AHR financial statements

The full income statement, balance sheet, and cash-flow statement for American Healthcare REIT Inc. (AHR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 131.6M2024-09 133.7M2024-12 157.6M2025-03 159.5M2025-06 161.1M2025-09 169.8M2025-12 188.0M2026-03 192.7M2026-06 218.0M+65.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.26B YoY+9.1%	2.07B YoY+24.1%	1.67B YoY+18.2%	1.41B YoY+25.6%	1.12B YoY+5.1%
Lease income	166M YoY-11.4%	187M YoY-1.9%	190M YoY-7.3%	205M YoY+45.3%	141M YoY+17.8%
Cost of revenue	1.79B YoY+8.4%	1.65B YoY+10.1%	1.50B YoY+17.2%	1.28B YoY+24.4%	1.03B YoY+3.7%
Selling, general & administrative	58.7M YoY+23.5%	47.6M YoY+0.1%	47.5M YoY+9.4%	43.4M YoY+0.5%	43.2M YoY+60.0%
General & administrative	58.7M YoY+23.5%	47.6M YoY+0.1%	47.5M YoY+9.4%	43.4M YoY+0.5%	43.2M YoY+60.0%
Amortization of intangibles	30.3M YoY+8.5%	28.0M YoY-40.0%	46.6M YoY+64.2%	28.4M YoY+26.3%	22.5M YoY+236.3%
Operating income	415M YoY+14.2%	364M YoY+18.5%	307M YoY+1.6%	302M YoY+41.5%	213M YoY-2.3%
Interest expense	85.8M YoY-32.8%	128M YoY-21.7%	163M YoY+54.0%	106M YoY+30.9%	80.9M YoY+13.6%
Other non-operating income	-115M YoY+29.6%	-164M YoY-11.1%	-147M YoY+7.5%	-159M YoY-108.6%	-76.2M YoY+11.7%
Equity-method income	-1.97M YoY+71.4%	-6.87M YoY-299.8%	-1.72M YoY-222.1%	1.41M YoY+203.8%	-1.35M YoY+70.0%
Pre-tax income	48.6M YoY+243.6%	-33.9M YoY+55.5%	-76.2M YoY-4.7%	-72.8M YoY-39.2%	-52.3M YoY-1004.3%
Income tax	-22.2M YoY-1394.3%	1.71M YoY+158.4%	663K YoY+13.1%	586K YoY-38.7%	956K YoY+131.1%
	69.8M YoY+284.6%	-37.8M YoY+47.1%	-71.5M YoY+12.1%	-81.3M YoY-70.1%	-47.8M YoY-2309.6%
Net income to non-controlling interest	1.01M YoY-54.2%	2.21M YoY+140.8%	-5.42M YoY-168.4%	7.92M YoY+244.6%	-5.47M YoY-181.7%
	$0.42 YoY+244.8%	-$0.29 YoY+73.1%	-$1.08 YoY+12.9%	-$1.24 YoY-30.5%	-$0.95 YoY-2000.0%
EPS (basic)	$0.42 YoY+244.8%	-$0.29 YoY+73.1%	-$1.08 YoY+12.9%	-$1.24 YoY-30.5%	-$0.95 YoY-2000.0%
	166M YoY+27.1%	131M YoY+97.8%	66.0M YoY+0.4%	65.8M YoY+31.4%	50.1M YoY+11.3%
	167M YoY+27.7%	131M YoY+97.8%	66.0M YoY+0.4%	65.8M YoY+31.4%	50.1M YoY+11.3%
Dividends per share	$1.00 YoY+0.0%	$1.00 YoY+0.0%	$1.00 YoY-37.5%	$1.60 YoY+131.9%	$0.69 YoY-19.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	115M YoY+49.7%	76.7M YoY+76.5%	43.4M YoY-33.2%	65.1M YoY-20.3%	81.6M YoY-27.9%
Inventory	18.8M YoY-3.3%	19.5M YoY+0.0%	19.5M YoY-1.5%	19.8M YoY+4.5%	18.9M YoY-23.3%
	5.43B YoY+20.9%	4.49B YoY-2.0%	4.58B YoY-4.4%	4.79B YoY+4.5%	4.58B YoY+41.6%
Operating lease right-of-use	135M YoY-17.4%	164M YoY-28.0%	228M YoY-17.5%	276M YoY+74.7%	158M YoY-22.5%
Goodwill	235M YoY+0.0%	235M YoY+6953.2%	3.33M YoY-98.6%	232M YoY+10.3%	210M YoY+178.7%
Intangible assets	253M YoY+56.8%	161M YoY-10.5%	180M YoY-23.6%	236M YoY-5.1%	249M YoY+60.9%
	2.07B YoY-5.4%	2.18B YoY-30.0%	3.12B YoY-0.6%	3.14B YoY+14.1%	2.75B YoY+27.3%
