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 (NHI) Financials

NHI

FY2025 annual

Revenue $375.6M +12.1% YoY

Net Income $142.2M +3.0% YoY

EPS (Diluted) $3.02 -3.5% YoY

Free Cash Flow -$57.5M -215.3% YoY

Market Cap $3.2B as of Oct 3, 2026

Price / Sales 7.5x on $432.1M revenue, trailing 12 months to June 30, 2026

Price / Earnings 19.3x on $166.8M net income, trailing 12 months to June 30, 2026

Price / Book 2.1x on $1.6B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NHI SEC filings page.

National Health Investors (NHI) reported $375.6M in revenue for fiscal year 2025, up 12.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI NHI FY2025 2026-10-03

National Health Investors generates operating cash, but capital spending has overtaken internally generated cash before dividends.

The key shift is cash conversion remains positive before reinvestment: operating cash flow exceeded net income in both FY2024 and FY2025, yet free cash flow fell from $49.8M to -$57.5M. That gap shows earnings are supporting operations while the asset-investment cycle absorbs the surplus.

FY2025 capital expenditures reached $294M while free cash flow was negative at -$57.5M; this is an asset-building pattern in which reported profit does not equal cash available for distribution.

At the same time, debt relative to equity eased to 0.8x in FY2025 even as assets expanded, so the balance sheet absorbed the investment without a higher leverage ratio. Dividend payments of $169.7M still exceeded that year's post-capex cash generation, tying distributions to operating cash rather than free cash flow alone.

Financial Health Signals

Financial Health Score 36/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of National Health Investors's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. National Health Investors scores 92/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. National Health Investors scores 46/100 on it among other REITs.

Leverage

Not available for National Health Investors, and counted as zero in the overall score.

Interest Cov.

Not available for National Health Investors, and counted as zero in the overall score.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. National Health Investors scores 33/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. National Health Investors scores 43/100 on it among other REITs.

Piotroski F-Score Partial

4/6

National Health Investors passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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

$121.3M

YoY+33.8%

QoQ+5.4%

5Y CAGR+10.3%

10Y CAGR+7.1%

National Health Investors generated $121.3M in revenue in Q2 2026. This represents an increase of 33.8% from the same quarter a year earlier. Against the prior quarter it is up 5.4%.

Net Income

$55.7M

YoY+50.5%

QoQ+38.8%

5Y CAGR+7.3%

10Y CAGR+2.2%

National Health Investors reported $55.7M in net income in Q2 2026. This represents an increase of 50.5% from the same quarter a year earlier. Against the prior quarter it is up 38.8%.

EPS (Diluted)

$1.15

YoY+45.6%

QoQ+40.2%

5Y CAGR+6.2%

10Y CAGR-0.1%

National Health Investors earned $1.15 per diluted share (EPS) in Q2 2026. This represents an increase of 45.6% from the same quarter a year earlier. Against the prior quarter it is up 40.2%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$30.4M

YoY+63.0%

QoQ+21.8%

5Y CAGR-1.4%

10Y CAGR+22.9%

National Health Investors held $30.4M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.92

YoY+2.2%

QoQ0.0%

5Y CAGR+0.4%

10Y CAGR+0.2%

National Health Investors paid $0.92 per share in dividends in Q2 2026. This represents an increase of 2.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

49M

YoY+3.4%

QoQ+1.3%

5Y CAGR+1.4%

10Y CAGR+2.3%

National Health Investors had 49M shares outstanding in Q2 2026. This represents an increase of 3.4% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Net Margin

45.9%

YoY+5.1pp

QoQ+11.1pp

5Y change-6.8pp

10Y change-27.0pp

National Health Investors's net profit margin was 45.9% in Q2 2026, showing the share of revenue converted to profit. This is up 5.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 11.1 percentage points.

