NYSE : NHI
National Health Investors, Inc. — Financial statements
Real Estate · REIT - Healthcare Facilities · United States
Last price 66.95 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.29B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 277.00M | 271.60M | 257.05M | 249.23M | 217.70M | 271.05M |
| Other Revenue | 137.49M | 83.88M | 55.29M | 49.72M | 36.37M | -1.54M |
| Total Revenue | 435.78M | 379.29M | 335.58M | 320.39M | 278.76M | 297.17M |
| Property Expenses | 112.33M | 71.91M | 53.42M | 51.10M | 37.98M | 11.64M |
| Selling, General & Administrative | 31.48M | 29.53M | 21.79M | 19.82M | 25.32M | 19.34M |
| Depreciation & Amortization | 91.11M | 80.94M | 71.44M | 69.97M | 70.88M | 80.80M |
| Provision for Loan Losses | -1.30M | |||||
| Other Operating Expenses | 996.00K | 1.08M | 38.00K | 449.00K | 844.00K | 788.00K |
| Total Operating Expenses | 237.22M | 183.47M | 146.69M | 141.34M | 135.03M | 112.56M |
| Operating Income | 198.57M | 195.82M | 188.90M | 179.05M | 143.74M | 184.61M |
| Interest Expense | -58.88M | -57.37M | -59.90M | -58.16M | -44.92M | -50.81M |
| Other Non-Operating Income | 121.00K | -1.57M | 202.00K | 1.11M | 350.00K | |
| EBT Excluding Unusual Items | 137.86M | 136.88M | 129.00M | 121.09M | 99.93M | 134.15M |
| Gain (Loss) on Sale of Investments | 6.26M | |||||
| Gain (Loss) on Sale of Assets | 24.81M | 456.00K | 6.68M | 14.72M | 28.34M | 32.50M |
| Asset Writedown | -654.00K | -1.64M | -51.55M | -51.82M | ||
| Other Unusual Items | 3.45M | 3.45M | -4.64M | 213.00K | -11.22M | -2.86M |
| Pretax Income | 166.12M | 140.79M | 136.64M | 134.38M | 65.50M | 111.97M |
| Income Tax Expense | 732.00K | |||||
| Earnings From Continuing Operations | 165.39M | 140.79M | 136.64M | 134.38M | 65.50M | 111.97M |
| Minority Interest in Earnings | 1.41M | 1.39M | 1.35M | 1.27M | 902.00K | -163.00K |
| Net Income | 166.80M | 142.18M | 137.99M | 135.65M | 66.40M | 111.80M |
| Preferred Dividends & Other Adjustments | 273.00K | 201.00K | 118.00K | 57.00K | ||
| Net Income to Common | 166.53M | 141.98M | 137.87M | 135.60M | 66.40M | 111.80M |
| Basic Shares Outstanding | 47.96M | 46.87M | 43.84M | 43.39M | 44.77M | 45.71M |
| Diluted Shares Outstanding | 48.14M | 47.05M | 44.10M | 43.39M | 44.79M | 45.73M |
| EPS (Basic) | 3.47 | 3.03 | 3.14 | 3.13 | 1.48 | 2.45 |
| EPS (Diluted) | 3.46 | 3.02 | 3.13 | 3.13 | 1.48 | 2.44 |
| Dividend Per Share | 3.68 | 3.64 | 3.60 | 3.60 | 3.60 | 3.80 |
| Operating Margin | 45.56% | 51.63% | 56.29% | 55.88% | 51.56% | 62.12% |
| Profit Margin | 38.21% | 37.43% | 41.08% | 42.32% | 23.82% | 37.62% |
