What is National Health's earnings per share (EPS)?

National Health (NHC) reported diluted earnings per share of $7.67 for fiscal year 2025. This represents a 17.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

National Health Financials

NHC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows National Health (NHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 53/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

National Health has an operating margin of 8.5%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 41/100, indicating healthy but not exceptional operating efficiency. This is up from 6.9% the prior year.

Growth

National Health's revenue surged 16.1% year-over-year to $1.5B, reflecting rapid business expansion. This strong growth earns a score of 60/100.

Leverage

100

National Health carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

National Health's current ratio of 1.82 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

National Health has a free cash flow margin of 9.8%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

National Health's ROE of 11.2% shows moderate profitability relative to equity, earning a score of 36/100. This is up from 10.4% the prior year.

Altman Z-Score Safe

5.56

National Health scores 5.56, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.5B) relative to total liabilities ($451.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

7/9

National Health passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.54x

For every $1 of reported earnings, National Health generates $1.54 in operating cash flow ($185.1M OCF vs $120.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

20.1x

National Health earns $20.1 in operating income for every $1 of interest expense ($128.4M vs $6.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$1.5B

YoY+16.1%

5Y CAGR+8.1%

National Health generated $1.5B in revenue in fiscal year 2025. This represents an increase of 16.1% from the prior year.

EBITDA

$173.3M

YoY+31.4%

5Y CAGR+14.0%

10Y CAGR+5.2%

National Health's EBITDA was $173.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.4% from the prior year.

Net Income

$120.0M

YoY+17.7%

5Y CAGR+23.4%

10Y CAGR+8.5%

National Health reported $120.0M in net income in fiscal year 2025. This represents an increase of 17.7% from the prior year.

EPS (Diluted)

$7.67

YoY+17.5%

5Y CAGR+23.0%

10Y CAGR+9.1%

National Health earned $7.67 per diluted share (EPS) in fiscal year 2025. This represents an increase of 17.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$148.6M

YoY+86.5%

5Y CAGR-3.9%

10Y CAGR+19.5%

National Health generated $148.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 86.5% from the prior year.

Cash & Debt

$92.8M

YoY+21.9%

5Y CAGR-8.8%

10Y CAGR+9.3%

National Health held $92.8M in cash against $32.5M in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.53

YoY+4.5%

5Y CAGR+4.0%

10Y CAGR+5.1%

National Health paid $2.53 per share in dividends in fiscal year 2025. This represents an increase of 4.5% from the prior year.

Shares Outstanding

16M

YoY+0.6%

5Y CAGR+0.2%

10Y CAGR+0.4%

National Health had 16M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

8.5%

YoY+1.6pp

5Y CAGR+3.8pp

National Health's operating margin was 8.5% in fiscal year 2025, reflecting core business profitability. This is up 1.6 percentage points from the prior year.

Net Margin

7.9%

YoY+0.1pp

5Y CAGR+3.8pp

National Health's net profit margin was 7.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.

Return on Equity

11.2%

YoY+0.8pp

5Y CAGR+6.0pp

10Y CAGR+2.8pp

National Health's ROE was 11.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$14.7M

YoY+9.1%

5Y CAGR+208.2%

National Health spent $14.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 9.1% from the prior year.

Capital Expenditures

$36.4M

YoY+32.1%

5Y CAGR+10.8%

10Y CAGR-4.6%

National Health invested $36.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 32.1% from the prior year.

NHC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.5B+16.1%	$1.3B+14.5%	$1.1B+5.1%	$1.1B+1.1%	$1.1B+4.5%	$1.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$27.5T+4.8%	$26.2T+22.5%	$21.4T+103684951.6%	$20.7M+2.4%	$20.2M+1.1%	$19.9M
Operating Income	$128.4M+42.8%	$89.9M+56.5%	$57.5M+80.1%	$31.9M-37.4%	$50.9M+5.8%	$48.2M
Interest Expense	$6.4M+54.1%	$4.1M+1176.2%	$324K-42.5%	$563K-33.4%	$845K-39.6%	$1.4M
Income Tax	$39.8M+16.0%	$34.3M+46.4%	$23.4M+223.3%	$7.3M-33.8%	$11.0M+5.0%	$10.4M
Net Income	$120.0M+17.7%	$101.9M+52.6%	$66.8M+197.6%	$22.4M-83.8%	$138.6M+231.0%	$41.9M
EPS (Diluted)	$7.67+17.5%	$6.53+50.5%	$4.34+199.3%	$1.45-83.9%	$8.99+230.5%	$2.72