Operating lease liability (total)	136M YoY-17.9%	165M YoY-26.7%	226M YoY-17.4%	273M YoY+87.7%	145M YoY-24.9%
Finance lease liability (total)	33.9M YoY+24289.9%	139K YoY+39.0%	100K YoY-33.3%	150K YoY+1.4%	148K
Deferred tax liabilities	17.9M YoY+22.2%	14.6M YoY-5.6%	15.5M YoY-4.9%	16.3M YoY-22.9%	21.2M YoY+7.3%
	3.32B YoY+46.9%	2.26B YoY+78.0%	1.27B YoY-9.3%	1.40B YoY-11.5%	1.58B YoY+82.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	4.88B YoY+31.2%	3.72B YoY+46.0%	2.55B YoY+0.3%	2.54B YoY+0.3%	2.53B YoY+46.4%
Retained earnings	-1.56B YoY-6.9%	-1.46B YoY-14.3%	-1.28B YoY-12.1%	-1.14B YoY-19.7%	-951M YoY-10.1%
Accumulated other comprehensive income	-2.10M YoY+16.2%	-2.51M YoY-3.6%	-2.42M YoY+9.9%	-2.69M YoY-36.8%	-1.97M YoY+2.1%
Non-controlling interest	40.0M YoY-6.4%	42.7M YoY-72.4%	155M YoY-7.6%	168M YoY-4.5%	176M YoY+4.3%
Total equity incl. non-controlling	3.36B YoY+45.9%	2.30B YoY+61.6%	1.43B YoY-9.1%	1.57B YoY-10.8%	1.76B YoY+69.8%
Total liabilities & equity	5.43B YoY+20.9%	4.49B YoY-2.0%	4.58B YoY-4.4%	4.79B YoY+4.5%	4.58B YoY+41.6%
	186M	—	—	—	—
	186M	—	—	—	—
	188M YoY+19.3%	158M YoY+141.0%	65.4M	—	—
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	294M YoY+67.2%	176M YoY+78.7%	98.5M YoY-33.3%	148M YoY+724.9%	17.9M YoY-91.8%
Depreciation & amortization	188M YoY+4.7%	179M YoY-1.9%	183M YoY+8.7%	168M YoY+26.1%	133M YoY+34.7%
Intangible amortization	30.3M YoY+8.5%	28.0M YoY-40.0%	46.6M YoY+64.2%	28.4M YoY+26.3%	22.5M YoY+236.3%
Share-based compensation	14.6M YoY+48.1%	9.87M YoY+80.5%	5.47M	—	8.80M YoY+755.8%
Deferred income taxes	-22.9M	0.00	0.00	0.00	0.00 YoY+100.0%
	-1.08B YoY-12303.2%	-8.73M YoY-193.0%	9.40M YoY+107.9%	-119M YoY+14.5%	-139M YoY+6.3%
Capital expenditure	884M YoY+1365.4%	60.4M YoY+33.0%	45.4M YoY+501.6%	7.54M	—
Free cash flow	-590M YoY-609.8%	116M YoY+117.7%	53.2M YoY-62.1%	140M	—
Acquisitions	0.00	0.00	0.00	0.00	0.00
	817M YoY+706.5%	-135M YoY-4.4%	-129M YoY-200.7%	-42.9M YoY-145.6%	94.1M YoY+1168.1%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	1.16B YoY-15.2%	1.36B	0.00	0.00	0.00
Common stock repurchased	0.00 YoY-100.0%	14.0K YoY-97.0%	469K YoY-97.7%	20.7M YoY+5318.6%	382K YoY-98.3%
Dividends paid	164M YoY+35.3%	121M YoY+58.5%	76.3M YoY+49.2%	51.1M YoY+124.3%	22.8M YoY-15.6%
FX effect on cash	62.0K YoY+168.1%	-91.0K YoY-1400.0%	7.00K YoY-95.5%	154K YoY+308.1%	-74.0K YoY+17.8%
Interest paid	80.1M YoY-31.1%	116M YoY-23.8%	153M YoY+72.2%	88.7M YoY+26.3%	70.2M YoY+6.8%
Income taxes paid	1.80M YoY+36.3%	1.32M YoY+1.8%	1.30M YoY+14.7%	1.13M YoY-8.7%	1.24M YoY+64.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	8.85B YoY+97.6%	4.48B	—	—	—
P/E	126.8×	—	—	—	—
P/S	3.9× YoY+81.0%	2.2×	—	—	—
P/B	2.7× YoY+34.6%	2.0×	—	—	—
P/FCF	—	38.7×	—	—	—
	0.79%	—	—	—	—
	—	2.6%	—	—	—
	2.1% YoY-39.6%	3.5%	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AHR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AHR filings on SEC EDGAR → Not investment advice.