Diversified Healthcare Trust(DHC)Earnings, Financials & Key Ratios

DHC•NASDAQ•REIT / Real Estate

$8.29

$2.01B mkt cap·Price updated May 6, 2026

SectorReal Estate IndustryHealthcare REITs Sub-IndustryDiversified healthcare real estate

AboutDHC is a real estate investment trust, or REIT, that owns medical office and life science properties, senior living communities and wellness centers throughout the United States. DHC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, MA.Show more

Revenue$1.54B+2.8%
FFO-$24M+71.9%
FFO/Share-0.10+72.0%
FFO Payout-40.32%-256.8%
FFO per Share-0.10+72.0%
NOI Margin-15.95%-193.1%
FFO Margin-1.56%+72.6%
ROE-15.78%+8.5%
ROA-6.02%+14.0%
Debt/Assets55.44%-2.2%
Net Debt/EBITDA10.31+92.0%
Book Value/Share6.93-15.2%

Technical→

DHC Key Insights

Diversified Healthcare Trust (DHC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Momentum leader: RS Rating 91 (top 9%)
✓Trading near 52-week high
✓Trading at only 1.2x book value

✗Weaknesses

✗Profits declining 15.4% over 5 years
✗FFO declining 553.8% TTM
✗Low NOI margin of -16.0%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

DHC Price & Volume

Diversified Healthcare Trust (DHC) stock price & volume — 10-year historical chart

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DHC Growth Metrics

Diversified Healthcare Trust (DHC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years4.41%

5 Years-1.18%

3 Years6.21%

TTM0.39%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM-9.28%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM-9.11%

Return on Capital

10 Years4.5%

5 Years1.1%

3 Years2.42%

Last Year-0.83%

DHC Recent Earnings

Diversified Healthcare Trust (DHC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 3/12 qtrs (25%)●Beat Revenue 5/12 qtrs (42%)

Q2 2026Latest

May 4, 2026

EPS

$0.18

Est $0.15

-22.7%

Revenue

$366M

Est $380M

-3.6%

Q1 2026

Feb 23, 2026

EPS

$0.09

Est $0.15

+160.0%

Revenue

$380M

Est $393M

-3.4%

Q4 2025

Nov 3, 2025

EPS

$0.04

Est $0.08

-50.0%

Revenue

$389M

Est $393M

-1.1%

Q3 2025

Aug 4, 2025

EPS

$0.08

Est $0.08

+0.0%

Revenue

$383M

Est $382M

+0.2%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 4, 2026	$0.18vs $0.15-22.7%	$366Mvs $380M-3.6%
Q1 2026	Feb 23, 2026	$0.09vs $0.15+160.0%	$380Mvs $393M-3.4%
Q4 2025	Nov 3, 2025	$0.04vs $0.08-50.0%	$389Mvs $393M-1.1%
Q3 2025	Aug 4, 2025	$0.08vs $0.08+0.0%	$383Mvs $382M+0.2%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
VTRVentas, Inc.Direct Competitor	41.18B	86.62	160.41	18.47%	4.25%	2.08%	1.05
WELLWelltower Inc.Direct Competitor	151.66B	216.47	155.73	35.82%	12.31%	3.49%	0.49
OHIOmega Healthcare Investors, Inc.Direct Competitor	13.72B	46.07	23.75	13.95%	51.02%	11.85%	0.78
SBRASabra Health Care REIT, Inc.Direct Competitor	5.17B	20.50	32.03	10.15%	19.21%	5.6%	0.90
LTCLTC Properties, Inc.Direct Competitor	1.9B	38.46	15.26	25.26%	39.09%	10.9%	0.73
CTRECareTrust REIT, Inc.Direct Competitor	8.79B	39.48	25.15	108.71%	80.64%	6.51%
HRHealthcare Realty Trust IncorporatedProduct Competitor	7.06B	20.24	-28.51	-6.92%	-17.51%	-4.28%	0.89
DOCHealthpeak Properties, Inc.Product Competitor	13.56B	19.50	195	4.52%	7.73%	2.6%	1.26

Compare DHC vs Peers

Diversified Healthcare Trust (DHC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VTR

Most directly comparable listed peer for DHC.

Scale Benchmark

vs WELL

Larger-name benchmark to compare DHC against a more recognizable public peer.

