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

National Health Investors (NHI) reported diluted earnings per share of $3.02 for fiscal year 2025. This represents a -3.5% 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 Investors Financials

NHI

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

This page shows National Health Investors (NHI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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 43/100

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

Growth

National Health Investors's revenue grew 12.1% year-over-year to $375.6M, a solid pace of expansion. This earns a growth score of 53/100.

Leverage

National Health Investors carries a low D/E ratio of 0.83, meaning only $0.83 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

While National Health Investors generated $236.6M in operating cash flow, capex of $294.0M consumed most of it, leaving -$57.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

National Health Investors's ROE of 9.3% shows moderate profitability relative to equity, earning a score of 32/100. This is down from 10.1% the prior year.

Piotroski F-Score Neutral

4/9

National Health Investors passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.66x

For every $1 of reported earnings, National Health Investors generates $1.66 in operating cash flow ($236.6M OCF vs $142.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$375.6M

YoY+12.1%

5Y CAGR+2.5%

10Y CAGR+5.1%

National Health Investors generated $375.6M in revenue in fiscal year 2025. This represents an increase of 12.1% from the prior year.

EBITDA

N/A

Net Income

$142.2M

YoY+3.0%

5Y CAGR-5.1%

10Y CAGR-0.5%

National Health Investors reported $142.2M in net income in fiscal year 2025. This represents an increase of 3.0% from the prior year.

EPS (Diluted)

$3.02

YoY-3.5%

5Y CAGR-6.1%

10Y CAGR-2.6%

National Health Investors earned $3.02 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$57.5M

YoY-215.3%

National Health Investors generated -$57.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 215.3% from the prior year.

Cash & Debt

$19.6M

YoY-19.2%

5Y CAGR-14.7%

10Y CAGR+4.1%

National Health Investors held $19.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.64

YoY+1.1%

5Y CAGR-3.8%

10Y CAGR+0.7%

National Health Investors paid $3.64 per share in dividends in fiscal year 2025. This represents an increase of 1.1% from the prior year.

Shares Outstanding

48M

YoY+5.7%

5Y CAGR+1.3%

10Y CAGR+2.3%

National Health Investors had 48M shares outstanding in fiscal year 2025. This represents an increase of 5.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

37.9%

YoY-3.3pp

5Y CAGR-17.8pp

10Y CAGR-27.2pp

National Health Investors's net profit margin was 37.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.3 percentage points from the prior year.

Return on Equity

9.3%

YoY-0.8pp

5Y CAGR-2.9pp

10Y CAGR-3.8pp

National Health Investors's ROE was 9.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$294.0M

YoY+86.2%

5Y CAGR+20.3%

10Y CAGR+9.0%

National Health Investors invested $294.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 86.2% from the prior year.

NHI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$375.6M+12.1%	$335.2M+4.8%	$319.8M+15.0%	$278.2M-6.9%	$298.7M-10.2%	$332.8M
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	$26.9M+29.6%	$20.7M+7.4%	$19.3M-15.2%	$22.8M+23.5%	$18.4M+38.5%	$13.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$57.4M-4.2%	$59.9M+3.0%	$58.2M+29.5%	$44.9M-11.6%	$50.8M-3.9%	$52.9M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$142.2M+3.0%	$138.0M+1.7%	$135.7M+104.3%	$66.4M-40.6%	$111.8M-39.6%	$185.1M
EPS (Diluted)	$3.02-3.5%	$3.130.0%	$3.13+111.5%	$1.48-39.3%	$2.44-41.1%	$4.14

