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National Health Investors (NHI) Financials

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$74.33 +0.26 (+0.34%)
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Annual Income Statements for National Health Investors

Annual Income Statements for National Health Investors

This table shows National Health Investors' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 149 152 159 154 160 185 112 66 136 138 142
Consolidated Net Income / (Loss)		 150 153 159 154 160 185 112 66 134 137 141
Net Income / (Loss) Continuing Operations		 150 153 159 154 160 185 112 66 134 137 141
Total Pre-Tax Income 		150 153 159 154 160 188 112 66 134 136 137
Total Operating Income		 127 119 151 155 161 171 83 65 177 183 194
Total Gross Profit		 229 248 279 295 318 333 299 307 320 335 376
Total Revenue		 229 248 279 295 318 333 299 307 320 335 376
Operating Revenue		 229 248 279 295 318 333 299 307 320 335 376
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 102 130 127 140 157 162 216 242 143 152 182
Selling, General & Admin Expense		 11 9.77 12 13 13 13 18 23 19 21 27
Depreciation Expense		 53 60 67 71 77 83 81 71 70 71 81
Other Operating Expenses / (Income)		 38 60 47 55 66 64 117 148 53 60 72
Other Special Charges / (Income)		 0.46 0.42 0.49 0.31 0.51 1.25 - - 0.00 0.00 1.57
Total Other Income / (Expense), net		 23 35 7.87 -0.74 -0.82 17 29 0.96 -43 -47 -57
Interest Expense		 0.00 0.00 2.21 0.74 0.82 3.92 1.91 0.15 58 60 57
Other Income / (Expense), net		 25 36 10 0.00 0.00 21 32 1.11 15 13 0.46
Other Gains / (Losses), net		 - - - 0.00 0.00 -3.13 - 0.57 0.56 0.40 3.66
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.45 1.18 0.00 0.00 -0.01 0.19 0.16 -0.90 -1.27 -1.35 -1.39
Basic Earnings per Share		 $3.96 $3.88 $3.90 $3.68 $3.70 $4.14 $2.45 $1.48 $3.13 $3.14 $3.03
Weighted Average Basic Shares Outstanding		 37.60M 39.01M 40.89M 41.94M 43.42M 44.70M 45.71M 44.77M 43.39M 43.84M 46.87M
Diluted Earnings per Share		 $3.95 $3.87 $3.87 $3.67 $3.67 $4.14 $2.44 $1.48 $3.13 $3.13 $3.02
Weighted Average Diluted Shares Outstanding		 37.64M 39.16M 41.15M 42.09M 43.70M 44.70M 45.73M 44.79M 43.39M 44.10M 47.05M
Weighted Average Basic & Diluted Shares Outstanding		 38.40M 39.85M 41.53M 42.74M 44.59M 45.19M 45.85M 43.39M 43.41M 45.69M 48.39M
Cash Dividends to Common per Share		 $3.40 $3.60 $3.80 $4.00 $4.20 $4.41 $3.80 $3.60 $3.60 - $3.48

Quarterly Income Statements for National Health Investors

This table shows National Health Investors' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 32 31 35 29 43 34 37 33 38 40 56
Consolidated Net Income / (Loss)		 32 31 35 28 43 34 37 32 38 40 55
Net Income / (Loss) Continuing Operations		 32 31 35 28 43 34 37 32 38 40 55
Total Pre-Tax Income 		31 31 35 28 43 33 35 32 36 40 56
Total Operating Income		 59 45 35 28 8.45 48 35 32 79 52 50
Total Gross Profit		 79 82 86 83 92 89 91 90 106 115 121
Total Revenue		 79 82 86 83 92 89 91 90 106 115 121
Operating Revenue		 79 82 86 83 92 89 91 90 106 115 121
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 21 36 52 55 84 42 56 58 27 63 72
Selling, General & Admin Expense		 4.93 5.64 4.87 4.81 5.41 6.83 6.13 6.31 7.60 7.85 8.82
Depreciation Expense		 17 18 17 18 19 19 20 20 22 24 26
Other Operating Expenses / (Income)		 -1.39 13 29 32 60 15 28 31 -2.51 31 37
Other Special Charges / (Income)		 - 0.00 0.00 -0.10 - 0.26 1.31 0.00 - 0.00 0.00
Total Other Income / (Expense), net		 -28 -15 0.00 0.00 34 -14 0.11 0.11 -43 -12 6.24
Interest Expense		 - 15 - - - 14 - - - 15 16
Other Income / (Expense), net		 1.02 0.10 - - 4.54 0.11 0.11 0.11 - 2.65 22
Income Tax Expense		 - - - - - - 0.00 - - - 0.73
Other Gains / (Losses), net		 0.56 0.17 0.24 0.00 - 0.42 1.52 0.07 1.65 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.33 -0.29 -0.30 -0.30 -0.45 -0.30 -0.25 -0.38 -0.36 -0.27 -0.22
Basic Earnings per Share		 $0.74 $0.71 $0.81 $0.66 $0.96 $0.75 $0.79 $0.69 $0.80 $0.83 $1.15
Weighted Average Basic Shares Outstanding		 43.39M 43.39M 43.40M 43.48M 43.84M 45.72M 46.69M 47.43M 46.87M 48.32M 48.44M
Diluted Earnings per Share		 $0.74 $0.71 $0.81 $0.65 $0.96 $0.74 $0.79 $0.69 $0.80 $0.82 $1.15
Weighted Average Diluted Shares Outstanding		 43.39M 43.42M 43.56M 43.99M 44.10M 45.88M 46.82M 47.62M 47.05M 48.55M 48.50M
Weighted Average Basic & Diluted Shares Outstanding		 43.41M 43.42M 43.44M 45.42M 45.69M 46.69M 47.47M 47.64M 48.39M 48.47M 49.11M

