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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Maplebear Inc. (CART). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $564.0M, roughly 1.8× American Healthcare REIT, Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 1.9%, a 6.3% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs 12.3%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs 10.0%).
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...
Maplebear Inc., doing business as Instacart, is an American retail media and delivery company based in San Francisco that operates a grocery delivery and pick-up service in the United States and Canada accessible via a website and mobile app. It allows customers to order groceries, and alcohol where legal, from participating retailers with the shopping being done by a personal shopper, who picks, packs, and delivers the order.
AHR vs CART — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $992.0M |
| Net Profit | $10.8M | $81.0M |
| Gross Margin | 14.8% | 72.3% |
| Operating Margin | 19.8% | 9.9% |
| Net Margin | 1.9% | 8.2% |
| Revenue YoY | 13.5% | 12.3% |
| Net Profit YoY | 133.9% | -45.3% |
| EPS (diluted) | $0.07 | $0.31 |
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 | $992.0M | ||
| Q3 25 | $532.1M | $939.0M | ||
| Q2 25 | $501.3M | $914.0M | ||
| Q1 25 | $497.2M | $897.0M | ||
| Q4 24 | $496.8M | $883.0M | ||
| Q3 24 | $476.8M | $852.0M | ||
| Q2 24 | $458.0M | $823.0M | ||
| Q1 24 | $452.1M | $820.0M |
| Q4 25 | $10.8M | $81.0M | ||
| Q3 25 | $55.9M | $144.0M | ||
| Q2 25 | $9.9M | $116.0M | ||
| Q1 25 | $-6.8M | $106.0M | ||
| Q4 24 | $-31.8M | $148.0M | ||
| Q3 24 | $-4.1M | $118.0M | ||
| Q2 24 | $2.0M | $61.0M | ||
| Q1 24 | $-3.9M | $130.0M |
| Q4 25 | 14.8% | 72.3% | ||
| Q3 25 | 14.6% | 73.7% | ||
| Q2 25 | 15.0% | 74.2% | ||
| Q1 25 | 13.0% | 74.8% | ||
| Q4 24 | 13.3% | 75.2% | ||
| Q3 24 | 12.5% | 75.2% | ||
| Q2 24 | 12.1% | 75.7% | ||
| Q1 24 | 10.7% | 74.9% |
| Q4 25 | 19.8% | 9.9% | ||
| Q3 25 | 19.9% | 17.7% | ||
| Q2 25 | 20.6% | 13.6% | ||
| Q1 25 | 19.0% | 12.3% | ||
| Q4 24 | 20.0% | 17.6% | ||
| Q3 24 | 19.6% | 16.2% | ||
| Q2 24 | 19.4% | 6.3% | ||
| Q1 24 | 18.2% | 17.6% |
| Q4 25 | 1.9% | 8.2% | ||
| Q3 25 | 10.5% | 15.3% | ||
| Q2 25 | 2.0% | 12.7% | ||
| Q1 25 | -1.4% | 11.8% | ||
| Q4 24 | -6.4% | 16.8% | ||
| Q3 24 | -0.9% | 13.8% | ||
| Q2 24 | 0.4% | 7.4% | ||
| Q1 24 | -0.9% | 15.9% |
| Q4 25 | $0.07 | $0.31 | ||
| Q3 25 | $0.33 | $0.51 | ||
| Q2 25 | $0.06 | $0.41 | ||
| Q1 25 | $-0.04 | $0.37 | ||
| Q4 24 | $-0.23 | $0.53 | ||
| Q3 24 | $-0.03 | $0.42 | ||
| Q2 24 | $0.01 | $0.20 | ||
| Q1 24 | $-0.04 | $0.43 |
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 | $687.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $2.5B |
| Total Assets | $5.4B | $3.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $687.0M | ||
| Q3 25 | $147.4M | $1.7B | ||
| Q2 25 | $133.5M | $1.6B | ||
| Q1 25 | $86.1M | $1.6B | ||
| Q4 24 | $76.7M | $1.4B | ||
| Q3 24 | $67.8M | $1.3B | ||
| Q2 24 | $52.1M | $1.4B | ||
| Q1 24 | $77.0M | $1.5B |
| Q4 25 | $3.3B | $2.5B | ||
| Q3 25 | $2.7B | $3.5B | ||
| Q2 25 | $2.4B | $3.3B | ||
| Q1 25 | $2.3B | $3.2B | ||
| Q4 24 | $2.3B | $3.1B | ||
| Q3 24 | $2.2B | $2.9B | ||
| Q2 24 | $1.9B | $3.0B | ||
| Q1 24 | $2.0B | $3.1B |
| Q4 25 | $5.4B | $3.7B | ||
| Q3 25 | $4.8B | $4.5B | ||
| Q2 25 | $4.5B | $4.4B | ||
| Q1 25 | $4.5B | $4.3B | ||
| Q4 24 | $4.5B | $4.1B | ||
| Q3 24 | $4.7B | $3.9B | ||
| Q2 24 | $4.6B | $4.0B | ||
| Q1 24 | $4.7B | $4.1B |
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 | $183.0M |
| Free Cash FlowOCF − Capex | — | $171.0M |
| FCF MarginFCF / Revenue | — | 17.2% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | 5.12× | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $910.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $183.0M | ||
| Q3 25 | $107.2M | $287.0M | ||
| Q2 25 | $71.5M | $203.0M | ||
| Q1 25 | $60.6M | $298.0M | ||
| Q4 24 | $59.5M | $153.0M | ||
| Q3 24 | $63.1M | $185.0M | ||
| Q2 24 | $59.4M | $244.0M | ||
| Q1 24 | $-6.0M | $105.0M |
| Q4 25 | — | $171.0M | ||
| Q3 25 | — | $272.0M | ||
| Q2 25 | — | $187.0M | ||
| Q1 25 | — | $280.0M | ||
| Q4 24 | — | $141.0M | ||
| Q3 24 | — | $171.0M | ||
| Q2 24 | — | $220.0M | ||
| Q1 24 | — | $91.0M |
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 11.1% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | 5.12× | 2.26× | ||
| Q3 25 | 1.92× | 1.99× | ||
| Q2 25 | 7.21× | 1.75× | ||
| Q1 25 | — | 2.81× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | 30.02× | 4.00× | ||
| Q1 24 | — | 0.81× |
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% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