Peer Set

Compare Top 5

vs VTR, WELL, OHI, SBRA

DHC Income Statement

Diversified Healthcare Trust (DHC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Revenue	1.07B	1.12B	1.04B	1.63B	1.38B	1.28B	1.41B	1.5B	1.54B	1.52B
Revenue Growth %	1.58%	3.95%	-6.89%	56.9%	-15.25%	-7.2%	9.87%	6.04%	2.84%	0.39%
Property Operating Expenses	413.89M	451.77M	502.17M	1.24B	1.09B	1.11B	1.19B	1.24B	1.78B	1.49B
Net Operating Income (NOI)	660.83M▲ 0%	665.39M▲ 0.7%	537.98M▼ 19.1%	394.86M▼ 26.6%	291.4M▼ 26.2%	174.5M▼ 40.1%	225.3M▲ 29.1%	256.38M▲ 13.8%	-245.33M▼ 195.7%	32.05M▲ 0%
NOI Margin %	61.49%	59.56%	51.72%	24.19%	21.07%	13.59%	15.98%	17.14%	-15.95%	2.11%
Operating Expenses	103.69M	85.89M	37.03M	30.59M	305.22M	265.71M	26.13M	26.52M	-206.06M	70M
G&A Expenses	103.69M	85.89M	37.03M	30.59M	34.09M	26.43M	26.13M	26.52M	45.5M	36.5M
EBITDA	828.65M	859.95M	783.19M	627M	257.31M	148.31M	483.01M	514.92M	222.66M	218.62M
EBITDA Margin %	77.1%	76.98%	75.3%	38.42%	18.6%	11.55%	34.25%	34.43%	14.48%	14.41%
Depreciation & Amortization	271.51M	280.45M	282.23M	262.74M	271.13M	239.53M	283.84M	285.06M	261.92M	256.57M
D&A / Revenue %	25.26%	25.1%	27.13%	16.1%	19.6%	18.66%	20.13%	19.06%	17.03%	16.91%
Operating Income	557.14M▲ 0%	579.5M▲ 4.0%	500.95M▼ 13.6%	364.26M▼ 27.3%	-13.82M▼ 103.8%	-91.22M▼ 560.1%	199.17M▲ 318.3%	229.86M▲ 15.4%	-39.27M▼ 117.1%	-37.95M▲ 0%
Operating Margin %	51.84%	51.87%	48.16%	22.32%	-1%	-7.11%	14.12%	15.37%	-2.55%	-2.5%
Interest Expense	165.02M	179.29M	180.11M	201.48M	255.76M	209.38M	191.78M	235.24M	204.5M	4M
Interest Coverage	1.70x	1.64x	1.18x	0.47x	1.71x	0.90x	-0.44x	-0.23x	-0.39x	-
Non-Operating Income	276.86M	286.24M	289.02M	270.15M	-450.93M	-279.48M	284.08M	284.96M	40.38M	55.49M
Pretax Income	152.26M▲ 0%	292.89M▲ 92.4%	-82.44M▼ 128.1%	-133.06M▼ 61.4%	181.36M▲ 236.3%	-15.06M▼ 108.3%	-293.13M▼ 1845.9%	-369.79M▼ 26.2%	-284.14M▲ 23.2%	-317.86M▲ 0%
Pretax Margin %	14.17%	26.22%	-7.93%	-8.15%	13.11%	-1.17%	-20.78%	-24.73%	-18.48%	-20.95%
Income Tax	454K	476K	436K	1.25M	1.43M	710K	445K	467K	1.74M	2.32M
Effective Tax Rate %	0.3%	0.16%	-0.53%	-0.94%	0.79%	-4.71%	-0.15%	-0.13%	-0.61%	-0.73%
Net Income	147.61M▲ 0%	286.87M▲ 94.3%	-88.23M▼ 130.8%	-139.45M▼ 58.0%	174.51M▲ 225.1%	-15.77M▼ 109.0%	-293.57M▼ 1761.1%	-370.25M▼ 26.1%	-285.89M▲ 22.8%	-320.18M▲ 0%
Net Margin %	13.73%	25.68%	-8.48%	-8.54%	12.62%	-1.23%	-20.82%	-24.76%	-18.59%	-21.1%
Net Income Growth %	4.47%	94.34%	-130.76%	-58.05%	225.14%	-109.04%	-1761.11%	-26.12%	22.79%	-9.28%
Funds From Operations (FFO)	419.12M▲ 0%	567.32M▲ 35.4%	194M▼ 65.8%	123.29M▼ 36.4%	445.65M▲ 261.5%	223.75M▼ 49.8%	-9.73M▼ 104.3%	-85.19M▼ 775.5%	-23.96M▲ 71.9%	-63.61M▲ 0%
FFO Margin %	39%	50.78%	18.65%	7.55%	32.22%	17.43%	-0.69%	-5.7%	-1.56%	-4.19%
FFO Growth %	-1.19%	35.36%	-65.8%	-36.45%	261.46%	-49.79%	-104.35%	-775.47%	71.87%	226.17%
FFO per Share	1.77	2.39	0.82	0.52	1.87	0.94	-0.04	-0.36	-0.10	-0.26
FFO Payout Ratio %	88.42%	65.35%	102.95%	34.74%	2.14%	4.28%	-98.6%	-11.3%	-40.32%	-11.4%
EPS (Diluted)	0.62▲ 0%	1.21▲ 95.2%	-0.37▼ 130.6%	-0.59▼ 59.5%	0.73▲ 223.7%	-0.07▼ 109.1%	-1.23▼ 1758.0%	-1.55▼ 26.0%	-1.19▲ 23.2%	-1.33▲ 0%
EPS Growth %	3.33%	95.16%	-130.58%	-59.46%	223.73%	-109.07%	-1758.01%	-26.02%	23.23%	-9.11%
EPS (Basic)	0.62	1.21	-0.37	-0.59	0.73	-0.07	-1.23	-1.55	-1.19	-
Diluted Shares Outstanding	237.45M	237.55M	237.6M	237.74M	237.97M	238.31M	238.84M	239.53M	240.29M	240.69M

