DHC

MKT CAP:$2B

Diversified Healthcare Trust

Market Cap

$2B

Real Estate·REIT - Healthcare Facilities·🇺🇸 United States·NASDAQ

Real Estate·REIT·🇺🇸·NASDAQ

Stock Price

$7.16+$2.18 (+43.78%)

Apr 16, 2026

Company Details

DHC is a real estate investment trust, or REIT, that owns medical office and life science properties, senior living communities and wellness centers throughout the United States. DHC is managed by the operating subsidiary of The RMR Group I...

CEO

Christopher J. Bilotto

IPO Date

Feb 23, 2000

Website

www.dhcreit.com

Key Metrics TTM

Revenue

$1.5B

+2.8% YoY

Net Income

-$286M

EPS (Diluted)

-$1.19

Free Cash Flow

-$16M

Revenue / Share

$6.40

Gross Margin

10.0%

Operating Margin

2.0%

Net Margin

-18.6%

FCF Margin

-1.0%

P/S

1.2x

P/E

—

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 23, 2026

$1.5B+2.8%EPS -$1.19

Q4 2025

Feb 23, 2026

$380M-0.0%EPS -$0.09

Q3 2025

Nov 3, 2025

$389M+4.0%EPS -$0.68

Q2 2025

Aug 4, 2025

$383M+3.0%EPS -$0.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$311M	$41M	$34M
Q2 22	$313M	$46M	$39M
Q3 22	$323M	$34M	$27M
Q4 22	$337M	$51M	$45M
Q1 23	$346M	$60M	$54M
Q2 23	$346M	$54M	$47M
Q3 23	$357M	$54M	$47M
Q4 23	$362M	$57M	$51M
Q1 24	$371M	$63M	$56M
Q2 24	$371M	$66M	$59M
Q3 24	$374M	$64M	$50M
Q4 24	$380M	$64M	$63M
Q1 25	$387M	$73M	$64M
Q2 25	$383M	$70M	-$7M
Q3 25	$389M	$63M	-$15M
Q4 25	$380M	-$51M	-$11M

Valuation

Quarter	P/S	P/E
Q1 22	1.4x	2.9x
Q2 22	1.3x	3.7x
Q3 22	1.4x	4.3x
Q4 22	1.4x	—
Q1 23	1.4x	—
Q2 23	1.3x	—
Q3 23	1.3x	—
Q4 23	1.3x	—
Q1 24	1.2x	—
Q2 24	1.2x	—
Q3 24	1.2x	—
Q4 24	1.2x	—
Q1 25	1.2x	—
Q2 25	1.2x	—
Q3 25	1.2x	—
Q4 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$7M	-$7M
Q2 22	-$25M	-$25M
Q3 22	-$5M	-$5M
Q4 22	-$3M	-$3M
Q1 23	$6M	$6M
Q2 23	$26M	$26M
Q3 23	-$14M	-$14M
Q4 23	-$7M	-$7M
Q1 24	$29M	$29M
Q2 24	$44M	$44M
Q3 24	$21M	$21M
Q4 24	$18M	$18M
Q1 25	-$3M	-$3M
Q2 25	$53M	$53M
Q3 25	-$49M	-$49M
Q4 25	-$16M	-$16M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+13.3%	+47.4%
Q2 22	+18.3%	+44.4%
Q3 22	-16.1%	-4.6%
Q4 22	+0.0%	+2.5%
Q1 23	+11.4%	+5.4%
Q2 23	+10.6%	+9.4%
Q3 23	+10.4%	+4.6%
Q4 23	+7.3%	+6.4%
Q1 24	+7.2%	+7.9%
Q2 24	+7.3%	+4.2%
Q3 24	+4.8%	+4.8%
Q4 24	+5.0%	+2.0%
Q1 25	+4.3%	+2.6%
Q2 25	+3.0%	+24.9%
Q3 25	+4.0%	+24.6%
Q4 25	-0.0%	+23.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$7M
Q2 22	$7M
Q3 22	$6M
Q4 22	$6M
Q1 23	$6M
Q2 23	$7M
Q3 23	$7M
Q4 23	$6M
Q1 24	$8M
Q2 24	$6M
Q3 24	$14M
Q4 24	$1M
Q1 25	$9M
Q2 25	$11M
Q3 25	$13M
Q4 25	$13M

Revenue Segments

Quarter	Rental Income	Resident Fees And Services
Q1 22	$65M	$245M
Q2 22	$63M	$251M
Q3 22	$64M	$259M
Q4 22	$69M	$268M
Q1 23	$66M	$280M
Q2 23	$61M	$285M
Q3 23	$63M	$293M
Q1 24	$63M	$308M
Q2 24	$63M	$309M
Q3 24	$62M	$312M
Q1 25	$59M	$328M
Q2 25	$55M	$328M
Q3 25	$55M	$333M
Q4 25	$56M	$323M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$732M	$0	$732M
Q2 22	$705M	$0	$705M
Q3 22	$691M	$0	$691M
Q4 22	$658M	$0	$658M
Q1 23	$380M	$0	$380M
Q2 23	$338M	$0	$338M
Q3 23	$278M	$0	$278M
Q4 23	$246M	$0	$246M
Q1 24	$207M	$0	$207M
Q2 24	$266M	$0	$266M
Q3 24	$257M	$0	$257M
Q4 24	$145M	$0	$145M
Q1 25	$303M	$0	$303M
Q2 25	$142M	$0	$142M
Q3 25	$201M	$0	$201M
Q4 25	$105M	$0	$105M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	238M	+0.0%	+0.3%
Q2 22	238M	-0.0%	+0.3%
Q3 22	238M	+0.1%	+0.2%
Q4 22	239M	+0.1%	+0.2%
Q1 23	239M	+0.0%	+0.2%
Q2 23	239M	+0.0%	+0.2%
Q3 23	239M	+0.1%	+0.2%
Q4 23	239M	+0.1%	+0.3%
Q1 24	239M	+0.0%	+0.3%
Q2 24	239M	+0.1%	+0.3%
Q3 24	240M	+0.1%	+0.3%
Q4 24	240M	+0.1%	+0.3%
Q1 25	240M	+0.0%	+0.3%
Q2 25	240M	+0.1%	+0.3%
Q3 25	240M	+0.1%	+0.3%
Q4 25	240M	-0.0%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$517.9K	600
Q2 22	$521.7K	600
Q3 22	$538.2K	600
Q4 22	$561.5K	600
Q1 23	$576.7K	600
Q2 23	$577.0K	600
Q3 23	$594.2K	600
Q4 23	$602.6K	600
Q1 24	$618.0K	600
Q2 24	$619.0K	600
Q3 24	$622.7K	600
Q4 24	$190M	2
Q1 25	$193M	2
Q2 25	$191M	2
Q3 25	$194M	2
Q4 25	$38.0K	10K

Revenue / Employee