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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). 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 $335.6M, roughly 1.7× Natural Grocers by Vitamin Cottage, Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs 1.9%, a 1.5% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs 1.6%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs 4.4%).
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...
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
AHR vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $335.6M |
| Net Profit | $10.8M | $11.3M |
| Gross Margin | 14.8% | 29.5% |
| Operating Margin | 19.8% | 4.4% |
| Net Margin | 1.9% | 3.4% |
| Revenue YoY | 13.5% | 1.6% |
| Net Profit YoY | 133.9% | 14.0% |
| EPS (diluted) | $0.07 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $532.1M | $336.1M | ||
| Q2 25 | $501.3M | $328.7M | ||
| Q1 25 | $497.2M | $335.8M | ||
| Q4 24 | $496.8M | $330.2M | ||
| Q3 24 | $476.8M | $322.7M | ||
| Q2 24 | $458.0M | $309.1M | ||
| Q1 24 | $452.1M | $308.1M |
| Q4 25 | $10.8M | $11.3M | ||
| Q3 25 | $55.9M | $11.8M | ||
| Q2 25 | $9.9M | $11.6M | ||
| Q1 25 | $-6.8M | $13.1M | ||
| Q4 24 | $-31.8M | $9.9M | ||
| Q3 24 | $-4.1M | $9.0M | ||
| Q2 24 | $2.0M | $9.2M | ||
| Q1 24 | $-3.9M | $8.0M |
| Q4 25 | 14.8% | 29.5% | ||
| Q3 25 | 14.6% | 29.5% | ||
| Q2 25 | 15.0% | 29.9% | ||
| Q1 25 | 13.0% | 30.3% | ||
| Q4 24 | 13.3% | 29.9% | ||
| Q3 24 | 12.5% | 29.6% | ||
| Q2 24 | 12.1% | 29.2% | ||
| Q1 24 | 10.7% | 29.3% |
| Q4 25 | 19.8% | 4.4% | ||
| Q3 25 | 19.9% | 4.6% | ||
| Q2 25 | 20.6% | 4.7% | ||
| Q1 25 | 19.0% | 5.2% | ||
| Q4 24 | 20.0% | 4.0% | ||
| Q3 24 | 19.6% | 3.7% | ||
| Q2 24 | 19.4% | 4.2% | ||
| Q1 24 | 18.2% | 3.7% |
| Q4 25 | 1.9% | 3.4% | ||
| Q3 25 | 10.5% | 3.5% | ||
| Q2 25 | 2.0% | 3.5% | ||
| Q1 25 | -1.4% | 3.9% | ||
| Q4 24 | -6.4% | 3.0% | ||
| Q3 24 | -0.9% | 2.8% | ||
| Q2 24 | 0.4% | 3.0% | ||
| Q1 24 | -0.9% | 2.6% |
| Q4 25 | $0.07 | $0.49 | ||
| Q3 25 | $0.33 | $0.51 | ||
| Q2 25 | $0.06 | $0.50 | ||
| Q1 25 | $-0.04 | $0.56 | ||
| Q4 24 | $-0.23 | $0.43 | ||
| Q3 24 | $-0.03 | $0.38 | ||
| Q2 24 | $0.01 | $0.40 | ||
| Q1 24 | $-0.04 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $220.0M |
| Total Assets | $5.4B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $23.2M | ||
| Q3 25 | $147.4M | $17.1M | ||
| Q2 25 | $133.5M | $13.2M | ||
| Q1 25 | $86.1M | $21.2M | ||
| Q4 24 | $76.7M | $6.3M | ||
| Q3 24 | $67.8M | $8.9M | ||
| Q2 24 | $52.1M | $13.9M | ||
| Q1 24 | $77.0M | $11.0M |
| Q4 25 | $3.3B | $220.0M | ||
| Q3 25 | $2.7B | $212.4M | ||
| Q2 25 | $2.4B | $202.5M | ||
| Q1 25 | $2.3B | $193.0M | ||
| Q4 24 | $2.3B | $181.9M | ||
| Q3 24 | $2.2B | $174.3M | ||
| Q2 24 | $1.9B | $167.8M | ||
| Q1 24 | $2.0B | $160.0M |
| Q4 25 | $5.4B | $668.6M | ||
| Q3 25 | $4.8B | $670.5M | ||
| Q2 25 | $4.5B | $659.0M | ||
| Q1 25 | $4.5B | $664.6M | ||
| Q4 24 | $4.5B | $648.9M | ||
| Q3 24 | $4.7B | $655.5M | ||
| Q2 24 | $4.6B | $654.4M | ||
| Q1 24 | $4.7B | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 3.4% |
| Capex IntensityCapex / Revenue | — | 2.9% |
| Cash ConversionOCF / Net Profit | 5.12× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $21.1M | ||
| Q3 25 | $107.2M | $15.6M | ||
| Q2 25 | $71.5M | $2.9M | ||
| Q1 25 | $60.6M | $34.1M | ||
| Q4 24 | $59.5M | $2.7M | ||
| Q3 24 | $63.1M | $24.5M | ||
| Q2 24 | $59.4M | $12.4M | ||
| Q1 24 | $-6.0M | $20.2M |
| Q4 25 | — | $11.6M | ||
| Q3 25 | — | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-6.9M | ||
| Q3 24 | — | $18.0M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | — | $9.8M |
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -2.1% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 5.12× | 1.86× | ||
| Q3 25 | 1.92× | 1.32× | ||
| Q2 25 | 7.21× | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | 30.02× | 1.35× | ||
| Q1 24 | — | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
