National Health Investors, Inc.

National Health Investors, Inc.

NHI
National Health Investors, Inc.US flagNew York Stock Exchange
69.54
USD
-1.57
- -
3.37BMarket Cap
National Health Investors, Inc.
NHI
(New York Stock Exchange)

Recent

price

69.54

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
2.99
3.02
3.36
4.15
5.32
6.09
6.37
6.81
7.02
7.33
7.45
6.53
6.21
7.37
7.64
8.01
8.45
Revenue per Share
2.51
2.93
3.26
3.74
3.04
3.96
3.88
3.9
3.68
3.7
4.14
2.45
1.48
3.13
3.15
3.03
3.12
Basic EPS, GAAP
-0.77
0.04
3.1
3.67
3.78
4.37
4.53
4.84
4.96
5.55
5.19
4.61
4.14
4.16
4.65
5.05
5.12
Free Cash Flow per Basic Share
2.4
2.45
2.84
3
3.02
3.31
3.55
3.74
3.94
4.14
4.35
4
3.61
3.6
3.57
3.62
3.64
Dividend per Share
-1.27
-1.06
-0.65
0.12
-0.01
0.54
0.78
0.81
0.44
-0.11
-0.48
-1.84
52.07
56.86
59.42
58.61
58.65
Book Value per Share
16
16
16.83
27.4
31.46
30.38
31
32.33
33.13
34.51
34.07
33.18
28.81
29.36
31.59
32.85
32.25
Tangible Book Value per Share
28
28
28
28
33
38
39
41
42
43
45
46
45
43
44
47
48
Basic Weighted Avg Shares
83
84
93
118
178
229
248
279
295
318
333
299
278
320
335
376
401
Sales/Revenue/Turnover
75.68
75.6
74.17
74.01
72.96
71.57
71.53
70.99
69.29
69.17
67.58
62.02
47.72
55.81
56.24
50.74
48.59
Operating Margin (%)
11
13
17
21
41
57
63
67
71
77
83
81
71
70
71
81
85
Depreciation Expense
69
81
91
106
102
149
152
159
154
160
185
112
66
136
138
142
148
Net Income, GAAP
- -
- -
- -
0.16
0.01
- -
0.49
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
84.07
96.89
97.23
90.12
57.24
65.02
60.99
57.19
52.39
50.45
55.62
37.43
23.87
42.41
41.17
37.85
36.89
Profit Margin (%)
10
6
79
57
60
156
163
195
307
381
359
445
271
51
-17
20
-68
Working Capital
38
97
203
640
884
936
1,137
1,167
1,292
1,451
1,510
1,243
1,106
890
815
960
961
LT Debt
442
443
468
777
1,050
1,142
1,210
1,322
1,390
1,498
1,523
1,517
1,290
1,274
1,385
1,540
1,533
Total Equity
13.66
11.32
10.08
8.09
7.73
- -
7.99
8.18
7.9
7.81
7.52
6.4
5.11
7.37
7.63
7.28
7.08
Return on Invested Capital (%)
-385.83
99.88
44.1
24.89
15.95
- -
17.79
17.05
15.94
15.52
15.92
11.98
4.7
5.4
5.29
5.13
5.11
Return on Capital (%)
- -
- -
- -
- -
- -
- -
599.96
503.59
599.18
- -
- -
- -
- -
5.65
5.44
5.31
5.46
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
100
204
309
LT Borrowings
1,009
960
961
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
48
48
48
Market Capitalization
3,676
3,580
3,843

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
381
317
328
Cash, Cash Equivalents & STI
82
20
25
Accounts Receivable, Net
85
85
90
Inventories
- -
- -
- -
Total Current Liabilities
183
297
397
Payables & Accruals
78
88
82
ST Debt
100
204
309
Deferred Revenue
4
5
5

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.3%
0.66%
11.17%
Free Cash Flow
4.18%
1.03%
16.13%
Net Income, GAAP
5.2%
5.77%
3.04%
Sales/Revenue/Turnover
5.37%
2.95%
12.07%
Total Cash Common Dividend
3.42%
-2.47%
8.43%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
82
85
83
86
335
2025
89
91
90
106
376
2026
115
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.71
0.81
0.66
0.96
3.15
2025
0.75
0.79
0.69
0.8
3.03
2026
0.83
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.9
0.9
0.9
0.87
3.57
2025
0.9
0.9
0.9
0.92
3.62
2026
0.92
- -
- -
- -
- -
Business
National Health Investors, Inc. National Health Investors, Inc. (NYSE: NHI), incorporated in 1991 and headquartered in Murfreesboro, Tennessee, is a self-managed real estate investment trust that specializes in sale-leaseback, joint-venture, mortgage, mezzanine financing, and senior housing operating portfolio (SHOP) arrangements for need-driven and discretionary senior housing and medical facility investments. The company's portfolio comprises independent living facilities, assisted and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities, medical office buildings, and specialty hospitals, with investments spanning approximately 236 facilities across 34 states in the United States. It operates through two primary segments: Real Estate Investments, which includes leases, mortgages, and notes receivable generating rental income and interest; and SHOP, which owns and manages operations of independent living facilities, producing resident fees and services revenue. NHI provides financing solutions tailored to senior housing operators and medical providers, including long-term triple-net leases, RIDEA-structured operating partnerships, construction financing, and mezzanine debt, targeting properties serving aging demographics with a focus on operational stability and value creation. The REIT maintains relationships with a diverse network of operating partners, emphasizing disciplined capital deployment in markets with favorable supply-demand dynamics for senior care assets. In recent developments, NHI invested $174.9 million in Q1 2025 acquisitions, including a $21.2 million assisted living and memory care community in Montrose, Colorado; properties in Oviedo, Florida, and Bergen County, New Jersey; and a $63.5 million portfolio of six memory care communities in Nebraska, while adding three new operating partners: Generations, Juniper Communities, and Agemark. The company amended its triple-net lease with Discovery Senior Living in May 2025 to convert six properties to a RIDEA/SHOP structure, planning a new operator and revenue-producing capital expenditures, with transitions targeted for Q3 2025. NHI also announced additional SHOP investments totaling $74.3 million for four properties with 344 units and $46.3 million for Juniper Village at Paramus, alongside raising its 2025 normalized FFO guidance to $4.68-$4.73 per share and pursuing a $264 million pipeline of opportunities.

Company News

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