| EBITDA | 289.67M | 276.77M | 260.34M | 249.02M | 214.62M | 265.40M |
| EBITDA Margin | 66.47% | 72.97% | 77.58% | 77.72% | 76.99% | 89.31% |
| D&A For Ebitda | 91.11M | 80.94M | 71.44M | 69.97M | 70.88M | 80.80M |
| EBIT | 198.57M | 195.82M | 188.90M | 179.05M | 143.74M | 184.61M |
| EBIT Margin | 45.56% | 51.63% | 56.29% | 55.88% | 51.56% | 62.12% |
| Funds From Operations (FFO) | 228.03M | 218.66M | 200.65M | 190.37M | 158.96M | 211.08M |
| FFO Per Share | 4.74 | 4.65 | 4.55 | 4.39 | 3.55 | 4.62 |
| Adjusted Funds From Operations (AFFO) | 218.66M | 200.65M | 190.37M | 158.96M | 211.08M | |
| AFFO Per Share | 4.65 | 4.55 | 4.39 | 3.55 | 4.62 | |
| FFO Payout Ratio | 77.00% | 77.61% | 78.00% | 82.07% | 101.77% | 86.65% |
| Effective Tax Rate | 0.44% | |||||
| Revenue as Reported | 432.12M | 375.63M | 335.18M | 319.83M | 278.19M | 298.71M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.57B | 2.47B | 2.21B | 2.11B | 2.12B | 2.32B |
| Cash & Equivalents | 30.39M | 19.62M | 24.29M | 22.35M | 19.29M | 37.41M |
| Accounts Receivable | 79.32M | 85.46M | 93.61M | 89.63M | 81.86M | 99.41M |
| Restricted Cash | 20.05M | 2.21M | 2.27M | 2.23M | 2.07M | |
| Other Current Assets | 37.14M | 9.77M | 6.21M | 11.21M | 49.51M | 72.61M |
| Deferred Long-Term Charges | 12.65M | 4.98M | 7.88M | 10.67M | 3.19M | 9.54M |
| Other Long-Term Assets | 4.38M | |||||
| Total Assets | 2.96B | 2.80B | 2.61B | 2.49B | 2.51B | 2.84B |
| Current Portion of Long-Term Debt | 125.00M | |||||
| Current Portion of Leases | 146.00K | 100.00K | 1.71M | |||
| Long-Term Debt | 1.27B | 1.04B | 1.15B | 1.14B | 1.15B | 1.24B |
| Long-Term Leases | 3.60M | 1.60M | 1.70M | |||
| Accounts Payable | 38.76M | 34.38M | 28.41M | 24.82M | 25.22M | 18.18M |
| Other Current Liabilities | 52.92M | 52.09M | 48.77M | 46.85M | 39.73M | 46.27M |
| Long-Term Unearned Revenue | 4.26M | 5.00M | 4.28M | 6.01M | 5.05M | 5.72M |
| Other Long-Term Liabilities | 8.84M | |||||
| Total Liabilities | 1.37B | 1.26B | 1.23B | 1.21B | 1.22B | 1.32B |
| Common Stock | 491.00K | 483.00K | 457.00K | 434.00K | 434.00K | 459.00K |
| Additional Paid-In Capital | 1.97B | 1.92B | 1.74B | 1.60B | 1.60B | 1.59B |
| Distributions in Excess of Earnings | -395.71M | -401.65M | -370.81M | -350.24M | -329.64M | -84.56M |
| Total Common Equity | 1.57B | 1.52B | 1.37B | 1.25B | 1.27B | 1.51B |
| Minority Interest | 17.83M | 18.36M | 18.70M | 20.09M | 19.68M | 9.90M |
| Shareholders' Equity | 1.59B | 1.54B | 1.39B | 1.27B | 1.29B | 1.52B |
| Total Liabilities & Equity | 2.96B | 2.80B | 2.61B | 2.49B | 2.51B | 2.84B |
| Total Debt | 1.28B | 1.17B | 1.15B | 1.14B | 1.15B | 1.24B |
