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Saturday 7 November 2026 Export NHI’s income statement to Excel — free account

National Health Investors, Inc.

NHI Real Estate Reit Healthcare Facilities

National Health Investors, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $375.6 million, up 12.1% from fiscal 2024.

Revenue
+33.8%
EPS
+45.6%
Free cash flow
+2,585.5%
Total debt
+13.9%

Quarter to June 2026, against a year earlier

71.11 0.47 −0.66%
Market cap
$3.5B
P/E
20.5×
Fwd P/E
16.5×
Dividend yield
5.20%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.17
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 2 — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.02%

Capital & Financial Ratios $m

Size
Market Cap 3,520.00
Revenue ttm 432.12
Net income ttm 165.39
Free cash flow ttm (57.62)
Net debt Q 1,244.13
Valuation
P/E 20.49
Forward P/E 16.50
Price / sales 7.97
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.18
Financial health
Current ratio Q 6.78
Debt / equity Q 0.81
Interest coverage Q 3.15
Growth
Revenue growth Q +33.81% (above 0%: growing)
Operating income growth Q −2.95% (below 0%: shrinking)
EPS, this year +28.94% (at or above 15%: strong)
EPS, next year A −17.31% (below 0%: weak)
Revenue, next year A +21.74% (at or above 10%: strong)
EPS, past 5 yrs −6.11% (below 0%: weak)
EPS, next 5 yrs A +2.39%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.8×, against a ten-year median of 13.5×; over the ten years it ranged from 10.2× in 2026 to 17.6× in 2016.
P/E against its own 10 years 47.47%
10-year low 10-year high
P/S against its own 10 years 13.60%
10-year low 10-year high
P/B against its own 10 years 45.16%
10-year low 10-year high
EV/Sales against its own 10 years 4.84%
10-year low 10-year high

Dividends

Yield
5.20%
Annual rate
3.70
Payout ratio
106.9%
Growth, 2017–25
−0.54%/yr
  1. 3.80 ’17
  2. 4.00 ’18 +5
  3. 4.20 ’19 +5
  4. 4.41 ’20 +5
  5. 3.80 ’21 −14
  6. 3.60 ’22 −5
  7. 3.60 ’23 +0
  8. 3.60 ’24 +0
  9. 3.64 ’25 +1
  10. 3.69 ’26e +1
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 22 24 20 30
Receivables 85 87 79 75
Inventory — — — —
Other — — — —
352 380 302 315
2023 2024 2025 Q'26
Payables 34 38 44 46
ST’ Debt — — — —
Other — — — —
34 38 44 46

Compound Annual Growth %

10y 5y 3y
Sales 5.08% 2.45% 10.53%
Cash Flow 3.70% 0.38% 8.47%
Earnings (0.47%) (5.17%) 28.83%
Book Value 2.96% 0.09% 6.12%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.26 Actual 1.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.24 1.32 Beat by 0.08
Q4 FY25 1.23 1.22 Miss by 0.01
Q1 FY26 1.21 1.24 Beat by 0.03
Q2 FY26 1.26 1.19 Miss by 0.07
Q3 FY26 1.17 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.82 1.15 — — —
’25 0.74 0.79 0.69 0.80 3.02
’24 0.71 0.81 0.65 0.95 3.13
’23 0.79 0.92 0.68 0.74 3.13
’22 0.18 0.47 0.78 0.04 1.48
’21 0.78 0.85 0.67 0.14 2.44
’20 1.37 0.99 0.95 0.83 4.14
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 115 121 — — —
’25 89 91 90 106 376
’24 82 85 83 86 335
’23 82 78 80 79 320
’22 71 60 76 71 278
’21 81 74 74 70 299
’20 83 84 84 81 333
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 53 65 — — —
’25 46 60 63 68 237
’24 41 61 49 58 208
’23 31 50 50 53 184
’22 39 57 44 46 185
’21 57 52 49 53 211
’20 57 60 60 56 232
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (48) 19 — — —
’25 (30) 1 57 (85) (57)
’24 38 52 42 (76) 56
’23 1 87 49 55 192
’22 52 145 102 45 343
’21 55 49 207 89 399
’20 13 43 46 53 155
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 248 279 295 318 333 299 278 320 335 376 432 +4.7% 457 488 552 +13.7%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 89.87 87.62 87.39 83.78 76.49 (16.2) pt
EBT 153 159 154 160 185 112 66 134 137 141 168 (0.9%)
EBT margin, % 61.47 57.19 52.39 50.44 55.68 37.48 23.55 42.02 40.77 37.48 38.80 (24.0) pt
Net income 153 159 154 160 185 112 66 134 137 141 165 (0.9%)
Per share, $
Per share, $ Revenue 6.37 6.81 7.02 7.33 7.45 6.53 6.21 7.37 7.64 8.01 8.92 +2.6%
Earnings 3.88 3.90 3.68 3.70 4.14 2.45 1.48 3.13 3.14 3.03 3.47 (2.7%)
Cash flow 4.53 4.84 4.96 5.55 5.19 4.61 4.14 4.25 4.74 5.05 5.13 +1.2%
Capex (9.41) (4.29) (3.52) (5.46) (1.72) 4.12 3.53 0.17 (3.46) (6.27) (6.32) (4.4%)
Free cash flow (4.88) 0.56 1.44 0.09 3.47 8.74 7.67 4.42 1.28 (1.23) (1.19) (14.2%)
Book value 31.00 32.33 33.13 34.51 34.07 33.18 28.59 29.14 31.37 32.63 32.60 +0.6%
Shares, m 39 41 42 43 45 46 45 43 44 47 48 +2.1%
Valuation, ×
Valuation, × P/E 19.22 19.43 20.47 22.14 16.71 23.55 35.94 17.79 22.07 25.20 20.49 22.3
P/S 11.71 11.12 10.75 11.12 9.29 8.80 8.50 7.55 9.07 9.53 7.97 9.7
P/B 2.41 2.34 2.28 2.36 2.03 1.73 1.85 1.91 2.21 2.34 2.18 2.1
EV/Sales 16.18 15.22 15.09 15.63 13.66 12.83 12.56 11.03 12.41 12.58 10.85 13.7
EV/FCF (21.12) 186.42 73.82 1,319.43 29.33 9.60 10.18 18.38 74.27 (82.20) (81.37) 161.8
Cash, $m
Cash, $m Operating cash flow 177 198 208 241 232 211 185 184 208 237 249 +3.3%
Capex (367) (175) (148) (237) (77) 189 158 7 (152) (294) (306) (2.4%)
Free cash flow (190) 23 60 4 155 399 343 192 56 (57) (58) (12.5%)
Balance, $m
Balance, $m Working capital 190 226 337 405 406 410 303 318 343 258 268 +3.5%
Net debt 1,111 1,142 1,277 1,435 1,456 1,205 1,128 1,113 1,122 1,144 1,244 +0.3%
Shareholders’ equity 1,210 1,322 1,390 1,498 1,523 1,517 1,280 1,264 1,375 1,530 1,579 +2.6%
Returns, %
Returns, % ROA 6.68 6.44 5.83 5.54 6.01 3.75 2.48 5.43 5.40 5.25 5.88 (1.4) pt
ROIC 4.36 5.02 4.78 4.64 4.70 3.06 2.11 4.66 4.59 4.57 4.39 +0.2 pt
ROE 12.89 12.59 11.38 11.11 12.26 7.36 4.75 10.66 10.45 9.77 10.86 (3.1) pt
People
People Employees — — — — — — 27 26 30 32 — +5.8%
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 10.30 12.30 11.17 11.74 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

