National Health Investors Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
National Health Investors's revenue grew a modest 4.8% year-over-year to $335.2M. This slow but positive growth earns a score of 42/100.
National Health Investors carries a low D/E ratio of 0.90, meaning only $0.90 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.
National Health Investors converts 14.9% of revenue into free cash flow ($49.8M). This strong cash generation earns a score of 74/100.
National Health Investors's ROE of 10.1% shows moderate profitability relative to equity, earning a score of 40/100. This is down from 10.8% the prior year.
National Health Investors passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, National Health Investors generates $1.51 in operating cash flow ($207.8M OCF vs $138.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows National Health Investors (NHI) 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).
Key Financial Metrics
National Health Investors generated $335.2M in revenue in fiscal year 2024. This represents an increase of 4.8% from the prior year.
National Health Investors generated $49.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 63.1% from the prior year.
National Health Investors reported $138.0M in net income in fiscal year 2024. This represents an increase of 1.7% from the prior year.
National Health Investors earned $3.13 per diluted share (EPS) in fiscal year 2024. This represents an increase of 0.0% from the prior year.
National Health Investors held $24.3M in cash against $0 in long-term debt as of fiscal year 2024.
National Health Investors paid $3.60 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.
National Health Investors had 46M shares outstanding in fiscal year 2024. This represents an increase of 5.2% from the prior year.
National Health Investors's net profit margin was 41.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.2 percentage points from the prior year.
National Health Investors's ROE was 10.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the prior year.
National Health Investors spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
National Health Investors invested $157.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 218.7% from the prior year.
NHI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $89.8M-0.9% | $90.7M+1.5% | $89.3M+4.1% | $85.8M+0.9% | $85.0M+4.2% | $81.5M+2.6% | $79.5M-0.8% | $80.1M |
| 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 | $6.3M+3.0% | $6.1M-10.3% | $6.8M+26.1% | $5.4M+11.2% | $4.9M-13.7% | $5.6M+14.6% | $4.9M+11.2% | $4.4M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $13.8M-8.2% | $15.0M+4.6% | $14.3M-5.9% | $15.2M+2.6% | $14.9M-0.1% | $14.9M+0.1% | $14.9M-1.5% | $15.1M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $32.9M-11.2% | $37.0M+8.3% | $34.2M-21.0% | $43.2M+22.7% | $35.3M+13.9% | $30.9M-3.4% | $32.0M+9.2% | $29.3M |
| EPS (Diluted) | $0.69-12.7% | $0.79+6.8% | $0.74-22.9% | $0.96+18.5% | $0.81+14.1% | $0.71-4.1% | $0.74+8.8% | $0.68 |
NHI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.7B-0.2% | $2.7B-3.1% | $2.8B+6.4% | $2.6B+5.5% | $2.5B0.0% | $2.5B-0.4% | $2.5B-0.4% | $2.5B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $81.6M+337.9% | $18.6M-86.2% | $135.0M+455.8% | $24.3M+64.5% | $14.8M+30.0% | $11.4M-49.2% | $22.3M+34.8% | $16.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.2B-0.6% | $1.2B-10.4% | $1.3B+8.9% | $1.2B+1.3% | $1.2B+0.2% | $1.2B-0.3% | $1.2B-0.3% | $1.2B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.5B+0.1% | $1.5B+3.7% | $1.4B+4.4% | $1.4B+9.8% | $1.2B-0.3% | $1.2B-0.5% | $1.3B-0.5% | $1.3B |
| Retained Earnings | $2.7B+1.2% | $2.7B+1.4% | $2.6B+1.3% | $2.6B+2.8% | $2.5B+1.4% | $2.5B+1.3% | $2.5B+1.3% | $2.4B |
NHI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $62.5M+4.5% | $59.8M+28.7% | $46.5M-19.3% | $57.6M-5.2% | $60.7M+48.8% | $40.8M-23.3% | $53.2M+7.0% | $49.7M |
