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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Paylocity Holding Corp (PCTY). 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 $387.0M, roughly 1.5× Paylocity Holding Corp). Paylocity Holding Corp runs the higher net margin — 13.0% vs 1.9%, a 11.1% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs 11.3%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs 2.7%).
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...
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
AHR vs PCTY — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $387.0M |
| Net Profit | $10.8M | $50.2M |
| Gross Margin | 14.8% | 72.9% |
| Operating Margin | 19.8% | 18.2% |
| Net Margin | 1.9% | 13.0% |
| Revenue YoY | 13.5% | 11.3% |
| Net Profit YoY | 133.9% | 34.0% |
| EPS (diluted) | $0.07 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $532.1M | $378.9M | ||
| Q2 25 | $501.3M | $369.9M | ||
| Q1 25 | $497.2M | $421.1M | ||
| Q4 24 | $496.8M | $347.7M | ||
| Q3 24 | $476.8M | $333.1M | ||
| Q2 24 | $458.0M | $324.7M | ||
| Q1 24 | $452.1M | $366.8M |
| Q4 25 | $10.8M | $50.2M | ||
| Q3 25 | $55.9M | $48.0M | ||
| Q2 25 | $9.9M | $48.6M | ||
| Q1 25 | $-6.8M | $91.5M | ||
| Q4 24 | $-31.8M | $37.5M | ||
| Q3 24 | $-4.1M | $49.6M | ||
| Q2 24 | $2.0M | $48.8M | ||
| Q1 24 | $-3.9M | $85.3M |
| Q4 25 | 14.8% | 72.9% | ||
| Q3 25 | 14.6% | 73.9% | ||
| Q2 25 | 15.0% | 73.5% | ||
| Q1 25 | 13.0% | 77.1% | ||
| Q4 24 | 13.3% | 72.6% | ||
| Q3 24 | 12.5% | 74.4% | ||
| Q2 24 | 12.1% | 74.0% | ||
| Q1 24 | 10.7% | 77.8% |
| Q4 25 | 19.8% | 18.2% | ||
| Q3 25 | 19.9% | 19.6% | ||
| Q2 25 | 20.6% | 17.9% | ||
| Q1 25 | 19.0% | 30.2% | ||
| Q4 24 | 20.0% | 13.4% | ||
| Q3 24 | 19.6% | 19.3% | ||
| Q2 24 | 19.4% | 19.4% | ||
| Q1 24 | 18.2% | 29.0% |
| Q4 25 | 1.9% | 13.0% | ||
| Q3 25 | 10.5% | 12.7% | ||
| Q2 25 | 2.0% | 13.1% | ||
| Q1 25 | -1.4% | 21.7% | ||
| Q4 24 | -6.4% | 10.8% | ||
| Q3 24 | -0.9% | 14.9% | ||
| Q2 24 | 0.4% | 15.0% | ||
| Q1 24 | -0.9% | 23.3% |
| Q4 25 | $0.07 | $0.92 | ||
| Q3 25 | $0.33 | $0.86 | ||
| Q2 25 | $0.06 | $0.87 | ||
| Q1 25 | $-0.04 | $1.61 | ||
| Q4 24 | $-0.23 | $0.66 | ||
| Q3 24 | $-0.03 | $0.88 | ||
| Q2 24 | $0.01 | $0.85 | ||
| Q1 24 | $-0.04 | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | — | $81.3M |
| Stockholders' EquityBook value | $3.3B | $1.1B |
| Total Assets | $5.4B | $7.0B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $162.5M | ||
| Q3 25 | $147.4M | $165.2M | ||
| Q2 25 | $133.5M | $398.1M | ||
| Q1 25 | $86.1M | $477.8M | ||
| Q4 24 | $76.7M | $482.4M | ||
| Q3 24 | $67.8M | $778.5M | ||
| Q2 24 | $52.1M | $401.8M | ||
| Q1 24 | $77.0M | $492.7M |
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | — | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | — |
| Q4 25 | $3.3B | $1.1B | ||
| Q3 25 | $2.7B | $1.1B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $1.9B | $1.0B | ||
| Q1 24 | $2.0B | $1.1B |
| Q4 25 | $5.4B | $7.0B | ||
| Q3 25 | $4.8B | $4.2B | ||
| Q2 25 | $4.5B | $4.4B | ||
| Q1 25 | $4.5B | $5.2B | ||
| Q4 24 | $4.5B | $5.3B | ||
| Q3 24 | $4.7B | $4.0B | ||
| Q2 24 | $4.6B | $4.2B | ||
| Q1 24 | $4.7B | $5.0B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — |
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 | $117.0M |
| Free Cash FlowOCF − Capex | — | $113.6M |
| FCF MarginFCF / Revenue | — | 29.4% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | 5.12× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $117.0M | ||
| Q3 25 | $107.2M | $86.5M | ||
| Q2 25 | $71.5M | $86.6M | ||
| Q1 25 | $60.6M | $186.0M | ||
| Q4 24 | $59.5M | $54.2M | ||
| Q3 24 | $63.1M | $91.5M | ||
| Q2 24 | $59.4M | $79.9M | ||
| Q1 24 | $-6.0M | $167.5M |
| Q4 25 | — | $113.6M | ||
| Q3 25 | — | $82.7M | ||
| Q2 25 | — | $81.1M | ||
| Q1 25 | — | $183.7M | ||
| Q4 24 | — | $51.2M | ||
| Q3 24 | — | $89.1M | ||
| Q2 24 | — | $73.6M | ||
| Q1 24 | — | $162.0M |
| Q4 25 | — | 29.4% | ||
| Q3 25 | — | 21.8% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | — | 43.6% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 26.8% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | — | 44.2% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | 5.12× | 2.33× | ||
| Q3 25 | 1.92× | 1.80× | ||
| Q2 25 | 7.21× | 1.78× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | 30.02× | 1.64× | ||
| Q1 24 | — | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