DHC Balance Sheet

Diversified Healthcare Trust (DHC) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Assets	7.29B	7.16B	6.65B	6.48B	6.62B	6B	5.45B	5.14B	4.36B	4.27B
Asset Growth %	0.92%	-1.83%	-7.07%	-2.67%	2.27%	-9.38%	-9.26%	-5.68%	-15.1%	-51.87%
Real Estate & Other Assets	-7.05B	-6.97B	6.05B	87.97M	149.12M	5.1B	4.92B	4.53B	129.89M	0
PP&E (Net)	6.37B	6.34B	0	5.72B	5.08B	0	23.37M	0	16.54M	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Total Current Assets	47.32M	70.07M	263.78M	308.09M	1.1B	697.4M	262.49M	430.18M	187.93M	121.77M
Cash & Equivalents	31.24M	54.98M	37.36M	74.42M	634.85M	658.07M	245.94M	144.58M	121.8M	121.77M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Assets	16.08M	17.02M	224.44M	128.87M	382.1M	30.62M	10.47M	281.54M	0	0
Intangible Assets	472.26M	419.24M	337.88M	286.51M	48.75M	45.35M	33.95M	26.3M	20.66M	19.56M
Total Liabilities	4.02B	3.98B	3.78B	3.86B	3.96B	3.36B	3.11B	3.18B	2.7B	2.65B
Total Debt	3.77B	3.73B	3.58B	3.5B	3.68B	3.08B	2.82B	2.91B	2.42B	0
Net Debt	3.74B	3.68B	3.54B	3.43B	3.05B	2.42B	2.57B	2.77B	2.3B	-121.77M
Long-Term Debt	3.67B	3.2B	2.27B	3.19B	3.67B	2.35B	2.82B	2.91B	2.4B	0
Short-Term Borrowings	0	446.14M	537.5M	299.27M	0	700M	0	0	1.87M	0
Capital Lease Obligations	96.02M	86.3M	771.44M	12.22M	10.99M	30.18M	0	0	18.34M	38.52M
Total Current Liabilities	613.99M	165.18M	577.1M	326.57M	29.84M	734.62M	29.94M	38.1M	1.87M	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	4.02B	3.98B	0	0	0	0	0	0	0	0
Other Liabilities	-367.7M	526.79M	158.81M	326.68M	250.4M	250.81M	262.46M	229.15M	277.74M	2.65B
Total Equity	3.45B▲ 0%	3.34B▼ 3.3%	2.88B▼ 13.8%	2.62B▼ 9.0%	2.66B▲ 1.6%	2.64B▼ 0.9%	2.34B▼ 11.4%	1.96B▼ 16.2%	1.67B▼ 15.0%	1.62B▲ 0%
Equity Growth %	-50.61%	-3.27%	-13.77%	-8.96%	1.65%	-0.89%	-11.43%	-16.18%	-14.97%	-63.04%
Shareholders Equity	3.28B	3.18B	2.74B	2.5B	2.66B	2.64B	2.34B	1.96B	1.67B	1.62B
Minority Interest	172.24M	156.76M	140.53M	123.39M	0	0	0	0	0	0
Common Stock	2.38M	2.38M	2.38M	2.38M	2.39M	2.4M	2.4M	2.41M	2.42M	2.42M
Additional Paid-in Capital	4.61B	4.61B	4.61B	4.61B	4.62B	4.62B	4.62B	4.62B	4.62B	0
Retained Earnings	-1.59B	-1.59B	-1.88B	0	0	-1.98B	-2.28B	-2.66B	-2.96B	0
Preferred Stock	172.24M	156.76M	0	0	0	0	0	0	0	0
Return on Assets (ROA)	2.03%	3.97%	-1.28%	-2.12%	2.66%	-0.25%	-5.13%	-7%	-6.02%	-7.09%
Return on Equity (ROE)	2.83%	8.45%	-2.84%	-5.07%	6.61%	-0.6%	-11.8%	-17.24%	-15.78%	-18.75%
Debt / Assets	51.69%	52.16%	53.78%	54.09%	55.57%	51.28%	51.72%	56.67%	55.44%	0%
Debt / Equity	1.09x	1.12x	1.24x	1.34x	1.38x	1.17x	1.21x	1.49x	1.45x	1.45x
Net Debt / EBITDA	4.51x	4.28x	4.52x	5.47x	11.84x	16.32x	5.32x	5.37x	10.31x	10.31x
Book Value per Share	14.53	14.05	12.11	11.02	11.19	11.07	9.78	8.18	6.93	6.73

