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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and LifeStance Health Group, Inc. (LFST). 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 $382.2M, roughly 1.5× LifeStance Health Group, Inc.). LifeStance Health Group, Inc. runs the higher net margin — 3.1% vs 1.9%, a 1.1% gap on every dollar of revenue. On growth, LifeStance Health Group, Inc. posted the faster year-over-year revenue change (17.4% vs 13.5%). Over the past eight quarters, LifeStance Health Group, Inc.'s revenue compounded faster (12.8% 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...
Lifestance Health (Lifestance) is an American outpatient behavioral health services provider. They provide their services in person and via tele-health. Their services include therapy, psychiatry, TMS, and ketamine therapies. They have landed in lawsuits multiple times over labor violations, leaking of customer information, and misleading investors.
AHR vs LFST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $382.2M |
| Net Profit | $10.8M | $11.7M |
| Gross Margin | 14.8% | — |
| Operating Margin | 19.8% | 4.7% |
| Net Margin | 1.9% | 3.1% |
| Revenue YoY | 13.5% | 17.4% |
| Net Profit YoY | 133.9% | 264.1% |
| 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.
| Q4 25 | $564.0M | $382.2M | ||
| Q3 25 | $532.1M | $363.8M | ||
| Q2 25 | $501.3M | $345.3M | ||
| Q1 25 | $497.2M | $333.0M | ||
| Q4 24 | $496.8M | $325.5M | ||
| Q3 24 | $476.8M | $312.7M | ||
| Q2 24 | $458.0M | $312.3M | ||
| Q1 24 | $452.1M | $300.4M |
| Q4 25 | $10.8M | $11.7M | ||
| Q3 25 | $55.9M | $1.1M | ||
| Q2 25 | $9.9M | $-3.8M | ||
| Q1 25 | $-6.8M | $709.0K | ||
| Q4 24 | $-31.8M | $-7.1M | ||
| Q3 24 | $-4.1M | $-6.0M | ||
| Q2 24 | $2.0M | $-23.3M | ||
| Q1 24 | $-3.9M | $-21.1M |
| 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% | 4.7% | ||
| Q3 25 | 19.9% | 2.0% | ||
| Q2 25 | 20.6% | -0.9% | ||
| Q1 25 | 19.0% | 0.5% | ||
| Q4 24 | 20.0% | 0.3% | ||
| Q3 24 | 19.6% | 0.0% | ||
| Q2 24 | 19.4% | -5.1% | ||
| Q1 24 | 18.2% | -5.6% |
| Q4 25 | 1.9% | 3.1% | ||
| Q3 25 | 10.5% | 0.3% | ||
| Q2 25 | 2.0% | -1.1% | ||
| Q1 25 | -1.4% | 0.2% | ||
| Q4 24 | -6.4% | -2.2% | ||
| Q3 24 | -0.9% | -1.9% | ||
| Q2 24 | 0.4% | -7.5% | ||
| Q1 24 | -0.9% | -7.0% |
| Q4 25 | $0.07 | — | ||
| Q3 25 | $0.33 | — | ||
| Q2 25 | $0.06 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $-0.23 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $0.01 | — | ||
| Q1 24 | $-0.04 | — |
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 | $248.6M |
| Total DebtLower is stronger | — | $282.8M |
| Stockholders' EquityBook value | $3.3B | $1.5B |
| Total Assets | $5.4B | $2.2B |
| Debt / EquityLower = less leverage | — | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $248.6M | ||
| Q3 25 | $147.4M | $203.9M | ||
| Q2 25 | $133.5M | $188.9M | ||
| Q1 25 | $86.1M | $134.3M | ||
| Q4 24 | $76.7M | $154.6M | ||
| Q3 24 | $67.8M | $102.6M | ||
| Q2 24 | $52.1M | $87.0M | ||
| Q1 24 | $77.0M | $49.5M |
| Q4 25 | — | $282.8M | ||
| Q3 25 | — | $284.6M | ||
| Q2 25 | — | $286.4M | ||
| Q1 25 | — | $288.2M | ||
| Q4 24 | — | $290.0M | ||
| Q3 24 | — | $287.3M | ||
| Q2 24 | — | $288.0M | ||
| Q1 24 | — | $288.8M |
| Q4 25 | $3.3B | $1.5B | ||
| Q3 25 | $2.7B | $1.5B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $2.2B | $1.4B | ||
| Q2 24 | $1.9B | $1.4B | ||
| Q1 24 | $2.0B | $1.4B |
| Q4 25 | $5.4B | $2.2B | ||
| Q3 25 | $4.8B | $2.1B | ||
| Q2 25 | $4.5B | $2.1B | ||
| Q1 25 | $4.5B | $2.1B | ||
| Q4 24 | $4.5B | $2.1B | ||
| Q3 24 | $4.7B | $2.1B | ||
| Q2 24 | $4.6B | $2.1B | ||
| Q1 24 | $4.7B | $2.1B |
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.20× | ||
| Q3 24 | — | 0.20× | ||
| Q2 24 | — | 0.20× | ||
| Q1 24 | — | 0.20× |
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 | $57.6M |
| Free Cash FlowOCF − Capex | — | $46.6M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | — | 2.9% |
| Cash ConversionOCF / Net Profit | 5.12× | 4.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $110.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $57.6M | ||
| Q3 25 | $107.2M | $27.3M | ||
| Q2 25 | $71.5M | $64.4M | ||
| Q1 25 | $60.6M | $-3.1M | ||
| Q4 24 | $59.5M | $62.3M | ||
| Q3 24 | $63.1M | $22.7M | ||
| Q2 24 | $59.4M | $44.1M | ||
| Q1 24 | $-6.0M | $-21.8M |
| Q4 25 | — | $46.6M | ||
| Q3 25 | — | $17.0M | ||
| Q2 25 | — | $56.6M | ||
| Q1 25 | — | $-10.3M | ||
| Q4 24 | — | $56.0M | ||
| Q3 24 | — | $17.7M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | — | $-26.9M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | -3.1% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | — | 5.7% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | -9.0% |
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | 5.12× | 4.93× | ||
| Q3 25 | 1.92× | 25.34× | ||
| Q2 25 | 7.21× | — | ||
| Q1 25 | — | -4.36× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 30.02× | — | ||
| 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% |
LFST
Segment breakdown not available.
