National Health Investors, Inc. (NHI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$4.57	$1.15	-74.8%	—	$121.3M	—
Q1 26	$0.86	$0.77	-10.5%	—	$115.1M	—
Q4 25	$0.8	$0.76	-5.0%	—	$105.8M	—
Q3 25	$0.6	$0.69	+15.0%	—	$89.8M	—
Q2 25	$0.75	$0.79	+5.3%	—	$90.7M	—
Q1 25	$0.71	$0.75	+5.6%	—	$89.3M	—
Q4 24	$0.75	$0.81	+8.0%	—	$85.8M	—
Q3 24	$0.7	$0.65	-7.1%	—	$82.9M	—
Q2 24	$0.71	$0.8	+12.7%	—	$85M	—
Q1 24	$0.69	$0.71	+2.9%	—	$81.5M	—
Q4 23	$0.68	$0.73	+7.4%	—	$79.5M	—
Q3 23	$0.72	$0.68	-5.6%	—	$80.1M	—
Q2 23	$0.69	$0.92	+33.3%	—	$77.9M	—
Q1 23	$0.85	$0.79	-7.1%	—	$82.4M	—
Q4 22	$0.83	$0.04	-95.2%	—	$70.7M	—
Q3 22	$0.77	$0.78	+1.3%	—	$76.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.03	—	—	$375.6M	—
FY24	—	$3.14	—	—	$335.2M	—
FY23	—	$3.13	—	—	$319.8M	—
FY22	—	$1.48	—	—	$278.2M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$248.5M	$278.7M	$294.6M	$318.1M	$332.8M	$298.7M	$278.2M	$319.8M	$335.2M	$375.6M
YoY change	+8.52%	+12.2%	+5.72%	+7.97%	+4.63%	-10.2%	-6.87%	+15%	+4.8%	+12.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	248.5M	278.7M	294.6M	318.1M	332.8M	298.7M	278.2M	319.8M	335.2M	375.6M
Cost of revenue	1M	0	0	5.8M	9.7M	11.6M	9.8M	11.5M	11.2M	11M
Gross profit	247.5M	278.7M	294.6M	312.3M	323.2M	287.1M	268.4M	308.3M	324M	364.6M
Gross margin	99.6%	100%	100%	98.2%	97.1%	96.1%	96.5%	96.4%	96.7%	97.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	10.2M	12.7M	12.9M	13.9M	14.6M	19.3M	25.3M	19.8M	21.8M	29.5M
Operating expenses	10.2M	12.7M	12.9M	13.9M	14.6M	19.3M	53.5M	59.4M	64M	92M
Operating income	177.7M	197.8M	204.1M	220M	224.9M	185.3M	132.8M	178.8M	183.9M	190.6M
Operating margin	71.5%	71%	69.3%	69.2%	67.6%	62%	47.7%	55.9%	54.9%	50.7%
Non-operating income, net	18.8M	8.2M	-738K	-3.3M	13.3M	-22.4M	-22.4M	13.8M	12.6M	7.6M
Pretax income	153.5M	159.4M	154.3M	160.4M	185.3M	112M	65.4M	134.5M	136.6M	140.8M
Income tax	749K	0	0	—	—	—	—	—	—	—
Net income	152.7M	159.4M	154.3M	160.4M	185.3M	112M	65.5M	134.4M	136.6M	140.8M
Net margin	61.5%	57.2%	52.4%	50.4%	55.7%	37.5%	23.5%	42%	40.8%	37.5%
EBITDA	237.7M	260.8M	272.2M	291.6M	300.6M	262.2M	202.9M	246.9M	251.9M	275.2M
EPS	3.88	3.9	3.68	3.7	4.14	2.45	1.48	3.13	3.14	3.03
Diluted EPS	3.87	3.87	3.67	3.67	4.14	2.44	1.48	3.13	3.13	3.02