DHC Cash Flow Statement

Diversified Healthcare Trust (DHC) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	407.05M	392.84M	265.85M	158.54M	-63.32M	-40.35M	10.48M	112.22M	-19.62M	-19.62M
Operating CF Growth %	-4.63%	-3.49%	-32.33%	-40.36%	-139.94%	36.27%	125.98%	970.52%	-117.48%	-166.79%
Operating CF / Revenue %	37.87%	35.16%	25.56%	9.71%	-4.58%	-3.14%	0.74%	7.5%	-1.28%	-1.29%
Net Income	151.8M	292.41M	-82.88M	-134.31M	179.93M	-15.77M	-293.57M	-370.25M	-285.89M	-320.18M
Depreciation & Amortization	271.51M	280.45M	282.23M	262.74M	263.92M	239.53M	283.84M	285.06M	262.04M	256.6M
Stock-Based Compensation	2.15M	2.22M	0	0	0	0	0	0	0	0
Other Non-Cash Items	-46.4M	-183.12M	117.37M	43.28M	-442.05M	-265.74M	48.05M	190.6M	-29.03M	35.78M
Working Capital Changes	30.14M	3.1M	-50.88M	-13.18M	-65.12M	1.64M	-27.84M	6.82M	33.26M	19.76M
Cash from Investing	-221.44M	99.09M	86.17M	-40.44M	242.7M	387.71M	-202.11M	-187.02M	483.57M	206.06M
Acquisitions (Net)	255.93M	0	0	0	367.03M	108.42M	0	-21.18M	0	-2.7M
Purchase of Investments	-159.29M	-129.49M	0	0	0	0	0	0	0	0
Sale of Investments	55.07M	332.39M	98.56M	0	0	0	0	0	0	48.89M
Other Investing	-221.44M	99.09M	-12.39M	-40.44M	-124.34M	279.28M	-202.11M	-165.84M	483.57M	195.03M
Cash from Financing	-186.13M	-469.18M	-369.86M	-79.48M	746.72M	-676M	-249.71M	-22.31M	-492.01M	-364.83M
Dividends Paid	-370.61M	-370.75M	-199.72M	-42.83M	-9.54M	-9.57M	-9.6M	-9.63M	-9.66M	-9.67M
Common Dividends	-370.61M	-370.75M	-199.72M	-42.83M	-9.54M	-9.57M	-9.6M	-9.63M	-9.66M	-7.25M
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-2M
Share Repurchases	-341K	-411K	-299K	-171K	-383K	-171K	-393K	-904K	-1.15M	-1.23M
Other Financing	229.79M	-25.47M	-22M	-28.05M	-32.7M	-27.19M	-22.68M	-8.56M	-37.66M	-30.66M
Net Change in Cash	-511K▲ 0%	22.75M▲ 4552.1%	-17.85M▼ 178.4%	38.63M▲ 316.4%	926.1M▲ 2297.7%	-328.64M▼ 135.5%	-441.34M▼ 34.3%	-97.11M▲ 78.0%	-28.05M▲ 71.1%	-166.8M▲ 0%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	31.75M	47.32M	70.07M	52.22M	90.85M	1.02B	688.3M	246.96M	149.85M	121.8M
Cash at End	31.24M	70.07M	52.22M	90.85M	1.02B	688.3M	246.96M	149.85M	121.8M	139.85M
Free Cash Flow	185.62M▲ 0%	491.93M▲ 165.0%	265.85M▼ 46.0%	158.54M▼ 40.4%	-63.32M▼ 139.9%	-40.35M▲ 36.3%	10.48M▲ 126.0%	112.22M▲ 970.5%	-19.62M▼ 117.5%	-43.2M▲ 0%
FCF Growth %	38.58%	165.03%	-45.96%	-40.36%	-139.94%	36.27%	125.98%	970.52%	-117.48%	-153.74%
FCF / Revenue %	17.27%	44.03%	25.56%	9.71%	-4.58%	-3.14%	0.74%	7.5%	-1.28%	-2.85%

