National HealthCare (NHC) Financials

$193.65 -4.31 (-2.18%)

Closing price 05/15/2026 04:10 PM Eastern

Extended Trading

$193.38 -0.28 (-0.14%)

As of 05/15/2026 05:28 PM Eastern

Annual Income Statements for National HealthCare

This table shows National HealthCare's 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	46	51	56	59	68	42	139	22	67	102	120
Consolidated Net Income / (Loss)	53	51	56	59	68	42	139	20	65	102	123
Net Income / (Loss) Continuing Operations	53	51	56	59	68	42	139	20	65	102	123
Total Pre-Tax Income	85	80	75	75	88	52	150	27	89	136	162
Total Operating Income	67	61	54	56	49	48	51	32	57	90	128
Total Gross Profit	374	376	392	398	404	407	408	400	429	496	597
Total Revenue	907	924	964	980	996	1,028	1,074	1,086	1,142	1,307	1,518
Operating Revenue	865	878	917	933	948	979	1,029	1,041	1,088	1,261	1,470
Other Revenue	42	46	47	48	49	49	45	45	54	46	48
Total Cost of Revenue	533	548	572	583	593	621	666	686	712	811	921
Operating Cost of Revenue	533	548	572	583	593	621	666	686	712	811	921
Total Operating Expenses	307	315	338	342	355	359	357	368	372	407	468
Selling, General & Admin Expense	227	231	250	254	268	275	267	289	288	321	377
Depreciation Expense	37	39	43	42	42	42	41	40	42	42	45
Other Operating Expenses / (Income)	43	45	45	46	44	42	42	38	42	43	46
Total Other Income / (Expense), net	18	20	20	19	39	4.27	99	-4.67	31	47	34
Interest Expense	-	-	-	-	-	-	-	-	0.32	4.14	6.37
Interest & Investment Income	-	-	-	-	1.98	-22	81	-16	15	31	22
Other Income / (Expense), net	18	20	20	19	37	27	18	11	17	20	18
Income Tax Expense	32	30	19	16	20	10	11	7.25	23	34	40
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-0.52	-0.27	-0.24	0.12	0.50	-2.47	-1.51	0.16	2.59
Basic Earnings per Share	$3.34	$3.34	$3.70	$3.87	$4.47	$2.74	$9.03	$1.46	$4.36	$6.62	$7.76
Weighted Average Basic Shares Outstanding	13.89M	15.13M	15.19M	15.22M	15.27M	15.31M	15.35M	15.41M	15.31M	15.39M	15.47M
Diluted Earnings per Share	$3.20	$3.32	$3.69	$3.87	$4.44	$2.72	$8.99	$1.45	$4.34	$6.53	$7.67
Weighted Average Diluted Shares Outstanding	14.49M	15.21M	15.22M	15.24M	15.36M	15.37M	15.42M	15.45M	15.38M	15.60M	15.65M
Weighted Average Basic & Diluted Shares Outstanding	13.90M	15.10M	15.20M	15.26M	15.33M	15.37M	15.45M	15.36M	15.35M	15.45M	15.54M
Cash Dividends to Common per Share	$1.54	$1.75	$1.89	$1.98	$2.06	$2.08	$2.11	$2.26	$2.34	$2.42	$2.53

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	16	10	28	26	27	43	6.08	32	24	39	25
Consolidated Net Income / (Loss)	16	10	28	26	27	43	6.03	32	24	41	25
Net Income / (Loss) Continuing Operations	16	10	28	26	27	43	6.03	32	24	41	25
Total Pre-Tax Income	22	14	37	36	37	58	6.06	44	32	54	32
Total Operating Income	14	13	20	16	23	23	27	31	34	30	33
Total Gross Profit	107	106	114	114	121	127	135	146	148	149	153
Total Revenue	283	288	301	297	301	340	369	374	375	383	387
Operating Revenue	270	277	283	286	289	329	357	362	363	371	374
Other Revenue	13	11	18	11	11	12	12	12	12	12	13
Total Cost of Revenue	175	183	187	183	180	213	234	228	227	233	233
Operating Cost of Revenue	175	183	187	183	180	213	234	228	227	233	233
Total Operating Expenses	93	93	94	98	98	104	108	115	114	119	120
Selling, General & Admin Expense	73	72	71	77	78	83	83	92	92	97	96
Depreciation Expense	10	10	12	11	9.34	11	11	11	11	11	12
Other Operating Expenses / (Income)	9.99	10	11	10	11	11	14	11	11	11	12
Total Other Income / (Expense), net	8.35	1.00	17	20	14	35	-21	13	-1.92	24	-0.98
Interest Expense	-	-	-	0.05	0.00	1.74	-	2.11	1.99	1.46	0.82
Interest & Investment Income	4.65	-3.09	12	14	9.12	33	-25	11	-5.06	21	-4.40
Other Income / (Expense), net	3.70	4.10	4.54	5.69	4.96	4.22	4.83	4.08	5.13	4.66	4.24
Income Tax Expense	6.41	3.91	8.70	9.46	9.49	15	0.03	11	8.06	13	6.94
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.36	-0.27	-0.44	0.04	0.26	-0.09	-0.05	0.09	0.39	1.77	0.35
Basic Earnings per Share	$1.06	$0.68	$1.86	$1.71	$1.74	$2.78	$0.39	$2.09	$1.53	$2.53	$1.61
Weighted Average Basic Shares Outstanding	15.30M	15.30M	15.31M	15.35M	15.39M	15.41M	15.39M	15.44M	15.46M	15.48M	15.47M
Diluted Earnings per Share	$1.06	$0.68	$1.84	$1.69	$1.73	$2.73	$0.38	$2.07	$1.52	$2.50	$1.58
Weighted Average Diluted Shares Outstanding	15.32M	15.32M	15.38M	15.51M	15.56M	15.67M	15.60M	15.58M	15.60M	15.66M	15.65M
Weighted Average Basic & Diluted Shares Outstanding	15.32M	15.32M	15.35M	15.40M	15.42M	15.44M	15.45M	15.47M	15.50M	15.52M	15.54M
Cash Dividends to Common per Share	$0.59	$0.59	$0.59	$0.59	$0.61	$0.61	$0.61	$0.61	$0.64	$0.64	$0.64

