American Healthcare REIT, Inc. (AHR) Key Metrics
AHR valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $11.60B
- Enterprise value
- $12.68B
- P/E (TTM)
- 79.4
- Forward P/E
- 48.1
- PEG ratio
- —
- Price / sales
- 4.6
- Price / book
- 3.1
- EV / EBITDA
- 27.8
- Dividend yield
- 1.88% $1.00 a year
- Beta
- 0.80
AHR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAHR valuation Price multiples at each fiscal year-end price.
AHR returns How much profit the business earns on the capital it uses.
AHR per-share figures Results divided by the shares outstanding at year-end.
AHR financial health Debt, liquidity and how easily interest is covered.
AHR efficiency & capital use Working capital cycle and where the cash goes.
AHR valuation history
AHR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AHR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AHR cash returned to shareholders
AHR price vs earnings per share
AHR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $7.85B | $3.71B | — | — | — | — | — | — | — | — |
| Enterprise value | $9.42B | $5.51B | — | — | — | — | — | — | — | — |
| P/E ratio | 112.5 | — | — | — | — | — | — | — | — | — |
| Price / sales | 3.5 | 1.8 | — | — | — | — | — | — | — | — |
| Price / book | 2.4 | 1.6 | — | — | — | — | — | — | — | — |
| Price / free cash flow | 47.3 | 44.1 | — | — | — | — | — | — | — | — |
| Price / operating cash flow | 26.7 | 21.1 | — | — | — | — | — | — | — | — |
| EV / sales | 4.2 | 2.7 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 26.2 | 17.5 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 56.8 | 65.4 | — | — | — | — | — | — | — | — |
| Earnings yield | 0.9% | −1.0% | — | — | — | — | — | — | — | — |
| Free cash flow yield | 2.1% | 2.3% | — | — | — | — | — | — | — | — |
| Dividend yield | 2.1% | 3.3% | — | — | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 2.1% | 3.3% | — | — | — | — | — | — | — | — |
| Share price at fiscal year-end | $47.06 | $28.42 | — | — | — | — | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $13.55 | $15.85 | $28.15 | $24.43 | $19.09 | $17.94 | $26.85 | $22.63 | $21.17 | $20.19 |
| Earnings per share | $0.42 | −$0.29 | −$1.08 | −$1.23 | −$0.72 | $0.03 | −$0.11 | $0.27 | $0.23 | −$3.01 |
| Operating cash flow per share | $1.76 | $1.35 | $1.49 | $2.23 | $0.27 | $3.32 | $2.58 | $2.14 | $2.58 | $2.36 |
| Free cash flow per share | $0.99 | $0.64 | −$0.02 | $1.15 | −$0.93 | $1.38 | $0.54 | $0.80 | $1.71 | $1.41 |
| Cash per share | $0.69 | $0.59 | $0.66 | $0.98 | $1.23 | $1.71 | $1.17 | $0.70 | $0.68 | $0.60 |
| Book value per share | $19.90 | $17.31 | $19.23 | $21.15 | $23.88 | $13.11 | $19.80 | $21.22 | $23.97 | $26.01 |
| Tangible book value per share | $16.98 | $14.27 | $12.94 | $14.08 | $16.95 | $9.63 | $14.62 | $16.12 | $18.81 | $20.32 |
| Dividends per share | $0.98 | $0.93 | $1.15 | $0.77 | $0.34 | $0.41 | $1.38 | $1.20 | $1.13 | $1.06 |
| Capex per share | $0.77 | $0.70 | $1.51 | $1.08 | $1.20 | $1.94 | $2.04 | $1.34 | $0.88 | $0.95 |
| Debt per share | $10.11 | $14.32 | $45.71 | $42.79 | $37.79 | $28.41 | $40.61 | $29.05 | $25.30 | $24.52 |
| Shares outstanding | 166.8M | 130.6M | 66.0M | 66.2M | 66.2M | 66.0M | 45.5M | 50.0M | 49.6M | 48.5M |
| Change in shares outstanding | +27.7% | +97.8% | −0.2% | +0.0% | +0.2% | +45.2% | −9.0% | +0.9% | +2.1% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.5% | −2.1% | −5.4% | −5.5% | −3.9% | 0.2% | −0.5% | 1.2% | 0.9% | −11.6% |