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	80.1M	79.5M	81.5M	85M	82.9M	85.8M	89.3M	90.7M	89.8M	105.8M	115.1M	121.3M
Cost of revenue	2.9M	2.8M	2.7M	2.8M	2.8M	2.8M	2.9M	2.9M	2.6M	2.6M	2.8M	2.7M
Gross profit	77.2M	76.7M	78.8M	82.2M	80.2M	82.9M	86.4M	87.7M	87.2M	103.3M	112.3M	118.6M
Gross margin	96.4%	96.5%	96.6%	96.7%	96.6%	96.7%	96.8%	96.8%	97.1%	97.6%	97.6%	97.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.5M	5.1M	5.9M	5M	5M	5.8M	8.3M	7.2M	6.4M	7.6M	8.2M	9.3M
Operating expenses	14.5M	15.1M	16.2M	15.5M	15.8M	16.6M	19.1M	18.9M	22.7M	31M	36.3M	43M
Operating income	45.1M	44.7M	45.3M	49.2M	46.5M	42.9M	47.9M	48.7M	44.1M	50.2M	52.1M	49.8M
Operating margin	56.3%	56.3%	55.5%	57.9%	56.1%	50%	53.6%	53.7%	49.1%	47.5%	45.2%	41%
Non-operating income, net	-1M	1.9M	256K	647K	-3.3M	15.1M	279K	3M	2.2M	1.8M	2.7M	22.1M
Pretax income	29M	31.8M	30.7M	35M	28.2M	42.7M	33.8M	36.7M	32.5M	37.8M	39.8M	56.1M
Income tax	—	—	—	—	—	—	—	—	—	—	—	732K
Net income	29M	31.7M	30.7M	35M	28.2M	42.8M	33.8M	36.7M	32.5M	37.8M	39.8M	55.4M
Net margin	36.2%	39.9%	37.6%	41.1%	34%	49.9%	37.9%	40.5%	36.1%	35.7%	34.5%	45.6%
EBITDA	60.2M	63.4M	62.1M	64.9M	60M	64.9M	66.5M	70.6M	65.7M	72.7M	75M	74.6M
EPS	0.68	0.74	0.71	0.81	0.66	0.96	0.75	0.79	0.69	0.8	0.83	1.15
Diluted EPS	0.68	0.74	0.71	0.81	0.65	0.95	0.74	0.79	0.69	0.8	0.82	1.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.9B	3.1B	3.2B	3.5B	3.1B	2.6B	2.3B	2.4B	3B	3.6B	3.3B
Enterprise value	4B	4.2B	4.5B	5B	4.6B	3.8B	3.5B	3.5B	4.2B	4.7B	4.6B
Shares outstanding	39M	40.9M	41.9M	43.4M	44.7M	45.7M	44.8M	43.4M	43.8M	46.9M	46.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.9	19.3	20.5	22	16.7	23.5	35.7	18	22.2	25.4	19.3
P/S	11.6	11.1	10.8	11.1	9.29	8.79	8.4	7.58	9.07	9.53	7.52
P/B	2.39	2.33	2.28	2.36	2.03	1.73	1.81	1.9	2.19	2.32	2.08
EV/EBITDA	16.9	16.3	16.4	17.1	15.2	14.6	17.1	14.3	16.5	17.2	15.7
EV/Sales	16.2	15.2	15.1	15.7	13.7	12.8	12.5	11.1	12.4	12.6	10.4
Earnings yield	5.28%	5.17%	4.87%	4.54%	5.99%	4.26%	2.8%	5.55%	4.5%	3.93%	5.19%
FCF yield	6.1%	6.43%	6.56%	6.81%	7.5%	8.02%	7.93%	7.46%	6.7%	6.61%	5.24%
PEG	—	—	—	—	—	—	—	—	—	—	0.42

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	99.6%	100%	100%	98.2%	97.1%	96.1%	96.5%	96.4%	96.7%	97.1%	97.7%
Operating margin	71.5%	71%	69.3%	69.2%	67.6%	62%	47.7%	55.9%	54.9%	50.7%	41.1%
Net margin	61.5%	57.2%	52.4%	50.4%	55.7%	37.5%	23.5%	42%	40.8%	37.5%	38.3%
ROE	12.6%	12.1%	11.1%	10.7%	12.2%	7.38%	5.08%	10.5%	9.86%	9.14%	10.7%
ROA	6.35%	6.26%	5.61%	5.27%	5.94%	3.94%	2.61%	5.4%	5.23%	5.03%	4.38%
ROIC	7.55%	7.96%	7.62%	—	—	—	—	—	—	—	—
Return on tangible assets	6.35%	6.26%	5.61%	5.27%	5.94%	3.94%	2.61%	5.4%	5.23%	5.03%	5.58%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.88	4.42	5.48	5.1	5.1	7.34	3.42	1.16	0.96	1.07	1.82
Quick ratio	3.88	4.42	5.48	5.1	5.1	7.34	3.42	1.16	0.96	1.07	0.72
Debt / equity	0.94	0.88	0.93	0.97	0.99	0.82	0.89	0.89	0.83	0.76	0.8
Debt / assets	0.47	0.46	0.47	0.48	0.48	0.44	0.46	0.46	0.44	0.42	0.43
Net debt / EBITDA	4.76	4.46	4.73	4.96	4.88	4.6	5.56	4.51	4.45	4.16	4.33
Interest coverage	4.88	4.75	4.37	4	4.74	3.33	2.54	3.42	3.43	3.61	3.98
Effective tax rate	0.49%	0%	0%	—	—	—	—	—	—	—	—

