NHI

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National Health Investors, Inc.

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Key Metrics

Previous Close: $65.08
52-Week Range: $64.56 – $91.38
Market Cap: $3.23B
P/E (TTM): 18.99
EPS (TTM): 3.46
Dividend Yield: 5.72%

Advanced Metrics

Price/Book: 2.05
PEG Ratio: 4.76
Return on Equity: 10.72%
Return on Assets: 4.38%
Gross Margin: 73.92%
Operating Margin: 41.09%
Profit Margin: 38.27%
Current Ratio: 1.82
Debt/Equity: 0.80
Total Debt: $1.28B
Free Cash Flow: $171.98M
Revenue Growth: 33.80%
Earnings Growth: 45.20%
Enterprise Value: $4.49B

NHI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$278.19M	$319.83M	$335.18M	$375.63M
Cost of Revenue	$9.79M	$11.51M	$11.16M	$10.98M
Gross Profit	$268.41M	$308.32M	$324.02M	$364.65M
Selling, General & Admin	$25.32M	$19.82M	$21.79M	$29.53M
Operating Expenses	$135.64M	$129.83M	$135.52M	$174.06M
Operating Income	$132.77M	$178.49M	$188.50M	$190.59M
EBITDA	$178.73M	$259.87M	$264.20M	$275.67M
Pretax Income	$65.41M	$134.38M	$136.64M	$140.79M
Net Income	$66.40M	$135.65M	$137.99M	$142.18M
Diluted EPS	1.48	3.13	3.13	3.02
Diluted Shares	44.79M	43.39M	44.10M	47.05M

NHI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$19.29M	$22.35M	$24.29M	$19.62M
Receivables	$318.19M	$345.57M	$370.41M	$293.74M
Current Assets	$383.01M	$375.19M	$396.91M	$316.92M
Total Assets	$2.51B	$2.49B	$2.61B	$2.80B
Current Liabilities	$112.01M	$324.38M	$414.35M	$297.17M
Long-Term Debt	$1.11B	$890.05M	$814.84M	$959.81M
Total Debt	$1.15B	$1.14B	$1.15B	$1.16B
Total Liabilities	$1.22B	$1.21B	$1.23B	$1.26B
Retained Earnings	$2.33B	$2.47B	$2.60B	$2.75B
Shareholders' Equity	$1.27B	$1.25B	$1.37B	$1.52B
Working Capital	$271.00M	$50.81M	-$17.44M	$19.75M
Net Debt	$1.13B	$1.11B	$1.12B	$1.14B

NHI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$185.34M	$184.45M	$207.77M	$236.56M
Capital Expenditure	—	-$3.74M	-$4.07M	—
Free Cash Flow	$185.34M	$184.45M	$207.77M	$236.56M
Depreciation & Amortisation	$70.88M	$69.97M	$71.44M	$80.94M
Stock-Based Compensation	$8.61M	$4.61M	$4.18M	$5.58M
Investing Cash Flow	$197.94M	-$11.63M	-$192.31M	-$269.15M
Financing Cash Flow	-$401.25M	-$169.72M	-$13.57M	$25.71M
Dividends Paid	-$161.77M	-$156.24M	-$156.51M	-$169.70M
Share Repurchases	-$151.95M	$0.00	$0.00	—
Net Change in Cash	-$17.97M	$3.10M	$1.89M	-$6.88M

NHI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$89.30M	$90.66M	$89.85M	$105.82M	$115.13M	$121.32M
Cost of Revenue	$2.89M	$2.91M	$2.61M	$2.57M	$2.80M	$2.74M
Gross Profit	$86.41M	$87.75M	$87.24M	$103.25M	$112.33M	$118.58M
Selling, General & Admin	$8.26M	$7.22M	$6.45M	$7.61M	$8.16M	$9.27M
Operating Expenses	$38.53M	$39.09M	$43.16M	$53.02M	$60.23M	$68.79M
Operating Income	$47.88M	$48.66M	$44.08M	$50.23M	$52.09M	$49.79M
EBITDA	$66.33M	$70.67M	$65.80M	$72.87M	$77.63M	$96.60M
Pretax Income	$33.82M	$36.69M	$32.48M	$37.80M	$39.75M	$56.09M
Income Tax	—	$0.00	—	—	—	$732.00K
Net Income	$34.16M	$36.99M	$32.86M	$38.16M	$40.10M	$55.67M
Diluted EPS	0.74	0.79	0.69	0.80	0.82	1.15
Diluted Shares	45.88M	46.82M	47.62M	47.88M	48.55M	48.50M

NHI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$135.00M	$18.64M	$81.63M	$19.62M	$24.95M	$30.39M
Receivables	$362.14M	$353.98M	$299.56M	$293.74M	$299.86M	$305.62M
Current Assets	$506.42M	$373.30M	$381.19M	$316.92M	$328.37M	$386.98M
Total Assets	$2.78B	$2.70B	$2.69B	$2.80B	$2.89B	$2.96B
Current Liabilities	$522.51M	$457.83M	$182.50M	$297.17M	$396.66M	$533.95M
Long-Term Debt	$815.78M	$740.84M	$1.01B	$959.81M	$960.67M	$836.52M
Total Debt	$1.26B	$1.12B	$1.11B	$1.16B	$1.27B	$1.28B
Total Liabilities	$1.34B	$1.20B	$1.19B	$1.26B	$1.36B	$1.37B
Retained Earnings	$2.64B	$2.68B	$2.71B	$2.75B	$2.79B	$2.84B
Shareholders' Equity	$1.43B	$1.48B	$1.48B	$1.52B	$1.51B	$1.57B
Working Capital	-$16.09M	-$84.53M	$198.69M	$19.75M	-$68.29M	-$146.97M
Net Debt	$1.13B	$1.10B	$1.03B	$1.14B	$1.24B	$1.24B

NHI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$46.48M	$59.82M	$62.53M	$67.74M	$53.44M	$64.97M
Free Cash Flow	$46.48M	$59.82M	$62.53M	$67.74M	$53.44M	$64.97M
Depreciation & Amortisation	$19.16M	$19.92M	$20.22M	$21.65M	$23.69M	$25.55M
Stock-Based Compensation	$2.56M	$1.07M	$983.00K	$964.00K	$2.24M	$2.36M
Investing Cash Flow	-$75.47M	-$48.32M	$41.67M	-$187.03M	-$103.89M	-$43.41M
Financing Cash Flow	$139.77M	-$129.46M	-$41.90M	$57.29M	$55.77M	$3.93M
Dividends Paid	-$41.12M	-$42.02M	-$42.73M	-$43.83M	-$44.44M	-$44.58M
Net Change in Cash	$110.78M	-$117.95M	$62.30M	-$62.00M	$5.32M	$25.49M

Market Snapshot

About

National Health Investors, Inc. is a healthcare-focused real estate investment trust (REIT) specializing in senior housing and medical facilities. The company invests in independent living, assisted living, memory care, and skilled nursing properties across the United States. NHI generates income through triple-net leases and mortgage loans to experienced healthcare operators.