Saturday 17 October 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. In the quarter to June 2026, revenue grew 33.8%, EPS grew 45.6%, free cash flow grew 2,585.5% and total debt rose 13.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three; insiders bought in the last twelve months.
66.28
0.61
+0.93%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
3 | 6 | 4 | 3 | 6 | 5 | 5 | 6 | 5 | 5 |
P/E ratio |
19.22 | 19.43 | 20.47 | 22.14 | 16.71 | 23.55 | 35.94 | 17.79 | 22.07 | 25.20 |
P/S ratio |
11.71 | 11.12 | 10.75 | 11.12 | 9.29 | 8.80 | 8.50 | 7.55 | 9.07 | 9.53 |
P/FCF ratio |
0.00 | 136.21 | 52.61 | 938.63 | 19.94 | 6.58 | 6.89 | 12.59 | 54.24 | 0.00 |
P/Operating CF |
61.48 | 59.44 | 61.46 | 63.01 | 55.58 | 49.24 | 51.03 | 45.40 | 52.78 | 52.85 |
P/B ratio |
2.41 | 2.34 | 2.28 | 2.36 | 2.03 | 1.73 | 1.85 | 1.91 | 2.21 | 2.34 |
Price to Tangible BV |
2.41 | 2.34 | 2.28 | 2.36 | 2.03 | 1.73 | 1.85 | 1.91 | 2.21 | 2.34 |
EV/Sales |
16.18 | 15.22 | 15.09 | 15.63 | 13.66 | 12.83 | 12.56 | 11.03 | 12.41 | 12.58 |
EV/EBITDA |
17.92 | 15.69 | 15.90 | 16.58 | 14.55 | 17.51 | 21.42 | 14.01 | 15.93 | 16.75 |
EV/Operating CF |
22.76 | 21.41 | 21.39 | 20.64 | 19.59 | 18.18 | 18.85 | 19.13 | 20.02 | 19.97 |
EV/FCF |
(21.12) | 186.42 | 73.82 | 1,319.43 | 29.33 | 9.60 | 10.18 | 18.38 | 74.27 | (82.20) |
Quick Ratio |
3.70 | 6.16 | 5.54 | 3.47 | 5.52 | 5.76 | 3.71 | 3.12 | 2.95 | 2.25 |
Current Ratio |
10.09 | 14.84 | 17.92 | 16.40 | 17.13 | 18.70 | 12.71 | 10.27 | 10.07 | 6.90 |
Net Debt/EBITDA |
4.95 | 4.23 | 4.57 | 4.79 | 4.66 | 5.51 | 6.92 | 4.42 | 4.29 | 4.06 |
Debt/Assets |
46.43% | 45.00% | 46.60% | 47.35% | 48.05% | 43.78% | 45.76% | 45.61% | 43.84% | 41.61% |
Debt/Equity |
0.92 | 0.87 | 0.92 | 0.96 | 0.98 | 0.82 | 0.90 | 0.90 | 0.83 | 0.76 |
Asset Turnover |
0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.10 | 0.10 | 0.13 | 0.13 | 0.14 |
Operating CF/Net income |
1.17 | 1.24 | 1.35 | 1.50 | 1.25 | 1.89 | 2.79 | 1.36 | 1.51 | 1.67 |
Capex/Depreciation |
(5.88) | (2.42) | (1.96) | (2.88) | (0.87) | 2.21 | 1.93 | 0.10 | (1.95) | (3.41) |
Interest Coverage |
3.76 | 4.27 | 4.16 | 3.86 | 4.23 | 2.63 | 1.81 | 3.05 | 3.06 | 3.41 |
| 12.89% | 12.59% | 11.38% | 11.11% | 12.26% | 7.36% | 4.75% | 10.66% | 10.45% | 9.77% | |
| 6.68% | 6.44% | 5.83% | 5.54% | 6.01% | 3.75% | 2.48% | 5.43% | 5.40% | 5.25% | |
ROIC |
4.36% | 5.02% | 4.78% | 4.64% | 4.70% | 3.06% | 2.11% | 4.66% | 4.59% | 4.57% |
Return on Tangible Assets |
6.45% | 6.35% | 5.71% | 5.41% | 6.02% | 4.10% | 2.74% | 5.59% | 5.40% | 5.20% |
Average Days of Receivables |
106.53 | 127.53 | 130.85 | 98.74 | 104.96 | 117.54 | 100.89 | 96.68 | 94.90 | 76.66 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
4.10% | 4.56% | 4.36% | 4.37% | 4.37% | 6.47% | 9.10% | 6.20% | 6.50% | 7.86% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.70% | 0.94% | 0.85% | 1.15% | 0.92% | 2.82% | 3.10% | 1.44% | 1.25% | 1.48% |
