F

AH Realty Trust, Inc. — Earnings Quality Grade F

AHRT · Real Estate

Major red flags

Revenue
$285M
2025
Net Income
$6M
2025
Gross Margin
67.7%
Free Cash Flow
$64M
01

Screening Summary

10
Passed
4
Watch
2
Failed
-2.37
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

!
A1DSO Change

DSO increased by 14 days

!
A2AR vs Revenue Growth

AR growth 25.2% exceeds revenue growth 4.1%

A3Revenue vs CFFO

Revenue 4.1%, CFFO -21.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

SG&A/Gross Profit = 10.5%, excellent (<30%)

B4Gross Margin

Gross margin 67.7%, change -1.0pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO far exceeds NI (ratio 11.5x). Non-cash charges depressing profits

C2Free Cash Flow

FCF $0.1B, FCF/NI = 11.46

C3Accruals Ratio

Accruals ratio = -2.3%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 3% of debt $1.7B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = 9.4x (>4x). Interest coverage = 1.0x (<2x). Financial stress

!
D3Soft Asset Growth

Other assets grew 29.3% vs revenue 4.1%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.37 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.37
-4.0 Clean-2.22 Grey-1.78 Danger0
1.203
DSRI
AR growing faster than revenue?
1.015
GMI
Gross margin declining?
1.042
AQI
Asset quality deteriorating?
1.041
SGI
Revenue growth rate
0.954
DEPI
Depreciation slowing?
1.013
SGAI
SG&A ratio changing?
-0.0226
TATA
Accruals level
1.064
LVGI
Leverage increasing?

Altman Z-Score — Not Applicable

AH Realty Trust, Inc. is a financial company. Z-Score is designed for non-financial companies.

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25