National Health Investors, Inc. (NHI) vs National Healthcare Properties, Inc. (NHP)

National Health Investors, Inc. and National Healthcare Properties, Inc. are both Reit Healthcare Facilities companies. National Health Investors, Inc. is the larger, with a market value of $3.3B against $1.1B — 3.0× the size. National Healthcare Properties, Inc. has negative trailing earnings, so its P/E is not meaningful; National Health Investors, Inc. trades at 19.3×. National Health Investors, Inc. grew revenue faster over the last twelve months: 23.9% against −1.19%. National Health Investors, Inc. has the higher net margin (38.5% vs −16.7%) and the higher return on invested capital (4.39% vs 0.56%). Both pay a dividend; National Health Investors, Inc. yields more (5.52% vs 1.00%). Across the 21 metrics below, National Health Investors, Inc. leads on 15 and National Healthcare Properties, Inc. on 6.

Valuation

Metric NHI NHP Reit Healthcare Facilities median
P/E 19.31 n/m 22.84
P/S 7.51 2.69 5.33
P/B 2.06 0.88 1.81
Price to free cash flow n/m n/m 17.57
EV/EBITDA 15.24 15.53 15.53
EV/Sales 10.39 3.75 8.38
Earnings yield 5.18% (12.48%) 1.83%
Free cash flow yield (1.78%) (6.78%) 3.36%

Profitability

Metric NHI NHP Reit Healthcare Facilities median
Gross margin 76.49% 37.88% 89.90%
Operating margin 45.90% 3.19% 18.24%
Net margin 38.54% (16.73%) 8.23%
Free cash flow margin (13.33%) (18.25%) 7.15%
Return on equity 10.86% (6.74%) 3.90%
Return on assets 5.88% (3.08%) 1.82%
Return on invested capital 4.39% 0.56% 1.91%

Growth

Metric NHI NHP Reit Healthcare Facilities median
Revenue growth (TTM) 23.94% (1.19%) 15.02%
EPS growth (last fiscal year) (3.51%) 65.09% 23.53%
Revenue growth, 5-year CAGR 2.45% (2.15%) 9.29%
Net income growth, 5-year CAGR (5.17%) 0.00% 0.00%

Health

Metric NHI NHP Reit Healthcare Facilities median
Debt to equity 0.81 0.45 0.81
Current ratio 6.78 0.79 3.02
Net debt to EBITDA 4.06 6.38 5.53

Dividend

Metric NHI NHP Reit Healthcare Facilities median
Dividend yield 5.52% 1.00% 5.63%
Payout ratio 1.07 — 1.41

Size

Metric NHI NHP Reit Healthcare Facilities median
Market cap 3.29b 1.09b 3.29b

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