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$386.5M+1.0%	$382.7M+2.1%	$374.9M+0.3%	$373.7M+1.2%	$369.4M+8.6%	$340.2M+13.2%	$300.7M+1.2%	$297.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$27.5T+439967581.5%	$6.3M-11.1%	$7.0M+6.0%	$6.6M-100.0%	$26.2T+417238772.8%	$6.3M-13.0%	$7.2M+17.2%	$6.2M
Operating Income	$33.1M+9.0%	$30.4M-10.9%	$34.1M+10.8%	$30.8M+6.4%	$28.9M+26.9%	$22.8M+1.2%	$22.5M+43.7%	$15.7M
Interest Expense	$816K-44.0%	$1.5M-26.9%	$2.0M-5.4%	$2.1M-10.3%	$2.3M+34.7%	$1.7M	$0-100.0%	$46K
Income Tax	$6.9M-48.2%	$13.4M+66.4%	$8.1M-29.5%	$11.4M+40728.6%	$28K-99.8%	$15.3M+61.6%	$9.5M+0.3%	$9.5M
Net Income	$24.8M-36.7%	$39.2M+65.4%	$23.7M-26.3%	$32.2M+429.6%	$6.1M-85.8%	$42.8M+59.4%	$26.8M+2.4%	$26.2M
EPS (Diluted)	N/A	$2.50+64.5%	$1.52-26.6%	$2.07	N/A	$2.73+57.8%	$1.73+2.4%	$1.69

NHC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.5B+0.1%	$1.5B+16.3%	$1.3B+2.8%	$1.3B-9.1%	$1.4B+3.0%	$1.4B
Current Assets	$461.8M+8.8%	$424.4M+4.5%	$406.2M+14.8%	$353.9M-17.0%	$426.6M-6.6%	$456.8M
Cash & Equivalents	$92.8M+21.9%	$76.1M-28.9%	$107.1M+82.5%	$58.7M-45.5%	$107.6M-26.8%	$147.1M
Inventory	$7.8M-13.8%	$9.0M+22.4%	$7.4M+4.2%	$7.1M-17.4%	$8.6M-2.3%	$8.8M
Accounts Receivable	$139.0M+2.7%	$135.3M+24.7%	$108.5M+8.6%	$100.0M+4.0%	$96.1M+7.2%	$89.7M
Goodwill	$170.5M0.0%	$170.5M+1.3%	$168.3M0.0%	$168.3M0.0%	$168.3M+688.6%	$21.3M
Total Liabilities	$451.9M-16.5%	$541.3M+35.2%	$400.3M+0.6%	$397.9M-19.6%	$494.9M-12.2%	$563.9M
Current Liabilities	$253.6M+8.0%	$234.8M+9.5%	$214.5M+8.4%	$197.9M-24.8%	$263.2M-6.4%	$281.2M
Long-Term Debt	$32.5M-74.9%	$129.5M	$0	N/A	N/A	N/A
Total Equity	$1.1B+9.0%	$980.2M+7.9%	$908.8M+3.9%	$874.3M-3.2%	$903.0M+13.6%	$795.2M
Retained Earnings	$833.0M+10.7%	$752.2M+9.4%	$687.6M+4.7%	$656.7M-1.9%	$669.1M+18.8%	$563.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.5B-2.9%	$1.6B+0.6%	$1.6B+0.9%	$1.5B+1.6%	$1.5B-2.4%	$1.6B+16.6%	$1.3B+1.5%	$1.3B
Current Assets	$461.8M-6.4%	$493.5M+6.5%	$463.2M+1.8%	$455.2M+7.3%	$424.4M-4.8%	$445.7M-0.5%	$447.9M+7.3%	$417.6M
Cash & Equivalents	$92.8M-28.9%	$130.6M+17.7%	$111.0M+22.8%	$90.4M+18.7%	$76.1M-10.2%	$84.8M-37.7%	$136.2M+44.9%	$94.0M
Inventory	$7.8M-0.6%	$7.8M-0.6%	$7.9M-2.3%	$8.1M-10.6%	$9.0M+15.3%	$7.8M+18.2%	$6.6M-1.9%	$6.8M
Accounts Receivable	$139.0M+4.9%	$132.4M-6.8%	$142.1M+0.2%	$141.7M+4.7%	$135.3M+5.1%	$128.8M+17.7%	$109.4M-13.0%	$125.7M
Goodwill	$170.5M0.0%	$170.5M0.0%	$170.5M0.0%	$170.5M0.0%	$170.5M+0.5%	$169.7M+0.8%	$168.3M0.0%	$168.3M
Total Liabilities	$451.9M-12.1%	$513.9M-4.3%	$536.8M-0.7%	$540.8M-0.1%	$541.3M-6.0%	$575.9M+47.0%	$391.9M-0.3%	$393.1M
Current Liabilities	$253.6M-10.2%	$282.4M+5.1%	$268.7M+12.3%	$239.2M+1.9%	$234.8M-5.3%	$247.9M+14.3%	$216.9M+5.1%	$206.4M
Long-Term Debt	$32.5M-50.5%	$65.6M-36.0%	$102.5M-19.0%	$126.5M-2.3%	$129.5M0.0%	$129.5M	N/A	N/A
Total Equity	$1.1B+1.5%	$1.1B+3.0%	$1.0B+1.7%	$1.0B+2.5%	$980.2M-0.3%	$983.5M+4.0%	$945.8M+2.3%	$924.7M
Retained Earnings	$833.0M+1.8%	$818.1M+3.7%	$788.8M+1.8%	$775.0M+3.0%	$752.2M-0.4%	$755.5M+4.6%	$722.2M+2.5%	$704.7M