Annual Cash Flow Statements for National Health Investors

This table details how cash moves in and out of National Health Investors' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 10.00 -9.04 -0.80 1.84 5.76 31 -6.86 -18 3.10 1.89 -6.88
Net Cash From Operating Activities		 164 177 198 208 241 232 211 185 184 208 237
Net Cash From Continuing Operating Activities		 168 177 198 208 240 231 211 185 184 208 237
Net Income / (Loss) Continuing Operations		 150 153 159 154 160 185 112 66 134 137 141
Consolidated Net Income / (Loss)		 150 153 159 154 160 185 112 66 134 137 141
Depreciation Expense		 53 60 67 71 77 83 81 71 70 71 81
Amortization Expense		 3.51 2.91 5.39 4.16 4.62 4.53 4.65 11 4.76 6.56 5.41
Non-Cash Adjustments To Reconcile Net Income		 -43 -39 -32 -21 -20 -35 14 41 -30 -7.12 2.16
Changes in Operating Assets and Liabilities, net		 3.76 0.16 -1.69 -0.57 19 -6.74 -0.44 -2.70 5.33 0.25 7.26
Net Cash From Investing Activities		 -136 -330 -164 -250 -343 -90 185 198 -12 -192 -269
Net Cash From Continuing Investing Activities		 -136 -330 -164 -250 -343 -90 185 198 -12 -192 -269
Purchase of Property, Plant & Equipment		 -109 -363 -176 -132 -219 -103 -47 -6.36 -38 -138 -274
Purchase of Investments		 -8.46 - - -16 -18 -14 -3.47 -4.63 -11 -20 -20
Sale of Property, Plant & Equipment		 - - - 0.00 0.00 40 239 169 57 6.18 0.00
Sale and/or Maturity of Investments		 57 60 18 - 0.00 0.00 1.21 0.57 3.06 0.40 3.66
Other Investing Activities, net		 -76 -20 -6.24 -103 -105 -12 -4.51 39 -22 -41 21
Net Cash From Financing Activities		 -18 144 -35 44 107 -112 -403 -401 -170 -14 26
Net Cash From Continuing Financing Activities		 -18 144 -35 44 107 -112 -403 -401 -170 -14 26
Repayment of Debt		 -343 -1.03 -462 -446 -182 -253 -693 -323 -579 -442 -1,026
Repurchase of Common Equity		 - - - - - 0.00 0.00 -152 0.00 -0.93 -0.77
Payment of Dividends		 -127 -140 -153 -165 -180 -195 -184 -163 -158 -158 -171
Issuance of Debt		 403 199 519 606 397 305 492 225 564 450 1,040
Issuance of Common Equity		 49 104 122 82 96 35 48 12 2.97 144 183
Other Financing Activities, net		 0.00 -18 -0.57 -1.84 -1.56 -2.71 0.00 -0.29 0.00 -5.82 -0.46
Cash Interest Paid		 31 40 43 46 54 43 44 43 52 55 51

Quarterly Cash Flow Statements for National Health Investors

This table details how cash moves in and out of National Health Investors' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 6.12 -11 3.57 0.86 8.74 111 -118 62 -62 5.32 25
Net Cash From Operating Activities		 53 41 61 49 58 46 60 63 68 53 65
Net Cash From Continuing Operating Activities		 53 41 61 49 58 46 60 63 68 53 66
Net Income / (Loss) Continuing Operations		 32 31 35 28 43 34 37 32 38 40 55
Consolidated Net Income / (Loss)		 32 31 35 28 43 34 37 32 38 40 55
Depreciation Expense		 17 18 17 18 19 19 20 20 22 24 26
Amortization Expense		 1.93 2.07 2.59 2.02 2.69 1.60 2.19 1.77 -0.85 1.51 0.19
Non-Cash Adjustments To Reconcile Net Income		 -2.21 2.18 -1.17 2.83 -11 0.36 -3.40 7.84 -2.63 -1.39 -19
Changes in Operating Assets and Liabilities, net		 4.66 -12 6.88 -2.23 4.38 -8.46 4.43 0.23 12 -10 3.10
Net Cash From Investing Activities		 2.34 -16 -13 -1.57 -161 -75 -48 42 -187 -104 -43
Net Cash From Continuing Investing Activities		 2.34 -16 -13 -1.57 -161 -75 -48 42 -187 -104 -43
Purchase of Property, Plant & Equipment		 - -2.98 -9.87 - -128 -74 -54 - -143 -105 -124
Purchase of Investments		 -2.26 - -2.75 -4.68 -6.02 -2.18 - -5.04 -10 -2.90 -8.24
Sale of Property, Plant & Equipment		 5.49 - 4.66 - 1.52 0.00 - - - 6.66 86
Other Investing Activities, net		 -1.45 -13 -5.63 3.11 -28 0.78 9.28 47 -35 -2.17 2.92
Net Cash From Financing Activities		 -49 -36 -44 -46 112 140 -129 -42 57 56 3.93
Net Cash From Continuing Financing Activities		 -49 -36 -44 -46 112 140 -129 -42 57 56 3.93
Repayment of Debt		 -91 -56 -65 -125 -197 -145 -213 -533 -135 -35 -305
Repurchase of Common Equity		 - 0.00 - - -0.15 -0.05 -0.11 - -0.61 0.00 -0.41
Payment of Dividends		 -39 -39 -39 -39 -40 -41 -42 -43 -44 -45 -45
Issuance of Debt		 81 59 61 124 206 261 68 522 189 140 309
Issuance of Common Equity		 0.05 0.00 0.07 - 143 65 58 12 48 0.00 46
Other Financing Activities, net		 - 0.00 - -5.42 - -0.13 -0.06 -0.22 -0.04 -4.50 -0.68
Cash Interest Paid		 11 17 11 17 10 17 10 17 7.53 18 8.23

Annual Balance Sheets for National Health Investors

This table presents National Health Investors' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,133 2,404 2,546 2,751 3,042 3,120 2,839 2,507 2,488 2,614 2,797
Total Current Assets		 86 4.64 3.06 4.66 5.22 43 37 19 22 24 20
Cash & Equivalents		 13 4.64 3.06 4.66 5.22 43 37 19 22 24 20
Plant, Property, & Equipment, net		 1,837 2,160 2,286 2,367 2,560 2,667 2,318 2,118 2,107 2,211 2,472
Plant, Property & Equipment, gross		 2,096 2,473 2,666 2,818 3,075 3,265 2,895 2,730 2,780 2,954 3,294
Accumulated Depreciation		 259 313 380 451 514 598 577 612 673 742 822
Total Noncurrent Assets		 210 2,724 257 379 477 410 484 327 359 379 305
Noncurrent Note & Lease Receivables		 193 133 141 246 340 292 300 233 245 269 203
Other Noncurrent Operating Assets		 17 2,590 116 133 136 117 184 93 109 110 98
Other Noncurrent Nonoperating Assets		 - - - - - - - 0.00 5.00 0.00 3.56
Total Liabilities & Shareholders' Equity		 2,133 2,404 2,546 2,751 3,042 3,120 2,839 2,507 2,488 2,614 2,797
Total Liabilities		 991 1,194 1,224 1,361 1,544 1,598 1,322 1,218 1,214 1,229 1,257
Total Current Liabilities		 20 21 16 63 26 25 23 26 34 83 92
Accounts Payable		 20 21 16 20 26 25 23 26 34 38 42
Dividends Payable		 - - - 43 - - - - - 41 44
Current Deferred Revenue		 - - - - - - - - - 4.28 5.00
Total Noncurrent Liabilities		 971 1,173 1,207 1,298 1,518 1,572 1,299 1,192 1,180 1,146 1,165
Long-Term Debt		 914 1,116 1,145 1,282 1,440 1,499 1,243 1,148 1,135 1,146 1,164
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - - 0.00
Other Noncurrent Operating Liabilities		 54 57 61 11 57 60 50 39 39 - 1.66
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - 0.00 9.83 9.66 9.79 10
Total Equity & Noncontrolling Interests		 1,142 1,210 1,322 1,390 1,498 1,523 1,517 1,280 1,264 1,375 1,530
Total Preferred & Common Equity		 1,133 1,210 1,322 1,390 1,498 1,512 1,507 1,270 1,254 1,366 1,522
Total Common Equity		 1,133 1,210 1,322 1,390 1,498 1,512 1,507 1,270 1,254 1,366 1,522
Common Stock		 1,086 1,174 1,290 1,370 1,506 1,541 1,592 1,600 1,604 1,737 1,923
Retained Earnings		 20 30 33 - -5.33 - - -330 -350 -371 -402
Noncontrolling Interest		 9.17 - - 0.00 0.62 11 9.90 9.86 10 8.91 8.17