National Health Investors, Inc. vs peers in Reit Healthcare Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AHR American Healthcare REIT, Inc. $12.3B 118× 86.5× +29.53% (above 0%: growing) −57.58% (below 0%: shrinking) +9.53% (above 0%: growing) 22.21% 6.36% Compare
CTRE CareTrust REIT, Inc. $8.8B 24.0× 23.4× +33.16% (above 0%: growing) 0.00% +200.68% (above 0%: growing) 98.38% 0.00% Compare
HR Healthcare Realty Trust Incorporated $6.5B — (loss-making) — (loss-making) −3.74% (below 0%: shrinking) n/m −65.19% (below 0%: shrinking) 64.26% 14.64% Compare
SBRA Sabra Healthcare REIT, Inc. $5.5B 74.7× 48.8× +31.32% (above 0%: growing) +24.11% (above 0%: growing) +26.70% (above 0%: growing) 100.00% 25.59% Compare
NHI National Health Investors, Inc. $3.5B 20.5× 16.5× +33.81% (above 0%: growing) +45.57% (above 0%: growing) +2,585.45% (above 0%: growing) 72.18% 41.09%
LTC LTC Properties, Inc. $2.6B 4.6× 23.6× +66.32% (above 0%: growing) n/m −126.46% (below 0%: shrinking) 100.00% 303.46% Compare
DHC Diversified Healthcare Trust $1.7B — (loss-making) 8.4× −5.41% (below 0%: shrinking) n/m +100.70% (above 0%: growing) 21.97% (3.97%) Compare
MPT Medical Properties Trust, Inc. $1.1B 4.3× 15.0× +5.31% (above 0%: growing) n/m −15.15% (below 0%: shrinking) 95.44% (5.49%) Compare
NHP National Healthcare Properties, Inc. $1.1B — (loss-making) — (loss-making) +19.80% (above 0%: growing) n/m +119.70% (above 0%: growing) 0.00% 30.87% Compare
Median of peers $4.0B 24.0× 23.5× +24.67% 0.00% +18.12% 79.85% 10.50%

All 17 Reit Healthcare Facilities stocks →

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.65m 3.80m 148.30
2024 2.25m 2.67m 128.02
2023 2.08m 1.98m 97.76
2022 2.66m 1.84m 85.46
2021 2.57m 2.10m 88.38

Ownership

Directors and executive officers, together 2.70%
BlackRock Inc. 8.98%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

National Health Investors, Inc. (NHI) Latest News

1 Oct

Impact 4 · · PR Newswire

24 Sep

Impact 3 · · Simply Wall St.

19 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 4 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript

10 Aug

Impact 3 ·
Impact 3 ·

7 Aug

Impact 3 ·

1 Jul

Impact 4 ·

6 May

Impact 4 · · The Motley Fool transcript

5 May

Impact 4 · · Simply Wall St.
Impact 4 · · Moby

4 May

Impact 4 · · Zacks
Impact 4 · · PR Newswire
Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool transcript
Impact 3 · · PR Newswire

26 Apr

Impact 4 · · Simply Wall St.

22 Apr

Impact 4 · · PR Newswire

21 Apr

Impact 4 · · Business Wire
Impact 4 · · ACCESS Newswire

18 Apr

Impact 3 · · Simply Wall St.

28 Feb

Impact 4 · · MarketBeat

27 Feb

Impact 4 · · The Motley Fool transcript
Impact 4 · · GuruFocus.com
Impact 3 · · Moby

26 Feb

Impact 3 · · Zacks
Impact 3 · · Associated Press Finance
Impact 3 · · ACCESS Newswire

NHI metrics, ten years each

stockrow.com/NHI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com