NHC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$185.1M+72.5%	$107.3M-3.5%	$111.2M+1172.2%	$8.7M-86.0%	$62.4M-69.3%	$203.3M
Capital Expenditures	$36.4M+32.1%	$27.6M-1.1%	$27.9M-7.6%	$30.2M-23.3%	$39.4M+80.1%	$21.9M
Free Cash Flow	$148.6M+86.5%	$79.7M-4.3%	$83.3M+488.3%	-$21.5M-193.3%	$23.0M-87.3%	$181.4M
Investing Cash Flow	-$33.9M+85.7%	-$236.7M-1247.3%	-$17.6M-193.9%	-$6.0M+90.9%	-$65.9M-3.1%	-$63.9M
Financing Cash Flow	-$136.0M-235.5%	$100.3M+335.9%	-$42.5M+10.7%	-$47.6M-35.1%	-$35.3M+15.8%	-$41.9M
Dividends Paid	$38.7M+4.7%	$37.0M+3.9%	$35.6M+2.8%	$34.6M+8.0%	$32.0M+0.3%	$31.9M
Share Buybacks	$14.7M+9.1%	$13.5M+444.0%	$2.5M-74.9%	$9.9M+1084.6%	$836K+1477.4%	$53K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$16.8M-74.6%	$66.2M+5.4%	$62.8M+60.0%	$39.3M+206.9%	$12.8M-62.6%	$34.2M-32.5%	$50.7M+425.2%	$9.6M
Capital Expenditures	$10.4M+7.1%	$9.7M-4.9%	$10.2M+66.3%	$6.1M-24.8%	$8.2M+44.2%	$5.7M-27.8%	$7.8M+31.5%	$6.0M
Free Cash Flow	$6.4M-88.7%	$56.5M+7.4%	$52.6M+58.9%	$33.1M+614.8%	$4.6M-83.8%	$28.6M-33.3%	$42.8M+1060.3%	$3.7M
Investing Cash Flow	-$12.9M-753.9%	$2.0M+112.7%	-$15.6M-112.7%	-$7.3M+37.1%	-$11.6M+94.8%	-$224.1M-15823.4%	$1.4M+159.0%	-$2.4M
Financing Cash Flow	-$43.2M+8.0%	-$47.0M-42.3%	-$33.0M-160.3%	-$12.7M+34.2%	-$19.3M-113.9%	$139.3M+1930.0%	-$7.6M+36.9%	-$12.1M
Dividends Paid	$9.9M+0.1%	$9.9M+5.1%	$9.4M+0.1%	$9.4M0.0%	$9.4M+0.1%	$9.4M+3.5%	$9.1M+0.4%	$9.1M
Share Buybacks	$5.2M+62.3%	$3.2M-31.7%	$4.7M+170.7%	$1.7M	$0-100.0%	$2.1M+39.8%	$1.5M-84.8%	$9.9M