Quarterly Balance Sheets for National Health Investors

This table presents National Health Investors' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 2,533 2,498 2,499 2,478 2,477 2,460 2,783 2,696 2,690 2,890 2,964
Total Current Assets		 14 17 17 11 15 16 135 19 82 25 30
Cash & Equivalents		 14 17 17 11 15 16 135 19 82 25 30
Plant, Property, & Equipment, net		 2,165 2,135 2,120 2,093 2,106 2,097 2,270 2,316 2,303 2,555 2,566
Plant, Property & Equipment, gross		 2,791 2,774 2,777 2,783 2,812 2,820 3,032 3,098 3,104 3,399 3,283
Accumulated Depreciation		 626 639 656 691 706 724 761 781 802 844 716
Total Noncurrent Assets		 354 346 362 374 356 348 378 361 306 310 367
Noncurrent Note & Lease Receivables		 299 306 243 343 241 233 260 253 209 206 209
Other Noncurrent Operating Assets		 29 27 108 26 109 109 118 108 97 100 127
Other Noncurrent Nonoperating Assets		 27 13 11 5.00 5.67 5.67 - - - 3.56 31
Total Liabilities & Shareholders' Equity		 2,533 2,498 2,499 2,478 2,477 2,460 2,783 2,696 2,690 2,890 2,964
Total Liabilities		 1,245 1,208 1,218 1,211 1,213 1,213 1,338 1,199 1,192 1,357 1,375
Total Current Liabilities		 25 29 29 27 33 33 29 80 83 88 96
Accounts Payable		 25 29 29 27 33 33 29 33 35 38 46
Dividends Payable		 - - - - - - - 43 44 45 45
Current Deferred Revenue		 - - - - - - - 4.06 4.02 5.21 4.27
Total Noncurrent Liabilities		 1,220 1,179 1,189 1,184 1,180 1,180 1,309 1,119 1,109 1,270 1,279
Long-Term Debt		 1,176 1,135 1,144 1,139 1,136 1,136 1,263 1,119 1,109 1,270 1,275
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - - 0.73
Other Noncurrent Operating Liabilities		 39 39 39 39 39 39 42 - - - 3.74
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 9.52 10 9.92 9.43 9.17 8.93 9.54 9.32 9.03 9.92 10
Total Equity & Noncontrolling Interests		 1,279 1,280 1,271 1,258 1,254 1,238 1,435 1,488 1,489 1,523 1,579
Total Preferred & Common Equity		 1,267 1,269 1,260 1,248 1,244 1,229 1,426 1,480 1,481 1,515 1,571
Total Common Equity		 1,267 1,269 1,260 1,248 1,244 1,229 1,426 1,480 1,481 1,515 1,571
Common Stock		 1,602 1,602 1,603 1,606 1,607 1,602 1,805 1,864 1,876 1,921 1,967
Retained Earnings		 -334 -333 -343 -358 -362 -373 -379 -384 -395 -406 -396
Noncontrolling Interest		 12 11 11 10 9.89 9.53 8.57 8.33 8.57 7.84 7.46

