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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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

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

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%)

This Y EPS Growth 28.94%

Next Y EPS Growth (17.10%)

Next Y revenue growth 22.38%

Next 5Y EPS Growth 1.84%

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

Valuation vs history

EV/Sales, ten years

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
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

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.