| Capital Expenditures | N/A | N/A | N/A | $110.8M | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | -$53.3M | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $41.7M+186.2% | -$48.3M+36.0% | -$75.5M+53.2% | -$161.2M-1107.4% | -$13.4M+17.6% | -$16.2M-793.2% | $2.3M+111.7% | -$19.9M |
| Financing Cash Flow | -$41.9M+67.6% | -$129.5M-192.6% | $139.8M+24.4% | $112.4M+356.4% | -$43.8M-22.0% | -$35.9M+27.3% | -$49.4M-61.8% | -$30.5M |
| Dividends Paid | $42.7M+1.7% | $42.0M+2.2% | $41.1M+4.7% | $39.3M+0.5% | $39.1M0.0% | $39.1M0.0% | $39.1M0.0% | $39.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
NHI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 36.6%-4.2pp | 40.8%+2.5pp | 38.3%-12.2pp | 50.4%+8.9pp | 41.5%+3.5pp | 38.0%-2.4pp | 40.3%+3.7pp | 36.6% |
| Return on Equity | 2.2%-0.3pp | 2.5%+0.1pp | 2.4%-0.8pp | 3.2%+0.3pp | 2.8%+0.3pp | 2.5%-0.1pp | 2.6%+0.2pp | 2.3% |
| Return on Assets | 1.2%-0.1pp | 1.4%+0.1pp | 1.2%-0.4pp | 1.7%+0.2pp | 1.4%+0.2pp | 1.3%-0.0pp | 1.3%+0.1pp | 1.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.800.0 | 0.81-0.1 | 0.94+0.0 | 0.90-0.1 | 0.980.0 | 0.970.0 | 0.970.0 | 0.97 |
| FCF Margin | N/A | N/A | N/A | -62.1% | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is National Health Investors's annual revenue?
National Health Investors (NHI) reported $335.2M in total revenue for fiscal year 2024. This represents a 4.8% 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 Investors's revenue growing?
National Health Investors (NHI) revenue grew by 4.8% year-over-year, from $319.8M to $335.2M in fiscal year 2024.
Is National Health Investors profitable?
Yes, National Health Investors (NHI) reported a net income of $138.0M in fiscal year 2024, with a net profit margin of 41.2%.
What is National Health Investors's earnings per share (EPS)?
National Health Investors (NHI) reported diluted earnings per share of $3.13 for fiscal year 2024. This represents a 0.0% 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.
What is National Health Investors's net profit margin?
National Health Investors (NHI) had a net profit margin of 41.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does National Health Investors pay dividends?
Yes, National Health Investors (NHI) paid $3.60 per share in dividends during fiscal year 2024.
What is National Health Investors's return on equity (ROE)?
National Health Investors (NHI) has a return on equity of 10.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is National Health Investors's free cash flow?
National Health Investors (NHI) generated $49.8M in free cash flow during fiscal year 2024. This represents a -63.1% 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 Investors's operating cash flow?
National Health Investors (NHI) generated $207.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are National Health Investors's total assets?
National Health Investors (NHI) had $2.6B in total assets as of fiscal year 2024, including both current and long-term assets.
What are National Health Investors's capital expenditures?
National Health Investors (NHI) invested $157.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does National Health Investors have outstanding?
National Health Investors (NHI) had 46M shares outstanding as of fiscal year 2024.
What is National Health Investors's debt-to-equity ratio?
National Health Investors (NHI) had a debt-to-equity ratio of 0.90 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is National Health Investors's return on assets (ROA)?
National Health Investors (NHI) had a return on assets of 5.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is National Health Investors's Piotroski F-Score?
National Health Investors (NHI) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Investors's earnings high quality?
National Health Investors (NHI) has an earnings quality ratio of 1.51x, 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.
How financially healthy is National Health Investors?
National Health Investors (NHI) scores 59 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.