Annual Metrics And Ratios for National Health Investors

This table displays calculated financial ratios and metrics derived from National Health Investors' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 28.98% 8.52% 12.15% 5.72% 7.97% 4.63% -10.24% 2.62% 4.34% 6.89% 12.07%
EBITDA Growth		 44.62% 4.38% 7.84% -1.52% 5.26% 15.38% -28.39% -26.37% 81.95% -19.20% 2.44%
EBIT Growth		 46.77% 2.18% 4.46% -4.03% 4.00% 19.28% -40.18% -42.83% 191.61% -28.99% -0.84%
NOPAT Growth		 23.46% -7.17% 28.18% 2.36% 4.00% 6.06% -51.72% -21.67% 173.83% -26.62% 5.91%
Net Income Growth		 45.86% 1.60% 4.35% -3.16% 3.96% 15.50% -39.58% -41.50% 105.16% 1.68% 3.04%
EPS Growth		 29.93% -2.03% 0.00% -5.17% 0.00% 12.81% -41.06% -39.34% 111.49% 0.00% -3.51%
Operating Cash Flow Growth		 30.35% 7.43% 12.15% 4.93% 0.00% 0.00% -9.17% -12.10% -0.48% 12.64% 13.86%
Free Cash Flow Firm Growth		 106.54% -9,912.14% 191.75% -103.60% 30.07% 300.09% 169.78% 21.62% -58.72% -97.18% 1.25%
Invested Capital Growth		 5.32% 143.83% -48.71% 9.94% 8.27% 1.55% -8.61% -12.77% 0.29% 5.26% 6.94%
Revenue Q/Q Growth		 5.98% 2.61% 2.24% 0.99% 2.65% -0.28% -3.74% 10.59% 2.83% 3.94% 4.10%
EBITDA Q/Q Growth		 18.36% 23.19% 7.74% -0.89% 3.02% 0.22% -15.36% -4.39% 28.11% 6.71% 25.53%
EBIT Q/Q Growth		 22.92% 33.72% 9.85% -1.49% 3.72% -0.34% -23.48% -6.55% 43.63% 9.06% 42.16%
NOPAT Q/Q Growth		 3.39% 2.39% 3.00% -1.49% 3.72% -0.57% -33.22% 85.54% 46.88% 6.38% 41.82%
Net Income Q/Q Growth		 21.58% -8.18% -2.08% -0.46% 3.19% -2.56% -21.50% -7.02% 28.94% 8.82% -3.42%
EPS Q/Q Growth		 18.98% -9.58% -3.25% -0.81% 2.23% -2.82% -22.04% -5.73% 28.28% 7.56% -5.03%
Operating Cash Flow Q/Q Growth		 6.96% 2.14% 2.49% -0.28% 0.00% 0.00% -1.06% -3.64% 3.85% 2.15% 4.49%
Free Cash Flow Firm Q/Q Growth		 105.57% -1,468.01% 289,050.12% -877.89% 68.25% 4.41% -0.54% -2.59% 65.24% -96.96% 124.29%
Invested Capital Q/Q Growth		 -1.46% 109.96% 1.21% 4.98% -0.02% -0.23% -1.67% -0.23% -0.67% 6.11% 6.04%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 90.85% 87.38% 84.03% 78.27% 76.31% 84.14% 67.13% 48.16% 83.99% 63.49% 74.77%
Operating Margin		 55.35% 47.80% 54.36% 52.64% 50.70% 51.39% 27.64% 21.10% 55.38% 38.02% 51.66%
EBIT Margin		 66.12% 62.26% 57.98% 52.64% 50.70% 57.80% 38.52% 21.46% 59.99% 39.85% 51.78%
Profit (Net Income) Margin		 65.65% 61.47% 57.19% 52.39% 50.44% 55.68% 37.48% 21.37% 42.02% 39.97% 37.48%
Tax Burden Percent		 100.47% 99.51% 100.00% 100.00% 100.00% 98.34% 100.31% 99.79% 100.57% 100.30% 102.67%
Interest Burden Percent		 98.83% 99.22% 98.63% 99.52% 99.49% 97.96% 97.00% 99.77% 69.65% 100.00% 70.50%
Effective Tax Rate		 -0.47% 0.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 6.63% 3.49% 4.17% 5.99% 5.72% 5.79% 2.90% 2.54% 7.45% 5.32% 7.36%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.42% 5.05% 4.50% 5.93% 5.66% 6.77% 5.11% 2.61% 3.55% 5.92% 2.82%
Return on Net Nonoperating Assets (RNNOA)		 7.08% 9.50% 8.42% 5.39% 5.40% 6.48% 4.47% 2.13% 3.04% 4.96% 2.27%
Return on Equity (ROE)		 13.71% 12.99% 12.59% 11.38% 11.11% 12.27% 7.37% 4.67% 10.48% 10.28% 9.63%
Cash Return on Invested Capital (CROIC)		 1.44% -80.17% 68.57% -3.47% -2.23% 4.25% 11.89% 16.18% 7.16% 0.20% 0.65%
Operating Return on Assets (OROA)		 7.36% 6.82% 6.53% 5.86% 5.57% 6.24% 3.86% 2.46% 7.68% 5.34% 7.19%
Return on Assets (ROA)		 7.30% 6.73% 6.44% 5.83% 5.54% 6.01% 3.76% 2.45% 5.38% 5.36% 5.20%
Return on Common Equity (ROCE)		 13.59% 12.94% 12.59% 11.38% 11.11% 12.22% 7.32% 4.62% 10.32% 10.13% 9.50%
Return on Equity Simple (ROE_SIMPLE)		 13.26% 12.63% 12.05% 11.11% 10.71% 12.25% 7.43% 5.16% 10.72% 10.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 127 118 151 155 161 171 83 65 177 130 194
NOPAT Margin		 55.61% 47.57% 54.36% 52.64% 50.70% 51.39% 27.64% 21.10% 55.38% 38.02% 51.66%
Net Nonoperating Expense Percent (NNEP)		 -2.79% -1.56% -0.33% 0.06% 0.06% -0.99% -2.21% -0.07% 3.90% -0.60% 4.54%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 2.66% 7.38% 5.15% 7.20%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 4.59% 3.93% 4.38% 4.26% 4.21% 4.00% 6.17% 7.43% 6.04% 6.07% 7.15%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 44.65% 52.20% 45.64% 47.36% 49.30% 48.61% 72.36% 78.90% 44.62% 61.98% 48.34%
Earnings before Interest and Taxes (EBIT)		 151 155 162 155 161 192 115 66 192 136 194
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 208 217 234 231 243 280 201 148 269 217 281
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.22 1.56 1.59 1.62 1.78 1.64 1.49 1.58 1.84 2.30 2.39
Price to Tangible Book Value (P/TBV)		 1.22 1.56 1.59 1.62 1.78 1.64 1.49 1.58 1.84 2.30 2.39
Price to Revenue (P/Rev)		 6.05 7.57 7.52 7.66 8.40 7.46 7.52 6.55 7.20 9.21 9.69
Price to Earnings (P/E)		 9.31 12.42 13.16 14.63 16.65 13.41 20.09 30.24 16.97 22.83 25.59
Dividend Yield		 9.22% 7.62% 7.53% 7.48% 6.91% 7.94% 7.76% 7.78% 6.79% 5.19% 4.77%
Earnings Yield		 10.75% 8.05% 7.60% 6.83% 6.01% 7.46% 4.98% 3.31% 5.89% 4.38% 3.91%
Enterprise Value to Invested Capital (EV/IC)		 1.13 0.62 1.31 1.30 1.40 1.33 1.27 1.33 1.44 1.71 1.76
Enterprise Value to Revenue (EV/Rev)		 9.71 12.05 11.62 12.00 12.91 11.87 11.59 10.29 10.74 12.54 12.78
Enterprise Value to EBITDA (EV/EBITDA)		 10.69 13.79 13.83 15.33 16.92 14.10 17.26 21.37 12.78 19.76 17.09
Enterprise Value to EBIT (EV/EBIT)		 14.68 19.35 20.05 22.80 25.47 20.53 30.08 47.96 17.90 31.48 24.68
Enterprise Value to NOPAT (EV/NOPAT)		 17.46 25.33 21.38 22.80 25.47 23.09 41.92 48.79 19.39 32.99 24.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.52 16.95 16.35 17.01 0.00 17.01 16.42 17.03 18.62 20.64 20.29
Enterprise Value to Free Cash Flow (EV/FCFF)		 80.29 0.00 1.30 0.00 0.00 31.43 10.21 7.65 20.18 894.49 280.55
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.80 0.92 0.87 0.92 0.96 0.98 0.82 0.89 0.89 0.83 0.76
Long-Term Debt to Equity		 0.80 0.92 0.87 0.92 0.96 0.98 0.82 0.89 0.89 0.83 0.76
