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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Essex Property Trust (ESS). Click either name above to swap in a different company.
American Healthcare REIT, Inc. is the larger business by last-quarter revenue ($564.0M vs $479.6M, roughly 1.2× Essex Property Trust). Essex Property Trust runs the higher net margin — 17.9% vs 1.9%, a 16.0% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs 5.5%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs 6.0%).
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...
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
AHR vs ESS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $479.6M |
| Net Profit | $10.8M | $85.7M |
| Gross Margin | 14.8% | 70.0% |
| Operating Margin | 19.8% | 31.7% |
| Net Margin | 1.9% | 17.9% |
| Revenue YoY | 13.5% | 5.5% |
| Net Profit YoY | 133.9% | -71.6% |
| EPS (diluted) | $0.07 | $1.24 |
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 | $479.6M | ||
| Q3 25 | $532.1M | $473.3M | ||
| Q2 25 | $501.3M | $469.8M | ||
| Q1 25 | $497.2M | $464.6M | ||
| Q4 24 | $496.8M | $454.5M | ||
| Q3 24 | $476.8M | $450.7M | ||
| Q2 24 | $458.0M | $442.4M | ||
| Q1 24 | $452.1M | $426.9M |
| Q4 25 | $10.8M | $85.7M | ||
| Q3 25 | $55.9M | $172.7M | ||
| Q2 25 | $9.9M | $231.5M | ||
| Q1 25 | $-6.8M | $212.8M | ||
| Q4 24 | $-31.8M | $301.7M | ||
| Q3 24 | $-4.1M | $125.5M | ||
| Q2 24 | $2.0M | $99.0M | ||
| Q1 24 | $-3.9M | $285.1M |
| Q4 25 | 14.8% | 70.0% | ||
| Q3 25 | 14.6% | 69.2% | ||
| Q2 25 | 15.0% | 70.7% | ||
| Q1 25 | 13.0% | 69.6% | ||
| Q4 24 | 13.3% | 70.0% | ||
| Q3 24 | 12.5% | 69.5% | ||
| Q2 24 | 12.1% | 70.8% | ||
| Q1 24 | 10.7% | 69.7% |
| Q4 25 | 19.8% | 31.7% | ||
| Q3 25 | 19.9% | 44.5% | ||
| Q2 25 | 20.6% | 59.5% | ||
| Q1 25 | 19.0% | 55.3% | ||
| Q4 24 | 20.0% | 67.0% | ||
| Q3 24 | 19.6% | 28.6% | ||
| Q2 24 | 19.4% | 31.1% | ||
| Q1 24 | 18.2% | 31.0% |
| Q4 25 | 1.9% | 17.9% | ||
| Q3 25 | 10.5% | 36.5% | ||
| Q2 25 | 2.0% | 49.3% | ||
| Q1 25 | -1.4% | 45.8% | ||
| Q4 24 | -6.4% | 66.4% | ||
| Q3 24 | -0.9% | 27.8% | ||
| Q2 24 | 0.4% | 22.4% | ||
| Q1 24 | -0.9% | 66.8% |
| Q4 25 | $0.07 | $1.24 | ||
| Q3 25 | $0.33 | $2.56 | ||
| Q2 25 | $0.06 | $3.44 | ||
| Q1 25 | $-0.04 | $3.16 | ||
| Q4 24 | $-0.23 | $4.00 | ||
| Q3 24 | $-0.03 | $1.84 | ||
| Q2 24 | $0.01 | $1.45 | ||
| Q1 24 | $-0.04 | $4.25 |
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 | $76.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $5.5B |
| Total Assets | $5.4B | $13.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $76.2M | ||
| Q3 25 | $147.4M | $66.0M | ||
| Q2 25 | $133.5M | $58.7M | ||
| Q1 25 | $86.1M | $98.7M | ||
| Q4 24 | $76.7M | $66.8M | ||
| Q3 24 | $67.8M | $71.3M | ||
| Q2 24 | $52.1M | $55.2M | ||
| Q1 24 | $77.0M | $499.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.6B |
| Q4 25 | $3.3B | $5.5B | ||
| Q3 25 | $2.7B | $5.6B | ||
| Q2 25 | $2.4B | $5.6B | ||
| Q1 25 | $2.3B | $5.6B | ||
| Q4 24 | $2.3B | $5.5B | ||
| Q3 24 | $2.2B | $5.4B | ||
| Q2 24 | $1.9B | $5.5B | ||
| Q1 24 | $2.0B | $5.5B |
| Q4 25 | $5.4B | $13.2B | ||
| Q3 25 | $4.8B | $13.2B | ||
| Q2 25 | $4.5B | $13.2B | ||
| Q1 25 | $4.5B | $13.2B | ||
| Q4 24 | $4.5B | $12.9B | ||
| Q3 24 | $4.7B | $12.6B | ||
| Q2 24 | $4.6B | $12.5B | ||
| Q1 24 | $4.7B | $12.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 1.19× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 5.12× | 12.53× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $1.1B | ||
| Q3 25 | $107.2M | $342.6M | ||
| Q2 25 | $71.5M | $216.1M | ||
| Q1 25 | $60.6M | $281.5M | ||
| Q4 24 | $59.5M | $1.1B | ||
| Q3 24 | $63.1M | $316.2M | ||
| Q2 24 | $59.4M | $218.9M | ||
| Q1 24 | $-6.0M | $314.9M |
| Q4 25 | 5.12× | 12.53× | ||
| Q3 25 | 1.92× | 1.98× | ||
| Q2 25 | 7.21× | 0.93× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | — | 2.52× | ||
| Q2 24 | 30.02× | 2.21× | ||
| Q1 24 | — | 1.10× |
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% |
ESS
Segment breakdown not available.
