Detailed financial statements for National Health Investors, Inc. (NHI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Established in 1991, National Health Investors, Inc. (NYSE: NHI) operates as a real estate investment trust (REIT) primarily focused on providing capital for senior living and medical real estate assets. The company facilitates this through diverse financing options, including sale-leaseback arrangements, joint ventures, and various debt instruments such as mortgage and mezzanine loans, targeting properties that cater to both essential care needs and discretionary services.
Analysis Summary
National Health Investors, Inc. reported revenue of $378.5M in the most recent fiscal year, growing at a 5-year CAGR of 2.6%. Net income reached $142.2M, with a -5.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 64.7%, operating margin 45.4%, net margin 38.5%. Free cash flow grew at -1.0% CAGR over 5 years.
At the current price of $65.02, NHI trades at a P/E of 18.99 and an ROE of 10.96%. Market capitalisation stands at $3.2B.
Balance sheet quality for NHI: current ratio of 2.5, net debt of $1.14B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $220.3M represents 155% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $248.5M | $278.7M | $294.6M | $318.1M | $332.8M | $298.7M | $278.2M | $319.8M | $335.2M | $378.5M |
| Cost of Revenue | $1.0M | $960,000 | $1.2M | $5.8M | $9.7M | $11.6M | $9.8M | $11.5M | $11.2M | $239.6M |
| Gross Profit | $247.5M | $277.7M | $293.4M | $312.3M | $323.2M | $287.1M | $268.4M | $308.3M | $324.0M | $138.9M |
| Research & Development | $1 | $1 | $1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $10.2M | $12.7M | $12.9M | $13.9M | $14.6M | $19.3M | $25.3M | $19.8M | $21.8M | 0 |
| Operating Expenses | $70.8M | $80.8M | $85.4M | $92.3M | $98.2M | $101.8M | $135.6M | $129.5M | $140.2M | -$55.9M |
| Operating Income | $177.7M | $197.8M | $209.2M | $220.0M | $224.9M | $185.3M | $132.8M | $178.8M | $183.9M | $194.8M |
| EBITDA | $236.1M | $265.0M | $280.6M | $290.8M | $318.0M | $240.9M | $178.7M | $259.9M | $264.2M | $282.0M |
| Interest Expense | $43.1M | 0 | $49.1M | $56.3M | 0 | $48.1M | $42.4M | $55.5M | $56.1M | $57.4M |
| Pre-tax Income | $153.5M | $159.4M | $154.3M | $160.4M | $185.3M | $112.0M | $65.4M | $134.4M | $136.6M | $140.8M |
| Income Tax | $749,000 | 0 | -$9.2M | 0 | 0 | $66,000 | -$89,000 | 0 | -$45,000 | 0 |
| Net Income | $151.5M | $159.4M | $154.3M | $160.5M | $185.1M | $111.8M | $66.4M | $135.7M | $138.0M | $142.2M |
| EPS | $3.88 | $3.90 | $3.68 | $2.40 | $3.03 | $1.36 | $0.52 | $3.13 | $3.14 | $3.03 |
| EPS (Diluted) | $3.87 | $3.87 | $3.67 | $2.38 | $3.03 | $1.36 | $0.51 | $3.13 | $3.13 | $3.02 |
| Shares Outstanding (Diluted) | $39.2M | $41.2M | $42.1M | $43.7M | $44.7M | $45.7M | $44.8M | $43.4M | $44.1M | $47.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $89.8M | $106.5M | $115.9M | $121.3M |
| Gross Profit | $87.2M | $35.8M | $36.0M | $121.3M |
| Operating Income | $44.1M | $50.2M | $52.4M | $50.3M |
| EBITDA | $65.8M | $73.5M | $79.2M | $97.5M |