Financial Leverage		 0.75 1.88 1.87 0.91 0.95 0.96 0.88 0.82 0.86 0.84 0.80
Leverage Ratio		 1.88 1.93 1.96 1.95 2.01 2.04 1.96 1.90 1.95 1.92 1.85
Compound Leverage Factor		 1.86 1.91 1.93 1.94 2.00 2.00 1.90 1.90 1.36 1.92 1.30
Debt to Total Capital		 44.46% 47.99% 46.42% 47.98% 49.02% 49.61% 45.03% 47.08% 47.12% 45.28% 43.04%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 44.46% 47.99% 46.42% 47.98% 49.02% 49.61% 45.03% 47.08% 47.12% 45.28% 43.04%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.45% 0.00% 0.00% 0.00% 0.02% 0.35% 0.36% 0.81% 0.83% 0.74% 0.68%
Common Equity to Total Capital		 55.10% 52.01% 53.58% 52.02% 50.96% 50.04% 54.61% 52.11% 52.05% 53.98% 56.28%
Debt to EBITDA		 4.40 5.14 4.89 5.56 5.93 5.35 6.20 7.77 4.23 5.28 4.14
Net Debt to EBITDA		 3.98 5.12 4.88 5.54 5.91 5.20 6.01 7.64 4.14 5.17 4.07
Long-Term Debt to EBITDA		 4.40 5.14 4.89 5.56 5.93 5.35 6.20 7.77 4.23 5.28 4.14
Debt to NOPAT		 7.18 9.44 7.56 8.27 8.93 8.77 15.05 17.74 6.41 8.82 6.00
Net Debt to NOPAT		 6.51 9.40 7.54 8.24 8.90 8.51 14.60 17.44 6.28 8.63 5.90
Long-Term Debt to NOPAT		 7.18 9.44 7.56 8.27 8.93 8.77 15.05 17.74 6.41 8.82 6.00
Altman Z-Score		 1.23 1.27 1.36 1.26 1.31 1.25 1.26 1.01 1.32 1.63 1.87
Noncontrolling Interest Sharing Ratio		 0.87% 0.39% 0.00% 0.00% 0.02% 0.38% 0.68% 1.05% 1.55% 1.46% 1.27%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.27 0.22 0.19 0.07 0.20 1.72 1.61 0.74 0.65 0.64 0.21
Quick Ratio		 4.27 0.22 0.19 0.07 0.20 1.72 1.61 0.74 0.65 0.64 0.21
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 28 -2,716 2,492 -90 -63 126 339 412 170 4.79 17
Operating Cash Flow to CapEx		 150.20% 48.71% 112.69% 157.77% 0.00% 368.02% 0.00% 0.00% 0.00% 157.46% 86.32%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 1,125.78 -121.69 -76.31 32.02 177.31 2,730.53 2.92 0.00 0.30
Operating Cash Flow to Interest Expense		 0.00 0.00 89.47 281.67 0.00 59.16 110.28 1,227.42 3.17 0.00 4.12
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 10.07 103.13 0.00 43.09 210.72 2,304.20 3.49 0.00 -0.65
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.11 0.11 0.11 0.11 0.11 0.11 0.10 0.11 0.13 0.13 0.14
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.13 0.12 0.13 0.13 0.13 0.13 0.12 0.14 0.15 0.16 0.16
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,971 4,806 2,465 2,709 2,934 2,979 2,722 2,375 2,382 2,507 2,725
Invested Capital Turnover		 0.12 0.07 0.08 0.11 0.11 0.11 0.10 0.12 0.13 0.14 0.14
Increase / (Decrease) in Invested Capital		 100 2,835 -2,341 245 224 45 -256 -348 6.92 125 177
Enterprise Value (EV)		 2,223 2,993 3,239 3,535 4,108 3,949 3,462 3,156 3,434 4,288 4,801
Market Capitalization		 1,385 1,882 2,097 2,258 2,672 2,483 2,246 2,008 2,301 3,148 3,638
Book Value per Share		 $30.17 $30.36 $31.83 $32.91 $34.07 $33.81 $32.87 $29.28 $28.89 $30.08 $31.94
Tangible Book Value per Share		 $30.17 $30.36 $31.83 $32.91 $34.07 $33.81 $32.87 $29.28 $28.89 $30.08 $31.94
Total Capital		 2,057 2,326 2,468 2,671 2,939 3,022 2,760 2,437 2,409 2,531 2,704
Total Debt		 914 1,116 1,145 1,282 1,440 1,499 1,243 1,148 1,135 1,146 1,164
Total Long-Term Debt		 914 1,116 1,145 1,282 1,440 1,499 1,243 1,148 1,135 1,146 1,164
Net Debt		 828 1,111 1,142 1,277 1,435 1,456 1,205 1,128 1,113 1,122 1,144
Capital Expenditures (CapEx)		 109 363 176 132 219 63 -192 -163 -19 132 274
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -20 -21 -16 -63 -26 -25 -23 -26 -34 -38 -93
Debt-free Net Working Capital (DFNWC)		 66 -16 -13 -58 -21 18 14 -6.61 -12 -13 -74
Net Working Capital (NWC)		 66 -16 -13 -58 -21 18 14 -6.61 -12 -13 -74
Net Nonoperating Expense (NNE)		 -23 -35 -7.87 0.74 0.82 -14 -29 -0.82 43 -6.66 53
Net Nonoperating Obligations (NNO)		 828 3,596 1,142 1,320 1,435 1,456 1,205 1,085 1,108 1,122 1,185
Total Depreciation and Amortization (D&A)		 57 62 73 76 81 88 85 82 77 81 86
Debt-free, Cash-free Net Working Capital to Revenue		 -8.80% -8.40% -5.85% -21.24% -8.27% -7.57% -7.76% -8.45% -10.73% -11.04% -24.80%
Debt-free Net Working Capital to Revenue		 28.78% -6.54% -4.75% -19.66% -6.63% 5.46% 4.76% -2.16% -3.74% -3.94% -19.58%
Net Working Capital to Revenue		 28.78% -6.54% -4.75% -19.66% -6.63% 5.46% 4.76% -2.16% -3.74% -3.94% -19.58%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.96 $3.88 $3.90 $3.68 $3.70 $4.14 $2.45 $1.48 $3.13 $3.14 $3.03
Adjusted Weighted Average Basic Shares Outstanding		 37.60M 39.01M 40.89M 41.94M 43.42M 44.70M 45.71M 44.77M 43.39M 43.84M 46.87M
Adjusted Diluted Earnings per Share		 $3.95 $3.87 $3.87 $3.67 $3.67 $4.14 $2.44 $1.48 $3.13 $3.13 $3.02
Adjusted Weighted Average Diluted Shares Outstanding		 37.64M 39.16M 41.15M 42.09M 43.70M 44.70M 45.73M 44.79M 43.39M 44.10M 47.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 38.40M 39.85M 41.53M 42.74M 44.59M 45.19M 45.85M 43.39M 43.41M 45.69M 48.39M
Normalized Net Operating Profit after Tax (NOPAT)		 89 119 106 109 113 121 58 45 124 91 137
Normalized NOPAT Margin		 38.89% 47.74% 38.18% 36.92% 35.60% 36.24% 19.35% 14.77% 38.76% 26.61% 36.45%
Pre Tax Income Margin		 65.35% 61.77% 57.19% 52.39% 50.44% 56.62% 37.37% 21.41% 41.78% 39.85% 36.51%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 72.98 210.12 195.96 49.02 60.19 435.72 3.29 0.00 3.39
NOPAT to Interest Expense		 0.00 0.00 68.42 210.12 195.96 43.59 43.19 428.34 3.04 0.00 3.38
EBIT Less CapEx to Interest Expense		 0.00 0.00 -6.42 31.59 -70.37 32.95 160.63 1,512.50 3.62 0.00 -1.39
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -10.98 31.59 -70.37 27.51 143.63 1,505.13 3.37 0.00 -1.40
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 84.46% 91.59% 96.03% 107.17% 112.03% 105.41% 164.16% 248.37% 117.22% 115.39% 121.19%
Augmented Payout Ratio		 84.46% 91.59% 96.03% 107.17% 112.03% 105.41% 164.16% 480.46% 117.22% 116.07% 121.73%

