# American Healthcare REIT, Inc. (AHR)

> Source: Nexqual · https://nexqual.com/AHR · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, American Healthcare REIT, Inc. (AHR), nexqual.com/AHR" · informational, not investment advice.

**Price:** USD 52.94 (+2.80% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 51.5 · day 51.56–53.11 · 52w 44.41–58.7 · market cap $11.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.50B, net income $121M (4.8% margin) (SEC filings).
- Valuation: P/E 95.4x (avg 112.5x at the last 1 fiscal year-ends).
- Earnings quality: non-operating income -$61.7M vs operating income $480M over the last four quarters; P/E excluding non-operating income ≈63.2x (estimate: non-operating income taxed at the company's 0% effective rate).
- Analysts: Buy (mean 1.63 on a 1–5 scale) (16 analysts), mean target USD 63.69 (range 55–74).
- Next earnings: 2026-11-05, EPS estimate USD 0.16, revenue estimate $725M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.12B | $1.41B | $1.87B | $2.07B | $2.26B | $2.50B |
| Gross profit | $93.7M | $131M | $364M | $417M | $467M | — |
| Operating income | $213M | $302M | $307M | $364M | $415M | $480M |
| Net income | -$47.8M | -$81.3M | -$71.5M | -$37.8M | $69.8M | $121M |
| EPS (diluted) | -$0.95 | -$1.24 | -$1.08 | -$0.29 | $0.42 | — |
| Free cash flow | — | $140M | — | — | — | — |
| Gross margin | 8.3% | 9.3% | 19.5% | 20.1% | 20.6% | — |
| Operating margin | 19.0% | 21.4% | 16.4% | 17.6% | 18.4% | 19.2% |
| Net margin | -4.3% | -5.8% | -3.8% | -1.8% | 3.1% | 4.8% |
| Revenue growth | +5.1% | +25.6% | +32.2% | +10.9% | +9.1% | — |
| Cash + short-term investments | $81.6M | $65.1M | $43.4M | $76.7M | $115M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 95.4x · P/E ex non-operating (est.) ≈63.2x · P/S 4.6x · P/B 3.1x · Earnings yield 1.05% · Dividend yield (paid, TTM) 1.55%
P/E at fiscal year-ends: Dec 2025 112.5x.

## Analysts
Consensus Buy (mean 1.63 on a 1–5 scale), 16 analysts; mean target USD 63.69 (low 55, high 74).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | UBS | Target lowered | Buy | $63 → $62 |
| 2026-10-13 | Barclays | Target lowered | Overweight | $66 → $60 |
| 2026-10-13 | Raymond James | Initiated | Strong Buy | $62 |
| 2026-09-02 | Scotiabank | Target raised | Sector Outperform | $56 → $62 |
| 2026-08-31 | Barclays | Target raised | Overweight | $61 → $66 |
| 2026-08-19 | Keybanc | Target raised | Overweight | $58 → $68 |
| 2026-08-14 | Truist Securities | Target raised | Buy | $57 → $61 |
| 2026-08-14 | RBC Capital | Target raised | Outperform | $56 → $61 |
| 2026-08-13 | Citigroup | Target raised | Buy | $55 → $65 |
| 2026-07-27 | Citizens | Target raised | Market Outperform | $60 → $65 |
| 2026-07-21 | Compass Point | Initiated | Buy | $70 |
| 2026-07-08 | UBS | Target raised | Buy | $60 → $63 |