This table details how cash moves in and out of National HealthCare's 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	-31	-18	36	-13	6.09	97	-39	-45	51	-29	15
Net Cash From Operating Activities	83	91	94	98	100	203	62	8.74	111	107	185
Net Cash From Continuing Operating Activities	83	91	94	98	100	203	62	8.74	111	107	185
Net Income / (Loss) Continuing Operations	53	51	56	59	68	42	139	20	65	102	123
Consolidated Net Income / (Loss)	53	51	56	59	68	42	139	20	65	102	123
Depreciation Expense	37	39	43	42	42	42	41	40	42	42	45
Non-Cash Adjustments To Reconcile Net Income	1.90	1.28	2.33	-0.16	-19	72	-106	-0.44	-19	-32	-23
Changes in Operating Assets and Liabilities, net	-8.80	0.04	-6.20	-2.00	9.00	47	-11	-51	23	-5.03	41
Net Cash From Investing Activities	-73	-81	-9.56	-34	-14	-64	-66	-5.98	-18	-237	-34
Net Cash From Continuing Investing Activities	-73	-81	-9.56	-34	-14	-64	-66	-5.98	-18	-237	-34
Purchase of Property, Plant & Equipment	-58	-63	-32	-30	-26	-22	-39	-30	-28	-28	-36
Acquisitions	-0.67	0.00	0.00	-0.53	-16	-6.65	-29	0.00	-2.70	-214	0.00
Purchase of Investments	-61	-49	-31	-14	-13	-85	-109	-34	-34	-49	-71
Sale of Property, Plant & Equipment	-	0.00	0.00	4.30	0.00	6.75	-	4.18	0.00	2.10	0.00
Sale and/or Maturity of Investments	53	36	54	6.09	46	43	102	50	47	52	73
Other Investing Activities, net	-5.68	-6.53	-0.45	0.00	-5.46	-0.43	8.84	3.88	-0.20	-0.01	0.51
Net Cash From Financing Activities	-42	-27	-49	-77	-80	-42	-35	-48	-43	100	-136
Net Cash From Continuing Financing Activities	-42	-27	-49	-77	-80	-42	-35	-48	-43	100	-136
Repayment of Debt	-3.69	-3.28	-23	-45	-49	-50	-	0.00	0.00	-13	-97
Repurchase of Common Equity	0.00	-8.20	0.00	-0.87	-0.87	-0.05	-0.84	-9.90	-2.48	-14	-15
Payment of Dividends	-30	-26	-28	-30	-32	-29	-33	-34	-36	-36	-39
Issuance of Debt	110	-	-	0.00	0.00	40	-	0.00	0.00	150	0.00
Issuance of Common Equity	11	11	3.74	2.87	2.35	1.76	3.44	2.11	0.31	14	14
Other Financing Activities, net	1.99	-0.64	-1.10	-4.45	-0.62	-4.16	-4.88	-5.50	-4.82	-1.17	0.12
Cash Interest Paid	2.97	4.53	5.18	4.90	3.12	1.43	0.85	0.49	0.29	3.42	7.03
Cash Income Taxes Paid	29	28	24	9.18	21	17	23	8.77	15	18	25

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
Net Change in Cash & Equivalents	28	17	5.71	-4.84	44	-51	-18	19	14	21	-39
Net Cash From Operating Activities	39	32	26	9.65	51	34	13	39	63	66	17
Net Cash From Continuing Operating Activities	39	32	26	9.65	51	34	13	39	63	66	17
Net Income / (Loss) Continuing Operations	16	10	28	26	27	43	6.03	32	24	41	25
Consolidated Net Income / (Loss)	16	10	28	26	27	43	6.03	32	24	41	25
Depreciation Expense	10	10	12	11	9.34	11	11	11	11	11	12
Non-Cash Adjustments To Reconcile Net Income	-4.89	3.28	-15	-5.70	-17	-31	22	-11	3.89	-20	4.15
Changes in Operating Assets and Liabilities, net	18	8.77	1.11	-21	32	12	-27	7.46	24	34	-24
Net Cash From Investing Activities	-0.82	-5.14	-10	-2.42	1.43	-224	-12	-7.32	-16	1.98	-13
Net Cash From Continuing Investing Activities	-0.82	-5.14	-10	-2.42	1.43	-224	-12	-7.32	-16	1.98	-13
Purchase of Property, Plant & Equipment	-6.15	-6.51	-8.60	-5.96	-7.83	-5.66	-8.16	-6.14	-10	-9.71	-10
Purchase of Investments	-4.13	-7.36	-12	-10	-14	-9.35	-16	-13	-37	-9.60	-11
Sale and/or Maturity of Investments	13	8.53	11	12	23	5.11	12	12	31	21	8.20
Net Cash From Financing Activities	-10	-9.82	-9.83	-12	-7.61	139	-19	-13	-33	-47	-43
Net Cash From Continuing Financing Activities	-10	-9.82	-9.83	-12	-7.61	139	-19	-13	-33	-47	-43
Repayment of Debt	-	-	-	0.00	-	-	-10	-3.00	-24	-37	-33
Repurchase of Common Equity	-	-	-	-9.90	-1.50	-2.10	-	-1.72	-4.66	-3.18	-5.16
Payment of Dividends	-8.73	-9.04	-9.04	-9.05	-9.09	-8.02	-9.69	-9.42	-9.43	-9.92	-9.78
Issuance of Common Equity	0.01	0.25	0.05	8.41	2.83	2.23	0.80	1.28	5.18	2.95	4.80
Other Financing Activities, net	-1.55	-1.04	-0.85	-1.53	0.15	0.21	-	0.17	-0.13	0.02	0.05

This table presents National HealthCare's 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	1,045	1,087	1,097	1,081	1,287	1,362	1,403	1,275	1,311	1,524	1,526
Total Current Assets	279	291	329	322	341	457	427	354	406	424	462
Cash & Equivalents	38	26	59	43	50	147	108	59	107	76	93
Restricted Cash	27	26	6.40	9.97	30	31	10	54	57	20	18
Short-Term Investments	116	138	160	159	152	176	196	124	117	175	198
Accounts Receivable	84	83	87	97	93	90	96	100	109	135	139
Inventories, net	7.57	7.51	7.15	7.47	7.44	8.78	8.58	7.09	7.39	9.04	7.80
Prepaid Expenses	2.17	2.65	2.86	3.86	6.64	2.98	7.36	10	8.86	9.57	5.85
Plant, Property, & Equipment, net	536	560	549	535	535	520	521	507	493	684	674
Plant, Property & Equipment, gross	875	933	959	979	1,017	1,030	1,064	1,081	1,102	1,282	1,309
Accumulated Depreciation	339	374	409	444	482	510	543	575	608	597	635
Total Noncurrent Assets	230	237	218	224	410	385	456	415	411	416	391
Long-Term Investments	189	198	182	186	166	166	118	105	126	136	144
Goodwill	18	18	18	21	21	21	168	168	168	170	170
Intangible Assets	-	-	-	-	-	0.00	7.04	7.04	7.04	20	20
Other Noncurrent Operating Assets	8.45	5.24	4.87	5.60	208	184	161	133	109	88	55
Other Noncurrent Nonoperating Assets	2.31	2.13	1.91	1.71	1.73	1.74	1.73	1.08	1.17	1.23	1.24
Total Liabilities & Shareholders' Equity	1,045	1,087	1,097	1,081	1,287	1,362	1,403	1,275	1,311	1,524	1,526
Total Liabilities	414	418	393	346	508	564	495	398	400	541	452
Total Current Liabilities	151	151	155	158	195	281	263	198	214	235	254
Short-Term Debt	3.28	3.48	3.70	3.92	14	4.42	-	4.99	0.86	7.50	7.50
Accounts Payable	37	36	33	36	34	38	40	34	38	41	37
Accrued Expenses	65	66	67	68	70	86	107	73	84	93	104
Dividends Payable	6.00	6.82	7.30	7.62	7.97	7.99	8.49	8.75	9.05	9.42	9.94
Other Current Liabilities	39	39	44	43	69	94	108	78	83	84	96
Total Noncurrent Liabilities	264	267	238	189	313	283	232	200	186	306	198
Long-Term Debt	120	120	100	55	-	-	-	-	0.00	130	33
Asset Retirement Reserve & Litigation Obligation	71	65	66	67	66	69	67	71	73	73	85
Noncurrent Deferred & Payable Income Tax Liabilities	9.10	22	18	19	24	14	6.85	11	17	36	43
Other Noncurrent Operating Liabilities	30	26	25	23	207	189	158	117	96	69	38
Total Equity & Noncontrolling Interests	631	670	703	734	779	798	908	878	910	983	1,075
Total Preferred & Common Equity	631	670	703	733	779	795	903	874	909	980	1,069
Total Common Equity	631	670	703	733	779	795	903	874	909	980	1,069
Common Stock	210	212	216	220	223	227	232	227	228	233	237
Retained Earnings	368	392	419	516	553	563	669	657	688	752	833
Accumulated Other Comprehensive Income / (Loss)	53	66	68	-2.75	2.56	5.06	1.61	-9.53	-6.60	-4.72	-0.78
Noncontrolling Interest	-	0.00	0.69	1.18	0.48	3.08	5.46	3.24	1.73	3.00	5.74