Quarterly Metrics And Ratios for National Health Investors

This table displays calculated financial ratios and metrics derived from National Health Investors' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 48,392,384.00 48,471,079.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 48,392,384.00 48,471,079.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.83 1.15
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -19.74% -1.06% 9.11% 3.54% 16.32% 9.55% 4.95% 8.32% 25.49% 28.93% 33.81%
EBITDA Growth		 282.00% -5.54% -4.81% -0.96% -56.44% 6.53% 4.52% 13.24% 6.66% 16.79% 76.15%
EBIT Growth		 2,535.01% -10.80% -7.71% -2.13% -78.28% 5.19% 1.29% 14.74% 5.33% 14.77% 104.31%
NOPAT Growth		 92.03% -7.30% 13.53% -0.23% -85.63% 5.17% 1.29% 14.34% 5.33% 9.49% 40.18%
Net Income Growth		 1,933.21% -10.32% -11.40% -2.72% 34.90% 10.31% 4.97% 15.00% -11.65% 17.55% 50.88%
EPS Growth		 1,380.00% -10.13% -11.96% -4.41% 29.73% 4.23% -2.47% 6.15% -16.67% 10.81% 45.57%
Operating Cash Flow Growth		 14.77% 31.50% 20.28% -2.16% 8.21% 13.84% -1.52% 28.59% 17.65% 14.98% 8.62%
Free Cash Flow Firm Growth		 -86.28% -64.14% -2.31% 206.29% -324.92% -270.53% -549.65% -375.30% -7.26% -43.97% 29.96%
Invested Capital Growth		 0.29% -1.39% -0.65% -1.47% 5.26% 7.62% 10.98% 8.77% 6.94% 9.55% 7.86%
Revenue Q/Q Growth		 -0.80% 2.58% 4.24% -2.38% 11.44% -3.39% 1.65% -1.02% 17.66% 8.91% 5.38%
EBITDA Q/Q Growth		 24.07% 39.83% 39.11% -9.59% -45.43% 101.34% -17.22% -5.03% 83.44% -19.82% 21.99%
EBIT Q/Q Growth		 35.64% 81.85% 62.57% -12.89% -69.91% 267.26% -26.32% -7.85% 143.69% -30.61% 31.12%
NOPAT Q/Q Growth		 36.23% 92.98% 58.12% -10.35% -80.38% 463.24% -26.14% -8.17% 144.54% -33.97% -5.76%
Net Income Q/Q Growth		 9.25% -3.35% 14.01% -19.20% 51.50% -20.97% 8.49% -11.48% 16.40% 5.16% 39.26%
EPS Q/Q Growth		 8.82% -4.05% 14.08% -19.75% 47.69% -22.92% 6.76% -12.66% 15.94% 2.50% 40.24%
Operating Cash Flow Q/Q Growth		 7.04% -23.26% 48.77% -19.94% 18.39% -19.27% 28.70% 4.54% 8.32% -21.11% 21.58%
Free Cash Flow Firm Q/Q Growth		 102.76% 625.04% -0.61% 23.28% -248.89% -15.21% -68.03% 22.57% 44.02% -97.63% 18.20%
Invested Capital Q/Q Growth		 -0.67% 0.37% -0.48% -0.70% 6.11% 2.62% 2.63% -2.67% 6.04% 3.43% 1.04%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 99.26% 61.42% 81.97% 75.92% 37.18% 77.48% 63.09% 60.54% 94.38% 69.48% 80.44%
Operating Margin		 74.02% 37.28% 56.55% 51.94% 9.15% 53.32% 38.74% 35.94% 74.70% 45.29% 41.04%
EBIT Margin		 75.30% 37.41% 58.34% 52.06% 14.06% 53.45% 38.74% 36.07% 74.70% 47.59% 59.22%
Profit (Net Income) Margin		 39.91% 37.61% 41.13% 34.05% 46.29% 37.87% 40.42% 36.15% 35.76% 34.53% 45.63%
Tax Burden Percent		 102.45% 100.54% 100.68% 100.00% 100.00% 101.28% 104.33% 100.23% 104.53% 100.00% 98.69%
Interest Burden Percent		 51.74% 100.00% 70.03% 65.40% 329.27% 69.96% 100.00% 100.00% 45.80% 72.55% 78.07%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.31%
Return on Invested Capital (ROIC)		 9.95% 4.94% 7.73% 7.18% 1.28% 7.51% 5.46% 5.26% 10.64% 6.75% 6.38%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.48% 4.96% 6.55% 5.85% 4.36% 6.29% 5.60% 5.28% 7.14% 5.72% 6.90%
Return on Net Nonoperating Assets (RNNOA)		 6.40% 4.39% 5.69% 5.16% 3.65% 5.22% 4.58% 4.20% 5.73% 4.64% 5.37%
Return on Equity (ROE)		 16.35% 9.33% 13.41% 12.34% 4.93% 12.73% 10.04% 9.46% 16.37% 11.38% 11.74%
Cash Return on Invested Capital (CROIC)		 7.16% 6.24% 5.77% 6.62% 0.20% -2.01% -5.12% -2.86% 0.65% -1.75% 0.21%
Operating Return on Assets (OROA)		 9.64% 4.76% 7.65% 6.91% 1.88% 7.10% 5.30% 5.05% 10.37% 6.74% 9.04%
Return on Assets (ROA)		 5.11% 4.79% 5.39% 4.52% 6.20% 5.03% 5.53% 5.07% 4.96% 4.89% 6.97%
Return on Common Equity (ROCE)		 16.10% 9.18% 13.20% 12.15% 4.86% 12.55% 9.91% 9.34% 16.16% 11.25% 11.61%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 10.49% 10.15% 10.22% 0.00% 9.80% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 59 30 48 43 8.45 48 35 32 79 52 49
NOPAT Margin		 74.02% 37.28% 56.55% 51.94% 9.15% 53.32% 38.74% 35.94% 74.70% 45.29% 40.51%
Net Nonoperating Expense Percent (NNEP)		 2.47% -0.02% 1.18% 1.33% -3.08% 1.23% -0.14% -0.02% 3.51% 1.03% -0.52%
Return On Investment Capital (ROIC_SIMPLE)		 2.45% - - - 0.34% 1.76% 1.35% 1.24% 2.93% 1.87% 1.72%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 6.20% 6.92% 5.73% 5.80% 5.86% 7.65% 6.75% 7.02% 7.19% 6.82% 7.27%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 25.98% 62.72% 43.45% 48.06% 90.85% 46.68% 61.26% 64.06% 25.30% 54.71% 58.96%
Earnings before Interest and Taxes (EBIT)		 60 30 50 43 13 48 35 32 79 55 72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 79 50 70 63 34 69 57 54 100 80 98
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.84 0.00 2.36 2.97 2.30 2.37 2.21 2.55 2.39 2.58 2.35
Price to Tangible Book Value (P/TBV)		 1.84 0.00 2.36 2.97 2.30 2.37 2.21 2.55 2.39 2.58 2.35
Price to Revenue (P/Rev)		 7.20 0.00 9.02 11.10 9.21 9.65 9.25 10.46 9.69 9.75 8.55
Price to Earnings (P/E)		 16.97 0.00 23.05 28.80 22.83 23.92 22.93 25.66 25.59 26.42 22.15
Dividend Yield		 6.79% 5.81% 5.32% 4.28% 5.19% 4.87% 5.13% 4.55% 4.77% 4.53% 4.83%
Earnings Yield		 5.89% 0.00% 4.34% 3.47% 4.38% 4.18% 4.36% 3.90% 3.91% 3.79% 4.51%
Enterprise Value to Invested Capital (EV/IC)		 1.44 0.00 1.72 2.03 1.71 1.76 1.66 1.88 1.76 1.84 1.74
Enterprise Value to Revenue (EV/Rev)		 10.74 0.00 12.52 14.57 12.54 12.93 12.41 13.36 12.78 12.89 11.47
Enterprise Value to EBITDA (EV/EBITDA)		 12.78 0.00 20.01 23.56 19.76 20.43 20.19 21.54 17.09 17.70 14.82
Enterprise Value to EBIT (EV/EBIT)		 17.90 0.00 32.43 38.35 31.48 32.62 33.08 35.22 24.68 25.68 20.81
Enterprise Value to NOPAT (EV/NOPAT)		 19.39 0.00 33.38 39.21 32.99 34.16 33.08 35.22 24.74 26.07 23.25
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.62 0.00 19.96 23.55 20.64 21.18 20.67 21.29 20.29 21.25 19.94
Enterprise Value to Free Cash Flow (EV/FCFF)		 20.18 0.00 29.61 30.42 894.49 0.00 0.00 0.00 280.55 0.00 855.04