Return on Equity

3.5%

YoY+1.0pp

QoQ+0.9pp

5Y change+1.0pp

10Y change-0.3pp

National Health Investors's ROE was 3.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

NHI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NHI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$432.1M	$375.6M+12.1%	$335.2M+4.8%	$319.8M+15.0%	$278.2M-6.9%	$298.7M-10.2%	$332.8M+4.6%	$318.1M+8.0%	$294.6M+5.7%	$278.7M+12.2%	$248.5M+8.5%	$228.9M+29.0%	$177.5M+50.7%	$117.8M+26.3%	$93.3M+11.4%	$83.7M
SG&A Expenses	$30.6M	$26.9M+29.6%	$20.7M+7.4%	$19.3M-15.2%	$22.8M+23.5%	$18.4M+38.5%	$13.3M-0.7%	$13.4M+6.8%	$12.5M+2.7%	$12.2M+25.0%	$9.8M-7.1%	$10.5M+15.5%	$9.1M-1.6%	$9.3M+18.7%	$7.8M+2.8%	$7.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$150.3M+45.9%	$103.1M+29.6%	$79.5M+9.1%	$72.8M+4.3%	$69.8M
EBITDA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$203.4M+44.1%	$141.1M	N/A	N/A	N/A
Interest Expense	$58.9M	$57.4M-4.2%	$59.9M+3.0%	$58.2M+29.5%	$44.9M-11.6%	$50.8M-3.9%	$52.9M-6.1%	$56.3M+14.8%	$49.1M+5.9%	$46.3M+7.5%	$43.1M+14.6%	$37.6M+42.7%	$26.4M+185.8%	$9.2M+164.3%	$3.5M-9.3%	$3.8M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$138K+11.3%	$124K-85.5%	$854K+246.5%	-$583K-594.1%	$118K0.0%	$118K-55.8%	$267K+178.1%	$96K
Net Income	$166.8M	$142.2M+3.0%	$138.0M+1.7%	$135.7M+104.3%	$66.4M-40.6%	$111.8M-39.6%	$185.1M+15.4%	$160.5M+4.0%	$154.3M-3.2%	$159.4M+5.2%	$151.5M+1.8%	$148.9M+46.5%	$101.6M-4.3%	$106.2M+17.0%	$90.7M+11.8%	$81.1M
EPS (Basic)	N/A	$3.03-3.5%	$3.14+0.3%	$3.13+111.5%	$1.48-39.6%	$2.45-40.8%	$4.14+11.9%	$3.70+0.5%	$3.68-5.6%	$3.90+0.5%	$3.88-2.0%	$3.96+30.3%	$3.04-18.7%	$3.74+14.7%	$3.26+11.3%	$2.93
EPS (Diluted)	$3.46	$3.02-3.5%	$3.130.0%	$3.13+111.5%	$1.48-39.3%	$2.44-41.1%	$4.14+12.8%	$3.670.0%	$3.67-5.2%	$3.870.0%	$3.87-2.0%	$3.95+29.9%	$3.04-18.7%	$3.74+14.7%	$3.26+11.6%	$2.92
Diluted Shares (Avg)	N/A	47M+6.7%	44M+1.6%	43M-3.1%	45M-2.0%	46M+2.3%	45M+2.3%	44M+3.8%	42M+2.3%	41M+5.1%	39M+4.0%	38M+12.7%	33M+17.7%	28M+2.0%	28M+0.2%	28M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$121.3M+33.8%	$115.1M+28.9%	$105.8M+23.4%	$89.8M+8.3%	$90.7M+6.7%	$89.3M+9.5%	$85.8M+7.9%	$82.9M+3.5%
SG&A Expenses	$8.8M+44.0%	$7.9M+15.0%	$7.6M+40.4%	$6.3M+31.2%	$6.1M+25.8%	$6.8M+21.0%	$5.4M+9.9%	$4.8M+8.6%
Interest Expense	$15.8M+5.4%	$15.0M+4.9%	$14.3M-6.4%	$13.8M-7.9%	$15.0M+1.0%	$14.3M-3.6%	$15.2M+2.6%	$14.9M-1.0%
Income Tax	$732K	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	$55.7M+50.5%	$40.1M+17.4%	$38.2M-11.7%	$32.9M+15.1%	$37.0M+4.9%	$34.2M+10.4%	$43.2M+34.9%	$28.5M-2.7%
EPS (Basic)	$1.15+45.6%	$0.83+10.7%	$0.80-16.7%	$0.69+4.5%	$0.79-2.5%	$0.75+5.6%	$0.96+29.7%	$0.66-2.9%
EPS (Diluted)	$1.15+45.6%	$0.82+10.8%	$0.80-16.7%	$0.69+6.2%	$0.79-2.5%	$0.74+4.2%	$0.96+29.7%	$0.65-4.4%
Diluted Shares (Avg)	48M+3.6%	49M+5.8%	N/A	48M+8.3%	47M+7.5%	46M+5.7%	N/A	44M+1.4%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