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	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
Total Assets	1,296	1,265	1,281	1,282	1,320	1,340	1,563	1,549	1,562	1,572
Total Current Assets	345	338	369	383	418	448	446	455	463	494
Cash & Equivalents	45	46	78	100	94	136	85	90	111	131
Restricted Cash	51	31	56	55	60	52	54	31	32	32
Short-Term Investments	132	142	115	110	124	134	165	174	163	184
Accounts Receivable	99	103	101	103	126	109	129	142	142	132
Inventories, net	7.30	6.95	7.00	7.37	6.76	6.63	7.84	8.08	7.89	7.84
Prepaid Expenses	10	8.21	11	7.56	6.75	8.79	4.89	8.94	7.37	5.88
Plant, Property, & Equipment, net	511	503	502	498	489	487	686	679	677	675
Plant, Property & Equipment, gross	1,076	1,088	1,097	1,102	1,066	1,073	1,283	1,288	1,296	1,306
Accumulated Depreciation	565	585	595	604	577	586	597	608	619	630
Total Noncurrent Assets	440	424	410	401	413	405	431	414	422	403
Long-Term Investments	121	121	113	110	136	137	144	144	157	147
Goodwill	168	168	168	168	168	168	170	170	170	170
Intangible Assets	7.04	7.04	7.04	7.04	7.04	7.04	20	20	20	20
Other Noncurrent Operating Assets	140	127	120	114	101	91	96	79	74	65
Other Noncurrent Nonoperating Assets	1.85	1.05	1.08	1.08	1.14	1.21	1.24	1.19	1.22	1.24
Total Liabilities & Shareholders' Equity	1,296	1,265	1,281	1,282	1,320	1,340	1,563	1,549	1,562	1,572
Total Liabilities	414	385	394	395	393	392	576	541	537	514
Total Current Liabilities	210	183	198	205	206	217	248	239	269	282
Short-Term Debt	4.91	-	3.39	2.13	0.00	0.00	7.50	7.50	7.50	7.50
Accounts Payable	35	30	30	32	41	40	42	36	36	38
Accrued Expenses	77	57	67	70	64	82	90	96	112	110
Dividends Payable	8.77	8.73	9.04	9.04	9.09	9.41	9.42	9.44	9.92	9.93
Other Current Liabilities	84	88	88	92	85	85	100	90	103	117
Total Noncurrent Liabilities	204	202	197	190	187	175	328	302	268	232
Long-Term Debt	-	-	-	-	-	-	140	127	103	66
Asset Retirement Reserve & Litigation Obligation	73	74	75	77	77	78	79	77	77	82
Noncurrent Deferred & Payable Income Tax Liabilities	9.75	12	12	9.85	20	23	31	37	35	39
Other Noncurrent Operating Liabilities	119	117	109	103	90	73	78	61	54	46
Total Equity & Noncontrolling Interests	881	880	886	887	927	948	987	1,008	1,025	1,058
Total Preferred & Common Equity	877	877	884	885	925	946	983	1,005	1,022	1,053
Total Common Equity	877	877	884	885	925	946	983	1,005	1,022	1,053
Common Stock	229	225	226	227	227	230	231	233	235	236
Retained Earnings	659	660	667	668	705	722	756	775	789	818
Accumulated Other Comprehensive Income / (Loss)	-10	-7.85	-9.05	-10	-7.04	-5.91	-2.85	-3.33	-1.88	-1.13
Noncontrolling Interest	4.02	2.80	2.44	2.17	1.77	2.03	3.33	3.09	3.48	5.25