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.89 0.90 0.90 0.91 0.83 0.87 0.75 0.74 0.76 0.83 0.80
Long-Term Debt to Equity		 0.89 0.90 0.90 0.91 0.83 0.87 0.75 0.74 0.76 0.83 0.80
Financial Leverage		 0.86 0.88 0.87 0.88 0.84 0.83 0.82 0.80 0.80 0.81 0.78
Leverage Ratio		 1.95 1.96 1.95 1.96 1.92 1.94 1.87 1.88 1.85 1.91 1.83
Compound Leverage Factor		 1.01 1.96 1.36 1.28 6.32 1.36 1.87 1.88 0.85 1.38 1.43
Debt to Total Capital		 47.12% 47.33% 47.34% 47.67% 45.28% 46.65% 42.77% 42.53% 43.04% 45.31% 44.50%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 47.12% 47.33% 47.34% 47.67% 45.28% 46.65% 42.77% 42.53% 43.04% 45.31% 44.50%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.83% 0.81% 0.79% 0.77% 0.74% 0.67% 0.67% 0.67% 0.68% 0.63% 0.62%
Common Equity to Total Capital		 52.05% 51.85% 51.86% 51.56% 53.98% 52.68% 56.56% 56.79% 56.28% 54.06% 54.87%
Debt to EBITDA		 4.23 5.49 5.57 5.59 5.28 5.71 5.14 4.96 4.14 4.34 3.81
Net Debt to EBITDA		 4.14 5.43 5.50 5.51 5.17 5.10 5.06 4.59 4.07 4.26 3.72
Long-Term Debt to EBITDA		 4.23 5.49 5.57 5.59 5.28 5.71 5.14 4.96 4.14 4.34 3.81
Debt to NOPAT		 6.41 9.77 9.29 9.30 8.82 9.55 8.43 8.11 6.00 6.39 5.98
Net Debt to NOPAT		 6.28 9.68 9.17 9.17 8.63 8.52 8.29 7.51 5.90 6.27 5.83
Long-Term Debt to NOPAT		 6.41 9.77 9.29 9.30 8.82 9.55 8.43 8.11 6.00 6.39 5.98
Altman Z-Score		 1.14 0.00 1.44 1.78 1.48 1.55 1.59 1.87 1.73 1.71 1.63
Noncontrolling Interest Sharing Ratio		 1.55% 1.59% 1.58% 1.55% 1.46% 1.39% 1.33% 1.31% 1.27% 1.20% 1.15%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.65 0.42 0.44 0.48 0.64 4.63 0.23 0.99 0.21 0.28 0.32
Quick Ratio		 0.65 0.42 0.44 0.48 0.64 4.63 0.23 0.99 0.21 0.28 0.32
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 52 64 64 78 -117 -134 -226 -175 -98 -194 -158
Operating Cash Flow to CapEx		 0.00% 0.00% 1,166.26% 0.00% 45.43% 60.62% 110.13% 0.00% 47.34% 54.07% 170.54%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 4.28 5.25 0.00 -9.38 0.00 0.00 0.00 -12.87 -10.01
Operating Cash Flow to Interest Expense		 0.00 0.00 4.09 3.26 0.00 3.24 0.00 0.00 0.00 3.55 4.11
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 3.74 3.26 0.00 -2.11 0.00 0.00 0.00 -3.02 1.70
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.13 0.13 0.13 0.13 0.13 0.14 0.14 0.14 0.14 0.15
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.15 0.15 0.15 0.16 0.16 0.16 0.16 0.16 0.16 0.17 0.18
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,382 2,390 2,379 2,362 2,507 2,573 2,640 2,570 2,725 2,818 2,848
Invested Capital Turnover		 0.13 0.13 0.14 0.14 0.14 0.14 0.14 0.15 0.14 0.15 0.16
Increase / (Decrease) in Invested Capital		 6.92 -34 -16 -35 125 182 261 207 177 246 207
Enterprise Value (EV)		 3,434 0.00 4,081 4,791 4,288 4,521 4,392 4,819 4,801 5,175 4,958
Market Capitalization		 2,301 0.00 2,941 3,652 3,148 3,375 3,274 3,774 3,638 3,913 3,696
Book Value per Share		 $28.89 $28.76 $28.66 $28.29 $30.08 $31.22 $31.69 $31.19 $31.94 $31.30 $32.42
Tangible Book Value per Share		 $28.89 $28.76 $28.66 $28.29 $30.08 $31.22 $31.69 $31.19 $31.94 $31.30 $32.42
Total Capital		 2,409 2,407 2,400 2,384 2,531 2,708 2,616 2,608 2,704 2,802 2,864
Total Debt		 1,135 1,139 1,136 1,136 1,146 1,263 1,119 1,109 1,164 1,270 1,275
Total Long-Term Debt		 1,135 1,139 1,136 1,136 1,146 1,263 1,119 1,109 1,164 1,270 1,275
Net Debt		 1,113 1,128 1,121 1,121 1,122 1,128 1,100 1,027 1,144 1,245 1,244
Capital Expenditures (CapEx)		 -5.49 0.00 5.21 0.00 127 77 54 0.00 143 99 38
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -34 -27 -33 -33 -38 -29 -80 -83 -93 -88 -96
Debt-free Net Working Capital (DFNWC)		 -12 -15 -18 -17 -13 106 -61 -0.88 -74 -63 -66
Net Working Capital (NWC)		 -12 -15 -18 -17 -13 106 -61 -0.88 -74 -63 -66
Net Nonoperating Expense (NNE)		 27 -0.27 13 15 -34 14 -1.52 -0.19 41 12 -6.22
Net Nonoperating Obligations (NNO)		 1,108 1,123 1,116 1,115 1,122 1,128 1,143 1,071 1,185 1,286 1,258
Total Depreciation and Amortization (D&A)		 19 20 20 20 21 21 22 22 21 25 26
Debt-free, Cash-free Net Working Capital to Revenue		 -10.73% -8.40% -10.18% -9.88% -11.04% -8.35% -22.56% -22.86% -24.80% -21.84% -22.20%
Debt-free Net Working Capital to Revenue		 -3.74% -4.84% -5.65% -5.16% -3.94% 30.26% -17.29% -0.24% -19.58% -15.62% -15.17%
Net Working Capital to Revenue		 -3.74% -4.84% -5.65% -5.16% -3.94% 30.26% -17.29% -0.24% -19.58% -15.62% -15.17%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.74 $0.71 $0.81 $0.66 $0.96 $0.75 $0.79 $0.69 $0.80 $0.83 $1.15
Adjusted Weighted Average Basic Shares Outstanding		 43.39M 43.39M 43.40M 43.48M 43.84M 45.72M 46.69M 47.43M 46.87M 48.32M 48.44M
Adjusted Diluted Earnings per Share		 $0.74 $0.71 $0.81 $0.65 $0.96 $0.74 $0.79 $0.69 $0.80 $0.82 $1.15
Adjusted Weighted Average Diluted Shares Outstanding		 43.39M 43.42M 43.56M 43.99M 44.10M 45.88M 46.82M 47.62M 47.05M 48.55M 48.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 43.41M 43.42M 43.44M 45.42M 45.69M 46.69M 47.47M 47.64M 48.39M 48.47M 49.11M
Normalized Net Operating Profit after Tax (NOPAT)		 41 21 34 30 5.92 34 26 23 55 37 49
Normalized NOPAT Margin		 51.82% 26.10% 39.59% 36.36% 6.40% 37.53% 28.13% 25.16% 52.29% 31.70% 40.51%
Pre Tax Income Margin		 38.96% 37.41% 40.86% 34.05% 46.29% 37.39% 38.74% 36.07% 34.21% 34.53% 46.23%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 3.34 2.89 0.00 3.33 0.00 0.00 0.00 3.64 4.54
NOPAT to Interest Expense		 0.00 0.00 3.24 2.88 0.00 3.32 0.00 0.00 0.00 3.47 3.11
EBIT Less CapEx to Interest Expense		 0.00 0.00 2.99 2.89 0.00 -2.02 0.00 0.00 0.00 -2.93 2.13
NOPAT Less CapEx to Interest Expense		 0.00 0.00 2.88 2.88 0.00 -2.03 0.00 0.00 0.00 -3.10 0.70
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 117.22% 120.30% 124.62% 125.36% 115.39% 114.29% 114.93% 114.00% 121.19% 118.53% 106.58%
Augmented Payout Ratio		 117.22% 120.30% 124.62% 125.98% 116.07% 114.99% 115.69% 114.20% 121.73% 119.02% 107.20%