NHI Balance Sheet

NHI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$2.8B+7.0%	$2.6B+5.1%	$2.5B-0.8%	$2.5B-11.7%	$2.8B-9.0%	$3.1B+2.6%	$3.0B+10.6%	$2.8B+8.0%	$2.5B+5.9%	$2.4B+12.7%	$2.1B+7.6%	$2.0B+36.2%	$1.5B+106.2%	$706.0M+21.8%	$579.6M
Cash & Equivalents	$19.6M-19.2%	$24.3M+8.7%	$22.3M+15.8%	$19.3M-48.4%	$37.4M-13.7%	$43.3M+731.1%	$5.2M+11.9%	$4.7M+52.1%	$3.1M-36.6%	$4.8M-63.1%	$13.1M+323.5%	$3.1M-72.7%	$11.3M+23.3%	$9.2M-42.3%	$15.9M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	N/A	$3.6M+12.8%	$3.2M+23.7%	$2.6M-19.2%	$3.2M-49.7%	$6.4M+162.7%	$2.4M-73.6%	$9.2M+182.6%	$3.3M-14.6%	$3.8M+52.6%	$2.5M+37.9%	$1.8M+46.8%	$1.2M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$1.3B+2.3%	$1.2B+1.2%	$1.2B-0.3%	$1.2B-7.9%	$1.3B-17.3%	$1.6B+3.5%	$1.5B+13.5%	$1.4B+11.2%	$1.2B+2.5%	$1.2B+20.5%	$990.8M+6.2%	$933.0M+37.5%	$678.7M+185.2%	$237.9M+74.9%	$136.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.1B	N/A	N/A	$80.1M	$0	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+1.0%	$1.5B+7.8%	$1.4B+5.1%	$1.3B+9.3%	$1.2B+6.7%	$1.1B+9.0%	$1.0B+35.7%	$766.5M+67.7%	$457.2M+3.1%	$443.5M
Retained Earnings	$2.7B+5.5%	$2.6B+5.6%	$2.5B+5.8%	$2.3B	N/A	N/A	N/A	N/A	N/A	$29.9M+50.4%	$19.9M	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$3.0B+9.9%	$2.9B+3.8%	$2.8B+7.0%	$2.7B+9.3%	$2.7B+8.8%	$2.8B+12.3%	$2.6B+5.1%	$2.5B-1.6%
Cash & Equivalents	$30.4M+63.0%	$24.9M-81.5%	$19.6M-19.2%	$81.6M+424.9%	$18.6M+26.2%	$135.0M+1088.7%	$24.3M+8.7%	$15.6M-6.2%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$1.4B+14.7%	$1.4B+1.4%	$1.3B+2.3%	$1.2B-1.7%	$1.2B-1.2%	$1.3B+10.6%	$1.2B+1.2%	$1.2B-0.5%
Total Equity	$1.6B+6.2%	$1.5B+6.2%	$1.5B+11.3%	$1.5B+20.5%	$1.5B+18.9%	$1.4B+14.3%	$1.4B+9.0%	$1.2B-2.5%
Retained Earnings	$2.8B+6.2%	$2.8B+5.6%	$2.7B+5.5%	$2.7B+5.7%	$2.7B+5.6%	$2.6B+5.7%	$2.6B+5.6%	$2.6B+5.2%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