| Return on invested capital (ROIC) | 3.8% | 2.6% | 1.4% | 1.8% | 3.3% | 4.9% | 5.8% | 7.3% | 7.4% | 4.9% |
| Return on assets (ROA) | 1.4% | −0.8% | −1.5% | −1.7% | −1.2% | 0.1% | −0.2% | 0.5% | 0.4% | −5.2% |
| Return on tangible assets | 1.4% | −0.9% | −1.7% | −1.9% | −1.2% | 0.1% | −0.2% | 0.5% | 0.4% | −5.8% |
| Free cash flow margin | 7.3% | 4.1% | −0.1% | 4.7% | −4.9% | 7.7% | 2.0% | 3.5% | 8.1% | 7.0% |
| Income quality (OCF / net income) | 4.22 | — | — | — | — | 101.32 | — | 8.03 | 11.42 | — |
| Financial health | ||||||||||
| Total debt | $1.69B | $1.87B | $3.02B | $2.83B | $2.50B | $1.88B | $1.85B | $1.45B | $1.25B | $1.19B |
| Cash & short-term investments | $114.8M | $76.7M | $43.4M | $65.1M | $81.6M | $113.2M | $53.1M | $35.1M | $33.7M | $29.1M |
| Net debt | $1.57B | $1.79B | $2.98B | $2.77B | $2.42B | $1.76B | $1.79B | $1.42B | $1.22B | $1.16B |
| Debt / equity | 0.51 | 0.83 | 2.38 | 2.02 | 1.58 | 2.17 | 2.05 | 1.37 | 1.06 | 0.94 |
| Debt / assets | 0.31 | 0.42 | 0.66 | 0.59 | 0.55 | 0.58 | 0.58 | 0.50 | 0.45 | 0.43 |
| Net debt / EBITDA | 4.37 | 5.69 | 9.18 | 11.84 | 15.18 | 10.68 | 8.22 | 7.90 | 6.80 | 7.63 |
| Current ratio | 0.37 | 0.37 | 0.20 | 0.61 | 0.30 | 1.83 | 1.91 | 2.09 | 2.18 | 2.51 |
| Quick ratio | 0.35 | 0.35 | 0.19 | 0.57 | 0.28 | 1.71 | 1.77 | 1.95 | 2.02 | 2.35 |
| Interest coverage | 2.0 | 1.1 | 0.5 | 0.9 | 1.7 | 1.8 | 2.4 | 2.7 | 2.9 | 3.3 |
| Working capital | −$548.4M | −$592.0M | −$1.17B | −$218.7M | −$779.3M | $162.3M | $157.7M | $158.5M | $148.9M | $162.2M |
| Invested capital | $4.89B | $4.06B | $4.25B | $4.17B | $4.00B | $2.63B | $2.69B | $2.48B | $2.41B | $2.42B |
| Tangible asset value | $2.87B | $1.91B | $1.04B | $1.18B | $1.37B | $844.8M | $867.2M | $1.00B | $1.12B | $1.17B |
| Net current asset value | −$1.75B | −$1.83B | −$2.82B | −$2.80B | −$2.42B | −$1.80B | −$1.74B | −$1.33B | −$1.15B | −$1.07B |
| Graham number | $13.69 | — | — | — | — | $3.11 | — | $11.27 | $11.05 | — |
| Graham net-net per share | −$10.72 | −$14.84 | −$44.31 | −$44.16 | −$38.31 | −$28.95 | −$41.15 | −$29.54 | −$25.77 | −$24.76 |
| Capital allocation | ||||||||||
| Dividends paid | $163.5M | $120.9M | $76.3M | $51.1M | $22.8M | $27.0M | $62.6M | $60.0M | $55.8M | $51.7M |
| Share buybacks (net) | $0 | $14,000 | $469,000 | $20.7M | $382,000 | $23.1M | $89.9M | $76.6M | $30.7M | $20.9M |
| Dividend payout ratio | 234.3% | — | — | — | — | — | — | 451.0% | 497.0% | — |
| Dividends + buybacks / free cash flow | 98.6% | 143.7% | — | 94.2% | — | 55.1% | 619.5% | 342.2% | 102.2% | 106.2% |
| Capex / revenue | 5.7% | 4.4% | 5.4% | 4.4% | 6.3% | 10.8% | 7.6% | 5.9% | 4.2% | 4.7% |
| Capex / operating cash flow | 43.7% | 52.2% | 101.3% | 48.4% | 444.9% | 58.5% | 79.0% | 62.6% | 34.0% | 40.2% |
| Capex / depreciation | 0.57 | 0.41 | 0.42 | 0.36 | 0.51 | 0.97 | 0.64 | 0.65 | 0.36 | 0.17 |
| Stock-based compensation / revenue | 0.6% | 0.5% | 0.3% | 0.2% | 0.8% | −0.1% | 0.2% | 0.3% | 0.1% | 0.2% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 4.9% | 4.9% | 8.7% | 6.4% | 3.4% | 2.3% | 2.4% | 2.5% | 3.1% | 2.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 33.5 | 34.9 | 36.3 | 39.3 | 47.3 | 52.5 | 48.4 | 45.3 | 47.7 | 51.9 |
| Days of inventory on hand | 3.9 | 4.3 | 4.8 | 5.5 | 7.4 | 8.6 | 8.2 | 8.0 | 8.0 | 7.9 |
| Days payables outstanding | 58.6 | 55.3 | 39.7 | 21.1 | 22.3 | 23.1 | 19.2 | 17.2 | 17.7 | 17.0 |