This table displays calculated financial ratios and metrics derived from National HealthCare's 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	4.01%	1.87%	4.37%	1.71%	1.64%	3.20%	4.48%	1.06%	5.14%	14.53%	16.09%
EBITDA Growth	2.35%	-2.58%	-1.70%	-0.36%	10.00%	-9.15%	-6.28%	-23.63%	38.67%	27.29%	26.26%
EBIT Growth	0.10%	-5.94%	-7.05%	0.45%	14.90%	-13.20%	-8.01%	-37.35%	71.47%	42.90%	33.65%
NOPAT Growth	-1.81%	-8.81%	5.95%	8.76%	-13.84%	1.84%	22.39%	-50.43%	79.65%	52.68%	44.01%
Net Income Growth	-0.42%	-4.90%	10.18%	5.42%	15.80%	-38.23%	231.24%	-85.64%	226.82%	56.36%	20.10%
EPS Growth	1.91%	3.75%	11.14%	4.88%	14.73%	-38.74%	230.51%	-83.87%	199.31%	50.46%	17.46%
Operating Cash Flow Growth	1.73%	9.03%	3.94%	4.20%	1.69%	103.05%	-69.30%	-85.99%	1,172.20%	-3.52%	72.48%
Free Cash Flow Firm Growth	128.21%	417.78%	147.57%	8.01%	-19.86%	272.85%	-187.90%	68.63%	283.60%	-283.80%	204.66%
Invested Capital Growth	10.03%	4.47%	-1.81%	-1.92%	-0.94%	-28.19%	61.64%	13.74%	-6.71%	40.82%	-7.16%
Revenue Q/Q Growth	0.84%	0.11%	1.10%	0.35%	0.50%	29.08%	-15.83%	-1.71%	3.29%	5.52%	1.14%
EBITDA Q/Q Growth	1.08%	-1.97%	-0.83%	3.08%	1.09%	-18.92%	20.91%	-6.80%	34.99%	-5.48%	4.41%
EBIT Q/Q Growth	1.03%	-3.50%	-2.42%	5.37%	1.41%	-26.42%	38.92%	-12.99%	63.75%	-7.23%	5.59%
NOPAT Q/Q Growth	-0.67%	-2.69%	15.36%	-8.52%	-1.06%	-11.03%	-4.54%	-1.69%	26.54%	8.97%	6.42%
Net Income Q/Q Growth	1.78%	-2.15%	15.41%	-5.11%	-6.14%	48.58%	-7.59%	-34.28%	52.20%	-17.69%	18.53%
EPS Q/Q Growth	3.56%	-2.92%	15.67%	-5.15%	-6.33%	50.28%	-7.89%	-29.95%	49.14%	-18.27%	18.55%
Operating Cash Flow Q/Q Growth	-4.54%	7.16%	-2.71%	-2.09%	4.00%	-2.80%	-5.79%	-29.11%	14.16%	-10.76%	2.22%
Free Cash Flow Firm Q/Q Growth	-78.49%	83.08%	9.72%	12.31%	0.53%	-5.13%	-6.46%	7.11%	36.83%	-27.62%	6.48%
Invested Capital Q/Q Growth	4.03%	1.46%	1.75%	-0.58%	-0.73%	0.19%	1.39%	0.54%	-1.81%	3.92%	3.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.24%	40.66%	40.65%	40.56%	40.50%	39.61%	38.00%	36.80%	37.60%	37.97%	39.31%
EBITDA Margin	13.50%	12.91%	12.16%	11.91%	12.89%	11.35%	10.18%	7.69%	10.15%	11.28%	12.61%
Operating Margin	7.40%	6.56%	5.61%	5.72%	4.92%	4.68%	4.74%	2.94%	5.01%	6.56%	8.46%
EBIT Margin	9.41%	8.68%	7.73%	7.64%	8.64%	7.26%	6.39%	3.96%	6.46%	8.07%	9.65%
Profit (Net Income) Margin	5.86%	5.47%	5.78%	5.99%	6.82%	4.08%	12.95%	1.84%	5.72%	7.81%	8.08%
Tax Burden Percent	62.32%	63.01%	74.69%	78.39%	77.23%	80.10%	92.70%	73.36%	73.57%	74.84%	75.48%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	102.30%	70.20%	218.40%	63.27%	120.25%	129.36%	110.91%
Effective Tax Rate	37.68%	36.99%	25.31%	21.61%	22.77%	19.90%	7.30%	26.64%	26.43%	25.16%	24.52%
Return on Invested Capital (ROIC)	10.50%	8.94%	9.35%	10.36%	9.06%	10.79%	12.08%	4.53%	7.92%	10.40%	13.92%
ROIC Less NNEP Spread (ROIC-NNEP)	6.52%	3.39%	3.35%	5.36%	0.17%	10.00%	-7.79%	5.44%	1.51%	-1.10%	6.20%
Return on Net Nonoperating Assets (RNNOA)	-2.71%	-1.17%	-1.24%	-2.20%	-0.08%	-5.47%	4.22%	-2.30%	-0.61%	0.38%	-2.00%
Return on Equity (ROE)	7.79%	7.77%	8.11%	8.16%	8.98%	5.32%	16.30%	2.24%	7.30%	10.78%	11.92%
Cash Return on Invested Capital (CROIC)	0.95%	4.57%	11.17%	12.30%	10.00%	43.60%	-35.04%	-8.32%	14.86%	-23.50%	21.34%
Operating Return on Assets (OROA)	8.05%	7.52%	6.83%	6.88%	7.27%	5.64%	4.97%	3.21%	5.71%	7.44%	9.60%
Return on Assets (ROA)	5.01%	4.74%	5.10%	5.39%	5.74%	3.17%	10.06%	1.49%	5.05%	7.20%	8.04%
Return on Common Equity (ROCE)	6.81%	7.77%	8.11%	8.15%	8.97%	5.31%	16.22%	2.23%	7.28%	10.76%	11.87%
Return on Equity Simple (ROE_SIMPLE)	8.42%	7.55%	7.92%	8.01%	8.73%	5.28%	15.40%	2.29%	7.18%	10.42%	0.00%
Net Operating Profit after Tax (NOPAT)	42	38	40	44	38	39	47	23	42	64	97
NOPAT Margin	4.61%	4.13%	4.19%	4.48%	3.80%	3.75%	4.39%	2.16%	3.68%	4.91%	6.38%
Net Nonoperating Expense Percent (NNEP)	3.98%	5.54%	6.00%	5.00%	8.89%	0.79%	19.87%	-0.91%	6.41%	11.50%	7.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.65%	4.61%	5.73%	8.69%
Cost of Revenue to Revenue	58.76%	59.34%	59.35%	59.44%	59.50%	60.40%	62.00%	63.20%	62.40%	62.03%	60.69%
SG&A Expenses to Revenue	25.05%	24.99%	25.92%	25.91%	26.94%	26.76%	24.83%	26.65%	25.25%	24.58%	24.85%
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	33.84%	34.11%	35.04%	34.84%	35.58%	34.92%	33.26%	33.86%	32.59%	31.41%	30.86%
Earnings before Interest and Taxes (EBIT)	85	80	75	75	86	75	69	43	74	105	146
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	122	119	117	117	128	117	109	84	116	147	191
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.13	1.37	1.08	1.38	1.47	1.15	1.07	0.99	1.52	1.69	1.99
Price to Tangible Book Value (P/TBV)	1.17	1.41	1.11	1.42	1.52	1.18	1.33	1.23	1.89	2.10	2.42
Price to Revenue (P/Rev)	0.79	0.99	0.79	1.03	1.15	0.89	0.90	0.79	1.21	1.27	1.40
Price to Earnings (P/E)	15.44	18.14	13.54	17.13	16.83	21.81	6.97	38.40	20.73	16.29	17.72
Dividend Yield	3.21%	2.89%	3.77%	2.99%	2.75%	3.50%	3.37%	4.02%	2.59%	2.25%	1.85%
Earnings Yield	6.48%	5.51%	7.39%	5.84%	5.94%	4.58%	14.34%	2.60%	4.82%	6.14%	5.64%
Enterprise Value to Invested Capital (EV/IC)	1.19	1.56	1.12	1.65	1.87	1.37	1.12	0.96	1.91	1.93	2.57
Enterprise Value to Revenue (EV/Rev)	0.55	0.73	0.50	0.70	0.78	0.40	0.50	0.49	0.86	1.07	1.13
Enterprise Value to EBITDA (EV/EBITDA)	4.07	5.69	4.10	5.92	6.07	3.52	4.94	6.34	8.46	9.46	8.99
Enterprise Value to EBIT (EV/EBIT)	5.84	8.46	6.45	9.23	9.06	5.50	7.86	12.30	13.29	13.22	11.74
Enterprise Value to NOPAT (EV/NOPAT)	11.91	17.79	11.90	15.72	20.58	10.65	11.43	22.62	23.32	21.72	17.75
Enterprise Value to Operating Cash Flow (EV/OCF)	5.98	7.47	5.09	7.02	7.79	2.02	8.65	60.55	8.82	12.99	9.29
Enterprise Value to Free Cash Flow (EV/FCFF)	132.21	34.79	9.96	13.25	18.64	2.64	0.00	0.00	12.43	0.00	11.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.24	0.22	0.18	0.11	0.04	0.02	0.00	0.01	0.00	0.14	0.04
Long-Term Debt to Equity	0.24	0.22	0.17	0.10	0.02	0.01	0.00	0.00	0.00	0.13	0.03
