American Healthcare REIT, Inc. (AHR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-24.6%

$40.39

vs $53.58 price

Levered DCF

$32.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.56

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	112.05×	-98×	-12.24×	-10.75×	-18.36×	404.28×	-120.18×	48.96×
P/B	2.35×	1.64×	0.69×	0.63×	0.55×	1.01×	0.67×	0.62×
P/S	3.46×	1.79×	0.47×	0.54×	0.69×	0.74×	0.49×	0.58×
EV / EBITDA	26.1×	17.46×	11.87×	15.59×	20.22×	16.24×	10.78×	17.95×
Gross margin	20.6%	20.1%	19.2%	20.8%	14.4%	13.4%	18.0%	18.3%
Operating margin	7.5%	6.6%	4.1%	5.6%	11.0%	11.1%	15.5%	15.8%
Net margin	3.1%	-1.8%	-3.8%	-5.0%	-3.8%	0.2%	-0.4%	1.2%
Current ratio	0.37×	0.37×	0.2×	0.61×	0.3×	1.83×	1.91×	2.09×
Debt / equity	0.51×	0.83×	2.38×	2.02×	1.58×	2.17×	2.05×	1.37×
Interest coverage	1.97×	1.07×	0.47×	0.85×	1.72×	1.85×	2.41×	2.7×
Dividend yield	2.1%	3.3%	8.7%	5.8%	2.6%	3.1%	10.4%	9.1%
Payout ratio	234.3%	-319.7%	-106.7%	-62.9%	-47.7%	1248.1%	-1261.1%	451.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.1%	-1.7%	-5.6%	-5.8%	-3.0%	0.2%	-0.6%	1.3%
Return on invested capital	22.2%	3.2%	1.7%	2.0%	3.2%	4.3%	6.3%	6.5%
Return on assets	1.3%	-0.8%	-1.6%	-1.7%	-1.0%	0.1%	-0.2%	0.5%
Free cash flow yield	2.1%	2.3%	-0.1%	8.7%	-7.1%	10.4%	4.1%	6.0%
Earnings yield	0.9%	-1.0%	-8.2%	-9.3%	-5.5%	0.2%	-0.8%	2.0%
Enterprise value	$9.4B	$5.5B	$3.8B	$3.6B	$3.3B	$2.6B	$2.4B	$2.1B
Net debt / EBITDA	4.37×	5.69×	9.18×	11.84×	14.85×	10.86×	8.07×	12.24×
Cash conversion cycle (days)	-32	-15	-18	23	32	35	39	39