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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Astrana Health, Inc. (ASTH). Click either name above to swap in a different company.
Astrana Health, Inc. is the larger business by last-quarter revenue ($950.5M vs $564.0M, roughly 1.7× American Healthcare REIT, Inc.). American Healthcare REIT, Inc. runs the higher net margin — 1.9% vs 0.7%, a 1.2% gap on every dollar of revenue. On growth, Astrana Health, Inc. posted the faster year-over-year revenue change (42.9% vs 13.5%). Over the past eight quarters, Astrana Health, Inc.'s revenue compounded faster (53.3% CAGR vs 11.7%).
Medical Properties Trust, Inc. (MPT) is an international real estate investment trust (REIT) based in Birmingham, Alabama that purchases and invests in healthcare facilities and for-profit healthcare holding companies, primarily in the United States and Europe. Their property acquisitions often come in the form of sale-leaseback agreements, in which the original property owner sells the property to MPT and becomes their tenant. MPT's tenants are generally subject to long-term triple net lease...
Astrana Health, Inc. is a U.S.-based value-based healthcare services provider that primarily serves Medicare-eligible senior populations across the United States. It offers in-home primary care, chronic disease management, and care coordination services, aiming to improve patient health outcomes and reduce unnecessary medical costs.
AHR vs ASTH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $950.5M |
| Net Profit | $10.8M | $6.6M |
| Gross Margin | 14.8% | — |
| Operating Margin | 19.8% | 1.9% |
| Net Margin | 1.9% | 0.7% |
| Revenue YoY | 13.5% | 42.9% |
| Net Profit YoY | 133.9% | 184.4% |
| EPS (diluted) | $0.07 | $0.12 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $564.0M | $950.5M | ||
| Q3 25 | $532.1M | $956.0M | ||
| Q2 25 | $501.3M | $654.8M | ||
| Q1 25 | $497.2M | $620.4M | ||
| Q4 24 | $496.8M | $665.2M | ||
| Q3 24 | $476.8M | $478.7M | ||
| Q2 24 | $458.0M | $486.3M | ||
| Q1 24 | $452.1M | $404.4M |
| Q4 25 | $10.8M | $6.6M | ||
| Q3 25 | $55.9M | $373.0K | ||
| Q2 25 | $9.9M | $9.4M | ||
| Q1 25 | $-6.8M | $6.7M | ||
| Q4 24 | $-31.8M | $-7.8M | ||
| Q3 24 | $-4.1M | $16.1M | ||
| Q2 24 | $2.0M | $19.2M | ||
| Q1 24 | $-3.9M | $14.8M |
| Q4 25 | 14.8% | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 12.5% | — | ||
| Q2 24 | 12.1% | — | ||
| Q1 24 | 10.7% | — |
| Q4 25 | 19.8% | 1.9% | ||
| Q3 25 | 19.9% | 2.0% | ||
| Q2 25 | 20.6% | 3.1% | ||
| Q1 25 | 19.0% | 3.3% | ||
| Q4 24 | 20.0% | 0.1% | ||
| Q3 24 | 19.6% | 5.9% | ||
| Q2 24 | 19.4% | 6.2% | ||
| Q1 24 | 18.2% | 7.5% |
| Q4 25 | 1.9% | 0.7% | ||
| Q3 25 | 10.5% | 0.0% | ||
| Q2 25 | 2.0% | 1.4% | ||
| Q1 25 | -1.4% | 1.1% | ||
| Q4 24 | -6.4% | -1.2% | ||
| Q3 24 | -0.9% | 3.4% | ||
| Q2 24 | 0.4% | 3.9% | ||
| Q1 24 | -0.9% | 3.7% |
| Q4 25 | $0.07 | $0.12 | ||
| Q3 25 | $0.33 | $0.01 | ||
| Q2 25 | $0.06 | $0.19 | ||
| Q1 25 | $-0.04 | $0.14 | ||
| Q4 24 | $-0.23 | $-0.14 | ||
| Q3 24 | $-0.03 | $0.33 | ||
| Q2 24 | $0.01 | $0.40 | ||
| Q1 24 | $-0.04 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $114.8M | $429.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $779.3M |
| Total Assets | $5.4B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $429.5M | ||
| Q3 25 | $147.4M | $463.4M | ||
| Q2 25 | $133.5M | $342.1M | ||
| Q1 25 | $86.1M | $260.9M | ||
| Q4 24 | $76.7M | $290.8M | ||
| Q3 24 | $67.8M | $350.3M | ||
| Q2 24 | $52.1M | $327.7M | ||
| Q1 24 | $77.0M | $337.3M |
| Q4 25 | $3.3B | $779.3M | ||
| Q3 25 | $2.7B | $775.5M | ||
| Q2 25 | $2.4B | $765.5M | ||
| Q1 25 | $2.3B | $745.4M | ||
| Q4 24 | $2.3B | $712.7M | ||
| Q3 24 | $2.2B | $704.6M | ||
| Q2 24 | $1.9B | $678.9M | ||
| Q1 24 | $2.0B | $653.5M |
| Q4 25 | $5.4B | $2.2B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $4.5B | $1.4B | ||
| Q1 25 | $4.5B | $1.3B | ||
| Q4 24 | $4.5B | $1.4B | ||
| Q3 24 | $4.7B | $1.3B | ||
| Q2 24 | $4.6B | $1.3B | ||
| Q1 24 | $4.7B | $1.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $55.2M | $-2.9M |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -0.6% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 5.12× | -0.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | $104.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $-2.9M | ||
| Q3 25 | $107.2M | $10.0M | ||
| Q2 25 | $71.5M | $90.9M | ||
| Q1 25 | $60.6M | $16.6M | ||
| Q4 24 | $59.5M | $-10.9M | ||
| Q3 24 | $63.1M | $34.0M | ||
| Q2 24 | $59.4M | $23.2M | ||
| Q1 24 | $-6.0M | $6.0M |
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $7.4M | ||
| Q2 25 | — | $89.5M | ||
| Q1 25 | — | $13.6M | ||
| Q4 24 | — | $-13.5M | ||
| Q3 24 | — | $31.7M | ||
| Q2 24 | — | $20.4M | ||
| Q1 24 | — | $5.6M |
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | -2.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | 5.12× | -0.44× | ||
| Q3 25 | 1.92× | 26.69× | ||
| Q2 25 | 7.21× | 9.65× | ||
| Q1 25 | — | 2.48× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | 30.02× | 1.21× | ||
| Q1 24 | — | 0.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHR
| Integrated Senior Health Campuses | $467.0M | 83% |
| SHOP | $97.0M | 17% |
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
