Operational efficiency is evidenced by a high conversion of operating cash flow into FFO, with 2026Q1 FFO of $12.0M aligning closely with $11.9M in operating cash flow while requiring negligible capital expenditures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 49.43M | 49.09M | 46.91M | 43.47M | 46.8M | 47.73M | 44.21M | 42.65M | 42.93M | 46.01M | 40.73M | 38.18M | 32.8M | 31.29M | 30.78M | 21.37M | 23.05M | 24.98M | 21.84M | 22.77M | 24.7M | 25.3M | 26.99M | 29.08M | 26.29M | 22.78M | 19.97M | 19.58M | 18.66M | 17.71M | 18M |
| Operating CF Growth % | 22.24% | 4.65% | 7.91% | -7.12% | -1.93% | 7.95% | 3.65% | -0.64% | -6.69% | 12.94% | 6.69% | 16.41% | 4.8% | 1.66% | 44.03% | -7.28% | -7.75% | 14.39% | -4.1% | -7.8% | -2.38% | -6.24% | -7.19% | 10.62% | 15.4% | 14.06% | 2% | 4.95% | 5.36% | -1.65% | 5.45% |
| Operating CF / Revenue % | 33.25% | 49.49% | 47.38% | 45.49% | 51.65% | 56.69% | 56.67% | 55.28% | 56.33% | 63.59% | 60.72% | 59.7% | 54.86% | 57.65% | 57.06% | 72.46% | 79.82% | 78.29% | 74.84% | 81.46% | 77.89% | 77.64% | 87.02% | 110.53% | 96.75% | 86.57% | 76.65% | 82.04% | 80.29% | 76.65% | 82.12% |
| Net Income | 17.85M | 17.61M | 19.23M | 15.4M | 21.1M | 109.17M | 19.45M | 18.96M | 24.2M | 45.62M | 17.21M | 23.69M | 51.55M | 13.17M | 19.48M | 73.79M | 16.31M | 18.58M | 11.65M | 22.19M | 34.7M | 25.42M | 23.67M | 24.43M | 21.62M | 18.35M | 16.26M | 13.97M | 14.3M | 14M | 14.2M |
| Depreciation & Amortization | 28.8M | 28.69M | 28.01M | 27.73M | 27.13M | 27.3M | 25.39M | 25.67M | 24.76M | 25.09M | 23.01M | 22.2M | 20.98M | 18.84M | 20.22M | 7.31M | 6.29M | 6.4M | 5.9M | 5.21M | 5.76M | 5.83M | 5.31M | 4.54M | 4.43M | 4.4M | 4.46M | 3.86M | 3.88M | 3.77M | 3.64M |
| Stock-Based Compensation | 913K | 936K | 853K | 780K | 780K | 947K | 912K | 702K | 571K | 538K | 481K | 427K | 399K | 375K | 329K | 281K | 343K | 286K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -945K | -1.13M | -503K | 2.09M | -50K | -87.95M | -258K | -1.14M | -5.97M | -2.94M | -852K | -8.97M | -25.72M | -433K | -657K | -65.18M | 0 | 286K | 4.58M | -4.28M | -15.82M | -5.48M | -2.04M | -202K | 164K | -17K | -756K | 1.2M | 161K | 318K | 303K |
| Working Capital Changes | 2.81M | 2.98M | -1.19M | -1.75M | -2.15M | -1.73M | -1.29M | 404K | -634K | 4.89M | 881K | 829K | -1.36M | -660K | -62K | -186K | 110K | -277K | -290K | -343K | 66K | -463K | 39K | 318K | 68K | 45K | 9K | 550K | 315K | -387K | -136K |
| Cash from Investing | -17.52M | -14.96M | -13.88M | -19.87M | -36.67M | -24.43M | -27.21M | -16.47M | -7.96M | 39.46M | -74.83M | -44.31M | -4.04M | -13.51M | -8.56M | -3.28M | -17.3M | -12.36M | -26.92M | -4.34M | -2.04M | 8.41M | 11.88M | -13.05M | -1.43M | -8.33M | -8.91M | -14.44M | -27.21M | -541K | -19.46M |
| Acquisitions (Net) | -6.67M | -6.8M | -5.89M | -7.62M | -94K | -19.84M | -3.2M | -2.13M | -820K | -8.42M | -5.45M | -2.92M | -6.08M | -3.01M | -2.97M | -39.58M | 0 | -9.56M | -10.1M | 7.28M | -5.33M | -8.28M | -2.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | -19.64M | -22.58M | 0 | 0 | -14.45M | -820K | -532K | -5.45M | -667K | -1.34M | -3.01M | -2.97M | -3.79M | -15.58M | -6.9M | -13.82M | -24.92M | -7.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 7.39M | 22.58M | 0 | 0 | 2.77M | -6.61M | 51.63M | -4.39M | -3.47M | 20.52M | 114K | 14.43M | 39.58M | 0 | 4.1M | 0 | 10M | 1.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -10.85M | -8.15M | -7.98M | -7.43M | -22.96M | 8.41M | -21.74M | 2.45M | 4.34M | 5.83M | 851K | -20.49M | -1.53M | -2.93M | 551K | 40.86M | -755K | -12.36M | 1.71M | 10.54M | 10.21M | 19.08M | 15.2M | -12.74M | -1.38M | -7.78M | 895K | 3.42M | -27.06M | 3.71M | -9.26M |
