National Health Investors, Inc.

NHI

Real EstateSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

National Health Investors, Inc. is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI's portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. National Health Investors, Inc. was established on October 15th 1991 and was incorported in 1991 in Maryland, USA.

Valuation

Market Cap$3.3B

Current Price$72.62as of Jun 23, 2026

P/E Ratio23.29

P/B Ratio2.18

EV / EBITDA16.16

EV / Sales11.86

Profitability

Operating Margin50.7%

Net Profit Margin37.9%

EBITDA Margin73.4%

Returns

ROE9.3%

ROCE7.6%

ROIC %5.7%

ROA5.1%

Solvency

Current Ratio1.07

Debt / Equity0.76

Debt / Assets0.42

CFO / Net Profit1.66

Price History▲ 0.39% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$376M▲ 12.1%

EBITDA$276M▲ 4.3%

Net Profit$142M▲ 3.0%

Cash from Ops (CFO)$237M▲ 13.9%

Free Cash Flow (FCF)$237M▲ 13.9%

Revenue CAGR 3Y10.5%

Revenue CAGR 5Y-

Net Profit CAGR 3Y28.9%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$376M	$276M	$142M	$237M	9.3%	12.1%	3.0%
2024	$335M	$264M	$138M	$208M	10.1%	4.8%	1.7%
2023	$320M	$260M	$136M	$184M	10.8%	15.0%	104.3%
2022	$278M	$179M	$66M	$185M	5.2%	-	-
2021

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	278.19	319.83	335.18	375.63
Operating Revenue	-	278.19	319.83	335.18	375.63
Cost Of Revenue	-	9.79	11.51	11.16	10.98
Gross Profit	-	268.41	308.32	324.02	364.65
Operating Expense	-	135.64	129.83	135.52	174.06
Selling General And Administration	-	25.32	19.82	21.79	29.53
Total Expenses	-	145.43	141.34	146.68	185.04
Operating Income	-	132.77	178.49	188.50	190.59
EBITDA	-	178.73	259.87	264.20	275.67
Normalized EBITDA	-	202.85	245.20	251.26	275.22
EBIT	-	107.85	189.89	192.76	194.73
Interest Expense	-	42.44	55.51	56.12	53.94
Net Interest Income	-	-44.92	-58.16	-59.90	-57.37
Other Non Operating Income Expenses	-	1.11	-1.17	-5.30	3.45
Other Income Expense	-	-22.44	14.05	8.05	7.57
Interest Expense Non Operating	-	42.44	55.51	56.12	53.94
Net Non Operating Interest Income Expense	-	-44.92	-58.16	-59.90	-57.37
Pretax Income	-	65.41	134.38	136.64	140.79
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-5.06	3.08	2.72	0.10
Net Income Continuous Operations	-	65.50	134.38	136.64	140.79
Net Income From Continuing And Discontinued Operation	-	66.40	135.65	137.99	142.18
Net Income From Continuing Operation Net Minority Interest	-	66.40	135.65	137.99	142.18
Net Income	-	66.40	135.65	137.99	142.18
Net Income Common Stockholders	-	66.40	135.60	137.87	141.98
Net Income Including Noncontrolling Interests	-	65.50	134.38	136.64	140.79
Normalized Income	-	85.46	124.07	127.76	141.82
Diluted NI Availto Com Stockholders	-	66.40	135.60	137.87	141.98
Basic Average Shares	-	44.77	43.39	43.84	46.87
Diluted Average Shares	-	44.79	43.39	44.10	47.05
Reconciled Depreciation	-	70.88	69.97	71.44	80.94
Reconciled Cost Of Revenue	-	9.79	11.51	11.16	10.98
Total Unusual Items	-	-24.12	14.67	12.94	0.46
Total Unusual Items Excluding Goodwill	-	-24.12	14.67	12.94	0.46
Minority Interests	-	0.90	1.27	1.35	1.39
Special Income Charges	-	-52.46	-0.05	0	0
Other Special Charges	1.91	0.86	0.05	-	-
Write Off	51.80	51.60	1.60	0.70	-
Gain On Sale Of Security	-	28.34	14.72	12.94	0.46
Depreciation Amortization Depletion Income Statement	-	70.88	69.97	71.44	80.94
Depreciation And Amortization In Income Statement	-	70.88	69.97	71.44	80.94
General And Administrative Expense	-	25.32	19.82	21.79	29.53
Other Gand A	-	25.32	19.82	21.79	29.53
Total Other Finance Cost	-	2.48	2.65	3.78	3.43
Other Operating Expenses	-	28.19	39.59	42.25	62.50
Provision For Doubtful Accounts	0.90	10.40	-0.30	4.64	-
Otherunder Preferred Stock Dividend	-	0	0.06	0.12	0.20
Earnings From Equity Interest	-	0.57	0.56	0.40	3.66
Depreciation Income Statement	-	70.88	69.97	71.44	80.94
Other Taxes	-	0.84	0.45	0.04	1.08

