stockrowNational Healthcare Properties, Inc.
NHP Real Estate Reit Healthcare Facilities
National Healthcare Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $342.3 million, down 3.25% from fiscal 2024. In the quarter to June 2026, revenue grew 2.58%, EPS grew 84.7%, free cash flow fell 1,428.9% and total debt rose 42.3%, each against the same quarter a year earlier.
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National Healthcare Properties, Inc. (NHP) Beneish M-score
National Healthcare Properties, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | −2.77 | (0.04) |
| FY2023 | −2.73 | (0.41) |
| FY2022 | −2.32 | 0.40 |
| FY2021 | −2.72 | 0.13 |
| FY2020 | −2.85 | (0.44) |
| FY2019 | −2.41 | 0.08 |
| FY2018 | −2.49 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 0.82 | — | 0.33 | |
| Sales growth index | 0.97 | — | 0.86 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 1.11 | — | −0.19 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| UHT Universal Health Realty Income Trust compare | — |
| LTC LTC Properties, Inc. compare | — |
| DHC Diversified Healthcare Trust compare | — |
| CHCT Community Healthcare Trust Incorporated compare | — |
| NHI National Health Investors, Inc. compare | — |
| XRN Chiron Real Estate Inc. compare | — |
| MPT Medical Properties Trust, Inc. compare | — |
| NHP National Healthcare Properties, Inc. | — |
| STRW Strawberry Fields REIT, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI