National HealthCare Corporation
NHC Healthcare Medical Care Facilities
National HealthCare Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 16.1% from fiscal 2024. In the quarter to June 2026, revenue grew 8.83%, EPS grew 68.6%, free cash flow fell 41.6% and total debt fell 94.5%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
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National HealthCare Corporation (NHC) Altman Z-score
National HealthCare Corporation's Altman Z-score for fiscal 2025 is 5.02, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.02 | 1.29 |
| FY2024 | 3.73 | (0.32) |
| FY2023 | 4.05 | 0.86 |
| FY2022 | 3.19 | 0.23 |
| FY2021 | 2.96 | 0.27 |
| FY2020 | 2.69 | (0.52) |
| FY2019 | 3.21 | (0.81) |
| FY2018 | 4.01 | 0.82 |
| FY2017 | 3.20 | (0.16) |
| FY2016 | 3.35 | 0.38 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.16 | |
| Retained earnings / total assets | 0.55 | — | 0.76 | |
| EBIT / total assets | 0.08 | — | 0.28 | |
| Market value of equity / total liabilities | 4.69 | — | 2.82 | |
| Sales / total assets | 0.99 | — | 0.99 | |
| Altman Z-score | Safe zone | 5.02 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.74 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GRDN Guardian Pharmacy Services, Inc. compare | 10.3× |
| NHC National HealthCare Corporation | 5.0× |
| OPCH Option Care Health, Inc. compare | 3.9× |
| LFST LifeStance Health Group, Inc. compare | 2.6× |
| MD Pediatrix Medical Group, Inc. compare | 2.1× |
| CON Concentra Group Holdings Parent, Inc. compare | 1.8× |
| AVAH Aveanna Healthcare Holdings Inc. compare | 1.5× |
| ACHC Acadia Healthcare Company, Inc. compare | 0.9× |
| BKD Brookdale Senior Living Inc. compare | −0.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets