MeritValue

American Healthcare REIT, Inc.

AHRdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

American Healthcare REIT, Inc. earns about 3% on invested capital, but has diluted owners by 233% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.12B1$1.41B2$1.67B3$1.88B3$2.09B3
Net income−$47.8M4−$81.3M5−$71.5M6−$37.8M6$69.8M6
Operating cash flow$17.9M7$147.8M8$98.5M9$176.1M9$294.4M9
Capital expenditure—$7.54M10———
Free cash flow (derived)—$140.2M8———
Total debt—————
Cash & equivalents$81.6M11$65.1M12$43.4M12$76.7M12$114.8M12
Diluted shares50.1M65.8M66.0M130.6M166.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$199.02
your share of equity
Profit it earned you last year
$4.18
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $199.02 of net worth that earned you $4.18 last year.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 2%FY22 2%FY23 6%FY24 3%FY25 4%

It earned an average 3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+233% shares · 5y

Share count is up 233% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$13.71
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001632970-24-000039 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001632970-25-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-082692 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001632970-24-000039 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001632970-25-000018 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-082692 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001632970-24-000039 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001632970-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-082692 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001632970-23-000029 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2021-12-31 · accession 0001632970-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001193125-26-082692 (CashAndCashEquivalentsAtCarryingValue)