
57.37
↑+25% vs avg
5yr avg: 45.73
30Y Low44.1·High47.3
P/B Ratio
↑
2.46
↑+25% vs avg
5yr avg: 1.97
30Y Low1.6·High2.3
ROE
↑
2.5%
↓+202% vs avg
5yr avg: -2.4%
30Y Low-10%·High2%
Debt/EBITDA
↓
4.47
↓-41% vs avg
5yr avg: 7.52
30Y Low2.8·High9.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AHR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
American Healthcare REIT, Inc. trades at 118.1x earnings, 5% above its 5-year average of 112.0x, sitting at the 100th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.2x, the stock trades at a premium of 387%. On a free-cash-flow basis, the stock trades at 57.4x P/FCF, 25% above the 5-year average of 45.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.5B | $7.9B | $3.7B | — | — | — | — | — | — | — | — |
| Enterprise Value | $11.0B | $9.3B | $5.5B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 118.10 | 112.05 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.21 | 3.47 | 1.79 | — | — | — | — | — | — | — | — |
| P/B Ratio | 2.46 | 2.34 | 1.61 | — | — | — | — | — | — | — | — |
| P/FCF | 57.37 | 47.34 | 44.12 | — | — | — | — | — | — | — | — |
| P/OCF | 32.32 | 26.67 | 21.08 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
AHR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
American Healthcare REIT, Inc.'s enterprise value stands at 30.9x EBITDA, 49% above its 5-year average of 20.8x. The Real Estate sector median is 16.8x, placing the stock at a 84% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.13 | 2.66 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 30.93 | 26.24 | 15.36 | — | — | — | — | — | — | — | — |
| EV / EBIT | 65.49 | 69.38 | 58.68 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 56.22 | 65.44 | — | — | — | — | — | — | — | — |
AHR Profitability
Margins and return-on-capital ratios measuring operating efficiency
American Healthcare REIT, Inc. earns an operating margin of 7.4%, below the Real Estate sector average of 24.7%. Operating margins have expanded from 4.1% to 7.4% over the past 3 years, signaling improving operational efficiency. ROE of 2.5% is modest. ROIC of 2.8% represents below-average returns on invested capital.
Margins
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 | 1.8% | 1.8% | 20.1% | 19.2% | 20.8% | 14.4% | 13.4% | 18.0% | 18.3% | 20.2% | 18.4% |
| Operating Margin | 7.4% | 7.4% | 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% |
Return on Capital
| 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 | 3.4% | 3.4% | 4.1% | 2.1% | 2.4% | 4.3% | 4.4% | 6.6% | 6.6% | 6.7% | 5.6% |
AHR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
American Healthcare REIT, Inc. carries a Debt/EBITDA ratio of 4.5x, which is highly leveraged (42% below the sector average of 7.7x). Net debt stands at $1.5B ($1.6B total debt minus $115M cash). Interest coverage of just 1.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.47 | 0.47 | 0.81 | 2.07 | 1.72 | 1.37 | 1.75 | 1.67 | 1.16 | 0.91 | 0.82 |
| Debt / EBITDA | 4.47 | 4.47 | 5.22 | 9.61 | 9.73 | 8.55 | 7.11 | 5.60 | 5.27 | 4.28 | 2.81 |
| Net Debt / Equity | — | 0.44 | 0.78 | 2.04 | 1.68 | 1.32 | 1.64 | 1.63 | 1.13 | 0.88 | 0.80 |
| Net Debt / EBITDA | 4.15 | 4.15 | 5.01 | 9.48 | 9.51 | 8.27 | 6.68 | 5.44 | 5.15 | 4.16 | 2.74 |
| Debt / FCF | — | 8.89 | 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 |
AHR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio has improved from 0.20x to 0.37x over the past 3 years.