NHI Cash Flow Statement

NHI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$248.7M	$236.6M+13.9%	$207.8M+12.6%	$184.4M-0.5%	$185.3M-12.1%	$210.9M-9.2%	$232.1M-3.7%	$241.0M+15.9%	$207.9M+4.9%	$198.1M+12.1%	$176.6M+7.4%	$164.4M+30.3%	$126.1M+21.1%	$104.2M+20.8%	$86.3M+12.2%	$76.9M
Depreciation & Amortization	N/A	$80.9M+13.3%	$71.4M+2.1%	$70.0M-1.3%	$70.9M-12.3%	$80.8M-2.8%	$83.2M+8.2%	$76.9M+7.7%	$71.3M+6.2%	$67.2M+12.8%	$59.5M+12.1%	$53.1M+39.5%	$38.1M	N/A	N/A	N/A
Stock-Based Compensation	N/A	$5.6M+33.3%	$4.2M-9.2%	$4.6M-46.5%	$8.6M+69.4%	$5.1M-6.7%	$5.4M+49.4%	$3.6M+46.4%	$2.5M-4.7%	$2.6M+50.8%	$1.7M-18.8%	$2.1M+5.6%	$2.0M-13.6%	$2.3M+7.9%	$2.2M-29.8%	$3.1M
Capital Expenditures	N/A	$294.0M+86.2%	$157.9M+218.7%	$49.6M+350.8%	$11.0M-78.2%	$50.3M-56.9%	$116.7M-50.8%	$237.2M+60.6%	$147.6M-16.0%	$175.8M-55.5%	$394.7M+218.0%	$124.1M-76.7%	$533.2M-18.6%	$654.7M+491.9%	$110.6M+45.9%	$75.8M
Free Cash Flow	N/A	-$57.5M-215.3%	$49.8M-63.1%	$134.9M-22.6%	$174.3M+8.6%	$160.5M+39.1%	$115.4M+2962.5%	$3.8M-93.7%	$60.2M+170.0%	$22.3M+110.2%	-$218.1M-641.0%	$40.3M+109.9%	-$407.0M+26.1%	-$550.5M-2162.1%	-$24.3M-2422.0%	$1.0M
Investing Cash Flow	-$292.7M	-$269.1M-40.0%	-$192.3M-1553.6%	-$11.6M-105.9%	$197.9M+6.8%	$185.3M+306.5%	-$89.7M+73.8%	-$342.5M-36.8%	-$250.3M-52.8%	-$163.8M+50.3%	-$329.8M-141.9%	-$136.3M+74.8%	-$540.3M+13.7%	-$625.8M-527.0%	-$99.8M-79.9%	-$55.5M
Financing Cash Flow	$75.1M	$25.7M+289.5%	-$13.6M+92.0%	-$169.7M+57.7%	-$401.3M+0.4%	-$403.0M-260.6%	-$111.8M-204.1%	$107.3M+142.5%	$44.3M+226.3%	-$35.1M-124.3%	$144.2M+896.5%	-$18.1M-104.5%	$406.1M-22.5%	$523.8M+7568.7%	$6.8M+183.7%	-$8.2M
Dividends Paid	$175.6M	$169.7M+8.4%	$156.5M+0.2%	$156.2M-3.4%	$161.8M-11.6%	$182.9M-6.0%	$194.6M+8.3%	$179.7M+8.7%	$165.4M+8.1%	$153.0M+10.7%	$138.3M+10.9%	$124.7M+23.9%	$100.7M+18.2%	$85.1M+7.9%	$78.9M+16.2%	$67.9M
Share Buybacks	N/A	N/A	$0	$0-100.0%	$152.0M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$65.0M+8.6%	$53.4M+15.0%	$67.7M+17.7%	$62.5M+28.6%	$59.8M-1.5%	$46.5M+13.8%	$57.6M+8.2%	$48.6M-2.2%
Depreciation & Amortization	$25.5M+28.3%	$23.7M+23.7%	$21.7M+15.9%	$20.2M+13.8%	$19.9M+13.9%	$19.2M+9.4%	$18.7M+9.2%	$17.8M+1.4%
Stock-Based Compensation	$2.4M+120.4%	$2.2M-12.4%	N/A	$983K+46.7%	$1.1M+55.9%	$2.6M+18.7%	N/A	$670K-22.6%
Capital Expenditures	N/A	$109.4M+28.5%	$143.3M+29.3%	N/A	N/A	$85.2M	$110.8M	N/A
Free Cash Flow	N/A	-$56.0M-44.7%	-$75.6M-41.9%	N/A	N/A	-$38.7M	-$53.3M	N/A
Investing Cash Flow	-$43.4M+10.1%	-$103.9M-37.7%	-$187.0M-16.0%	$41.7M+2750.6%	-$48.3M-261.9%	-$75.5M-366.1%	-$161.2M-7000.6%	-$1.6M+92.1%
Financing Cash Flow	$3.9M+103.0%	$55.8M-60.1%	$57.3M-49.0%	-$41.9M+9.3%	-$129.5M-195.5%	$139.8M+489.1%	$112.4M+327.4%	-$46.2M-51.3%
Dividends Paid	$44.6M+6.1%	$44.4M+8.1%	$43.8M+11.6%	$42.7M+9.3%	$42.0M+7.5%	$41.1M+5.2%	$39.3M+0.5%	$39.1M+0.1%