| Cash from Financing | -31.82M | -34.55M | -34.15M | -23.01M | -25.02M | -6.54M | -17.37M | -25.11M | -33.32M | -86.01M | 34.14M | 6.16M | -29.82M | -17.49M | -30.82M | -7.43M | -7.8M | -10.2M | 4.57M | -18.11M | -23.22M | -35.58M | -36.39M | -15.99M | -24.89M | -14.11M | -11.62M | -4.86M | 7.89M | -16.06M | 1.45M |
| Dividends Paid | -41.18M | -41.03M | -40.39M | -39.77M | -39.18M | -38.53M | -37.97M | -37.41M | -36.83M | -36.05M | -35.14M | -34.09M | -32.72M | -31.75M | -31.2M | -30.7M | -29.86M | -28.41M | -27.74M | -27.2M | -26.63M | -25.59M | -23.49M | -22.96M | -22.44M | -20.58M | -16.53M | -16.21M | -15.72M | -15.26M | -15.17M |
| Common Dividends | -41.18M | -41.03M | -40.39M | -39.77M | -39.18M | -38.53M | -37.97M | -37.41M | -36.83M | -36.05M | -35.14M | -34.09M | -32.72M | -31.75M | -31.2M | -30.7M | -29.86M | -28.41M | -27.74M | -27.2M | -26.63M | -25.59M | -23.49M | -22.96M | -22.44M | -20.58M | -16.53M | -16.21M | -15.72M | -15.26M | -15.17M |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 132K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -800K | 1000K |
| Share Repurchases | 0 | 0 | -131K | 0 | 0 | 0 | -267K | -221K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -236K | 0 | 0 | 0 | 0 | 0 | 0 | -181K | 0 | 0 | 0 | 0 |
| Other Financing | -35K | -35K | -2.38M | 0 | -26K | -1.84M | -467K | 177K | -1.67M | -446K | -337K | -1.19M | -94K | 5.56M | -106K | -1.23M | -532K | -298K | 9.77M | -527K | -108K | 0 | -435K | 0 | 0 | 0 | 0 | 0 | 10K | 0 | 25K |
| Net Change in Cash | 90K | -411K | -1.11M | 598K | -14.89M | 16.76M | -368K | 1.07M | 1.65M | -543K | 36K | 33K | 524K | 289K | -8.6M | 10.66M | -2.05M | 2.42M | -513K | 333K | -919K | -1.87M | 2.96M | 30K | -31K | 335K | -558K | 280K | -666K | 1.1M | -2K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -359K | 0 | 475K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 6.69M | 7.1M | 8.21M | 7.61M | 22.5M | 5.74M | 6.11M | 5.04M | 3.39M | 3.93M | 3.89M | 3.86M | 3.34M | 3.05M | 11.65M | 987K | 3.04M | 618K | 1.13M | 798K | 1.72M | 3.59M | 628K | 598K | 629K | 294K | 852K | 572K | 1.24M | 137K | 139K |
| Cash at End | 7.06M | 6.69M | 7.1M | 8.21M | 7.61M | 22.5M | 5.74M | 6.11M | 5.04M | 3.39M | 3.93M | 3.89M | 3.86M | 3.34M | 3.05M | 11.65M | 987K | 3.04M | 618K | 1.13M | 798K | 1.72M | 3.59M | 628K | 598K | 629K | 294K | 852K | 572K | 1.24M | 137K |
| Free Cash Flow | 49.43M | 49.09M | 46.91M | 43.47M | 33.19M | 34.74M | 41.94M | 37.55M | 38.88M | 36.97M | -19.66M | 21.41M | 17.2M | 26.62M | 13.18M | -18.98M | 22.08M | 37.35M | 17.13M | 15.54M | 23.41M | 22.91M | 26.44M | 28.77M | 26.24M | 22.22M | 10.16M | 1.73M | 18.5M | 13.46M | 7.81M |
| FCF Growth % | 5.66% | 4.65% | 7.91% | 31% | -4.47% | -17.18% | 11.71% | -3.42% | 5.17% | 288.06% | -191.79% | 24.52% | -35.4% | 101.95% | 169.44% | -185.97% | -40.88% | 118.04% | 10.21% | -33.61% | 2.16% | -13.34% | -8.09% | 9.64% | 18.06% | 118.69% | 488.42% | -90.66% | 37.42% | 72.39% | -15.85% |