| 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 | 0.20 | 0.61 | 0.30 | 1.83 | 1.91 | 2.09 | 2.18 | 2.51 |
| Quick Ratio | — | — | 0.35 | 0.19 | 0.57 | 0.28 | 1.71 | 1.77 | 1.95 | 2.02 | 2.35 |
| Cash Ratio | — | — | 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 | — | — | — | — | — | — | — | — | — | — | — |
AHR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
American Healthcare REIT, Inc. returns 2.0% to shareholders annually — split between a 2.0% dividend yield and 0.0% buyback yield. The payout ratio exceeds 100% at 234.3%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 0.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.0% | 2.1% | 3.3% | — | — | — | — | — | — | — | — |
| Payout Ratio | 234.3% | 234.3% | — | — | — | — | 1248.1% | — | 451.0% | 497.0% | — |
Total Shareholder Return Metrics
| 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 | 1.7% | 2.1% | 2.3% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.0% | 2.1% | 3.3% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $167M | $131M | $66M | $66M | $66M | $66M | $45M | $50M | $50M | $49M |
Peer Comparison
Compare AHR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AHRYou | $10B | 118.1 | 30.9 | 57.4 | 1.8% | 7.4% | 2.5% | 2.8% | 4.5 |
 WELL | $149B | 153.3 | 66.4 | 52.4 | 39.2% | 3.3% | 2.5% | 0.5% | 8.6 |
 VTR | $41B | 160.3 | 24.3 | 31.3 | -5.9% | 14.2% | 2.1% | 2.5% | 6.0 |
 HR | $7B | -28.2 | 16.8 | 54.9 | -33.6% | 8.0% | -4.9% | 0.7% | 6.3 |
 DOC | $14B | 196.6 | 14.7 | 11.9 | 22.5% | 19.3% | 0.8% | 2.3% | 6.5 |
 OHI | $14B | 23.8 | 16.7 | 15.6 | 44.5% | 62.6% | 11.6% | 6.0% | 4.0 |
 SBRA | $5B | 32.2 | 17.0 | 14.9 | 65.0% | 34.1% | 5.6% | 3.8% | 5.7 |
 LTC | $2B | 15.3 | 16.7 | 14.1 | 75.1% | 48.2% | 10.7% | 5.1% | 5.1 |
 CTRE | $9B | 25.2 | 23.0 | 23.3 | 59.1% | 67.2% | 9.2% | 6.1% | 2.2 |
 NHI | $4B | 24.9 | 17.2 | 16.5 | 36.7% | 51.5% | 9.7% | 5.6% | 4.2 |
 GMRE | $94M | 115.3 | 8.3 | — | 78.9% | 23.6% | 1.1% | 2.0% | 7.4 |
| Real Estate Median | — | 24.2 | 16.8 | 15.6 | 50.1% | 24.7% | 3.5% | 2.7% | 7.7 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAHR — Frequently Asked Questions
Quick answers to the most common questions about buying AHR stock.
What is American Healthcare REIT, Inc.'s P/E ratio?
American Healthcare REIT, Inc.'s current P/E ratio is 118.1x. The historical average is 112.0x. This places it at the 100th percentile of its historical range.
What is American Healthcare REIT, Inc.'s EV/EBITDA?
American Healthcare REIT, Inc.'s current EV/EBITDA is 30.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.8x.
What is American Healthcare REIT, Inc.'s ROE?
American Healthcare REIT, Inc.'s return on equity (ROE) is 2.5%. The historical average is -2.1%.
Is AHR stock overvalued?
Based on historical data, American Healthcare REIT, Inc. is trading at a P/E of 118.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is American Healthcare REIT, Inc.'s dividend yield?
American Healthcare REIT, Inc.'s current dividend yield is 1.98% with a payout ratio of 234.3%.
What are American Healthcare REIT, Inc.'s profit margins?
American Healthcare REIT, Inc. has 1.8% gross margin and 7.4% operating margin.
How much debt does American Healthcare REIT, Inc. have?
American Healthcare REIT, Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.