DHC Key Ratios

Diversified Healthcare Trust (DHC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
FFO per Share	1.77	2.39	0.82	0.52	1.87	0.94	-0.04	-0.36	-0.1	-0.26
FFO Payout Ratio	88.42%	65.35%	102.95%	34.74%	2.14%	4.28%	-98.6%	-11.3%	-40.32%	-11.4%
NOI Margin	61.49%	59.56%	51.72%	24.19%	21.07%	13.59%	15.98%	17.14%	-15.95%	2.11%
Net Debt / EBITDA	4.51x	4.28x	4.52x	5.47x	11.84x	16.32x	5.32x	5.37x	10.31x	10.31x
Debt / Assets	51.69%	52.16%	53.78%	54.09%	55.57%	51.28%	51.72%	56.67%	55.44%	0%
Interest Coverage	1.70x	1.64x	1.18x	0.47x	1.71x	0.90x	-0.44x	-0.23x	-0.39x	-
Book Value / Share	14.53	14.05	12.11	11.02	11.19	11.07	9.78	8.18	6.93	6.73
Revenue Growth	1.58%	3.95%	-6.89%	56.9%	-15.25%	-7.2%	9.87%	6.04%	2.84%	0.39%

DHC SEC Filings & Documents

Diversified Healthcare Trust (DHC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 5, 2026·SEC

Material company update

May 4, 2026·SEC

Material company update

Feb 24, 2026·SEC

10-K Annual Reports

FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

FY 2026

May 4, 2026·SEC

FY 2025

Nov 3, 2025·SEC

FY 2025

Aug 4, 2025·SEC

DHC Frequently Asked Questions

Diversified Healthcare Trust (DHC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Diversified Healthcare Trust (DHC) reported $1.52B in revenue for fiscal year 2025. This represents a 1618% increase from $88.3M in 1998.

Diversified Healthcare Trust (DHC) grew revenue by 2.8% over the past year. Growth has been modest.

Diversified Healthcare Trust (DHC) reported a net loss of $320.2M for fiscal year 2025.

Dividend & Returns

Yes, Diversified Healthcare Trust (DHC) pays a dividend with a yield of 0.48%. This makes it attractive for income-focused investors.

Diversified Healthcare Trust (DHC) has a return on equity (ROE) of -15.8%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Diversified Healthcare Trust (DHC) generated Funds From Operations (FFO) of $-63.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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Diversified Healthcare Trust(DHC)Earnings, Financials & Key Ratios

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