Financial Leverage	-0.42	-0.34	-0.37	-0.41	-0.45	-0.55	-0.54	-0.42	-0.41	-0.35	-0.32
Leverage Ratio	1.55	1.64	1.59	1.51	1.56	1.68	1.62	1.50	1.45	1.50	1.48
Compound Leverage Factor	1.55	1.64	1.59	1.51	1.60	1.18	3.54	0.95	1.74	1.94	1.64
Debt to Total Capital	19.57%	18.32%	15.27%	9.61%	3.60%	1.84%	0.00%	0.66%	0.09%	12.23%	3.59%
Short-Term Debt to Total Capital	0.42%	0.42%	0.45%	0.48%	1.75%	0.54%	0.00%	0.56%	0.09%	0.67%	0.67%
Long-Term Debt to Total Capital	19.15%	17.90%	14.82%	9.12%	1.85%	1.30%	0.00%	0.10%	0.00%	11.56%	2.92%
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	0.00%	0.00%	0.08%	0.15%	0.06%	0.38%	0.60%	0.37%	0.19%	0.27%	0.52%
Common Equity to Total Capital	80.43%	81.68%	84.65%	90.25%	96.34%	97.78%	99.40%	98.97%	99.72%	87.50%	95.90%
Debt to EBITDA	1.25	1.26	1.08	0.67	0.23	0.13	0.00	0.07	0.01	0.93	0.21
Net Debt to EBITDA	-1.77	-2.00	-2.39	-2.74	-2.87	-4.33	0.00	-4.02	-3.50	-1.83	-2.16
Long-Term Debt to EBITDA	1.23	1.23	1.05	0.63	0.12	0.09	0.00	0.01	0.00	0.88	0.17
Debt to NOPAT	3.67	3.94	3.14	1.78	0.77	0.39	0.00	0.25	0.02	2.13	0.41
Net Debt to NOPAT	-5.19	-6.24	-6.94	-7.29	-9.75	-13.11	0.00	-14.35	-9.65	-4.20	-4.26
Long-Term Debt to NOPAT	3.59	3.85	3.04	1.69	0.40	0.27	0.00	0.04	0.00	2.02	0.34
Altman Z-Score	2.81	3.07	2.99	3.74	3.09	2.64	2.91	3.13	4.04	3.77	5.06
Noncontrolling Interest Sharing Ratio	12.49%	0.00%	0.05%	0.13%	0.11%	0.23%	0.50%	0.49%	0.28%	0.25%	0.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.85	1.93	2.12	2.04	1.75	1.62	1.62	1.79	1.89	1.81	1.82
Quick Ratio	1.59	1.66	1.98	1.90	1.53	1.47	1.52	1.43	1.55	1.65	1.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.77	20	48	52	42	156	-137	-43	79	-145	149
Operating Cash Flow to CapEx	142.69%	145.18%	292.04%	386.44%	379.18%	1,344.04%	158.36%	33.59%	398.61%	420.80%	507.81%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.31
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	29.05
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.86	0.87	0.88	0.90	0.84	0.78	0.78	0.81	0.88	0.92	1.00
Accounts Receivable Turnover	11.13	11.09	11.39	10.65	10.47	11.26	11.56	11.07	10.95	10.72	11.07
Inventory Turnover	72.51	72.70	78.04	79.70	79.52	76.56	76.72	87.58	98.43	98.74	109.43
Fixed Asset Turnover	1.73	1.69	1.74	1.81	1.86	1.95	2.06	2.11	2.28	2.22	2.24
Accounts Payable Turnover	14.10	15.14	16.59	16.83	16.97	17.35	17.16	18.63	20.02	20.69	23.82
Days Sales Outstanding (DSO)	32.80	32.93	32.05	34.26	34.85	32.42	31.56	32.96	33.34	34.04	32.99
Days Inventory Outstanding (DIO)	5.03	5.02	4.68	4.58	4.59	4.77	4.76	4.17	3.71	3.70	3.34
Days Payable Outstanding (DPO)	25.90	24.11	22.01	21.68	21.51	21.04	21.28	19.59	18.23	17.65	15.33
Cash Conversion Cycle (CCC)	11.94	13.84	14.73	17.16	17.93	16.15	15.04	17.54	18.82	20.09	21.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	417	436	428	420	416	299	483	549	513	722	670
Invested Capital Turnover	2.28	2.16	2.23	2.31	2.38	2.88	2.75	2.10	2.15	2.12	2.18
Increase / (Decrease) in Invested Capital	38	19	-7.87	-8.20	-3.93	-117	184	66	-37	209	-52
Enterprise Value (EV)	498	679	481	691	779	411	540	529	980	1,394	1,720
Market Capitalization	715	917	761	1,010	1,148	913	967	862	1,385	1,661	2,127
Book Value per Share	$42.33	$44.20	$46.24	$48.14	$50.83	$51.77	$58.55	$56.98	$59.30	$63.48	$68.89
Tangible Book Value per Share	$41.15	$43.04	$45.08	$46.76	$49.46	$50.38	$47.18	$45.55	$47.86	$51.15	$56.62
Total Capital	785	820	830	813	808	813	908	883	911	1,120	1,115
Total Debt	154	150	127	78	29	15	0.00	5.85	0.86	137	40
Total Long-Term Debt	150	147	123	74	15	11	0.00	0.86	0.00	130	33
Net Debt	-217	-238	-281	-320	-369	-506	-432	-336	-406	-270	-413
Capital Expenditures (CapEx)	58	63	32	25	26	15	39	26	28	26	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-50	-47	-48	-44	-72	-174	-151	-75	-88	-73	-93
Debt-free Net Working Capital (DFNWC)	132	143	178	168	160	180	163	161	193	197	216
Net Working Capital (NWC)	128	140	174	164	146	176	163	156	192	190	208
Net Nonoperating Expense (NNE)	-11	-12	-15	-15	-30	-3.42	-92	3.42	-23	-38	-26
Net Nonoperating Obligations (NNO)	-214	-234	-275	-314	-363	-499	-425	-328	-398	-261	-404
Total Depreciation and Amortization (D&A)	37	39	43	42	42	42	41	40	42	42	45
Debt-free, Cash-free Net Working Capital to Revenue	-5.50%	-5.07%	-4.95%	-4.50%	-7.21%	-16.97%	-14.03%	-6.93%	-7.74%	-5.61%	-6.16%
Debt-free Net Working Capital to Revenue	14.51%	15.53%	18.46%	17.14%	16.10%	17.50%	15.21%	14.83%	16.87%	15.08%	14.21%
Net Working Capital to Revenue	14.15%	15.15%	18.08%	16.74%	14.68%	17.07%	15.21%	14.37%	16.80%	14.50%	13.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.34	$3.34	$3.70	$3.87	$4.47	$2.74	$9.03	$1.46	$4.36	$6.62	$7.76
Adjusted Weighted Average Basic Shares Outstanding	13.89M	15.13M	15.19M	15.22M	15.27M	15.31M	15.35M	15.41M	15.31M	15.39M	15.47M
Adjusted Diluted Earnings per Share	$3.20	$3.32	$3.69	$3.87	$4.44	$2.72	$8.99	$1.45	$4.34	$6.53	$7.67
Adjusted Weighted Average Diluted Shares Outstanding	14.49M	15.21M	15.22M	15.24M	15.36M	15.37M	15.42M	15.45M	15.38M	15.60M	15.65M
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	15.01M	15.18M	15.22M	15.26M	15.33M	15.37M	15.45M	15.36M	15.35M	15.45M	15.54M
Normalized Net Operating Profit after Tax (NOPAT)	42	38	40	44	38	39	55	23	42	64	97
Normalized NOPAT Margin	4.61%	4.13%	4.19%	4.48%	3.80%	3.75%	5.10%	2.16%	3.68%	4.91%	6.38%
Pre Tax Income Margin	9.41%	8.68%	7.73%	7.64%	8.83%	5.10%	13.97%	2.51%	7.77%	10.43%	10.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.99
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.21
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.27
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	56.59%	51.04%	50.71%	50.81%	46.60%	70.10%	23.72%	171.97%	54.47%	35.12%	31.45%
Augmented Payout Ratio	56.59%	67.26%	50.71%	52.29%	47.88%	70.22%	24.32%	221.54%	58.27%	48.34%	43.46%