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$105.8M+17.8%	$89.8M-0.9%	$90.7M+1.5%	$89.3M+4.1%	$85.8M+3.4%	$82.9M-2.4%	$85.0M+4.2%	$81.5M
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	$7.6M+20.5%	$6.3M+3.0%	$6.1M-10.3%	$6.8M+26.1%	$5.4M+12.6%	$4.8M-1.2%	$4.9M-13.7%	$5.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$14.3M+3.6%	$13.8M-8.2%	$15.0M+4.6%	$14.3M-5.9%	$15.2M+2.0%	$14.9M+0.6%	$14.9M-0.1%	$14.9M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$38.2M+16.1%	$32.9M-11.2%	$37.0M+8.3%	$34.2M-21.0%	$43.2M+51.5%	$28.5M-19.0%	$35.3M+13.9%	$30.9M
EPS (Diluted)	N/A	$0.69-12.7%	$0.79+6.8%	$0.74	N/A	$0.65-19.8%	$0.81+14.1%	$0.71

NHI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.8B+7.0%	$2.6B+5.1%	$2.5B-0.8%	$2.5B-11.7%	$2.8B-9.0%	$3.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$19.6M-19.2%	$24.3M+8.7%	$22.3M+15.8%	$19.3M-48.4%	$37.4M-13.7%	$43.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$3.6M+12.8%	$3.2M+23.7%	$2.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.3B+2.3%	$1.2B+1.2%	$1.2B-0.3%	$1.2B-7.9%	$1.3B-17.3%	$1.6B
Current Liabilities	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
Total Equity	$1.5B+11.3%	$1.4B+9.0%	$1.3B-1.3%	$1.3B-15.7%	$1.5B-0.3%	$1.5B
Retained Earnings	$2.7B+5.5%	$2.6B+5.6%	$2.5B+5.8%	$2.3B	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$2.8B+4.0%	$2.7B-0.2%	$2.7B-3.1%	$2.8B+6.4%	$2.6B+6.3%	$2.5B-0.7%	$2.5B0.0%	$2.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$19.6M-76.0%	$81.6M+337.9%	$18.6M-86.2%	$135.0M+455.8%	$24.3M+56.2%	$15.6M+5.3%	$14.8M+30.0%	$11.4M
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	$1.3B+5.5%	$1.2B-0.6%	$1.2B-10.4%	$1.3B+8.9%	$1.2B+1.4%	$1.2B-0.1%	$1.2B+0.2%	$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+2.7%	$1.5B+0.1%	$1.5B+3.7%	$1.4B+4.4%	$1.4B+11.2%	$1.2B-1.2%	$1.2B-0.3%	$1.2B
Retained Earnings	$2.7B+1.4%	$2.7B+1.2%	$2.7B+1.4%	$2.6B+1.3%	$2.6B+1.7%	$2.6B+1.1%	$2.5B+1.4%	$2.5B

