Diversified Healthcare Trust (DHC) intrinsic value & 10-year financials
Diversified Healthcare Trust (DHC) has a Graham intrinsic value of $10.69 per share. At $7.59 on Oct 17, 2026, the stock trades 29% below that value. Over the last 10 fiscal years revenue grew 4.2% a year to $1.5B, with an average return on invested capital of -0.4%.
- Graham intrinsic value
- $10.69
- Share price (Oct 17, 2026)
- $7.59
- Price vs Graham value
- 29% below
- Market cap
- $1.8B
- Revenue (FY2025)
- $1.5B
- Revenue growth (10-yr CAGR)
- 4.2%
- ROIC (10-yr avg)
- -0.4%
- Free cash flow (FY2025)
- —
DHC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5B | -$285.9M | -$1.19 | — | — | -6.4% |
| FY2024 | $1.5B | -$370.3M | -$1.55 | — | — | -7.6% |
| FY2023 | $1.4B | -$293.6M | -$1.23 | — | — | -11.8% |
| FY2022 | $1.3B | -$15.8M | -$0.07 | — | — | -0.6% |
| FY2021 | $1.4B | $174.5M | $0.73 | — | — | 6.8% |
| FY2020 | $1.6B | -$139.5M | -$0.59 | — | — | -5.3% |
| FY2019 | $1.0B | -$88.2M | -$0.37 | — | — | -1.3% |
| FY2018 | $1.1B | $286.9M | — | — | — | 4.3% |
| FY2017 | $1.1B | $147.6M | — | — | 25.6% | 8.7% |
| FY2016 | $1.1B | $141.3M | — | — | 28.6% | 9.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
DIVERSIFIED HEALTHCARE TRUST has demonstrated mature, steady growth, with revenue compounding at 4.2% annually over the past decade.
DIVERSIFIED HEALTHCARE TRUST has historically struggled to out-earn its cost of capital, averaging just -2.8% ROIC.
DIVERSIFIED HEALTHCARE TRUST has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, DIVERSIFIED HEALTHCARE TRUST is modeled at 4.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $10.69 per share.