Financials Breakdown Chart

Key Financial Trends

National Health Investors (NYSE: NHI) shows a mixed but generally stable operating profile, with strong quarterly revenue growth and solid operating cash flow, but also a noticeable increase in leverage and a sharp decline in cash since early 2025.

For Q1 2026, NHI generated $115.1 million in revenue, up from $105.7 million in Q4 2025 and $89.8 million in Q3 2025. Net income attributable to common shareholders came in at $40.1 million, or $0.83 per share, which was slightly above the prior quarter’s $0.80 EPS. The company also produced $53.4 million in operating cash flow during the quarter.

  • Revenue improved quarter over quarter, rising to $115.1 million in Q1 2026 from $105.7 million in Q4 2025 and $89.8 million in Q3 2025.
  • Operating cash flow remained strong at $53.4 million in Q1 2026, supporting dividend coverage and ongoing operations.
  • Quarterly profitability remained healthy, with net income attributable to common shareholders of $40.1 million and EPS of $0.83.
  • Operating income improved to $52.1 million in Q1 2026, up from $47.6 million in Q1 2025 and $32.3 million in Q3 2025.
  • Net PPE increased to $2.56 billion from $2.30 billion in Q3 2025, suggesting continued investment in the asset base.
  • Dividend obligations remain significant, with cash dividends to common shareholders at $0.92 per share in Q1 2026.
  • Depreciation and other non-cash charges remain material, which is typical for a healthcare REIT but makes earnings quality worth monitoring.
  • Cash fell sharply to $24.9 million at March 31, 2026, down from $81.6 million at September 30, 2025 and $135.0 million at March 31, 2025.
  • Long-term debt increased to $1.27 billion from $1.11 billion in Q3 2025, indicating higher leverage.
  • Interest burden remains meaningful, with Q1 2026 cash interest paid of $17.5 million, which continues to pressure free cash generation.

Looking at the broader trend over the last four years, NHI has generally maintained consistent revenue and earnings, with quarterly revenue typically in the $78 million to $115 million range and EPS staying positive throughout the period. That said, the balance sheet has become more leveraged over time, and cash has been volatile. In particular, the company has relied on both debt issuance and asset sales at times to support financing needs.

From a quality standpoint, NHI’s business still appears to generate enough operating cash to fund dividends and capital spending, but the combination of higher debt, declining cash balances, and continued dividend payouts leaves less room for error if operating conditions weaken.

Bottom line: NHI’s recent quarter looks operationally solid, but investors should watch leverage and liquidity closely. The company is still producing strong cash flow, yet its balance sheet has become more dependent on financing flexibility than it was a year ago.

08/20/26 10:27 AM ETAI Generated. May Contain Errors.

National Health Investors Financials - Frequently Asked Questions

According to the most recent income statement we have on file, National Health Investors' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

National Health Investors' net income appears to be on a downward trend, with a most recent value of $140.79 million in 2025, falling from $150.31 million in 2015. The previous period was $136.64 million in 2024. See National Health Investors' forecast for analyst expectations on what's next for the company.

National Health Investors' total operating income in 2025 was $194.04 million, based on the following breakdown:
  • Total Gross Profit: $375.63 million
  • Total Operating Expenses: $181.59 million

Over the last 10 years, National Health Investors' total revenue changed from $228.95 million in 2015 to $375.63 million in 2025, a change of 64.1%.

National Health Investors' total liabilities were at $1.26 billion at the end of 2025, a 2.3% increase from 2024, and a 26.9% increase since 2015.

In the past 10 years, National Health Investors' cash and equivalents has ranged from $3.06 million in 2017 to $43.34 million in 2020, and is currently $19.62 million as of their latest financial filing in 2025.

Over the last 10 years, National Health Investors' book value per share changed from 30.17 in 2015 to 31.94 in 2025, a change of 5.9%.


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Financial statements for NYSE:NHI last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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