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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and IES Holdings, Inc. (IESC). Click either name above to swap in a different company.
IES Holdings, Inc. is the larger business by last-quarter revenue ($871.0M vs $564.0M, roughly 1.5× American Healthcare REIT, Inc.). IES Holdings, Inc. runs the higher net margin — 10.5% vs 1.9%, a 8.6% gap on every dollar of revenue. On growth, IES Holdings, Inc. posted the faster year-over-year revenue change (16.2% vs 13.5%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs 11.1%).
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...
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.
AHR vs IESC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $871.0M |
| Net Profit | $10.8M | $91.8M |
| Gross Margin | 14.8% | 25.3% |
| Operating Margin | 19.8% | 11.2% |
| Net Margin | 1.9% | 10.5% |
| Revenue YoY | 13.5% | 16.2% |
| Net Profit YoY | 133.9% | 59.1% |
| EPS (diluted) | $0.07 | $4.51 |
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 | $871.0M | ||
| Q3 25 | $532.1M | $897.8M | ||
| Q2 25 | $501.3M | $890.2M | ||
| Q1 25 | $497.2M | $834.0M | ||
| Q4 24 | $496.8M | $749.5M | ||
| Q3 24 | $476.8M | $775.8M | ||
| Q2 24 | $458.0M | $768.4M | ||
| Q1 24 | $452.1M | $705.7M |
| Q4 25 | $10.8M | $91.8M | ||
| Q3 25 | $55.9M | $102.3M | ||
| Q2 25 | $9.9M | $79.3M | ||
| Q1 25 | $-6.8M | $72.6M | ||
| Q4 24 | $-31.8M | $57.7M | ||
| Q3 24 | $-4.1M | $65.5M | ||
| Q2 24 | $2.0M | $66.6M | ||
| Q1 24 | $-3.9M | $56.8M |
| Q4 25 | 14.8% | 25.3% | ||
| Q3 25 | 14.6% | 26.0% | ||
| Q2 25 | 15.0% | 26.9% | ||
| Q1 25 | 13.0% | 25.0% | ||
| Q4 24 | 13.3% | 23.8% | ||
| Q3 24 | 12.5% | 24.0% | ||
| Q2 24 | 12.1% | 25.3% | ||
| Q1 24 | 10.7% | 24.3% |
| Q4 25 | 19.8% | 11.2% | ||
| Q3 25 | 19.9% | 11.6% | ||
| Q2 25 | 20.6% | 12.6% | ||
| Q1 25 | 19.0% | 11.1% | ||
| Q4 24 | 20.0% | 10.0% | ||
| Q3 24 | 19.6% | 9.7% | ||
| Q2 24 | 19.4% | 11.7% | ||
| Q1 24 | 18.2% | 11.0% |
| Q4 25 | 1.9% | 10.5% | ||
| Q3 25 | 10.5% | 11.4% | ||
| Q2 25 | 2.0% | 8.9% | ||
| Q1 25 | -1.4% | 8.7% | ||
| Q4 24 | -6.4% | 7.7% | ||
| Q3 24 | -0.9% | 8.4% | ||
| Q2 24 | 0.4% | 8.7% | ||
| Q1 24 | -0.9% | 8.0% |
| Q4 25 | $0.07 | $4.51 | ||
| Q3 25 | $0.33 | $4.99 | ||
| Q2 25 | $0.06 | $3.81 | ||
| Q1 25 | $-0.04 | $3.50 | ||
| Q4 24 | $-0.23 | $2.72 | ||
| Q3 24 | $-0.03 | $3.06 | ||
| Q2 24 | $0.01 | $2.67 | ||
| Q1 24 | $-0.04 | $2.29 |
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 | $258.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $961.1M |
| Total Assets | $5.4B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $258.7M | ||
| Q3 25 | $147.4M | $231.8M | ||
| Q2 25 | $133.5M | $168.3M | ||
| Q1 25 | $86.1M | $88.3M | ||
| Q4 24 | $76.7M | $112.0M | ||
| Q3 24 | $67.8M | $135.8M | ||
| Q2 24 | $52.1M | $44.9M | ||
| Q1 24 | $77.0M | $106.0M |
| Q4 25 | $3.3B | $961.1M | ||
| Q3 25 | $2.7B | $884.0M | ||
| Q2 25 | $2.4B | $781.4M | ||
| Q1 25 | $2.3B | $705.8M | ||
| Q4 24 | $2.3B | $652.4M | ||
| Q3 24 | $2.2B | $611.1M | ||
| Q2 24 | $1.9B | $567.5M | ||
| Q1 24 | $2.0B | $534.8M |
| Q4 25 | $5.4B | $1.7B | ||
| Q3 25 | $4.8B | $1.6B | ||
| Q2 25 | $4.5B | $1.5B | ||
| Q1 25 | $4.5B | $1.4B | ||
| Q4 24 | $4.5B | $1.3B | ||
| Q3 24 | $4.7B | $1.2B | ||
| Q2 24 | $4.6B | $1.2B | ||
| Q1 24 | $4.7B | $1.1B |
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 | $27.7M |
| Free Cash FlowOCF − Capex | — | $-18.9M |
| FCF MarginFCF / Revenue | — | -2.2% |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | 5.12× | 0.30× |
| TTM Free Cash FlowTrailing 4 quarters | — | $175.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $27.7M | ||
| Q3 25 | $107.2M | $132.0M | ||
| Q2 25 | $71.5M | $92.0M | ||
| Q1 25 | $60.6M | $24.8M | ||
| Q4 24 | $59.5M | $37.3M | ||
| Q3 24 | $63.1M | $92.8M | ||
| Q2 24 | $59.4M | $82.9M | ||
| Q1 24 | $-6.0M | $33.7M |
| Q4 25 | — | $-18.9M | ||
| Q3 25 | — | $112.0M | ||
| Q2 25 | — | $74.8M | ||
| Q1 25 | — | $7.9M | ||
| Q4 24 | — | $24.1M | ||
| Q3 24 | — | $78.5M | ||
| Q2 24 | — | $65.4M | ||
| Q1 24 | — | $26.9M |
| Q4 25 | — | -2.2% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 10.1% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 3.8% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | 5.12× | 0.30× | ||
| Q3 25 | 1.92× | 1.29× | ||
| Q2 25 | 7.21× | 1.16× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | 30.02× | 1.24× | ||
| Q1 24 | — | 0.59× |
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% |
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