| Net Cash (Debt) | -1.25B | -1.15B | -1.12B | -1.11B | -1.13B | -1.21B |
| Net Cash Per Share | -25.92 | -24.35 | -25.47 | -25.68 | -25.19 | -26.36 |
| Filing Date Shares Outstanding | 49.11M | 48.39M | 45.69M | 43.41M | 43.39M | 45.85M |
| Total Common Shares Outstanding | 49.12M | 48.30M | 45.69M | 43.41M | 43.39M | 45.85M |
| Book Value Per Share | 31.99 | 31.50 | 29.91 | 28.89 | 29.28 | 32.87 |
| Tangible Book Value | 1.57B | 1.52B | 1.37B | 1.25B | 1.27B | 1.51B |
| Tangible Book Value Per Share | 31.99 | 31.50 | 29.91 | 28.89 | 29.28 | 32.87 |
| Land | 232.66M | 221.66M | 191.91M | 180.75M | 177.53M | 186.66M |
| Buildings | 3.03B | 3.06B | 2.75B | 2.59B | 2.55B | 2.71B |
| Construction In Progress | 19.34M | 18.21M | 10.57M | 5.91M | 3.35M | 468.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 166.80M | 142.18M | 137.99M | 135.65M | 66.40M | 111.80M |
| Depreciation & Amortization | 91.11M | 80.94M | 71.44M | 69.97M | 70.88M | 80.80M |
| Other Amortization | 6.12M | 6.33M | 6.68M | 5.17M | 11.84M | 5.38M |
| Gain (Loss) on Sale of Assets | -24.81M | -456.00K | -6.68M | -14.72M | -28.34M | -32.50M |
| Gain (Loss) on Sale of Investments | -6.26M | |||||
| Asset Writedown | 654.00K | 1.64M | 51.55M | 51.82M | ||
| Stock-Based Compensation | 6.55M | 5.58M | 4.18M | 4.61M | 8.61M | 8.41M |
| Income (Loss) on Equity Investments | -1.73M | -3.66M | -402.00K | -555.00K | -569.00K | 1.54M |
| Change in Accounts Payable | 13.42M | 5.49M | 3.29M | 5.93M | 425.00K | 3.35M |
| Change in Other Net Operating Assets | -12.21M | 57.00K | -1.90M | -705.00K | -3.53M | -4.05M |
| Other Operating Activities | 1.85M | -1.60M | -76.00K | -22.64M | 7.66M | -15.96M |
| Operating Cash Flow | 248.68M | 236.56M | 207.77M | 184.45M | 185.34M | 210.86M |
| Acquisition of Real Estate Assets | -399.26M | -294.03M | -157.93M | -49.56M | -10.99M | -50.35M |
| Sale of Real Estate Assets | 92.96M | 6.18M | 57.03M | 168.96M | 238.86M | |
| Net Sale / Acq. of Real Estate Assets | -306.30M | -294.03M | -151.75M | 7.47M | 157.97M | 188.52M |
| Investment in Marketable & Equity Securities | 1.73M | 3.66M | 402.00K | 3.06M | 569.00K | 1.21M |
| Other Investing Activities | -389.00K | |||||
| Investing Cash Flow | -292.66M | -269.15M | -192.31M | -11.63M | 197.94M | 185.28M |
| Long-Term Debt Issued | 1.04B | 449.70M | 564.00M | 225.00M | 491.78M | |
| Long-Term Debt Repaid | -1.02B | -438.94M | -576.43M | -318.39M | -752.39M | |
| Net Debt Issued (Repaid) | 156.16M | 18.15M | 10.76M | -12.43M | -93.39M | -260.61M |
| Issuance of Common Stock | 102.98M | 181.53M | 142.39M | 47.90M | ||
