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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $564.0M, roughly 1.0× American Healthcare REIT, Inc.). American Healthcare REIT, Inc. runs the higher net margin — 1.9% vs -33.1%, a 35.0% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs -6.1%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs -1.8%).
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...
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
AHR vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $566.0M |
| Net Profit | $10.8M | $-187.3M |
| Gross Margin | 14.8% | 50.4% |
| Operating Margin | 19.8% | -32.5% |
| Net Margin | 1.9% | -33.1% |
| Revenue YoY | 13.5% | -6.1% |
| Net Profit YoY | 133.9% | -310.0% |
| EPS (diluted) | $0.07 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $532.1M | $566.8M | ||
| Q2 25 | $501.3M | $589.1M | ||
| Q1 25 | $497.2M | $559.6M | ||
| Q4 24 | $496.8M | $602.5M | ||
| Q3 24 | $476.8M | $601.4M | ||
| Q2 24 | $458.0M | $604.6M | ||
| Q1 24 | $452.1M | $587.2M |
| Q4 25 | $10.8M | $-187.3M | ||
| Q3 25 | $55.9M | $43.3M | ||
| Q2 25 | $9.9M | $47.9M | ||
| Q1 25 | $-6.8M | $43.1M | ||
| Q4 24 | $-31.8M | $89.2M | ||
| Q3 24 | $-4.1M | $-70.5M | ||
| Q2 24 | $2.0M | $-46.9M | ||
| Q1 24 | $-3.9M | $56.2M |
| Q4 25 | 14.8% | 50.4% | ||
| Q3 25 | 14.6% | 49.7% | ||
| Q2 25 | 15.0% | 50.3% | ||
| Q1 25 | 13.0% | 53.7% | ||
| Q4 24 | 13.3% | 55.8% | ||
| Q3 24 | 12.5% | 53.5% | ||
| Q2 24 | 12.1% | 54.1% | ||
| Q1 24 | 10.7% | 54.0% |
| Q4 25 | 19.8% | -32.5% | ||
| Q3 25 | 19.9% | 21.0% | ||
| Q2 25 | 20.6% | 21.5% | ||
| Q1 25 | 19.0% | 21.3% | ||
| Q4 24 | 20.0% | 28.9% | ||
| Q3 24 | 19.6% | -5.9% | ||
| Q2 24 | 19.4% | -0.9% | ||
| Q1 24 | 18.2% | 22.1% |
| Q4 25 | 1.9% | -33.1% | ||
| Q3 25 | 10.5% | 7.6% | ||
| Q2 25 | 2.0% | 8.1% | ||
| Q1 25 | -1.4% | 7.7% | ||
| Q4 24 | -6.4% | 14.8% | ||
| Q3 24 | -0.9% | -11.7% | ||
| Q2 24 | 0.4% | -7.7% | ||
| Q1 24 | -0.9% | 9.6% |
| Q4 25 | $0.07 | $-1.02 | ||
| Q3 25 | $0.33 | $0.24 | ||
| Q2 25 | $0.06 | $0.26 | ||
| Q1 25 | $-0.04 | $0.23 | ||
| Q4 24 | $-0.23 | $0.48 | ||
| Q3 24 | $-0.03 | $-0.37 | ||
| Q2 24 | $0.01 | $-0.25 | ||
| Q1 24 | $-0.04 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $3.3B | $856.3M |
| Total Assets | $5.4B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $14.6M | ||
| Q3 25 | $147.4M | $14.8M | ||
| Q2 25 | $133.5M | $12.8M | ||
| Q1 25 | $86.1M | $10.7M | ||
| Q4 24 | $76.7M | $9.0M | ||
| Q3 24 | $67.8M | $11.0M | ||
| Q2 24 | $52.1M | $5.9M | ||
| Q1 24 | $77.0M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $3.3B | $856.3M | ||
| Q3 25 | $2.7B | $1.1B | ||
| Q2 25 | $2.4B | $1.0B | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $1.9B | $1.2B | ||
| Q1 24 | $2.0B | $1.3B |
| Q4 25 | $5.4B | $5.8B | ||
| Q3 25 | $4.8B | $6.1B | ||
| Q2 25 | $4.5B | $6.1B | ||
| Q1 25 | $4.5B | $6.0B | ||
| Q4 24 | $4.5B | $6.0B | ||
| Q3 24 | $4.7B | $6.0B | ||
| Q2 24 | $4.6B | $6.0B | ||
| Q1 24 | $4.7B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | — | $149.7M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 5.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $158.9M | ||
| Q3 25 | $107.2M | $191.2M | ||
| Q2 25 | $71.5M | $205.3M | ||
| Q1 25 | $60.6M | $206.6M | ||
| Q4 24 | $59.5M | $178.9M | ||
| Q3 24 | $63.1M | $-1.6M | ||
| Q2 24 | $59.4M | $175.6M | ||
| Q1 24 | $-6.0M | $208.7M |
| Q4 25 | — | $149.7M | ||
| Q3 25 | — | $186.9M | ||
| Q2 25 | — | $199.0M | ||
| Q1 25 | — | $202.0M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | — | $-4.9M | ||
| Q2 24 | — | $169.4M | ||
| Q1 24 | — | $202.1M |
| Q4 25 | — | 26.5% | ||
| Q3 25 | — | 33.0% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 29.3% | ||
| Q3 24 | — | -0.8% | ||
| Q2 24 | — | 28.0% | ||
| Q1 24 | — | 34.4% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | 5.12× | — | ||
| Q3 25 | 1.92× | 4.41× | ||
| Q2 25 | 7.21× | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | 30.02× | — | ||
| Q1 24 | — | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