| Cash conversion cycle (days) | -21.2 | -16.1 | 1.4 | 23.7 | 32.3 | 38.0 | 37.4 | 36.1 | 38.0 | 42.9 |
| Receivables turnover | 10.88 | 10.45 | 10.06 | 9.29 | 7.72 | 6.95 | 7.55 | 8.06 | 7.65 | 7.03 |
| Payables turnover | 6.23 | 6.60 | 9.20 | 17.31 | 16.36 | 15.78 | 19.04 | 21.24 | 20.64 | 21.52 |
| Inventory turnover | 93.62 | 84.93 | 76.56 | 66.22 | 49.63 | 42.27 | 44.50 | 45.66 | 45.80 | 46.34 |
| Asset turnover | 0.46 | 0.46 | 0.40 | 0.35 | 0.32 | 0.37 | 0.40 | 0.40 | 0.38 | 0.35 |
| Average receivables | $207.7M | $198.2M | $184.9M | $174.1M | $163.7M | $170.4M | $161.8M | $140.4M | $137.1M | $139.5M |
| Average payables | $288.0M | $250.6M | $163.3M | $74.1M | $66.1M | $65.0M | $52.6M | $43.5M | $40.6M | $37.2M |
| Average inventory | $19.2M | $19.5M | $19.6M | $19.4M | $21.8M | $24.3M | $22.5M | $20.2M | $18.3M | $17.3M |
| Intangibles / total assets | 9.0% | 8.8% | 9.1% | 9.8% | 10.0% | 7.1% | 7.4% | 8.8% | 9.1% | 9.9% |
Computed from AHR's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AHR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), American Healthcare REIT traded at 112.5 times earnings. Based on the latest twelve months, the trailing P/E is 79.4 and the forward P/E is 48.1. American Healthcare REIT earned a return on equity of 2.5% and a return on invested capital of 3.8% in fiscal 2025. It ended the year with $1.7 billion of debt and $114.8 million in cash and short-term investments, net debt of $1.6 billion. It returned $163.5 million to shareholders: $163.5 million in dividends and $0 in share buybacks, 99% of free cash flow. The share count rose 243.7% from 48.5M to 166.8M over 9 years.
See the AHR income statement, the AHR chart for price history, or the AHR stock overview for the latest quote and news.
AHR key metrics FAQ
What is American Healthcare REIT's P/E ratio?
American Healthcare REIT's trailing P/E ratio is 79.4 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 48.1. At the end of fiscal 2025 it was 112.5.
What is American Healthcare REIT's EV/EBITDA?
American Healthcare REIT's enterprise value was 26.2 times EBITDA at the end of fiscal 2025 (enterprise value $9.4 billion, EBITDA $359.6 million); the current EV/EBITDA is 27.8.
What is American Healthcare REIT's return on equity?
American Healthcare REIT's return on equity (ROE) was 2.5% in fiscal 2025: net income of $69.8 million on average shareholders' equity of $2.8 billion.
What is American Healthcare REIT's ROIC?
American Healthcare REIT's return on invested capital was 3.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does American Healthcare REIT have?
American Healthcare REIT had total debt of $1.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.51 and $1.6 billion of net debt (4.37 times EBITDA).
What is American Healthcare REIT's dividend yield?
American Healthcare REIT's forward dividend yield is 1.88%. American Healthcare REIT paid $163.5 million in dividends in fiscal 2025 ($0.98 per share), a payout ratio of 234.3%.
What is American Healthcare REIT's free cash flow yield?
American Healthcare REIT generated $165.9 million of free cash flow in fiscal 2025, a free cash flow yield of 2.1% on its market value at year-end ($7.9 billion).
What is American Healthcare REIT's current ratio?
American Healthcare REIT's current ratio was 0.37 at the end of fiscal 2025: current assets were 0.37 times current liabilities.