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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $564.0M, roughly 1.1× American Healthcare REIT, Inc.). American Healthcare REIT, Inc. runs the higher net margin — 1.9% vs -2.0%, a 3.9% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 13.5%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% 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...
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
AHR vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $614.5M |
| Net Profit | $10.8M | $-12.1M |
| Gross Margin | 14.8% | 73.6% |
| Operating Margin | 19.8% | -8.0% |
| Net Margin | 1.9% | -2.0% |
| Revenue YoY | 13.5% | 33.6% |
| Net Profit YoY | 133.9% | 6.0% |
| EPS (diluted) | $0.07 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $532.1M | $562.0M | ||
| Q2 25 | $501.3M | $512.3M | ||
| Q1 25 | $497.2M | $479.1M | ||
| Q4 24 | $496.8M | $459.9M | ||
| Q3 24 | $476.8M | $430.1M | ||
| Q2 24 | $458.0M | $401.0M | ||
| Q1 24 | $452.1M | $378.6M |
| Q4 25 | $10.8M | $-12.1M | ||
| Q3 25 | $55.9M | $-1.3M | ||
| Q2 25 | $9.9M | $-50.4M | ||
| Q1 25 | $-6.8M | $-38.5M | ||
| Q4 24 | $-31.8M | $-12.8M | ||
| Q3 24 | $-4.1M | $-15.3M | ||
| Q2 24 | $2.0M | $-15.1M | ||
| Q1 24 | $-3.9M | $-35.5M |
| Q4 25 | 14.8% | 73.6% | ||
| Q3 25 | 14.6% | 74.0% | ||
| Q2 25 | 15.0% | 74.9% | ||
| Q1 25 | 13.0% | 75.9% | ||
| Q4 24 | 13.3% | 76.4% | ||
| Q3 24 | 12.5% | 77.7% | ||
| Q2 24 | 12.1% | 77.8% | ||
| Q1 24 | 10.7% | 77.5% |
| Q4 25 | 19.8% | -8.0% | ||
| Q3 25 | 19.9% | -6.7% | ||
| Q2 25 | 20.6% | -13.1% | ||
| Q1 25 | 19.0% | -11.1% | ||
| Q4 24 | 20.0% | -7.5% | ||
| Q3 24 | 19.6% | -7.2% | ||
| Q2 24 | 19.4% | -8.7% | ||
| Q1 24 | 18.2% | -14.4% |
| Q4 25 | 1.9% | -2.0% | ||
| Q3 25 | 10.5% | -0.2% | ||
| Q2 25 | 2.0% | -9.8% | ||
| Q1 25 | -1.4% | -8.0% | ||
| Q4 24 | -6.4% | -2.8% | ||
| Q3 24 | -0.9% | -3.6% | ||
| Q2 24 | 0.4% | -3.8% | ||
| Q1 24 | -0.9% | -9.4% |
| Q4 25 | $0.07 | $-0.03 | ||
| Q3 25 | $0.33 | $0.00 | ||
| Q2 25 | $0.06 | $-0.15 | ||
| Q1 25 | $-0.04 | $-0.11 | ||
| Q4 24 | $-0.23 | $-0.05 | ||
| Q3 24 | $-0.03 | $-0.04 | ||
| Q2 24 | $0.01 | $-0.04 | ||
| Q1 24 | $-0.04 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $1.5B |
| Total Assets | $5.4B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $943.5M | ||
| Q3 25 | $147.4M | $1.1B | ||
| Q2 25 | $133.5M | $1.5B | ||
| Q1 25 | $86.1M | $204.5M | ||
| Q4 24 | $76.7M | $147.7M | ||
| Q3 24 | $67.8M | $182.9M | ||
| Q2 24 | $52.1M | $157.0M | ||
| Q1 24 | $77.0M | $254.4M |
| Q4 25 | $3.3B | $1.5B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.2B | $973.1M | ||
| Q2 24 | $1.9B | $881.5M | ||
| Q1 24 | $2.0B | $797.2M |
| Q4 25 | $5.4B | $6.0B | ||
| Q3 25 | $4.8B | $5.8B | ||
| Q2 25 | $4.5B | $5.6B | ||
| Q1 25 | $4.5B | $3.7B | ||
| Q4 24 | $4.5B | $3.3B | ||
| Q3 24 | $4.7B | $3.1B | ||
| Q2 24 | $4.6B | $2.9B | ||
| Q1 24 | $4.7B | $2.8B |
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 | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 13.9% |
| Cash ConversionOCF / Net Profit | 5.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $190.4M | ||
| Q3 25 | $107.2M | $167.1M | ||
| Q2 25 | $71.5M | $99.8M | ||
| Q1 25 | $60.6M | $145.8M | ||
| Q4 24 | $59.5M | $127.3M | ||
| Q3 24 | $63.1M | $104.7M | ||
| Q2 24 | $59.4M | $74.8M | ||
| Q1 24 | $-6.0M | $73.6M |
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | 5.12× | — | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 7.21× | — | ||
| Q1 25 | — | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
