LTC Properties, Inc. (LTC) vs National Health Investors, Inc. (NHI)

LTC Properties, Inc. and National Health Investors, Inc. are both Reit Healthcare Facilities companies. National Health Investors, Inc. is the larger, with a market value of $3.3B against $2.3B — 1.4× the size. LTC Properties, Inc. trades at the lower P/E: 15.7× against 19.3×. LTC Properties, Inc. grew revenue faster over the last twelve months: 59.8% against 23.9%. LTC Properties, Inc. has the higher net margin (38.7% vs 38.5%) and the lower return on invested capital (4.16% vs 4.39%). Both pay a dividend; LTC Properties, Inc. yields more (7.44% vs 6.82%). Across the 22 metrics below, LTC Properties, Inc. leads on 16 and National Health Investors, Inc. on 6.

Valuation

Metric LTC NHI Reit Healthcare Facilities median
P/E 15.67 19.29 23.53
P/S 6.40 7.50 5.39
P/B 1.66 2.05 1.88
Price to free cash flow n/m n/m 17.82
EV/EBITDA 16.02 15.22 15.62
EV/Sales 8.52 10.38 8.52
Earnings yield 6.38% 5.19% 2.66%
Free cash flow yield (14.98%) (1.78%) 3.37%

Profitability

Metric LTC NHI Reit Healthcare Facilities median
Gross margin 100.00% 76.49% 92.10%
Operating margin 39.78% 45.90% 21.06%
Net margin 38.73% 38.54% 10.19%
Free cash flow margin (95.93%) (13.33%) 7.91%
Return on equity 11.29% 10.86% 4.06%
Return on assets 6.78% 5.88% 2.10%
Return on invested capital 4.16% 4.39% 1.96%

Growth

Metric LTC NHI Reit Healthcare Facilities median
Revenue growth (TTM) 59.83% 23.94% 15.71%
EPS growth (last fiscal year) 23.53% (3.51%) —
Revenue growth, 5-year CAGR 10.53% 2.45% 9.60%
Net income growth, 5-year CAGR 4.33% (5.17%) 0.00%

Health

Metric LTC NHI Reit Healthcare Facilities median
Debt to equity 0.58 0.81 0.84
Current ratio 8.60 6.78 3.05
Net debt to EBITDA 5.26 4.06 5.50

Dividend

Metric LTC NHI Reit Healthcare Facilities median
Dividend yield 7.44% 6.82% 7.11%
Payout ratio 1.34 1.42 2.85

Size

Metric LTC NHI Reit Healthcare Facilities median
Market cap 2.34b 3.30b 4.18b

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