NATIONAL HEALTH INVESTORS INC NHI

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

National Health Investors, Inc. ("NHI", the "Company", "we", "us" or "our"), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). We own, lease, operate and finance the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. We operate through two reportable segments, Real Estate Investments and Senior Housing Operating Portfolio ("SHOP").

Our investments in senior housing communities, also referred to as senior housing properties ("SHO"), include independent living facilities ("ILF"), assisted living facilities ("ALF"), entrance fee communities ("EFC") and senior living campuses ("SLC"). Our investments in medical facilities include skilled nursing facilities ("SNF") and hospitals ("HOSP"). Our financing arrangements consist of mortgages, construction loans, mezzanine loans and revolving lines of credit extended to our tenants, operators, or affiliates of our tenants and operators, and other third parties.

Last close 67.06 2026-10-23
Market cap $3.29B 2026-06-30 share count
52-week range 63.51 - 91.38

Valuation FY2025 figures against the last close

P/S41.1x
P/E22.2x
P/FCF—
EV/EBITDA—
Dividend yield5.2%
Diluted EPS3.02

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $80.1M$54.4M$48.8M$35.8M$0$0$318.1M$294.6M$278.7M$248.5M
SG&A $26.9M$20.7M$19.3M$22.8M$18.4M$13.3M$13.4M$12.5M$12.2M$9.8M
Total operating expenses $239.0M$211.9M$200.9M$241.9M$216.1M$161.8M$156.8M$139.5M$127.2M$129.7M
Interest expense $57.4M$59.9M$58.2M$44.9M$50.8M$52.9M$56.3M$49.1M$46.3M$43.1M
Pre-tax income ——————$161.3M$155.1M$151.5M$118.8M
Income tax ———————$138.0K$124.0K$854.0K
Net income $142.2M$138.0M$135.7M$66.4M$111.8M$185.1M$160.5M$154.3M$159.4M$151.5M
EPS, basic 3.033.143.131.482.454.143.703.683.903.88
EPS, diluted 3.023.133.131.482.444.143.673.673.873.87
Shares, diluted (wtd. avg.) 47.1M44.1M43.4M44.8M45.7M44.7M43.7M42.1M41.2M39.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $19.6M$24.3M$22.3M$21.5M$39.5M$46.3M$15.7M$9.9M$8.1M$8.9M
Receivables ———$3.6M$3.2M$2.6M$3.2M$6.4M$2.4M$9.2M
Property, plant and equipment $2.47B$2.21B$2.11B$2.12B$2.43B$2.67B$2.56B———
Total assets $2.80B$2.61B$2.49B$2.51B$2.84B$3.12B$3.04B$2.75B$2.55B$2.40B
Long-term debt —————————$1.13B
Total liabilities $1.26B$1.23B$1.21B$1.22B$1.32B$1.60B$1.54B$1.36B$1.22B$1.19B
Retained earnings $2.75B$2.60B$2.47B$2.33B—————$29.9M
Total equity $1.52B$1.37B$1.26B$1.28B$1.52B$1.52B$1.50B$1.39B$1.32B$1.21B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $236.6M$207.8M$184.4M$185.3M$210.9M$232.1M$241.0M$207.9M$198.1M$176.6M
Depreciation and amortisation —$71.4M$70.0M$70.9M$80.8M$83.2M$76.8M$71.3M$67.2M$59.5M
Capital expenditure $294.0M$157.9M$49.6M$11.0M$50.3M$116.7M$237.2M$147.6M$175.8M$394.7M
Investing cash flow -$269.1M-$192.3M-$11.6M$197.9M$185.3M-$89.7M-$342.5M-$250.3M-$163.8M-$329.8M
Financing cash flow $25.7M-$13.6M-$169.7M-$401.3M-$403.0M-$111.8M$107.3M$44.3M-$35.1M$144.2M
Dividends paid $169.7M$156.5M$156.2M$161.8M$182.9M$194.6M$179.7M$165.4M$153.0M$138.3M
Buybacks —$0$0$152.0M$0$0————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000877860-26-000053.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M 400M Revenue, FY2016: 248.5M Net income, FY2016: 151.5M Revenue, FY2017: 278.7M Net income, FY2017: 159.4M Revenue, FY2018: 294.6M Net income, FY2018: 154.3M Revenue, FY2019: 318.1M Net income, FY2019: 160.5M Revenue, FY2020: 0 Net income, FY2020: 185.1M Revenue, FY2021: 0 Net income, FY2021: 111.8M Revenue, FY2022: 35.8M Net income, FY2022: 66.4M Revenue, FY2023: 48.8M Net income, FY2023: 135.7M Revenue, FY2024: 54.4M Net income, FY2024: 138M Revenue, FY2025: 80.1M Net income, FY2025: 142.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $248.5M $278.7M $294.6M $318.1M $0 $0 $35.8M $48.8M $54.4M $80.1M
Gross profit — — — — — — — — — —
Net income $151.5M $159.4M $154.3M $160.5M $185.1M $111.8M $66.4M $135.7M $138.0M $142.2M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Officer or director change Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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