NHC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	8.5%+1.6pp	6.9%+1.9pp	5.0%+2.1pp	2.9%-1.8pp	4.7%+0.1pp	4.7%
Net Margin	7.9%+0.1pp	7.8%+1.9pp	5.9%+3.8pp	2.1%-10.8pp	12.9%+8.8pp	4.1%
Return on Equity	11.2%+0.8pp	10.4%+3.0pp	7.3%+4.8pp	2.6%-12.8pp	15.3%+10.1pp	5.3%
Return on Assets	7.9%+1.2pp	6.7%+1.6pp	5.1%+3.3pp	1.8%-8.1pp	9.9%+6.8pp	3.1%
Current Ratio	1.82+0.0	1.81-0.1	1.89+0.1	1.79+0.2	1.620.0	1.62
Debt-to-Equity	0.03-0.1	0.13+0.1	0.00-0.5	0.46-0.1	0.55-0.2	0.71
FCF Margin	9.8%+3.7pp	6.1%-1.2pp	7.3%+9.3pp	-2.0%-4.1pp	2.1%-15.5pp	17.6%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	8.6%+0.6pp	7.9%-1.1pp	9.1%+0.9pp	8.2%+0.4pp	7.8%+1.1pp	6.7%-0.8pp	7.5%+2.2pp	5.3%
Net Margin	6.4%-3.8pp	10.3%+3.9pp	6.3%-2.3pp	8.6%+7.0pp	1.7%-10.9pp	12.6%+3.6pp	8.9%+0.1pp	8.8%
Return on Equity	2.3%-1.4pp	3.7%+1.4pp	2.3%-0.9pp	3.2%+2.6pp	0.6%-3.7pp	4.3%+1.5pp	2.8%+0.0pp	2.8%
Return on Assets	1.6%-0.9pp	2.5%+1.0pp	1.5%-0.6pp	2.1%+1.7pp	0.4%-2.3pp	2.7%+0.7pp	2.0%0.0pp	2.0%
Current Ratio	1.82+0.1	1.75+0.0	1.72-0.2	1.90+0.1	1.810.0	1.80-0.3	2.06+0.0	2.02
Debt-to-Equity	0.03-0.0	0.06-0.0	0.10-0.0	0.130.0	0.130.0	0.13-0.3	0.41-0.0	0.43
FCF Margin	1.7%-13.1pp	14.8%+0.7pp	14.0%+5.2pp	8.9%+7.6pp	1.3%-7.1pp	8.4%-5.8pp	14.2%+13.0pp	1.2%

Similar Companies

Aveanna Healthcare Holdings, Inc. AVAH

$1.4B

Brookdale Sr Living Inc BKD

$3.3B

P3 HEALTH PARTNERS INC PIII

$8.5M

PACS Group PACS

$5.1B

Guardian Pharmacy Services, Inc. GRDN

$2.4B

Frequently Asked Questions

What is National Health's annual revenue?

National Health (NHC) reported $1.5B in total revenue for fiscal year 2025. This represents a 16.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is National Health's revenue growing?

National Health (NHC) revenue grew by 16.1% year-over-year, from $1.3B to $1.5B in fiscal year 2025.

Is National Health profitable?

Yes, National Health (NHC) reported a net income of $120.0M in fiscal year 2025, with a net profit margin of 7.9%.

What is National Health's EBITDA?

National Health (NHC) had EBITDA of $173.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does National Health have?

As of fiscal year 2025, National Health (NHC) had $92.8M in cash and equivalents against $32.5M in long-term debt.

What is National Health's operating margin?

National Health (NHC) had an operating margin of 8.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is National Health's net profit margin?

National Health (NHC) had a net profit margin of 7.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does National Health pay dividends?

Yes, National Health (NHC) paid $2.53 per share in dividends during fiscal year 2025.

What is National Health's return on equity (ROE)?

National Health (NHC) has a return on equity of 11.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is National Health's free cash flow?

National Health (NHC) generated $148.6M in free cash flow during fiscal year 2025. This represents a 86.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is National Health's operating cash flow?

National Health (NHC) generated $185.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are National Health's total assets?

National Health (NHC) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are National Health's capital expenditures?

National Health (NHC) invested $36.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does National Health buy back shares?

Yes, National Health (NHC) spent $14.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does National Health have outstanding?

National Health (NHC) had 16M shares outstanding as of fiscal year 2025.

What is National Health's current ratio?

National Health (NHC) had a current ratio of 1.82 as of fiscal year 2025, which is generally considered healthy.

What is National Health's debt-to-equity ratio?

National Health (NHC) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is National Health's return on assets (ROA)?

National Health (NHC) had a return on assets of 7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is National Health's Altman Z-Score?

National Health (NHC) has an Altman Z-Score of 5.56, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is National Health's Piotroski F-Score?

National Health (NHC) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are National Health's earnings high quality?

National Health (NHC) has an earnings quality ratio of 1.54x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can National Health cover its interest payments?

National Health (NHC) has an interest coverage ratio of 20.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is National Health?

National Health (NHC) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.