This table displays calculated financial ratios and metrics derived from National HealthCare's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.14%	6.51%	13.74%	10.24%	6.40%	17.93%	22.74%	25.75%	24.70%	12.48%	4.65%
EBITDA Growth	62.57%	59.75%	63.98%	30.83%	32.63%	31.67%	17.56%	43.44%	36.46%	22.76%	8.73%
EBIT Growth	149.90%	151.46%	110.09%	48.69%	55.47%	47.59%	27.27%	63.14%	42.75%	29.71%	10.72%
NOPAT Growth	257.00%	229.18%	125.51%	59.85%	67.35%	64.79%	72.30%	97.21%	53.22%	36.56%	-9.77%
Net Income Growth	636.56%	425.75%	401.70%	132.62%	70.30%	321.90%	-78.44%	23.00%	-11.04%	-3.96%	317.88%
EPS Growth	404.76%	525.00%	348.78%	122.37%	63.21%	301.47%	-79.35%	22.49%	-12.14%	-8.42%	315.79%
Operating Cash Flow Growth	49.84%	1,734.04%	115.63%	-30.39%	28.84%	5.89%	-50.30%	306.96%	24.00%	93.52%	31.42%
Free Cash Flow Firm Growth	108.03%	150.35%	187.64%	695.63%	751.14%	-564.09%	-450.07%	-542.50%	-393.84%	145.80%	143.02%
Invested Capital Growth	0.68%	-4.47%	-6.71%	-4.79%	-7.02%	33.05%	40.82%	36.40%	37.21%	-6.98%	-7.16%
Revenue Q/Q Growth	4.83%	2.09%	4.31%	-1.24%	1.17%	13.15%	8.57%	1.18%	0.32%	2.07%	1.01%
EBITDA Q/Q Growth	13.83%	-1.80%	33.66%	-37.91%	15.40%	-2.51%	19.34%	6.99%	9.63%	-8.04%	6.33%
EBIT Q/Q Growth	23.29%	-3.12%	44.05%	-46.19%	28.91%	-8.03%	24.21%	11.01%	12.56%	-10.67%	6.61%
NOPAT Q/Q Growth	38.67%	-5.71%	63.31%	-25.14%	45.18%	-7.16%	70.76%	-14.06%	12.46%	-10.40%	13.40%
Net Income Q/Q Growth	41.05%	-36.41%	176.31%	-6.13%	3.26%	57.53%	-85.88%	435.58%	-25.32%	70.07%	-38.56%
EPS Q/Q Growth	39.47%	-35.85%	170.59%	-8.15%	2.37%	57.80%	-86.08%	444.74%	-26.57%	64.47%	-36.80%
Operating Cash Flow Q/Q Growth	183.76%	-17.84%	-20.34%	-62.52%	425.20%	-32.48%	-62.61%	206.94%	60.03%	5.38%	-74.61%
Free Cash Flow Firm Q/Q Growth	34.51%	431.30%	54.27%	-27.84%	43.90%	-389.70%	-16.37%	8.70%	4.53%	144.79%	8.79%
Invested Capital Q/Q Growth	-2.31%	-2.31%	-1.81%	1.60%	-4.60%	39.80%	3.92%	-1.58%	-4.04%	-5.22%	3.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.97%	36.68%	38.00%	38.37%	40.11%	37.27%	36.56%	38.95%	39.58%	39.06%	39.66%
EBITDA Margin	9.82%	9.45%	12.11%	10.73%	12.24%	10.55%	11.60%	12.26%	13.40%	12.07%	12.71%
Operating Margin	4.95%	4.52%	6.69%	5.26%	7.49%	6.19%	7.19%	8.23%	9.09%	7.94%	8.57%
EBIT Margin	6.25%	5.94%	8.20%	7.17%	9.14%	7.43%	8.50%	9.32%	10.46%	9.16%	9.66%
Profit (Net Income) Margin	5.63%	3.51%	9.29%	8.83%	9.02%	12.55%	1.63%	8.64%	6.43%	10.72%	6.52%
Tax Burden Percent	71.30%	72.14%	76.27%	73.51%	74.06%	73.57%	99.54%	73.85%	74.96%	75.37%	78.41%
Interest Burden Percent	126.31%	81.94%	148.66%	167.56%	133.21%	229.66%	19.30%	125.47%	82.02%	155.29%	86.03%
Effective Tax Rate	28.70%	27.86%	23.73%	26.49%	25.94%	26.43%	0.46%	26.15%	25.04%	24.63%	21.59%
Return on Invested Capital (ROIC)	7.20%	6.74%	10.96%	8.47%	12.77%	9.27%	15.17%	13.67%	16.87%	13.40%	14.65%
ROIC Less NNEP Spread (ROIC-NNEP)	5.56%	6.53%	7.49%	4.47%	10.18%	0.99%	21.36%	10.95%	17.23%	8.25%	14.88%
Return on Net Nonoperating Assets (RNNOA)	-2.25%	-2.59%	-3.04%	-1.83%	-4.46%	-0.35%	-7.44%	-3.98%	-6.94%	-2.84%	-4.82%
Return on Equity (ROE)	4.95%	4.15%	7.92%	6.64%	8.32%	8.92%	7.73%	9.69%	9.93%	10.55%	9.84%
Cash Return on Invested Capital (CROIC)	4.34%	10.79%	14.86%	13.58%	17.56%	-18.68%	-23.50%	-18.53%	-17.04%	20.81%	21.34%
Operating Return on Assets (OROA)	5.17%	5.09%	7.24%	6.49%	8.28%	6.47%	7.84%	9.00%	10.51%	8.77%	9.62%
Return on Assets (ROA)	4.66%	3.01%	8.20%	7.99%	8.17%	10.93%	1.51%	8.34%	6.46%	10.26%	6.49%
Return on Common Equity (ROCE)	4.93%	4.14%	7.90%	6.62%	8.30%	8.90%	7.71%	9.66%	9.90%	10.51%	9.79%
Return on Equity Simple (ROE_SIMPLE)	3.36%	4.85%	0.00%	8.68%	9.67%	12.61%	0.00%	10.76%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	9.97	9.40	15	11	17	15	26	23	26	23	26
NOPAT Margin	3.53%	3.26%	5.10%	3.87%	5.55%	4.55%	7.16%	6.08%	6.82%	5.98%	6.72%
Net Nonoperating Expense Percent (NNEP)	1.64%	0.21%	3.48%	4.00%	2.60%	8.28%	-6.19%	2.72%	-0.36%	5.14%	-0.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.68%	-	-	-	2.36%	1.99%	2.25%	2.02%	2.33%
Cost of Revenue to Revenue	62.03%	63.32%	62.00%	61.63%	59.89%	62.73%	63.44%	61.05%	60.42%	60.94%	60.34%
SG&A Expenses to Revenue	25.92%	25.13%	23.58%	26.05%	25.99%	24.25%	22.55%	24.74%	24.52%	25.25%	24.89%
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	33.02%	32.17%	31.32%	33.11%	32.62%	31.09%	29.37%	30.72%	30.48%	31.13%	31.09%
Earnings before Interest and Taxes (EBIT)	18	17	25	21	27	25	31	35	39	35	37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	28	27	36	32	37	36	43	46	50	46	49
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.04	1.08	1.52	1.56	1.77	1.97	1.69	1.43	1.62	1.79	1.99
Price to Tangible Book Value (P/TBV)	1.30	1.35	1.89	1.92	2.17	2.44	2.10	1.76	1.99	2.18	2.42
Price to Revenue (P/Rev)	0.85	0.87	1.21	1.23	1.41	1.57	1.27	1.04	1.14	1.26	1.40
Price to Earnings (P/E)	28.86	21.40	20.73	17.72	18.17	15.61	16.29	13.28	15.80	18.60	17.72
Dividend Yield	3.82%	3.71%	2.59%	2.51%	2.20%	1.91%	2.25%	2.63%	2.31%	2.06%	1.85%
Earnings Yield	3.47%	4.67%	4.82%	5.64%	5.50%	6.41%	6.14%	7.53%	6.33%	5.38%	5.64%
Enterprise Value to Invested Capital (EV/IC)	1.06	1.12	1.91	1.97	2.44	2.37	1.93	1.59	1.92	2.27	2.57
Enterprise Value to Revenue (EV/Rev)	0.52	0.53	0.86	0.88	1.02	1.33	1.07	0.82	0.90	0.98	1.13
Enterprise Value to EBITDA (EV/EBITDA)	7.46	6.84	8.46	7.43	8.23	10.53	9.46	7.01	7.48	8.01	8.99
Enterprise Value to EBIT (EV/EBIT)	16.23	13.02	13.29	10.74	11.49	14.45	13.22	9.51	10.00	10.58	11.74
Enterprise Value to NOPAT (EV/NOPAT)	21.10	17.66	23.32	22.20	22.87	27.89	21.72	14.97	15.47	16.12	17.75
Enterprise Value to Operating Cash Flow (EV/OCF)	8.93	6.02	8.82	9.61	10.24	13.66	12.99	8.26	8.76	8.11	9.29
Enterprise Value to Free Cash Flow (EV/FCFF)	24.38	10.17	12.43	14.18	13.39	0.00	0.00	0.00	0.00	10.52	11.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.15	0.14	0.13	0.11	0.07	0.04
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.14	0.13	0.13	0.10	0.06	0.03
Financial Leverage	-0.40	-0.40	-0.41	-0.41	-0.44	-0.35	-0.35	-0.36	-0.40	-0.34	-0.32
