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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and North American Construction Group Ltd. (NOA). Click either name above to swap in a different company.
North American Construction Group Ltd. is the larger business by last-quarter revenue ($860.2M vs $564.0M, roughly 1.5× American Healthcare REIT, Inc.). North American Construction Group Ltd. runs the higher net margin — 4.7% vs 1.9%, a 2.8% gap on every dollar of revenue. Over the past eight quarters, North American Construction Group Ltd.'s revenue compounded faster (58.0% 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...
Shanghai Construction (Group) Corporation (SCG) is a Chinese construction and engineering company, ranked as the 16th largest construction company in the world based on 2011 revenues.
AHR vs NOA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $860.2M |
| Net Profit | $10.8M | $40.5M |
| Gross Margin | 14.8% | 19.7% |
| Operating Margin | 19.8% | 15.4% |
| Net Margin | 1.9% | 4.7% |
| Revenue YoY | 13.5% | — |
| Net Profit YoY | 133.9% | — |
| 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 | — | ||
| Q3 25 | $532.1M | $860.2M | ||
| Q2 25 | $501.3M | $573.3M | ||
| Q1 25 | $497.2M | $297.0M | ||
| Q4 24 | $496.8M | — | ||
| Q3 24 | $476.8M | $636.4M | ||
| Q2 24 | $458.0M | $439.5M | ||
| Q1 24 | $452.1M | $244.3M |
| Q4 25 | $10.8M | — | ||
| Q3 25 | $55.9M | $40.5M | ||
| Q2 25 | $9.9M | $26.0M | ||
| Q1 25 | $-6.8M | $11.5M | ||
| Q4 24 | $-31.8M | — | ||
| Q3 24 | $-4.1M | $45.5M | ||
| Q2 24 | $2.0M | $34.1M | ||
| Q1 24 | $-3.9M | $21.8M |
| Q4 25 | 14.8% | — | ||
| Q3 25 | 14.6% | 19.7% | ||
| Q2 25 | 15.0% | 18.1% | ||
| Q1 25 | 13.0% | 18.0% | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 12.5% | 14.0% | ||
| Q2 24 | 12.1% | 14.3% | ||
| Q1 24 | 10.7% | 16.8% |
| Q4 25 | 19.8% | — | ||
| Q3 25 | 19.9% | 15.4% | ||
| Q2 25 | 20.6% | 13.6% | ||
| Q1 25 | 19.0% | 13.0% | ||
| Q4 24 | 20.0% | — | ||
| Q3 24 | 19.6% | 7.9% | ||
| Q2 24 | 19.4% | 8.2% | ||
| Q1 24 | 18.2% | 10.5% |
| Q4 25 | 1.9% | — | ||
| Q3 25 | 10.5% | 4.7% | ||
| Q2 25 | 2.0% | 4.5% | ||
| Q1 25 | -1.4% | 3.9% | ||
| Q4 24 | -6.4% | — | ||
| Q3 24 | -0.9% | 7.1% | ||
| Q2 24 | 0.4% | 7.8% | ||
| Q1 24 | -0.9% | 8.9% |
| 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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | — |
| Total Assets | $5.4B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | — | ||
| Q3 25 | $147.4M | — | ||
| Q2 25 | $133.5M | — | ||
| Q1 25 | $86.1M | — | ||
| Q4 24 | $76.7M | — | ||
| Q3 24 | $67.8M | — | ||
| Q2 24 | $52.1M | — | ||
| Q1 24 | $77.0M | — |
| Q4 25 | $3.3B | — | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.0B | — |
| Q4 25 | $5.4B | — | ||
| Q3 25 | $4.8B | $1.7B | ||
| Q2 25 | $4.5B | $1.7B | ||
| Q1 25 | $4.5B | $1.7B | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.7B | $1.5B | ||
| Q2 24 | $4.6B | $1.5B | ||
| Q1 24 | $4.7B | $1.5B |
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 | $140.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 5.12× | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | — | ||
| Q3 25 | $107.2M | $140.7M | ||
| Q2 25 | $71.5M | $85.4M | ||
| Q1 25 | $60.6M | $19.0M | ||
| Q4 24 | $59.5M | — | ||
| Q3 24 | $63.1M | $109.5M | ||
| Q2 24 | $59.4M | $72.0M | ||
| Q1 24 | $-6.0M | $31.8M |
| Q4 25 | 5.12× | — | ||
| Q3 25 | 1.92× | 3.47× | ||
| Q2 25 | 7.21× | 3.28× | ||
| Q1 25 | — | 1.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.41× | ||
| Q2 24 | 30.02× | 2.11× | ||
| Q1 24 | — | 1.46× |
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% |
NOA
Segment breakdown not available.
