Diversified Healthcare Trust (DHC) Balance Sheet
DHC balance sheet, 2025
December 31, 2025 · U.S. dollars$4.36B assets = $2.70B liabilities + $1.67B equity
Both columns are drawn to the same scale: what DHC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DHC financial health
Descriptive bands, not a rating. Fiscal 2025.
DHC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7.23B2016 | $4.36B2025 | −5.5%/yr | |
| Total liabilities | $4.03B2016 | $2.70B2025 | −4.4%/yr | |
| Shareholders’ equity | $3.20B2016 | $1.67B2025 | −7.0%/yr | |
| Cash & short-term investments | $31.7M2016 | $121.8M2025 | +16.1%/yr | |
| Total debt | $4.04B2016 | $2.42B2025 | −5.5%/yr | |
| Net cash (debt) | −$4.01B2016 | −$2.30B2025 | +$1.7B | |
| Working capital | −$309.9M2016 | $186.1M2025 | +$496.0M | |
| Book value per share | $13.482016 | $6.932025 | −7.1%/yr | |
| Debt / equity | 1.262016 | 1.452025 | +0.19 | |
| Shares outstanding | 237.4M2016 | 240.3M2025 | +0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DHC assets
DHC liabilities and equity
DHC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DHC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $121.8M | $144.6M | $245.9M | $658.1M | $634.8M | $74.4M | $37.4M | $55.0M | $31.2M | $31.7M |
| Cash & equivalents | $121.8M | $144.6M | $245.9M | $658.1M | $634.8M | $74.4M | $37.4M | $55.0M | $31.2M | $31.7M |
| Short-term investments | — | — | — | $5.9M | $215.1M | — | — | — | $162.8M | $115.6M |
| Receivables | $66.1M | $4.1M | $6.1M | $8.7M | $82.1M | $104.8M | $2.0M | $18.7M | $18.5M | $18.4M |
| Inventory | $0 | $0 | $0 | −$8.7M | $1.40B | $114.9M | $276.7M | −$18.7M | −$18.5M | −$18.4M |
| Other current assets | $0 | $281.5M | $10.5M | $39.3M | $0 | $0 | $0 | $15.1M | $16.1M | $3.8M |
| Total current assets | $187.9M | $430.2M | $262.5M | $697.4M | $1.10B | $203.3M | $263.8M | $70.1M | $47.3M | $35.6M |
| Property, plant & equipment (net) | $16.5M | $0 | $23.4M | $26.5M | $5.08B | $5.72B | $5.90B | $6.34B | $6.37B | $6.35B |
| Goodwill & intangible assets | $20.7M | $26.3M | $33.9M | $45.4M | $48.7M | $286.5M | $337.9M | $419.2M | $472.3M | $514.4M |
| Long-term investments | $147.3M | $151.4M | $129.9M | $155.5M | $246.7M | $73.8M | $1.6M | $142.0M | $162.8M | $115.6M |
| Other non-current assets | $3.99B | $4.53B | $5.00B | $5.08B | $149.1M | $192.8M | $155.5M | $187.2M | $241.4M | $215.3M |
| Total assets | $4.36B | $5.14B | $5.45B | $6.00B | $6.62B | $6.48B | $6.65B | $7.16B | $7.29B | $7.23B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $34.6M | $38.1M | $48.3M | $32.8M | $80.5M | — | — |
| Short-term debt | $1.9M | — | $1.8M | $700.0M | $800.0M | $303.2M | $537.5M | $446.1M | $596.0M | $327.0M |
| Total current liabilities | $1.9M | $38.1M | $29.9M | $734.6M | $29.8M | $27.3M | $577.1M | $165.2M | $614.0M | $345.5M |
| Long-term debt | $2.40B | $2.91B | $2.82B | $2.32B | $2.81B | $3.50B | $2.96B | $3.51B | $3.67B | $3.71B |
| Lease obligations | — | — | — | $30.2M | $72.3M | $759.4M | $76.7M | $86.3M | $96.0M | $106.0M |
| Other long-term liabilities | $293.0M | $229.2M | $262.5M | $311.2M | $1.12B | $331.1M | $235.5M | $306.0M | $0 | $0 |
| Total liabilities | $2.70B | $3.18B | $3.11B | $3.36B | $3.96B | $3.86B | $3.78B | $3.98B | $4.02B | $4.03B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M |
| Retained earnings (deficit) | −$2.96B | −$2.66B | −$2.28B | −$1.98B | −$1.96B | −$2.12B | −$1.88B | −$1.59B | −$1.59B | −$1.37B |
| Accumulated other comprehensive income | — | −$17,000 | −$2.28B | −$1.98B | −$1.96B | −$2.12B | −$1.88B | −$266,000 | $87.2M | $34.5M |