## More
Full page: https://nexqual.com/AHR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.16 | $0.15 | +6.7% | $724.8M | 1 |
| Next quarter (ends 2026-12-31) | $0.20 | $0.14 | +42.9% | $773.9M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.62 | $0.59 | +4.2% | $2.81B | 5 |
| Next fiscal year (ends 2027-12-31) | $0.99 | $0.91 | +9.4% | $3.29B | 1 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.15 | $0.14 | Beat +7.1% | — |
| — | Quarter ended Mar 31, 2026 | $0.14 | $0.15 | Miss −6.7% | — |
| — | Quarter ended Dec 31, 2025 | $0.14 | $0.15 | Miss −6.7% | — |
| — | Quarter ended Sep 30, 2025 | $0.27 | $0.15 | Beat +80.0% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-18 | 8-K | Regulation FD disclosure; Other material event — “On September 18, 2026, our board of directors authorized a distribution to holders of our common stock of record as of the close of business on September 30, 2026, for the quarter commencing on July 1, 2026 and ending on September 30, 2026. The quarterly distribution will be equal to $0.25 per share of our common stock, which is equal to an annualized distribution rate of $1.00 per share. The third quarter distribution will be paid in cash on or about October 16, 2026, only from legally available funds.” | https://www.sec.gov/Archives/edgar/data/1632970/000119312526395604/0001193125-26-395604-index.htm |
| 2026-09-14 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1632970/000119312526389802/0001193125-26-389802-index.htm |
| 2026-09-02 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On September 2, 2026, we announced the appointment of Aric Chang as our Chief Financial Officer, effective October 1, 2026, following the September 2, 2026 notification by Brian S. Peay of his decision to retire as Chief Financial Officer, effective September 30, 2026. Aric Chang, age 47, has served as Chief Financial Officer, Real Estate at Public Storage (NYSE: PSA), an S&P 500 real estate company, since May 2023, where he has led teams spanning real estate and corporate finance, financial planning and analysis,…” | https://www.sec.gov/Archives/edgar/data/1632970/000119312526380473/0001193125-26-380473-index.htm |
| 2026-09-01 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1632970/000119312526378483/0001193125-26-378483-index.htm |
| 2026-08-24 | 8-K | Other material event — “As previously announced, on August 12, 2026, we closed the public offering of 13,250,000 shares, or the Offering, of our common stock, $0.01 par value per share, or Common Stock. In connection with the Offering, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and KeyBanc Capital Markets Inc., as underwriters, or in such capacities, the Underwriters, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and KeyBanc Capital Markets Inc., as forward sellers, or in such capacities, the Forward Sellers, and…” | https://www.sec.gov/Archives/edgar/data/1632970/000119312526363616/0001193125-26-363616-index.htm |
| 2026-08-12 | 8-K | Other material event — “On August 12, 2026, we closed the public offering of 13,250,000 shares, or the Offering, of our common stock, $0.01 par value per share, or Common Stock. In connection with the Offering, we and American Healthcare REIT Holdings, LP, or our Operating Partnership, entered into an underwriting agreement on August 10, 2026, or the Underwriting Agreement, with Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and KeyBanc Capital Markets Inc., as underwriters, or in such capacities, the Underwriters, Morgan…” | https://www.sec.gov/Archives/edgar/data/1632970/000119312526346895/0001193125-26-346895-index.htm |
| 2026-08-10 | 8-K | Entered a material agreement — “On August 10, 2026, or the Effective Date, we, through our operating partnership, American Healthcare REIT Holdings, LP, a Delaware limited partnership, or Buyer, entered into: (i) a purchase agreement, or the Portfolio Agreement, with Kensington Senior Living, LLC, a Virginia limited liability company, or Manager, White Plains Kensington Borrower, LLC, a New York limited liability company, White Plains Kensington, LLC, a New York limited liability company, Kensington SM GP LLC, a California limited liability…” | https://www.sec.gov/Archives/edgar/data/1632970/000119312526342358/0001193125-26-342358-index.htm |
| 2026-08-07 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1632970/000119312526340269/0001193125-26-340269-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 4.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1632970/000009375126000409/0000093751-26-000409-index.htm |
| 2026-08-06 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1632970/000119312526338076/0001193125-26-338076-index.htm |
| 2026-07-27 | Schedule 13G/A | BlackRock, Inc.: 11.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1632970/000201238326002295/0002012383-26-002295-index.htm |
| 2026-07-22 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “Chief Executive Officer Transition On July 20, 2026, Danny Prosky notified American Healthcare REIT, Inc. (the "Company") of his decision to retire as Chief Executive Officer and President of the Company, effective as of July 21, 2026. Mr. Prosky will continue to serve as a member of the board of directors of the Company (the "Board"), and will commence participation in the Company's non-employee director compensation program following such retirement. In connection with Mr. Prosky's retirement, he will be…” | https://www.sec.gov/Archives/edgar/data/1632970/000119312526312419/0001193125-26-312419-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.