| Net Income | $32.9M | $38.2M | $40.1M | $55.7M |
| EPS | $0.69 | $0.80 | $0.83 | $1.15 |
| EPS (Diluted) | $0.69 | $0.80 | $0.82 | $1.15 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.8M | $3.1M | $4.7M | $5.2M | $43.3M | $37.4M | $19.3M | $22.3M | $24.3M | $19.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $215.2M | $99.8M | $119.5M | $89.3M | $98.3M | $408.9M | $318.2M | $345.6M | $370.4M | $290.6M |
| Inventory | -$2.40B | -$2.55B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $219.9M | $247.1M | $368.0M | $177.6M | $150.8M | $514.8M | $383.0M | $375.2M | $396.9M | $310.2M |
| Property, Plant & Equipment | $2.16B | $2.29B | $2.37B | $2.56B | $2.67B | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.40B | $2.55B | $2.75B | $3.04B | $3.12B | $2.84B | $2.51B | $2.49B | $2.61B | $2.80B |
| Accounts Payable | $20.9M | $16.3M | $19.9M | $22.9M | $18.0M | $23.2M | $25.9M | $34.3M | $37.8M | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | $7.1M | 0 | $42.0M | $245.0M | $331.2M | $125.0M |
| Total Current Liabilities | $56.7M | $56.9M | $68.5M | $69.7M | $75.0M | $70.2M | $112.0M | $324.4M | $414.4M | $125.0M |
| Long-term Debt | $1.12B | $1.17B | $1.28B | $1.44B | $1.50B | $1.24B | $1.11B | $890.1M | $814.8M | $1.04B |
| Total Liabilities | $1.19B | $1.22B | $1.36B | $1.54B | $1.60B | $1.32B | $1.22B | $1.21B | $1.23B | $1.26B |
| Retained Earnings | $29.9M | $32.6M | $18.1M | -$5.3M | 0 | -$84.6M | $2.33B | $2.47B | $2.60B | -$401.7M |
| Total Equity | $1.21B | $1.32B | $1.39B | $1.50B | $1.51B | $1.51B | $1.27B | $1.25B | $1.37B | $1.52B |
| Total Debt | $1.14B | $1.17B | $1.29B | $1.44B | $1.51B | $1.25B | $1.15B | $1.14B | $1.15B | $1.16B |
| Net Debt | $1.13B | $1.16B | $1.29B | $1.44B | $1.46B | $1.21B | $1.13B | $1.11B | $1.12B | $1.14B |
| Working Capital | $163.1M | $190.2M | $299.5M | $107.9M | $75.8M | $444.6M | $271.0M | $50.8M | -$17.4M | $185.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $81.6M | $19.6M | $24.9M | $30.4M |
| Total Assets | $2.69B | $2.80B | $2.89B | $2.96B |
| Total Liabilities | $1.19B | $1.26B | $1.36B | $1.38B |
| Total Equity | $1.48B | $1.52B | $1.51B | $1.57B |
| Total Debt | $1.11B | $1.16B | $1.27B | $1.28B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $152.7M | $159.4M | $154.3M | $160.4M | $185.3M | $112.0M | $65.5M | $134.4M | $138.0M | $142.2M |
| Depreciation & Amortization | $63.1M | $73.0M | $75.8M | $76.8M | $83.2M | $80.8M | $70.9M | $70.0M | $74.3M | $83.8M |
| Stock-based Compensation | $1.7M | $2.6M | $2.5M | $3.6M | $3.1M | $8.4M | $8.6M | $4.6M | 0 | 0 |
| Change in Working Capital | $2.4M | -$2.5M | -$571,000 | $18.7M | -$6.7M | -$438,000 | -$2.7M | $3.3M | -$2.6M | $7.3M |
| Operating Cash Flow | $177.2M | $197.3M | $207.9M | $241.0M | $232.1M | $210.9M | $185.3M | $184.4M | $208.2M | $240.2M |
| Capital Expenditure | -$367.0M | -$175.3M | -$147.6M | -$18.0M | -$158,000 | -$64,000 | -$4.6M | -$3.7M | -$15.7M | -$20.0M |
| Acquisitions | -$17.0M | 0 | 0 | $643,000 | -$875,000 | -$187.5M | $11.7M | 0 | $1.2M | $1.7M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$152.0M | 0 | 0 | 0 |