| Minority interest | — | — | $0 | $0 | — | $123.4M | $140.5M | $156.8M | — | — |
| Total shareholders' equity | $1.67B | $1.96B | $2.34B | $2.64B | $2.66B | $2.62B | $2.74B | $3.18B | $3.28B | $3.20B |
| Key figures | ||||||||||
| Total debt | $2.42B | $2.91B | $2.82B | $3.08B | $3.68B | $3.80B | $3.58B | $3.73B | $4.27B | $4.04B |
| Net cash (debt) | −$2.30B | −$2.77B | −$2.57B | −$2.42B | −$3.05B | −$3.73B | −$3.54B | −$3.68B | −$4.24B | −$4.01B |
| Working capital | $186.1M | $392.1M | $232.5M | −$37.2M | $1.07B | $176.0M | −$313.3M | −$95.1M | −$566.7M | −$309.9M |
| Tangible book value | $1.64B | $1.93B | $2.30B | $2.59B | $2.61B | $2.33B | $2.40B | $2.76B | $2.80B | $2.68B |
| Book value per share | $6.93 | $8.18 | $9.78 | $11.07 | $11.19 | $11.02 | $11.52 | $13.39 | $13.80 | $13.48 |
| Shares outstanding | 240.3M | 239.5M | 238.8M | 238.3M | 238.0M | 237.7M | 237.6M | 237.5M | 237.5M | 237.4M |
| Current ratio | 100.72 | 11.29 | 8.77 | 0.95 | 36.83 | 7.45 | 0.46 | 0.42 | 0.08 | 0.10 |
| Quick ratio | 100.72 | 3.90 | 8.42 | 0.91 | 24.02 | 6.57 | 0.07 | 0.45 | 0.08 | 0.15 |
| Debt / equity | 1.45 | 1.49 | 1.21 | 1.17 | 1.38 | 1.45 | 1.31 | 1.17 | 1.30 | 1.26 |
| Equity / assets | 38.2% | 38.1% | 42.9% | 44.0% | 40.2% | 40.4% | 41.1% | 44.4% | 44.9% | 44.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $116.8M | $121.8M | $121.8M | $201.4M | $141.8M | $302.6M | $144.6M | $256.5M | $265.6M | $207.1M | $245.9M | $278.1M |
| Cash & equivalents | $116.8M | $121.8M | $121.8M | $201.4M | $141.8M | $302.6M | $144.6M | $256.5M | $265.6M | $207.1M | $245.9M | $278.1M |
| Receivables | $0 | $0 | $66.1M | $0 | $69.7M | $69.9M | $4.1M | $74.1M | $75.0M | $74.7M | $6.1M | $74.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $261.4M | $1 | $0 | $0 | $1 |
| Other current assets | $0 | $0 | $0 | $266.6M | $0 | $83.8M | $281.5M | $0 | $48.5M | $39.1M | $10.5M | $25.6M |
| Total current assets | $116.8M | $121.8M | $187.9M | $468.0M | $141.8M | $456.3M | $430.2M | $342.6M | $389.0M | $321.0M | $262.5M | $378.6M |
| Property, plant & equipment (net) | $0 | $0 | $16.5M | $0 | $0 | $4.27B | $4.36B | $4.58B | $4.68B | $4.73B | $23.4M | $4.83B |
| Goodwill & intangible assets | $18.5M | $19.6M | $20.7M | $21.8M | $23.1M | $24.3M | $26.3M | $27.9M | $29.7M | $31.7M | $33.9M | $36.6M |
| Long-term investments | $120.9M | $119.6M | $147.3M | $121.0M | $147.6M | $141.8M | $151.4M | $134.3M | $133.7M | $146.0M | $129.9M | $153.7M |
| Other non-current assets | $3.98B | $4.01B | $3.99B | $4.07B | $4.44B | $99.2M | $168.6M | $197.6M | $104.4M | $117.8M | $5.00B | $136.0M |
| Total assets | $4.24B | $4.27B | $4.36B | $4.68B | $4.76B | $5.00B | $5.14B | $5.29B | $5.33B | $5.35B | $5.45B | $5.53B |
| Liabilities | ||||||||||||
| Short-term debt | $618,000 | $1.1M | $1.9M | — | — | — | $381.9M | — | — | — | $1.8M | $450.0M |
| Total current liabilities | $618,000 | $1.1M | $1.9M | $30.0M | $29.0M | $26.9M | $38.1M | $25.2M | $23.8M | $24.0M | $29.9M | $32.5M |
| Long-term debt | $2.40B | $2.40B | $2.40B | $2.72B | $2.64B | $2.80B | $2.91B | $2.82B | $2.79B | $2.83B | $2.82B | $2.32B |
| Lease obligations | — | — | — | — | — | — | — | $127.8M | $128.6M | $12.2M | — | $13.7M |
| Other long-term liabilities | $252.4M | $245.6M | $293.0M | $241.9M | $236.0M | $220.5M | $229.2M | $394.1M | $369.0M | $249.7M | $262.5M | $734.9M |
| Total liabilities | $2.66B | $2.65B | $2.70B | $3.00B | $2.90B | $3.05B | $3.18B | $3.24B | $3.18B | $3.10B | $3.11B | $3.09B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M | $2.4M |