Leverage Ratio	1.47	1.46	1.45	1.43	1.43	1.52	1.50	1.48	1.47	1.53	1.48
Compound Leverage Factor	1.86	1.19	2.15	2.40	1.90	3.49	0.29	1.86	1.21	2.38	1.28
Debt to Total Capital	0.38%	0.24%	0.09%	0.00%	0.00%	12.97%	12.23%	11.73%	9.69%	6.46%	3.59%
Short-Term Debt to Total Capital	0.38%	0.24%	0.09%	0.00%	0.00%	0.66%	0.67%	0.66%	0.66%	0.66%	0.67%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	12.30%	11.56%	11.08%	9.03%	5.80%	2.92%
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	0.27%	0.24%	0.19%	0.19%	0.21%	0.29%	0.27%	0.27%	0.31%	0.46%	0.52%
Common Equity to Total Capital	99.35%	99.52%	99.72%	99.81%	99.79%	86.74%	87.50%	88.00%	90.01%	93.07%	95.90%
Debt to EBITDA	0.04	0.02	0.01	0.00	0.00	0.94	0.93	0.83	0.63	0.40	0.21
Net Debt to EBITDA	-4.76	-4.35	-3.50	0.00	0.00	-1.93	-1.83	-1.90	-2.02	-2.30	-2.16
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.89	0.88	0.78	0.59	0.36	0.17
Debt to NOPAT	0.13	0.06	0.02	0.00	0.00	2.50	2.13	1.77	1.30	0.80	0.41
Net Debt to NOPAT	-13.47	-11.24	-9.65	0.00	0.00	-5.10	-4.20	-4.05	-4.17	-4.62	-4.26
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	2.37	2.02	1.68	1.21	0.72	0.34
Altman Z-Score	3.19	3.26	3.92	4.08	4.47	3.70	3.61	3.43	3.72	4.12	4.83
Noncontrolling Interest Sharing Ratio	0.40%	0.35%	0.28%	0.25%	0.24%	0.29%	0.25%	0.25%	0.28%	0.42%	0.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.86	1.87	1.89	2.02	2.06	1.80	1.81	1.90	1.72	1.75	1.82
Quick Ratio	1.49	1.53	1.55	1.66	1.75	1.53	1.65	1.70	1.55	1.58	1.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6.37	34	52	38	54	-157	-183	-167	-159	71	78
Operating Cash Flow to CapEx	639.47%	496.16%	299.19%	161.98%	646.76%	604.79%	156.80%	639.64%	615.63%	681.88%	161.65%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-79.22	-79.92	49.00	95.12
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.64	31.52	45.47	20.60
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.73	26.40	38.80	7.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.86	0.88	0.90	0.91	0.87	0.92	0.96	1.01	0.96	1.00
Accounts Receivable Turnover	10.79	10.96	10.95	10.22	11.27	10.71	10.72	10.35	11.60	11.49	11.07
Inventory Turnover	95.23	94.49	98.43	106.16	107.50	100.33	98.74	115.34	124.26	117.59	109.43
Fixed Asset Turnover	2.14	2.19	2.28	2.36	2.40	2.09	2.22	2.37	2.51	2.20	2.24
Accounts Payable Turnover	18.39	20.69	20.02	20.70	20.87	20.74	20.69	22.46	23.61	23.30	23.82
Days Sales Outstanding (DSO)	33.84	33.29	33.34	35.71	32.38	34.08	34.04	35.26	31.47	31.77	32.99
Days Inventory Outstanding (DIO)	3.83	3.86	3.71	3.44	3.40	3.64	3.70	3.16	2.94	3.10	3.34
Days Payable Outstanding (DPO)	19.84	17.64	18.23	17.63	17.49	17.60	17.65	16.25	15.46	15.67	15.33
Cash Conversion Cycle (CCC)	17.83	19.51	18.82	21.52	18.29	20.12	20.09	22.17	18.95	19.21	21.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	534	522	513	521	497	695	722	710	682	646	670
Invested Capital Turnover	2.04	2.07	2.15	2.19	2.30	2.04	2.12	2.25	2.47	2.24	2.18
Increase / (Decrease) in Invested Capital	3.60	-24	-37	-26	-38	173	209	190	185	-48	-52
Enterprise Value (EV)	564	587	980	1,028	1,212	1,643	1,394	1,130	1,307	1,468	1,720
Market Capitalization	921	958	1,385	1,440	1,669	1,940	1,661	1,433	1,656	1,884	2,127
Book Value per Share	$57.70	$57.78	$59.30	$60.24	$61.42	$63.76	$63.48	$65.06	$66.05	$67.93	$68.89
Tangible Book Value per Share	$46.25	$46.33	$47.86	$48.82	$50.03	$51.48	$51.15	$52.74	$53.75	$55.65	$56.62
Total Capital	890	889	911	927	948	1,134	1,120	1,142	1,135	1,131	1,115
Total Debt	3.39	2.13	0.86	0.00	0.00	147	137	134	110	73	40
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	140	130	127	103	66	33
Net Debt	-360	-373	-406	-414	-459	-300	-270	-306	-352	-421	-413
Capital Expenditures (CapEx)	6.15	6.51	8.60	5.96	7.83	5.66	8.16	6.14	10	9.71	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-76	-85	-88	-67	-91	-98	-73	-72	-104	-129	-93
Debt-free Net Working Capital (DFNWC)	174	180	193	211	231	205	197	223	202	219	216
Net Working Capital (NWC)	171	178	192	211	231	198	190	216	194	211	208
Net Nonoperating Expense (NNE)	-5.95	-0.72	-13	-15	-10	-27	20	-9.57	1.44	-18	0.77
Net Nonoperating Obligations (NNO)	-352	-365	-398	-406	-451	-292	-261	-298	-344	-412	-404
Total Depreciation and Amortization (D&A)	10	10	12	11	9.34	11	11	11	11	11	12
Debt-free, Cash-free Net Working Capital to Revenue	-6.95%	-7.69%	-7.74%	-5.71%	-7.70%	-7.94%	-5.61%	-5.24%	-7.13%	-8.58%	-6.16%
Debt-free Net Working Capital to Revenue	16.03%	16.29%	16.87%	18.06%	19.45%	16.57%	15.08%	16.15%	13.85%	14.57%	14.21%
Net Working Capital to Revenue	15.72%	16.10%	16.80%	18.06%	19.45%	15.96%	14.50%	15.61%	13.34%	14.07%	13.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.06	$0.68	$1.86	$1.71	$1.74	$2.78	$0.39	$2.09	$1.53	$2.53	$1.61
Adjusted Weighted Average Basic Shares Outstanding	15.30M	15.30M	15.31M	15.35M	15.39M	15.41M	15.39M	15.44M	15.46M	15.48M	15.47M
Adjusted Diluted Earnings per Share	$1.06	$0.68	$1.84	$1.69	$1.73	$2.73	$0.38	$2.07	$1.52	$2.50	$1.58
Adjusted Weighted Average Diluted Shares Outstanding	15.32M	15.32M	15.38M	15.51M	15.56M	15.67M	15.60M	15.58M	15.60M	15.66M	15.65M
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	15.32M	15.32M	15.35M	15.40M	15.42M	15.44M	15.45M	15.47M	15.50M	15.52M	15.54M
Normalized Net Operating Profit after Tax (NOPAT)	9.97	9.40	15	11	17	15	26	23	26	23	26
Normalized NOPAT Margin	3.53%	3.26%	5.10%	3.87%	5.55%	4.55%	7.16%	6.08%	6.82%	5.98%	6.72%
Pre Tax Income Margin	7.90%	4.86%	12.18%	12.02%	12.17%	17.06%	1.64%	11.70%	8.58%	14.22%	8.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.55	19.68	24.06	45.78
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.79	12.82	15.73	31.82
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.63	14.56	17.40	33.03
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.88	7.70	9.06	19.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	118.25%	82.28%	54.47%	44.69%	39.61%	28.38%	35.12%	33.50%	34.78%	37.19%	31.45%
Augmented Payout Ratio	159.50%	95.05%	58.27%	57.02%	52.07%	39.27%	48.34%	38.42%	42.85%	46.43%	43.46%