Graham Net Nets |
(0.34) | (0.32) | (0.32) | (0.31) | (0.38) | (0.34) | (0.38) | (0.36) | (0.28) | (0.27) |
Graham Number |
52.03 | 53.26 | 52.45 | 53.45 | 56.34 | 42.68 | 30.75 | 45.30 | 47.08 | 47.17 |
Earnings Yield |
5.20% | 5.15% | 4.88% | 4.52% | 5.99% | 4.25% | 2.78% | 5.62% | 4.53% | 3.97% |
Free Cash Flow Yield |
(6.54%) | 0.73% | 1.90% | 0.11% | 5.02% | 15.20% | 14.51% | 7.95% | 1.84% | (1.61%) |
Revenue per Share |
6.37 | 6.81 | 7.02 | 7.33 | 7.45 | 6.53 | 6.21 | 7.37 | 7.64 | 8.01 |
Operating CF per Share |
4.53 | 4.84 | 4.96 | 5.55 | 5.19 | 4.61 | 4.14 | 4.25 | 4.74 | 5.05 |
Capex per Share |
(9.41) | (4.29) | (3.52) | (5.46) | (1.72) | 4.12 | 3.53 | 0.17 | (3.46) | (6.27) |
Free Cash Flow per Share |
(4.88) | 0.56 | 1.44 | 0.09 | 3.47 | 8.74 | 7.67 | 4.42 | 1.28 | (1.23) |
Cash per Share |
0.12 | 0.07 | 0.11 | 0.12 | 0.97 | 0.82 | 0.43 | 0.52 | 0.55 | 0.42 |
Shareholders Equity per Share |
31.00 | 32.33 | 33.13 | 34.51 | 34.07 | 33.18 | 28.59 | 29.14 | 31.37 | 32.63 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
31.00 | 32.33 | 33.13 | 34.51 | 34.07 | 33.18 | 28.59 | 29.14 | 31.37 | 32.63 |
Free Cash Flow |
(190.38) | 22.75 | 60.22 | 3.77 | 155.06 | 399.38 | 343.31 | 191.93 | 56.02 | (57.47) |
Working Capital |
189.77 | 225.61 | 336.50 | 405.09 | 406.29 | 410.38 | 303.42 | 318.03 | 342.61 | 258.08 |
Capital Expenditures |
(367.01) | (175.34) | (147.64) | (237.19) | (77.09) | 188.52 | 157.97 | 7.48 | (151.75) | (294.03) |
Net Current Asset Value |
(983.40) | (981.80) | (1,004.47) | (1,112.58) | (1,166.07) | (888.33) | (898.02) | (871.76) | (858.62) | (965.37) |
EV/EBIT |
24.84 | 21.44 | 21.78 | 22.86 | 20.31 | 28.73 | 43.00 | 19.92 | 22.71 | 24.15 |
Capex to Sales |
1.48 | 0.63 | 0.50 | 0.75 | 0.23 | (0.63) | (0.57) | (0.02) | 0.45 | 0.78 |
Price to Operating Income |
17.97 | 15.67 | 15.52 | 16.26 | 13.81 | 19.70 | 29.11 | 13.64 | 16.59 | 18.30 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 |
Cash ROIC |
(8.17%) | 0.92% | 2.25% | 0.13% | 5.06% | 14.28% | 14.03% | 7.92% | 2.20% | (2.12%) |
Accounts Receivable Turnover |
3.76 | 3.28 | 2.90 | 3.32 | 3.66 | 3.11 | 3.21 | 3.96 | 3.90 | 4.52 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.15 | 1.32 | 1.17 | 1.50 |
Inventory Turnover |
— | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 335.38 | 316.29 | 326.18 | 262.00 |
Days of Inventory on Hand |
— | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
66.15 | 84.94 | 101.49 | 95.83 | 90.87 | 95.95 | 86.55 | 80.80 | 85.93 | 83.02 |
Average Payables |
20.51 | 18.59 | 18.10 | 23.10 | 25.75 | 24.19 | 24.54 | 30.10 | 36.03 | 40.75 |
Average Assets |
2,268.43 | 2,474.73 | 2,648.20 | 2,896.40 | 3,081.36 | 2,979.68 | 2,673.15 | 2,497.95 | 2,551.43 | 2,705.63 |
Average Common Equity |
1,176.03 | 1,265.85 | 1,355.92 | 1,443.98 | 1,510.60 | 1,519.96 | 1,398.53 | 1,272.24 | 1,319.89 | 1,452.55 |
Columns are period end dates