| Retained earnings (deficit) | −$3.04B | −$3.01B | −$2.96B | −$2.94B | −$2.77B | −$2.68B | −$2.66B | −$2.57B | −$2.47B | −$2.37B | −$2.28B | −$2.18B |
| Accumulated other comprehensive income | — | — | — | $19,000 | — | −$2.68B | −$17,000 | $8,000 | −$2.47B | −$2.37B | −$2.28B | −$2.18B |
| Total shareholders' equity | $1.58B | $1.62B | $1.67B | $1.69B | $1.85B | $1.95B | $1.96B | $2.05B | $2.15B | $2.25B | $2.34B | $2.44B |
| Key figures | ||||||||||||
| Total debt | $2.42B | $2.42B | $2.42B | $2.72B | $2.66B | $2.82B | $2.91B | $2.95B | $2.94B | $2.86B | $2.82B | $2.81B |
| Net cash (debt) | −$2.30B | −$2.30B | −$2.30B | −$2.52B | −$2.51B | −$2.52B | −$2.77B | −$2.69B | −$2.68B | −$2.65B | −$2.57B | −$2.53B |
| Working capital | $116.2M | $120.7M | $186.1M | $438.0M | $112.8M | $429.4M | $392.1M | $317.4M | $365.2M | $297.0M | $232.5M | $346.2M |
| Tangible book value | $1.56B | $1.60B | $1.64B | $1.67B | $1.83B | $1.92B | $1.93B | $2.02B | $2.12B | $2.22B | $2.30B | $2.40B |
| Book value per share | $6.57 | $6.73 | $6.93 | $7.03 | $7.72 | $8.12 | $8.16 | $8.55 | $8.98 | $9.40 | $9.77 | $10.22 |
| Shares outstanding | 240.7M | 240.7M | 240.3M | 240.4M | 240.1M | 240.0M | 239.9M | 239.7M | 239.3M | 239.2M | 239.2M | 238.9M |
| Current ratio | 188.99 | 113.17 | 100.72 | 15.59 | 4.89 | 16.95 | 11.29 | 13.59 | 16.34 | 13.39 | 8.77 | 11.66 |
| Quick ratio | 188.99 | 113.17 | 100.72 | 6.71 | 7.30 | 13.83 | 3.90 | 13.12 | 14.30 | 11.76 | 8.42 | 10.87 |
| Debt / equity | 1.53 | 1.49 | 1.45 | 1.61 | 1.43 | 1.45 | 1.49 | 1.44 | 1.37 | 1.27 | 1.21 | 1.15 |
| Equity / assets | 37.3% | 38.0% | 38.2% | 36.1% | 39.0% | 39.0% | 38.1% | 38.8% | 40.3% | 42.0% | 42.9% | 44.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
DHC financial position
At the end of fiscal 2025 (December 31, 2025), Diversified Healthcare had total assets of $4.4 billion (down 15.1% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $1.7 billion. It held $121.8 million in cash and short-term investments against $2.4 billion of debt, net debt of $2.3 billion. Its current ratio was 100.72. In the latest quarter (ended June 30, 2026) total assets were $4.2 billion and equity $1.6 billion.
Related: DHC income statement, DHC cash flow statement, DHC key metrics. See the DHC stock overview for the latest quote and news.
DHC balance sheet FAQ
What are Diversified Healthcare's total assets?
Diversified Healthcare reported total assets of $4.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.1 billion a year earlier.
How much debt does Diversified Healthcare have?
Diversified Healthcare had $2.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.45.
How much cash does Diversified Healthcare have?
Diversified Healthcare held $121.8 million in cash and short-term investments at the end of fiscal 2025; with $2.4 billion of debt that is net debt of $2.3 billion.
What is Diversified Healthcare's book value?
Diversified Healthcare's shareholders' equity (book value) was $1.7 billion at the end of fiscal 2025, or $6.93 per share.
What is Diversified Healthcare's current ratio?
Diversified Healthcare had current assets of $187.9 million and current liabilities of $1.9 million, a current ratio of 100.72 (it can cover its short-term obligations).
How much goodwill does Diversified Healthcare have?
Diversified Healthcare carried $20.7 million of goodwill and intangible assets, 0.5% of total assets, at the end of fiscal 2025.