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.37	6.81	7.02	7.33	7.45	6.53	6.21	7.37	7.64	8.01	9.09
EPS (basic)	3.88	3.9	3.68	3.7	4.14	2.45	1.48	3.13	3.14	3.03	3.03
EPS (diluted)	3.87	3.87	3.67	3.67	4.14	2.44	1.48	3.13	3.13	3.02	3.46
Book value per share	31	32.3	33.1	34.5	34.1	33.2	28.8	29.4	31.6	32.9	32
FCF per share	4.53	4.84	4.96	5.55	5.19	4.61	4.14	4.16	4.65	5.05	5.13
Cash per share	0.12	0.07	0.11	0.12	0.97	0.82	0.43	0.52	0.55	0.42	0.62
Capex per share	—	—	—	0	0	0	0	0.09	0.09	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	0%	0.05%	0.02%	0%	1.17%	1.21%	—	—
Capex / operating cash flow	—	—	—	0%	0.06%	0.03%	0%	1.87%	1.84%	—	—
Payout ratio	90.6%	96%	107.2%	112%	105%	163.4%	247%	116.3%	114.5%	120.5%	106.4%
Dividend yield	4.78%	4.96%	5.22%	5.08%	6.29%	6.96%	6.92%	6.45%	5.15%	4.74%	5.5%

Yield

5.5%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.92

ex-dividend Jun 30, 2026

Payout ratio

106%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.92
Mar 31, 2026	$0.92
Dec 31, 2025	$0.92