Financials Breakdown Chart

Key Financial Trends

MarketBeat readers: below is a concise, data-driven snapshot of National HealthCare Corp (NYSE: NHC) using the last four years of quarterly statements. The focus is on trends in revenue, profitability, cash flow, and balance sheet leverage, with quick implications for investors.

Revenue and gross profitability have trended higher. Q4 2025 total revenue reached $386.5 million vs $369.3 million in Q4 2024 and $300.9 million in Q4 2023, equating to roughly 28% four-year revenue growth. Gross margin also improved from about 36.5% (Q4 2024) to ~39.7% (Q4 2025).
Net income and earnings per share (EPS) improved notably in the latest quarter. Net income attributable to common shareholders rose to $24.8 million in Q4 2025 from $6.08 million in Q4 2024, with diluted EPS increasing to about $1.58 from roughly $0.38 in Q4 2024.
Debt leverage has moved down meaningfully in 2025. Long-term debt declined from about $102.5 million in mid-2025 to $65.6 million by Q4 2025, indicating improved leverage and liquidity headroom.
Operating cash flow remained positive in the latest quarter. Net cash from continuing operating activities was about $16.8 million in Q4 2025, contributing to liquidity despite heavier cash outflows from investing and financing activities.
Dividend policy remained steady. Cash dividends per share were $0.64 in 2025 quarters (and similar in surrounding periods), indicating a stable return of capital to shareholders rather than a change in payout policy.
Liquidity remains solid on a current basis. For example, in Q3 2025, total current assets were around $493–494 million and total current liabilities around $282 million, implying a healthy current ratio in the mid-to-upper 1s to 2x range across periods.
Shares and earnings base remained relatively stable. Weighted-average basic shares outstanding hovered around 15.4–15.5 million across 2024–2025 periods, supporting a consistent per-share earnings interpretation despite quarterly fluctuations.
Operating expenses as a percentage of revenue rose modestly in Q4 2025. Total operating expenses were about $120.2 million on $386.5 million of revenue, versus a lower share in some prior periods, which slightly compressed net margins despite the higher gross margin.
Net income volatility across years. After a relatively strong 2023 Q4, net income to common fell in 2024 Q4 before rebounding in 2025 Q4, highlighting sensitivity to quarterly (and possibly one-off) items beyond the core operations.
Significant net cash outflows from financing activities in several quarters. Large repayments of debt, share repurchases, and dividends resulted in sizable negative net cash from financing activities in multiple periods, contributing to a decline in overall cash balance despite positive operating cash flow in some quarters.

05/17/26 04:57 PM ETAI Generated. May Contain Errors.

National HealthCare Financials - Frequently Asked Questions

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

National HealthCare's net income appears to be on an upward trend, with a most recent value of $122.61 million in 2025, rising from $53.14 million in 2015. The previous period was $102.09 million in 2024.

National HealthCare's total operating income in 2025 was $128.35 million, based on the following breakdown:

Total Gross Profit: $596.70 million
Total Operating Expenses: $468.35 million

Over the last 10 years, National HealthCare's total revenue changed from $906.62 million in 2015 to $1.52 billion in 2025, a change of 67.4%.

National HealthCare's total liabilities were at $451.90 million at the end of 2025, a 16.5% decrease from 2024, and a 9.1% increase since 2015.

In the past 10 years, National HealthCare's cash and equivalents has ranged from $26.34 million in 2016 to $147.09 million in 2020, and is currently $92.83 million as of their latest financial filing in 2025.

Over the last 10 years, National HealthCare's book value per share changed from 42.33 in 2015 to 68.89 in 2025, a change of 62.7%.

Related Companies

Financial statements for NYSEAMERICAN:NHC last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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National HealthCare (NHC) Financials

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National HealthCare (NHC) Financials

Annual Income Statements for National HealthCare

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Quarterly Cash Flow Statements for National HealthCare

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When does National HealthCare's fiscal year end?

How has National HealthCare's net income changed over the last 10 years?

What is National HealthCare's operating income?

How has National HealthCare's revenue changed over the last 10 years?

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How has National HealthCare's book value per share changed over the last 10 years?

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