| FCF / Revenue % | 33.25% | 49.49% | 47.38% | 45.49% | 36.62% | 41.26% | 53.77% | 48.66% | 51.01% | 51.09% | -29.3% | 33.48% | 28.76% | 49.04% | 24.43% | -64.36% | 76.46% | 117.02% | 58.69% | 55.58% | 73.81% | 70.3% | 85.25% | 109.34% | 96.57% | 84.46% | 39% | 7.24% | 79.61% | 58.27% | 35.62% |
Sponsor-Linked Concentration Risk
As reported in recent financial statements, UHT consistently generates FFO significantly higher than GAAP net income, with the 2026Q1 FFO of $12.0M dwarfing the $5.0M net income, illustrating how non-cash depreciation charges obscure the trust's actual ability to generate recurring cash flow from its healthcare assets.
The persistent gap between GAAP net income and FFO highlights that traditional accounting metrics are poor proxies for UHT's economic performance. Investors should monitor this spread as it confirms that the trust's cash-generating capacity is far more stable than the volatile net income figures suggest.
Based on the provided quarterly data, UHT maintains a consistent dividend payout ratio relative to FFO, with the 2026Q1 dividend of $10.3M representing approximately 86% of the $12.0M FFO, suggesting a sustainable distribution policy that is well-covered by the trust's recurring cash flow streams.
The stability of the payout ratio indicates that management prioritizes dividend consistency over aggressive capital reinvestment. While this provides income security for shareholders, it also implies that the trust has limited retained cash flow to fund significant portfolio expansion without external financing.
According to the latest quarterly filings, UHT demonstrates a high conversion of operating cash flow into FFO, with the 2026Q1 FFO of $12.0M aligning closely with the $11.9M in operating cash flow, confirming that the trust's earnings are backed by actual cash receipts from its tenants.
This high conversion quality suggests that the trust's revenue recognition is not overly reliant on non-cash accounting adjustments. The alignment between OCF and FFO warrants confidence in the quality of the trust's reported earnings, as it minimizes the risk of future downward revisions to cash-based performance.
As indicated by the historical cash flow statements, UHT reports negligible recurring capital expenditures, with nearly all quarters showing zero or near-zero spending, which confirms the effectiveness of the triple-net lease structure in shifting maintenance and improvement costs directly to the trust's healthcare facility tenants.
The absence of significant maintenance capex is a structural advantage that preserves the trust's distributable cash flow. However, investors should monitor whether this lack of investment reflects a genuine lack of need or a potential deferral of necessary facility upgrades that could impact long-term asset value.
Quick answers to the most common questions about buying UHT stock.
Universal Health Realty Income Trust (UHT) generated $49.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Universal Health Realty Income Trust (UHT) generated $49.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Universal Health Realty Income Trust (UHT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Universal Health Realty Income Trust (UHT) returned $41.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.