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$80.1M	$79.5M	$81.5M	$85M	$82.9M	$85.8M	$89.3M	$90.7M	$89.8M	$105.8M	$115.1M	$121.3M
YoY change	+4.99%	+12.4%	-1.06%	+9.11%	+3.54%	+7.92%	+9.55%	+6.7%	+8.32%	+23.4%	+28.9%	+33.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.6M	3.1M	4.7M	5.2M	43.3M	37.4M	19.3M	22.3M	24.3M	19.6M
Receivables	81.7M	99.8M	112M	89.3M	98.3M	99.4M	81.9M	89.6M	93.6M	85.5M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	219.9M	251.9M	375.5M	473.6M	446.8M	514.8M	383M	375.2M	396.9M	316.9M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	2.4B	2.5B	2.8B	3B	3.1B	2.8B	2.5B	2.5B	2.6B	2.8B
Accounts payable	20.9M	16.3M	19.9M	26.3M	25.2M	23.2M	25.9M	34.3M	37.8M	43.7M
Short-term debt	—	—	—	—	—	—	42M	245M	331.2M	204M
Total current liabilities	56.7M	56.9M	68.5M	92.9M	87.6M	70.2M	112M	324.4M	414.4M	297.2M
Long-term debt	1.1B	1.2B	1.3B	1.5B	1.5B	1.2B	1.1B	890.1M	814.8M	959.8M
Total liabilities	1.2B	1.2B	1.4B	1.5B	1.6B	1.3B	1.2B	1.2B	1.2B	1.3B
Shareholders' equity	1.2B	1.3B	1.4B	1.5B	1.5B	1.5B	1.3B	1.3B	1.4B	1.5B
Total debt	1.1B	1.2B	1.3B	1.5B	1.5B	1.2B	1.1B	1.1B	1.1B	1.2B
Net debt	1.1B	1.2B	1.3B	1.4B	1.5B	1.2B	1.1B	1.1B	1.1B	1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	16.6M	22.3M	11.4M	14.8M	15.6M	24.3M	135M	18.6M	81.6M	19.6M	24.9M	30.4M
Receivables	88.7M	89.6M	92.2M	91.7M	92.6M	93.6M	95.2M	94.6M	84.7M	85.5M	89.7M	83.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	372.4M	375.2M	379.3M	364.4M	357.1M	396.9M	506.4M	373.3M	381.2M	316.9M	328.4M	387M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	4.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	2.5B	2.5B	2.5B	2.5B	2.5B	2.6B	2.8B	2.7B	2.7B	2.8B	2.9B	3B
Accounts payable	29.3M	34.3M	26.8M	33.2M	32.5M	37.8M	29.2M	33M	34.7M	43.7M	37.8M	46.4M
Short-term debt	—	245M	248.5M	244.5M	319M	331.2M	447.2M	378M	100M	204M	309M	438M
Total current liabilities	73.8M	324.4M	319.8M	321.9M	395.4M	414.4M	522.5M	457.8M	182.5M	297.2M	396.7M	533.9M
Long-term debt	1.1B	890.1M	890.8M	891.5M	817.3M	814.8M	815.8M	740.8M	1B	959.8M	960.7M	840.3M
Total liabilities	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.3B	1.2B	1.2B	1.3B	1.4B	1.4B
Shareholders' equity	1.3B	1.3B	1.3B	1.3B	1.2B	1.4B	1.4B	1.5B	1.5B	1.5B	1.5B	1.6B
Total debt	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.3B	1.1B	1.1B	1.2B	1.3B	1.3B
Net debt	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1B	1.1B	1.2B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	152.7M	159.4M	154.3M	160.4M	185.3M	112M	65.5M	134.4M	136.6M	140.8M
Depreciation & amortization	63.1M	67.2M	71.3M	76.8M	83.2M	80.8M	70.9M	70M	71.4M	80.9M
Stock-based compensation	1.7M	2.6M	2.5M	3.6M	3.1M	8.4M	8.6M	4.6M	4.2M	5.6M
Change in working capital	-948K	-3.3M	-5.2M	18.4M	-57K	-4.5M	-6.2M	3.3M	-2.6M	7.3M
Operating cash flow	192.7M	204.4M	202.5M	239.8M	253.1M	235.8M	211.7M	199.7M	221.1M	236.6M
Capital expenditure	—	—	—	0	-158K	-64K	0	-3.7M	-4.1M	—
Investing cash flow	37.2M	11.5M	-102.6M	-105.3M	-12.8M	-4.5M	39.4M	-25.9M	-45M	21.2M
Dividends paid	-138.3M	-153M	-165.4M	-179.7M	-194.6M	-182.9M	-161.8M	-156.2M	-156.5M	-169.7M
Share repurchases	—	—	—	—	—	0	-152M	0	0	—
Financing cash flow	144.2M	-35.1M	44.3M	323.3M	-113.8M	-701M	-401.3M	-169.7M	-13.6M	25.7M
Net change in cash	374.1M	180.8M	144.2M	457.8M	126.6M	-469.7M	-150.2M	4M	162.5M	283.5M
Free cash flow	176.6M	198.1M	207.9M	241M	232M	210.8M	185.3M	180.7M	203.7M	236.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	29M	31.7M	30.7M	35M	28.2M	42.8M	33.8M	36.7M	32.5M	37.8M	39.8M	55.4M
Depreciation & amortization	17.5M	17.1M	17.5M	17.5M	17.8M	18.7M	19.2M	19.9M	20.2M	21.7M	23.7M	25.5M
Stock-based compensation	866K	865K	2.2M	687K	670K	670K	2.6M	1.1M	983K	964K	2.2M	2.4M
Change in working capital	140K	-2.4M	-4.1M	635K	-2.8M	9.1M	-637K	-384K	-1.9M	11.7M	-3M	-8.2M
Operating cash flow	49.9M	47.9M	48.6M	56.2M	48.1M	73.5M	55.5M	59.8M	62.5M	67.7M	53.4M	65M
Capital expenditure	-1.1M	-1.2M	-683K	-841K	-2M	-518K	—	—	—	—	—	—
Investing cash flow	-20.3M	-1.5M	-14.1M	-5.6M	3.1M	-28.4M	783K	9.3M	46.6M	-35.5M	-2.2M	2.9M
Dividends paid	-39.1M	-39.1M	-39.1M	-39.1M	-39.1M	-39.3M	-41.1M	-42M	-42.7M	-43.8M	-44.4M	-44.6M
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-30.5M	-49.4M	-35.9M	-43.8M	-46.2M	-30M	139.8M	-129.5M	-41.9M	57.3M	55.8M	3.9M
Net change in cash	-941K	-2.9M	-1.4M	6.8M	5M	15M	196.1M	-60.4M	67.3M	89.5M	107M	71.8M
Free cash flow	48.6M	52M	40.1M	59.2M	45.1M	57.1M	46.5M	59.8M	62.5M	67.7M	53.4M	65M

National Health Investors, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement