NHI

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National Health Investors, Inc.

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Key Metrics

Previous Close: $74.08
52-Week Range: $67.94 – $91.38
Market Cap: $3.63B
P/E (TTM): 21.36
EPS (TTM): 3.46
Dividend Yield: 5.08%

Advanced Metrics

Price/Book: 2.36
PEG Ratio: 4.76
Return on Equity: 10.72%
Return on Assets: 4.38%
Gross Margin: 73.92%
Operating Margin: 61.34%
Profit Margin: 38.27%
Current Ratio: 1.82
Debt/Equity: 0.98
Total Debt: $1.52B
Free Cash Flow: $171.98M
Revenue Growth: -2.60%
Earnings Growth: -43.00%
Enterprise Value: $5.06B

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
Revenue	$89.30M	$90.66M	$89.85M	$105.82M	$115.13M
Cost of Revenue	$2.89M	$2.91M	$2.61M	$2.57M	$2.80M
Gross Profit	$86.41M	$87.75M	$87.24M	$103.25M	$112.33M
Selling, General & Admin	$8.26M	$7.22M	$6.45M	$7.61M	$8.16M
Operating Expenses	$38.53M	$39.09M	$43.16M	$53.02M	$60.23M
Operating Income	$47.88M	$48.66M	$44.08M	$50.23M	$52.09M
EBITDA	$66.33M	$70.67M	$65.80M	$72.87M	$77.63M
Pretax Income	$33.82M	$36.69M	$32.48M	$37.80M	$39.75M
Net Income	$34.16M	$36.99M	$32.86M	$38.16M	$40.10M
Diluted EPS	0.74	0.79	0.69	0.80	0.82
Diluted Shares	45.88M	46.82M	47.62M	47.88M	48.55M

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

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

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.