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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
Howard Hughes Holdings Inc. is the larger business by last-quarter revenue ($624.4M vs $564.0M, roughly 1.1× American Healthcare REIT, Inc.). American Healthcare REIT, Inc. runs the higher net margin — 1.9% vs 1.0%, a 0.9% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs -33.2%). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% 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...
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
AHR vs HHH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $624.4M |
| Net Profit | $10.8M | $6.0M |
| Gross Margin | 14.8% | — |
| Operating Margin | 19.8% | 4.2% |
| Net Margin | 1.9% | 1.0% |
| Revenue YoY | 13.5% | -33.2% |
| Net Profit YoY | 133.9% | -96.2% |
| EPS (diluted) | $0.07 | $0.20 |
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 | $624.4M | ||
| Q3 25 | $532.1M | $390.2M | ||
| Q2 25 | $501.3M | $260.9M | ||
| Q1 25 | $497.2M | $199.3M | ||
| Q4 24 | $496.8M | $935.0M | ||
| Q3 24 | $476.8M | $327.1M | ||
| Q2 24 | $458.0M | $317.4M | ||
| Q1 24 | $452.1M | $171.1M |
| Q4 25 | $10.8M | $6.0M | ||
| Q3 25 | $55.9M | $119.5M | ||
| Q2 25 | $9.9M | $-12.1M | ||
| Q1 25 | $-6.8M | $10.5M | ||
| Q4 24 | $-31.8M | $156.3M | ||
| Q3 24 | $-4.1M | $72.8M | ||
| Q2 24 | $2.0M | $21.1M | ||
| Q1 24 | $-3.9M | $-52.5M |
| 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% | 4.2% | ||
| Q3 25 | 19.9% | 48.6% | ||
| Q2 25 | 20.6% | 26.0% | ||
| Q1 25 | 19.0% | 24.0% | ||
| Q4 24 | 20.0% | 33.5% | ||
| Q3 24 | 19.6% | 60.6% | ||
| Q2 24 | 19.4% | 20.4% | ||
| Q1 24 | 18.2% | -9.8% |
| Q4 25 | 1.9% | 1.0% | ||
| Q3 25 | 10.5% | 30.6% | ||
| Q2 25 | 2.0% | -4.7% | ||
| Q1 25 | -1.4% | 5.3% | ||
| Q4 24 | -6.4% | 16.7% | ||
| Q3 24 | -0.9% | 22.2% | ||
| Q2 24 | 0.4% | 6.6% | ||
| Q1 24 | -0.9% | -30.7% |
| Q4 25 | $0.07 | $0.20 | ||
| Q3 25 | $0.33 | $2.02 | ||
| Q2 25 | $0.06 | $-0.22 | ||
| Q1 25 | $-0.04 | $0.21 | ||
| Q4 24 | $-0.23 | $3.14 | ||
| Q3 24 | $-0.03 | $1.46 | ||
| Q2 24 | $0.01 | $0.42 | ||
| Q1 24 | $-0.04 | $-1.06 |
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 | $1.5B |
| Total DebtLower is stronger | — | $5.1B |
| Stockholders' EquityBook value | $3.3B | $3.8B |
| Total Assets | $5.4B | $10.6B |
| Debt / EquityLower = less leverage | — | 1.35× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $1.5B | ||
| Q3 25 | $147.4M | $1.5B | ||
| Q2 25 | $133.5M | $1.4B | ||
| Q1 25 | $86.1M | $493.7M | ||
| Q4 24 | $76.7M | $596.1M | ||
| Q3 24 | $67.8M | $400.7M | ||
| Q2 24 | $52.1M | $436.8M | ||
| Q1 24 | $77.0M | $462.7M |
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.3B | $3.8B | ||
| Q3 25 | $2.7B | $3.8B | ||
| Q2 25 | $2.4B | $3.6B | ||
| Q1 25 | $2.3B | $2.8B | ||
| Q4 24 | $2.3B | $2.8B | ||
| Q3 24 | $2.2B | $2.6B | ||
| Q2 24 | $1.9B | $3.0B | ||
| Q1 24 | $2.0B | $2.9B |
| Q4 25 | $5.4B | $10.6B | ||
| Q3 25 | $4.8B | $10.7B | ||
| Q2 25 | $4.5B | $10.3B | ||
| Q1 25 | $4.5B | $9.3B | ||
| Q4 24 | $4.5B | $9.2B | ||
| Q3 24 | $4.7B | $9.4B | ||
| Q2 24 | $4.6B | $9.9B | ||
| Q1 24 | $4.7B | $9.6B |
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.85× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $360.3M |
| Free Cash FlowOCF − Capex | — | $348.6M |
| FCF MarginFCF / Revenue | — | 55.8% |
| Capex IntensityCapex / Revenue | — | 1.9% |
| Cash ConversionOCF / Net Profit | 5.12× | 60.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $417.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $360.3M | ||
| Q3 25 | $107.2M | $149.8M | ||
| Q2 25 | $71.5M | $177.3M | ||
| Q1 25 | $60.6M | $-224.9M | ||
| Q4 24 | $59.5M | $337.1M | ||
| Q3 24 | $63.1M | $248.3M | ||
| Q2 24 | $59.4M | $-17.5M | ||
| Q1 24 | $-6.0M | $-171.2M |
| Q4 25 | — | $348.6M | ||
| Q3 25 | — | $137.7M | ||
| Q2 25 | — | $169.7M | ||
| Q1 25 | — | $-238.4M | ||
| Q4 24 | — | $317.1M | ||
| Q3 24 | — | $238.7M | ||
| Q2 24 | — | $-25.1M | ||
| Q1 24 | — | $-182.0M |
| Q4 25 | — | 55.8% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | -119.6% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 73.0% | ||
| Q2 24 | — | -7.9% | ||
| Q1 24 | — | -106.4% |
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 6.3% |
| Q4 25 | 5.12× | 60.04× | ||
| Q3 25 | 1.92× | 1.25× | ||
| Q2 25 | 7.21× | — | ||
| Q1 25 | — | -21.35× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | — | 3.41× | ||
| Q2 24 | 30.02× | -0.83× | ||
| Q1 24 | — | — |
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% |
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