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
National Health Investors, Inc.this co.	NHI	$3.3B	23.29↓ discount	2.18	9.3%	16.16
Sabra Health Care REIT, Inc.	SBRA	$4.5B	28.64	1.58	5.5%	15.18
Independence Realty Trust, Inc.	IRT	$4.0B	70.67	1.16	1.6%	16.46
COPT Defense Properties	CDP	$3.7B	24.33	2.45	10.1%	15.25
Newmark Group, Inc.	NMRK

Learn while you research

Hand-picked academy chapters to deepen your understanding of National Health Investors, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$376M

$276M

$142M

$237M

9.3%

12.1%

3.0%

2024

$335M

$264M

$138M

$208M

10.1%

4.8%

1.7%

2023

$320M

$260M

$136M

$184M

10.8%

15.0%

104.3%

2022

$278M

$179M

$66M

$185M

5.2%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

278.19

319.83

335.18

375.63

Operating Revenue

278.19

319.83

335.18

375.63

Cost Of Revenue

9.79

11.51

11.16

10.98

Gross Profit

268.41

308.32

324.02

364.65

Operating Expense

135.64

129.83

135.52

174.06

Selling General And Administration

25.32

19.82

21.79

29.53

Total Expenses

145.43

141.34

146.68

185.04

Operating Income

132.77

178.49

188.50

190.59

EBITDA

178.73

259.87

264.20

275.67

Normalized EBITDA

202.85

245.20

251.26

275.22

EBIT

107.85

189.89

192.76

194.73

Interest Expense

42.44

55.51

56.12

53.94

Net Interest Income

-44.92

-58.16

-59.90

-57.37

Other Non Operating Income Expenses

1.11

-1.17

-5.30

3.45

Other Income Expense

-22.44

14.05

8.05

7.57

Interest Expense Non Operating

42.44

55.51

56.12

53.94

Net Non Operating Interest Income Expense

-44.92

-58.16

-59.90

-57.37

Pretax Income

65.41

134.38

136.64

140.79

Tax Rate For Calcs

Tax Effect Of Unusual Items

-5.06

3.08

2.72

0.10

Net Income Continuous Operations

65.50

134.38

136.64

140.79

Net Income From Continuing And Discontinued Operation

66.40

135.65

137.99

142.18

Net Income From Continuing Operation Net Minority Interest

66.40

135.65

137.99

142.18

Net Income

66.40

135.65

137.99

142.18

Net Income Common Stockholders

66.40

135.60

137.87

141.98

Net Income Including Noncontrolling Interests

65.50

134.38

136.64

140.79

Normalized Income

85.46

124.07

127.76

141.82

Diluted NI Availto Com Stockholders

66.40

135.60

137.87

141.98

Basic Average Shares

44.77

43.39

43.84

46.87

Diluted Average Shares

44.79

43.39

44.10

47.05

Reconciled Depreciation

70.88

69.97

71.44

80.94

Reconciled Cost Of Revenue

9.79

11.51

11.16

10.98

Total Unusual Items

-24.12

14.67

12.94

0.46

Total Unusual Items Excluding Goodwill

-24.12

14.67

12.94

0.46

Minority Interests

0.90

1.27

1.35

1.39

Special Income Charges

-52.46

-0.05

Other Special Charges

1.91

0.86

0.05

Write Off

51.80

51.60

1.60

0.70

Gain On Sale Of Security

28.34

14.72

12.94

0.46

Depreciation Amortization Depletion Income Statement

70.88

69.97

71.44

80.94

Depreciation And Amortization In Income Statement

70.88

69.97

71.44

80.94

General And Administrative Expense

25.32

19.82

21.79

29.53

Other Gand A

25.32

19.82

21.79

29.53

Total Other Finance Cost

2.48

2.65

3.78

3.43

Other Operating Expenses

28.19

39.59

42.25

62.50

Provision For Doubtful Accounts

0.90

10.40

-0.30

4.64

Otherunder Preferred Stock Dividend

0.06

0.12

0.20

Earnings From Equity Interest

0.57

0.56

0.40

3.66

Depreciation Income Statement

70.88

69.97

71.44

80.94

Other Taxes

0.84

0.45

0.04

1.08

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

National Health Investors, Inc.this co.

NHI

$3.3B

23.29↓ discount

2.18

9.3%

16.16

Sabra Health Care REIT, Inc.

SBRA

$4.5B

28.64

1.58

5.5%

15.18

Independence Realty Trust, Inc.

IRT

$4.0B

70.67

1.16

1.6%

16.46

COPT Defense Properties

CDP

$3.7B

24.33

2.45

10.1%

15.25

Newmark Group, Inc.

NMRK

National Health Investors, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

National Health Investors, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on