NHI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$236.6M+13.9%	$207.8M+12.6%	$184.4M-0.5%	$185.3M-12.1%	$210.9M-9.2%	$232.1M
Capital Expenditures	$294.0M+86.2%	$157.9M+218.7%	$49.6M+350.8%	$11.0M-78.2%	$50.3M-56.9%	$116.7M
Free Cash Flow	-$57.5M-215.3%	$49.8M-63.1%	$134.9M-22.6%	$174.3M+8.6%	$160.5M+39.1%	$115.4M
Investing Cash Flow	-$269.1M-40.0%	-$192.3M-1553.6%	-$11.6M-105.9%	$197.9M+6.8%	$185.3M+306.5%	-$89.7M
Financing Cash Flow	$25.7M+289.5%	-$13.6M+92.0%	-$169.7M+57.7%	-$401.3M+0.4%	-$403.0M-260.6%	-$111.8M
Dividends Paid	$169.7M+8.4%	$156.5M+0.2%	$156.2M-3.4%	$161.8M-11.6%	$182.9M-6.0%	$194.6M
Share Buybacks	N/A	$0	$0-100.0%	$152.0M	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$67.7M+8.3%	$62.5M+4.5%	$59.8M+28.7%	$46.5M-19.3%	$57.6M+18.4%	$48.6M-19.9%	$60.7M+48.8%	$40.8M
Capital Expenditures	$143.3M	N/A	N/A	N/A	$110.8M	N/A	N/A	N/A
Free Cash Flow	-$75.6M	N/A	N/A	N/A	-$53.3M	N/A	N/A	N/A
Investing Cash Flow	-$187.0M-548.9%	$41.7M+186.2%	-$48.3M+36.0%	-$75.5M+53.2%	-$161.2M-10154.4%	-$1.6M+88.2%	-$13.4M+17.6%	-$16.2M
Financing Cash Flow	$57.3M+236.7%	-$41.9M+67.6%	-$129.5M-192.6%	$139.8M+24.4%	$112.4M+343.2%	-$46.2M-5.4%	-$43.8M-22.0%	-$35.9M
Dividends Paid	$43.8M+2.6%	$42.7M+1.7%	$42.0M+2.2%	$41.1M+4.7%	$39.3M+0.4%	$39.1M0.0%	$39.1M0.0%	$39.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NHI 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	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	37.9%-3.3pp	41.2%-1.2pp	42.4%+18.5pp	23.9%-13.6pp	37.4%-18.2pp	55.6%
Return on Equity	9.3%-0.8pp	10.1%-0.7pp	10.8%+5.6pp	5.2%-2.2pp	7.4%-4.8pp	12.2%
Return on Assets	5.1%-0.2pp	5.3%-0.2pp	5.5%+2.8pp	2.6%-1.3pp	3.9%-2.0pp	5.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.83-0.1	0.90-0.1	0.97+0.0	0.96+0.1	0.88-0.2	1.06
FCF Margin	-15.3%-30.2pp	14.9%-27.3pp	42.2%-20.5pp	62.7%+8.9pp	53.7%+19.1pp	34.7%

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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	36.1%-0.5pp	36.6%-4.2pp	40.8%+2.5pp	38.3%-12.2pp	50.4%+16.0pp	34.4%-7.1pp	41.5%+3.5pp	38.0%
Return on Equity	2.5%+0.3pp	2.2%-0.3pp	2.5%+0.1pp	2.4%-0.8pp	3.2%+0.8pp	2.3%-0.5pp	2.8%+0.3pp	2.5%
Return on Assets	1.4%+0.1pp	1.2%-0.1pp	1.4%+0.1pp	1.2%-0.4pp	1.7%+0.5pp	1.2%-0.3pp	1.4%+0.2pp	1.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.83+0.0	0.800.0	0.81-0.1	0.94+0.0	0.90-0.1	0.99+0.0	0.980.0	0.97
FCF Margin	-71.4%	N/A	N/A	N/A	-62.1%	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 $375.6M in total revenue for fiscal year 2025. This represents a 12.1% 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 Investors's revenue growing?

National Health Investors (NHI) revenue grew by 12.1% year-over-year, from $335.2M to $375.6M in fiscal year 2025.

Is National Health Investors profitable?

Yes, National Health Investors (NHI) reported a net income of $142.2M in fiscal year 2025, with a net profit margin of 37.9%.

What is National Health Investors's net profit margin?

National Health Investors (NHI) had a net profit margin of 37.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does National Health Investors pay dividends?

Yes, National Health Investors (NHI) paid $3.64 per share in dividends during fiscal year 2025.

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

National Health Investors (NHI) has a return on equity of 9.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is National Health Investors's free cash flow?

National Health Investors (NHI) generated -$57.5M in free cash flow during fiscal year 2025. This represents a -215.3% 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 $236.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are National Health Investors's total assets?

National Health Investors (NHI) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are National Health Investors's capital expenditures?

National Health Investors (NHI) invested $294.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does National Health Investors have outstanding?

National Health Investors (NHI) had 48M shares outstanding as of fiscal year 2025.

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

National Health Investors (NHI) had a debt-to-equity ratio of 0.83 as of fiscal year 2025, 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 5.1% for fiscal year 2025, 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 4 out of 9, indicating neutral 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 1.66x, 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 43 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.