| Dividends Paid | -$138.3M | -$153.0M | -$165.4M | -$179.7M | -$194.6M | -$182.9M | -$161.8M | -$156.2M | -$156.5M | -$169.7M |
| Free Cash Flow | -$189.8M | $22.0M | $60.2M | $223.0M | $232.0M | $210.8M | $180.7M | $180.7M | $192.4M | $220.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $62.6M | $69.4M | $53.4M | $65.4M |
| Capital Expenditure | -$5.0M | -$10.1M | -$2.9M | $2.9M |
| Free Cash Flow | $57.6M | $59.3M | $50.5M | $68.3M |
| Dividends Paid | -$42.7M | -$43.8M | -$44.4M | -$44.6M |
| Stock-based Compensation | 0 | 0 | 0 | $4.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.1% | +5.7% | +8.0% | +4.6% | -10.2% | -6.9% | +15.0% | +4.8% | +12.9% | |
| Net Income Growth (YoY) | +5.2% | -3.2% | +4.0% | +15.4% | -39.6% | -40.6% | +104.3% | +1.7% | +3.0% | |
| EPS Growth (YoY) | +0.5% | -5.6% | -34.8% | +26.2% | -55.1% | -61.8% | +501.9% | +0.3% | -3.5% | |
| Shares Change (YoY) | +5.1% | +2.3% | +3.8% | +2.3% | +2.3% | -2.0% | -3.1% | +1.6% | +6.7% | |
| FCF Growth (YoY) | +111.6% | +174.0% | +270.2% | +4.1% | -9.1% | -14.3% | -0.0% | +6.5% | +14.5% | |
| Gross Margin | 99.6% | 99.7% | 99.6% | 98.2% | 97.1% | 96.1% | 96.5% | 96.4% | 96.7% | 36.7% |
| Operating Margin | 71.5% | 71.0% | 71.0% | 69.2% | 67.6% | 62.0% | 47.7% | 55.9% | 54.9% | 51.5% |
| EBITDA Margin | 95.0% | 95.1% | 95.2% | 91.4% | 95.5% | 80.7% | 64.2% | 81.3% | 78.8% | 74.5% |
| Net Margin | 61.0% | 57.2% | 52.4% | 50.4% | 55.6% | 37.4% | 23.9% | 42.4% | 41.2% | 37.6% |
| FCF Margin | -76.4% | 7.9% | 20.4% | 70.1% | 69.7% | 70.6% | 65.0% | 56.5% | 57.4% | 58.2% |
| Effective Tax Rate | 0.5% | 0.0% | -5.9% | 0.0% | 0.0% | 0.1% | -0.1% | 0.0% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4.85 | $0.53 | $1.43 | $5.10 | $5.19 | $4.61 | $4.03 | $4.16 | $4.36 | $4.68 |
| Dividends Per Share | $3.53 | $3.72 | $3.93 | $4.11 | $4.35 | $4.00 | $3.61 | $3.60 | $3.55 | $3.61 |
| Shares Outstanding (Basic) | $39.0M | $40.9M | $41.9M | $43.4M | $44.7M | $45.7M | $44.8M | $43.4M | $43.8M | $46.9M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 10.96% |
| Return on Invested Capital | 6.91% |
| Return on Assets | 5.63% |
| Gross Margin | 64.67% |
| Operating Margin | 45.45% |
| Net Margin | 38.47% |
Financial Health
| Debt / Equity | 0.82 |
| Current Ratio | 0.59 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.12 | 19.33 | 20.53 | 33.95 | 22.83 | 42.26 | 100.42 | 17.84 | 22.07 | 25.20 |
| P/B | 2.39 | 2.33 | 2.28 | 2.36 | 2.04 | 1.74 | 1.84 | 1.93 | 2.22 | 2.35 |
| P/S | 11.64 | 11.06 | 10.75 | 11.12 | 9.29 | 8.79 | 8.40 | 7.58 | 9.07 | 9.46 |
| Gross Margin | 99.6% | 99.7% | 99.6% | 98.2% | 97.1% | 96.1% | 96.5% | 96.4% | 96.7% | 36.7% |
| Operating Margin | 71.5% | 71.0% | 71.0% | 69.2% | 67.6% | 62.0% | 47.7% | 55.9% | 54.9% | 51.5% |
| Net Margin | 61.0% | 57.2% | 52.4% | 50.4% | 55.6% | 37.4% | 23.9% | 42.4% | 41.2% | 37.6% |
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Explore sector: Real Estate · REIT - Healthcare Facilities
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