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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Gaming & Leisure Properties, Inc. (GLPI). 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 $420.0M, roughly 1.3× Gaming & Leisure Properties, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 1.9%, a 55.1% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs 6.3%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs 5.0%).
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...
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
AHR vs GLPI — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $420.0M |
| Net Profit | $10.8M | $239.4M |
| Gross Margin | 14.8% | — |
| Operating Margin | 19.8% | 79.4% |
| Net Margin | 1.9% | 57.0% |
| Revenue YoY | 13.5% | 6.3% |
| Net Profit YoY | 133.9% | 40.5% |
| EPS (diluted) | $0.07 | — |
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.
| Q1 26 | — | $420.0M | ||
| Q4 25 | $564.0M | $407.0M | ||
| Q3 25 | $532.1M | $397.6M | ||
| Q2 25 | $501.3M | $394.9M | ||
| Q1 25 | $497.2M | $395.2M | ||
| Q4 24 | $496.8M | $389.6M | ||
| Q3 24 | $476.8M | $385.3M | ||
| Q2 24 | $458.0M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $10.8M | $267.3M | ||
| Q3 25 | $55.9M | $241.2M | ||
| Q2 25 | $9.9M | $151.4M | ||
| Q1 25 | $-6.8M | $165.2M | ||
| Q4 24 | $-31.8M | $217.2M | ||
| Q3 24 | $-4.1M | $184.7M | ||
| Q2 24 | $2.0M | $208.3M |
| Q1 26 | — | — | ||
| 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 26 | — | 79.4% | ||
| Q4 25 | 19.8% | 89.3% | ||
| Q3 25 | 19.9% | 84.8% | ||
| Q2 25 | 20.6% | 61.3% | ||
| Q1 25 | 19.0% | 65.5% | ||
| Q4 24 | 20.0% | 79.1% | ||
| Q3 24 | 19.6% | 70.4% | ||
| Q2 24 | 19.4% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | 1.9% | 65.7% | ||
| Q3 25 | 10.5% | 60.7% | ||
| Q2 25 | 2.0% | 38.4% | ||
| Q1 25 | -1.4% | 41.8% | ||
| Q4 24 | -6.4% | 55.8% | ||
| Q3 24 | -0.9% | 47.9% | ||
| Q2 24 | 0.4% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.07 | $0.96 | ||
| Q3 25 | $0.33 | $0.85 | ||
| Q2 25 | $0.06 | $0.54 | ||
| Q1 25 | $-0.04 | $0.60 | ||
| Q4 24 | $-0.23 | $0.79 | ||
| Q3 24 | $-0.03 | $0.67 | ||
| Q2 24 | $0.01 | $0.77 |
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 | $274.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $5.0B |
| Total Assets | $5.4B | $13.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $114.8M | — | ||
| Q3 25 | $147.4M | — | ||
| Q2 25 | $133.5M | — | ||
| Q1 25 | $86.1M | — | ||
| Q4 24 | $76.7M | $560.8M | ||
| Q3 24 | $67.8M | $554.1M | ||
| Q2 24 | $52.1M | $347.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $3.3B | $4.6B | ||
| Q3 25 | $2.7B | $4.6B | ||
| Q2 25 | $2.4B | $4.6B | ||
| Q1 25 | $2.3B | $4.2B | ||
| Q4 24 | $2.3B | $4.3B | ||
| Q3 24 | $2.2B | $4.3B | ||
| Q2 24 | $1.9B | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $5.4B | $12.9B | ||
| Q3 25 | $4.8B | $12.8B | ||
| Q2 25 | $4.5B | $12.5B | ||
| Q1 25 | $4.5B | $12.1B | ||
| Q4 24 | $4.5B | $13.1B | ||
| Q3 24 | $4.7B | $12.7B | ||
| Q2 24 | $4.6B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.74× | ||
| Q2 24 | — | 1.60× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 5.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $55.2M | $343.2M | ||
| Q3 25 | $107.2M | $240.3M | ||
| Q2 25 | $71.5M | $293.4M | ||
| Q1 25 | $60.6M | $252.5M | ||
| Q4 24 | $59.5M | $292.4M | ||
| Q3 24 | $63.1M | $270.4M | ||
| Q2 24 | $59.4M | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $183.0M | ||
| Q2 25 | — | $272.3M | ||
| Q1 25 | — | $239.6M | ||
| Q4 24 | — | $276.6M | ||
| Q3 24 | — | $261.5M | ||
| Q2 24 | — | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 69.0% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 71.0% | ||
| Q3 24 | — | 67.9% | ||
| Q2 24 | — | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 14.4% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 5.12× | 1.28× | ||
| Q3 25 | 1.92× | 1.00× | ||
| Q2 25 | 7.21× | 1.94× | ||
| Q1 25 | — | 1.53× | ||
| Q4 24 | — | 1.35× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | 30.02× | 1.21× |
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% |
GLPI
Segment breakdown not available.
