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ZYBERNO

Stock Report

Updated Aug 29, 2026

American Healthcare REIT, Inc. (AHR)

Financial Services • NYSE

$55.53

American Healthcare REIT Inc. is an American real estate investment trust headquartered in Laguna Hills, California, that invests in healthcare-related real estate. The company owns a diversified portfolio of senior housing, skilled nursing, medical office buildings, and other healthcare properties across the United States, with a focus on operating properties managed under a RIDEA structure.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

50.0/100

AVERAGE BUSINESS

American Healthcare REIT, Inc. (AHR) scores 50/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full AHR quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-17.7%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full AHR valuation analysis · → View full AHR Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (3.6%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.28x)

Operating Margin (Operational Efficiency):GOOD (19.2%)

Return on Capital (Capital Efficiency):POOR (9.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

American Healthcare REIT, Inc. (AHR) stock report — Zyberno Score 50/100 (AVERAGE BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, American Healthcare REIT, Inc. (AHR) shows a Brina Gap of -17.7%, which weakens the case: based on the company's ROIC (9.6%) and reinvestment rate (-52.1%), the business can fundamentally grow at -5.0% — but the current enterprise value implies the market expects 12.8%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:55.53

Market Cap:$10.70B

Valuation Multiples (4)

P/E Ratio:

80.48x

📊 Click to view full AHR P/E analysis →

P/B Ratio:2.86x

P/S Ratio:4.28x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$10.73B

Ev Ebitda Ratio:14.48x

Price Action & Momentum (3)

12-1 Momentum:

+51.9% (79th pctile)

📈 Click to view full AHR Momentum analysis →

Momentum Percentile:79 / 100

% of 52-Week High:94.6%

B. Profitability Assessment

Return Metrics (7)

ROE:

3.6%

📊 Click to view full AHR ROE analysis →

ROA:2.3%

Roic:

9.6%

📊 Click to view full AHR ROIC analysis →

Reinvestment Rate:-52.1%

Fundamental Growth Rate (g):-5.0%

Market-Implied Growth Rate:12.8%

Brina Gap:

-17.7%

☷ Click to view full AHR Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:19.2%

Net Margin Ttm:4.8%

Ebitda Margin:29.6%

TTM Performance (3)

Gross Margin Ttm:21.2%

Operating Margin Ttm:19.2%

Net Margin Ttm:4.8%

Yield Metrics (2)

Earnings Yield:$1.24

Dividend Yield:1.6%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.07

📊 Click to view full AHR Earnings Surprise analysis →

EPS Surprise vs Expected:-9.5%

Latest Earnings Filed:2026-08-07

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):16.3%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):100.0%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):33.7%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):17.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.08x

Quick Ratio:0.07x

Cash Ratio:0.08x

Leverage Analysis (3)

Debt To Equity Ttm:0.28x

Debt-to-Equity Ratio:0.28x

Debt To Ebitda:0.24x

Coverage Ratios (2)

Interest Coverage Ratio:5.35x

Times Interest Earned:5.35

Capital Structure (4)

Working Capital:-1,805,131,000.00

Cash And Cash Equivalents:156,896,000.00

Long Term Debt:$124.86M

Net Debt:$24.15M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $2.50B

Linear Growth: 16.3%

📊 Click to view full AHR Revenue analysis & methodology →

Cost Of Revenue Ttm:$1.97B

Profitability Breakdown (2)

Gross profit TTM: $530.21M

Linear Growth: 54.4%

📊 Click to view full AHR Gross Profit analysis & methodology →

Operating income TTM: $480.14M

Linear Growth: 17.3%

📊 Click to view full AHR Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $121.02M

Linear Growth: 100.0%

📊 Click to view full AHR Net Income analysis & methodology →

Income Before Tax:$98.54M

Ebitda Ttm:740,861,000.00

Operating Expenses (5)

Operating Expenses:2,341,830,000.00

R And D Expense:0.00

Sga Expense:68,133,000.00

Income Tax Expense:-$24.04M

Interest Expense:77,620,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:10.1%

Ebitda Margin:29.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$5.70B

Current Assets:$156.90M

Ppe Net:0.00

Goodwill:234,942,000.00

Intangible Assets:$237.24M

Liability Structure (4)

Total Liabilities:1,962,027,000.00

Current Liabilities:1,962,027,000.00

Long Term Debt:$124.86M

Short Term Debt:$56.18M

Equity & Capital (3)

Equity:$3.74B

Retained Earnings:-$1.60B

Common Stock:1,000,000,000.00

Working Capital Items (3)

Accounts Receivable:229,631,000.00

Inventory:20,511,000.00

Accounts Payable:332,145,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:4,858,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $314.89M

Linear Growth: 33.7%

$0.00

Investment Activities (1)

Investing Cash Flow:-$203.09M

Financing Activities (3)

Financing Cash Flow:$127.20M

Dividends Paid Ttm:170,796,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:191,552,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:260,724,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):0.69

Eps diluted TTM: $0.69

Linear Growth: 100.0%

📊 Click to view full AHR EPS analysis & methodology →

Earnings Per Share Ttm:$0.63

Revenue & Cash Per Share (2)

Sales Per Share Ttm:12.98

Operating Cash Flow Per Share:$1.53

Book Value & Capital (2)

Book Value Per Share:$19.42

Cash Per Share:0.81

Dividend Policy (1)

Dividend Payout Ratio:157.09x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.47x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:10.90x

Days Sales Outstanding Ttm:33.50

Inventory Management (2)

Inventory Turnover Ttm:96.14x

Days Inventory Outstanding Ttm:3.80

Payables & Cash Cycle (2)

Days Payable Outstanding:61.48

Cash Conversion Cycle:-24.19

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:85.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-52.1%

Fundamental Growth Rate (g):-5.0%

Market-Implied Growth Rate:12.8%

Brina Gap:

-17.7%

☷ Click to view full AHR Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):16.3%

Net Income Growth Rate (Linear):100.0%

Operating Income Growth Rate (Linear):17.3%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):33.7%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):54.4%

Book Value Growth Rate (Linear):26.7%

C. Company Profile & Context

Corporate Information (6)

Symbol:AHR

Company Name:American Healthcare REIT, Inc.

Sector:Financial Services

Industry:Real Estate

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:192.71M

Shares Outstanding Basic:192.71M

Shares Outstanding Diluted:193.35M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-29 14:43:52 UTC

Data Timestamp:2026-08-29T14:43:52.627388