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%
Market cap
$3.2B
P/E
19.1×
Fwd P/E
20.2×
Dividend yield
5.58%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions trades per month

Total buys 0.17
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — 2 — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.02%

Capital & Financial Ratios $m

Market Cap 3,230.00
Revenue 432.12
Net Income 165.39
Free Cash Flow (57.62)
Net Debt 1,244.13
Current Ratio 6.78
Debt/Equity 0.81
P/E ratio 19.10
Fwd P/E 20.20
P/S ratio 7.43
P/B ratio 2.03
Past 5Y EPS Growth (6.11%) (below 0%: weak)
This Y EPS Growth 28.94% (at or above 15%: strong)
Next Y EPS Growth (17.10%) (below 0%: weak)
Next Y revenue growth 22.38% (at or above 10%: strong)
Next 5Y EPS Growth 1.84%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 33.73%
10-year low 10-year high
P/S against its own 10 years 5.93%
10-year low 10-year high
P/B against its own 10 years 35.35%
10-year low 10-year high
EV/Sales against its own 10 years 0.77%
10-year low 10-year high

Dividends

Payout Ratio 1.07
Annual Dividend Rate 3.70
Annual Dividend Yield 5.58%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.70
0.92
0.92
0.94
2025 3.64
0.90
0.90
0.92
0.92
2024 3.60
0.90
0.90
0.90
0.90
2023 3.60
0.90
0.90
0.90
0.90
2022 3.60
0.90
0.90
0.90
0.90
2021 3.80
1.10
0.90
0.90
0.90
2020 4.41
1.10
1.10
1.10
1.10
2019 4.20
1.05
1.05
1.05
1.05
2018 4.00
1.00
1.00
1.00
1.00
2017 3.80
0.95
0.95
0.95
0.95
2016 3.60
0.90
0.90
0.90
0.90
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 54.51 68.96 62.71 73.35 31.37 50.88 50.22 47.54 51.59 65.13

Analyst estimates 2026–2028

Powerpack
High 82.53 81.60 81.56 86.54 91.12 78.56 67.16 60.17 86.13 80.56
People
People Employees — — — — — — 27 26 30 32
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 10.30 12.30 11.17 11.74
Income, $m
Income, $m Revenue 248 279 295 318 333 299 278 320 335 376
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 89.87 87.62 87.39 83.78
EBT 153 159 154 160 185 112 66 134 137 141
EBT margin, % 61.47 57.19 52.39 50.44 55.68 37.48 23.55 42.02 40.77 37.48
Net income 153 159 154 160 185 112 66 134 137 141
Depreciation 62 73 76 82 89 85 82 75 78 86
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
Earnings 3.88 3.90 3.68 3.70 4.14 2.45 1.48 3.13 3.14 3.03
Cash flow 4.53 4.84 4.96 5.55 5.19 4.61 4.14 4.25 4.74 5.05
Capex (9.41) (4.29) (3.52) (5.46) (1.72) 4.12 3.53 0.17 (3.46) (6.27)
Free cash flow (4.88) 0.56 1.44 0.09 3.47 8.74 7.67 4.42 1.28 (1.23)
Book value 31.00 32.33 33.13 34.51 34.07 33.18 28.59 29.14 31.37 32.63
Shares, m 39 41 42 43 45 46 45 43 44 47
Valuation, ×
Valuation, × P/E 19.22 19.43 20.47 22.14 16.71 23.55 35.94 17.79 22.07 25.20
P/S 11.71 11.12 10.75 11.12 9.29 8.80 8.50 7.55 9.07 9.53
P/B 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/FCF (21.12) 186.42 73.82 1,319.43 29.33 9.60 10.18 18.38 74.27 (82.20)
Cash, $m
Cash, $m Operating cash flow 177 198 208 241 232 211 185 184 208 237
Capex (367) (175) (148) (237) (77) 189 158 7 (152) (294)
Free cash flow (190) 23 60 4 155 399 343 192 56 (57)
Balance, $m
Balance, $m Working capital 190 226 337 405 406 410 303 318 343 258
Total debt 1,116 1,145 1,282 1,440 1,499 1,243 1,148 1,135 1,146 1,164
Net debt 1,111 1,142 1,277 1,435 1,456 1,205 1,128 1,113 1,122 1,144
Shareholders’ equity 1,210 1,322 1,390 1,498 1,523 1,517 1,280 1,264 1,375 1,530
Returns, %
Returns, % ROA 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
ROE 12.89 12.59 11.38 11.11 12.26 7.36 4.75 10.66 10.45 9.77
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
DOC Healthpeak Properties, Inc. $13.4B 54.2× 71.3× +11.12% (above 0%: growing) +60.00% (above 0%: growing) −30.47% (below 0%: shrinking) 56.83% 16.18% Compare
AHR American Healthcare REIT, Inc. $11.6B 78.3× 80.1× +24.29% (above 0%: growing) +166.67% (above 0%: growing) +9.53% (above 0%: growing) 20.35% 6.29% Compare
CTRE CareTrust REIT, Inc. $8.7B 23.0× 25.4× +43.46% (above 0%: growing) +5.56% (above 0%: growing) +88.99% (above 0%: growing) 98.66% 67.53% Compare
HR Healthcare Realty Trust Incorporated $6.0B — (loss-making) — (loss-making) −5.26% (below 0%: shrinking) n/m −28.80% (below 0%: shrinking) 64.88% 13.83% Compare
SBRA Sabra Healthcare REIT, Inc. $4.9B 74.4× 27.3× +24.70% (above 0%: growing) n/m −666.09% (below 0%: shrinking) 100.00% (13.59%) Compare
NHI National Health Investors, Inc. $3.2B 19.1× 20.2× +33.81% (above 0%: growing) +45.57% (above 0%: growing) +2,585.45% (above 0%: growing) 72.18% 41.09%
LTC LTC Properties, Inc. $2.3B 15.9× 18.8× +64.11% (above 0%: growing) +72.73% (above 0%: growing) −213.92% (below 0%: shrinking) 100.00% 31.24% Compare
MPT Medical Properties Trust, Inc. $1.9B — (loss-making) 39.5× +7.87% (above 0%: growing) n/m −15.15% (below 0%: shrinking) 95.68% 3.31% Compare
DHC Diversified Healthcare Trust $1.8B — (loss-making) 8.4× −4.53% (below 0%: shrinking) n/m −93.96% (below 0%: shrinking) 23.11% (0.14%) Compare
Median of peers $5.4B 54.2× 27.3× +17.70% +66.37% −29.63% 80.28% 10.06%

All 16 Reit Healthcare Facilities stocks →

National Health Investors, Inc. (NHI) key facts

  • Strength: National Health Investors, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $375.6 million, up 12.1% from fiscal 2024.
  • Strength: Net income was $140.8 million, or $3.03 per share (basic), a net margin of 37.8%.
  • National Health Investors, Inc. (NHI) is a Reit Healthcare Facilities company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, NHI traded at $66.28, a market capitalization of $3.2 billion.
  • At that price the stock trades at 19.1× trailing-twelve-month earnings and 7.4× sales; its P/E is higher than 34% of its own readings over the past ten years.
  • National Health Investors, Inc. pays an annual dividend of $3.70 per share, a yield of 5.58%, with a payout ratio of 106.9%.
  • Return on equity was 9.77% and debt-to-equity 0.81.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

National Health Investors, Inc. (NHI) Latest News

19 Aug

Impact 3 · transcript
stockrow.com/NHI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com