| Repurchase of Common Stock | -5.45M | -456.00K | -5.82M | -152.24M | ||
| Common Dividends Paid | -175.57M | -169.70M | -156.51M | -156.24M | -161.77M | -182.90M |
| Other Financing Activities | -3.03M | -3.82M | -4.40M | -1.05M | 6.14M | -7.39M |
| Net Cash Flow | 31.11M | -6.88M | 1.89M | 3.10M | -17.97M | -6.86M |
| Levered Free Cash Flow | 171.98M | 195.47M | 169.52M | 192.49M | 194.10M | 108.16M |
| Unlevered Free Cash Flow | 205.57M | 227.90M | 203.17M | 226.20M | 217.89M | 135.56M |
| Cash Interest Paid | 50.21M | 51.50M | 55.37M | 51.90M | 42.66M | 43.68M |
| Cash Income Tax Paid | 200.00K | 200.00K | 200.00K | 200.00K | 200.00K | 100.00K |
| Change in Working Capital | 2.80M | 7.26M | 245.00K | 5.33M | -2.70M | -438.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.29B | 3.64B | 3.15B | 2.42B | 2.27B | 2.64B |
| Enterprise Value | 4.54B | 4.68B | 4.29B | 3.57B | 3.37B | 3.88B |
| Last Close Price | 67.04 | 73.57 | 63.59 | 48.65 | 42.46 | 43.89 |
| Price/FFO Ratio | 15.87 | 15.82 | 13.98 | 11.08 | 11.96 | 9.50 |
| Price/AFFO Ratio | 15.83 | 13.98 | 11.09 | 11.97 | 9.51 | |
| PE Ratio | 19.35 | 25.62 | 22.83 | 17.88 | 34.12 | 23.57 |
| PS Ratio | 7.56 | 9.59 | 9.38 | 7.57 | 8.13 | 8.87 |
| PB Ratio | 2.10 | 2.36 | 2.27 | 1.90 | 1.76 | 1.74 |
| P/OCF Ratio | 13.24 | 15.38 | 15.15 | 13.14 | 12.22 | 12.50 |
| EV/Sales Ratio | 10.42 | 12.35 | 12.78 | 11.15 | 12.10 | 13.07 |
| EV/EBITDA Ratio | 15.67 | 16.92 | 16.47 | 14.35 | 15.71 | 14.63 |
| EV/EBIT Ratio | 22.87 | 23.91 | 22.70 | 19.96 | 23.46 | 21.04 |
| Debt / Equity Ratio | 0.80 | 0.76 | 0.83 | 0.89 | 0.89 | 0.82 |
| Debt / EBITDA Ratio | 4.41 | 4.21 | 4.41 | 4.56 | 5.35 | 4.68 |
| Net Debt / Equity Ratio | 0.79 | 0.74 | 0.81 | 0.88 | 0.88 | 0.80 |
| Net Debt / EBITDA Ratio | 4.31 | 4.14 | 4.32 | 4.47 | 5.26 | 4.54 |
| Asset Turnover | 0.15 | 0.14 | 0.13 | 0.13 | 0.10 | 0.10 |
| Quick Ratio | 1.20 | 0.50 | 1.53 | 1.53 | 1.56 | 2.12 |
| Current Ratio | 1.82 | 0.54 | 1.64 | 1.71 | 2.35 | 3.28 |
| Return on Equity (ROE) | 10.72% | 9.63% | 10.28% | 10.48% | 4.67% | 7.37% |
| Return on Assets (ROA) | 4.38% | 4.52% | 4.63% | 4.48% | 3.36% | 3.87% |
| Return on Invested Capital (ROIC) | 6.97% | 7.48% | 7.64% | 7.39% | 5.53% | 6.38% |
| Earnings Yield | 5.17% | 3.91% | 4.38% | 5.59% | 2.93% | 4.24% |
| Dividend Yield | 5.61% | 4.83% | 5.22% | 6.45% | 6.89% | 6.62% |
| Payout Ratio | 108.53% | 119.36% | 113.42% | 115.17% | 243.62% | 163.59% |
| Buyback Yield / Dilution | -5.73% | -6.69% | -1.64% | 3.14% | 2.04% | -2.31% |
| Total Shareholder Return | -0.12% | -1.85% | 3.58% | 9.58% | 8.94% | 4.31% |