American Healthcare REIT
AHR on NYSE. American Healthcare REIT rents healthcare buildings to senior housing and medical operators. Market value $11.0bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$50.47 a share, 26% above its 1-year low
Over the past year the price has ranged from $40.00 to $58.70.
Dividend: 1.5% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.1bn | $1.4bn | $1.9bn | $2.1bn | $2.3bn |
| Operating margin | |||||
| Operating margin | 19.0% | 21.4% | 16.4% | 17.6% | 18.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.07bn | 0.15bn | 0.18bn | 0.22bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 16.2% a year
- Buying back its own sharesNo, 335% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $674 million last quarter, up 24% on a year ago.
- Profit: $31 million, up 209% on a year ago.
- It keeps 19 cents of each $1 of sales as operating profit, up from 18 cents a year earlier.
- 20% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $524m |
| December 2024 | $543m |
| March 2025 | $541m |
| June 2025 | $543m |
| September 2025 | $573m |
| December 2025 | $604m |
| March 2026 | $651m |
| June 2026 | $674m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$4m |
| December 2024 | -$32m |
| March 2025 | -$7m |
| June 2025 | $10m |
| September 2025 | $56m |
| December 2025 | $11m |
| March 2026 | $24m |
| June 2026 | $31m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 570 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Land & BuildingsJonathan Litt | $57m | 9.8% | Added |
| GAMCO InvestorsMario Gabelli | $1m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $582,046 | <0.1% | Cut |
Largest holders overall
- BlackRock$1.3bnCut
- Vanguard Portfolio Management$885mAdded
- Vanguard Capital Management$480mAdded
- State Street$474mCut
- Principal Financial Group$465mAdded
- Wellington Management Group LLP$452mAdded
- Invesco$275mCut
- FMR$238mCut
- Geode Capital Management$238mCut
- Bank of America$236mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor11.5%−1.7 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor8.6%Since 31 March 2026
- Wellington Management Company LLPPassive investor5.9%Since 31 December 2024
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Wellington Management Group LLPPassive investorat least 4.3%−0.8 pts(filed with 2 related holders)Since 31 December 2025
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 30 June 2026
- PRINCIPAL REAL ESTATE INVESTORS, LLCPassive investorSold down below 5%Since 31 December 2025
- Royal Bank of CanadaPassive investorSold down below 5%Since 31 December 2025
- Millennium Management LLCPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.5%−1.7 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 8.6% | 31 March 2026 | |
Wellington Management Company LLP Passive investor | 5.9% | 31 December 2024 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | at least 4.3%−0.8 pts (filed with 2 related holders) | 31 December 2025 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 30 June 2026 | |
PRINCIPAL REAL ESTATE INVESTORS, LLC Passive investor | Sold down below 5% | 31 December 2025 | |
Royal Bank of Canada Passive investor | Sold down below 5% | 31 December 2025 | |
Millennium Management LLC Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $5m, $304,520 of it under preset trading plans.
- Foster Mark E.EVP, GC & SecretarySold
- Date
- 25 September 2026
- Shares
- 1,500
- Price
- $52.06
- Value
- $78,090
- Foster Mark E.EVP, GC & SecretarySoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 2,000
- Price
- $55.39
- Value
- $110,780
- PEAY BRIANChief Financial OfficerSold
- Date
- 26 June 2026
- Shares
- 25,000
- Price
- $50.70
- Value
- $1m
- Foster Mark E.EVP, GC & SecretarySold
- Date
- 24 June 2026
- Shares
- 2,500
- Price
- $48.58
- Value
- $121,450
- Foster Mark E.EVP, GC & SecretarySoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 2,000
- Price
- $48.32
- Value
- $96,640
- Foster Mark E.EVP, GC & SecretarySoldunder a preset trading plan
- Date
- 25 March 2026
- Shares
- 2,000
- Price
- $48.55
- Value
- $97,100
- Hanson Jeffrey TDirectorSold
- Date
- 23 December 2025
- Shares
- 19,208
- Price
- $48.40
- Value
- $929,667
- Hanson Jeffrey TDirectorSold
- Date
- 22 December 2025
- Shares
- 35,570
- Price
- $48.38
- Value
- $2m
- Foster Mark E.EVP, GC & SecretarySold
- Date
- 11 November 2025
- Shares
- 1,500
- Price
- $49.35
- Value
- $74,025
- Hanson Jeffrey TDirectorSold
- Date
- 10 November 2025
- Shares
- 20,010
- Price
- $49.68
- Value
- $994,097
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | Foster Mark E. EVP, GC & Secretary | Sold | 1,500 | $52.06 | $78,090 |
| 1 September 2026 | Foster Mark E. EVP, GC & Secretary | Sold under a preset trading plan | 2,000 | $55.39 | $110,780 |
| 26 June 2026 | PEAY BRIAN Chief Financial Officer | Sold | 25,000 | $50.70 | $1m |
| 24 June 2026 | Foster Mark E. EVP, GC & Secretary | Sold | 2,500 | $48.58 | $121,450 |
| 1 June 2026 | Foster Mark E. EVP, GC & Secretary | Sold under a preset trading plan | 2,000 | $48.32 | $96,640 |
| 25 March 2026 | Foster Mark E. EVP, GC & Secretary | Sold under a preset trading plan | 2,000 | $48.55 | $97,100 |
| 23 December 2025 | Hanson Jeffrey T Director | Sold | 19,208 | $48.40 | $929,667 |
| 22 December 2025 | Hanson Jeffrey T Director | Sold | 35,570 | $48.38 | $2m |
| 11 November 2025 | Foster Mark E. EVP, GC & Secretary | Sold | 1,500 | $49.35 | $74,025 |
| 10 November 2025 | Hanson Jeffrey T Director | Sold | 20,010 | $49.68 | $994,097 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 16 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.