Not reported in any period shown, so not listed: Share Buybacks.

NHI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NHI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	65.6%+7.6pp	58.1%-9.4pp	67.5%-10.6pp	78.0%-5.3pp	83.4%
Net Margin	37.9%-3.3pp	41.2%-1.2pp	42.4%+18.5pp	23.9%-13.6pp	37.4%-18.2pp	55.6%+5.2pp	50.4%-1.9pp	52.4%-4.8pp	57.2%-3.8pp	61.0%-4.0pp	65.0%+7.8pp	57.2%-32.9pp	90.1%-7.1pp	97.2%+0.3pp	96.9%
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%+1.5pp	10.7%-0.4pp	11.1%-0.9pp	12.0%-0.5pp	12.5%-0.6pp	13.1%+3.4pp	9.8%-4.1pp	13.9%-6.0pp	19.9%+1.6pp	18.3%
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%+0.7pp	5.3%-0.3pp	5.6%-0.7pp	6.3%0.0pp	6.3%-0.7pp	7.0%+1.9pp	5.1%-2.2pp	7.3%-5.6pp	12.8%-1.2pp	14.0%
Debt-to-Equity	0.83-0.1x	0.90-0.1x	0.970.0x	0.96+0.1x	0.88-0.2x	1.060.0x	1.03+0.1x	0.98+0.1x	0.930.0x	0.94+0.1x	0.870.0x	0.90+0.8x	0.10+0.1x	0.00-0.3x	0.31
Asset Turnover	0.130.0x	0.130.0x	0.130.0x	0.110.0x	0.110.0x	0.110.0x	0.100.0x	0.110.0x	0.110.0x	0.100.0x	0.110.0x	0.090.0x	0.08-0.1x	0.130.0x	0.14
FCF Margin	-15.3%-30.2pp	14.9%-27.3pp	42.2%-20.5pp	62.7%+8.9pp	53.7%+19.1pp	34.7%+33.5pp	1.2%-19.3pp	20.4%+12.4pp	8.0%+95.8pp	-87.8%-105.4pp	17.6%	-229.3%	-467.2%	-26.1%-27.3pp	1.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	45.9%+5.1pp	34.8%-3.4pp	36.1%-14.4pp	36.6%+2.2pp	40.8%-0.7pp	38.3%+0.3pp	50.4%+10.1pp	34.4%-2.2pp
Return on Equity	3.5%+1.0pp	2.6%+0.2pp	2.5%-0.7pp	2.2%-0.1pp	2.5%-0.3pp	2.4%-0.1pp	3.2%+0.6pp	2.3%0.0pp
Return on Assets	1.9%+0.5pp	1.4%+0.2pp	1.4%-0.3pp	1.2%+0.1pp	1.4%-0.1pp	1.2%0.0pp	1.7%+0.4pp	1.2%0.0pp
Debt-to-Equity	0.88+0.1x	0.900.0x	0.83-0.1x	0.80-0.2x	0.81-0.2x	0.940.0x	0.90-0.1x	0.990.0x
Asset Turnover	0.040.0x	0.040.0x	0.040.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x
FCF Margin	N/A	-48.6%-5.3pp	-71.4%-9.3pp	N/A	N/A	-43.3%	-62.1%	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
National Health Investors NHI	FY2025	$375.6M	$142.2M	37.9%	$3.2B	36/100
Sabra Healthcare REIT, Inc. SBRA	FY2025	$774.6M	$155.6M	20.1%	$4.9B	43/100
Medical Properties Trust, Inc. MPW	FY2025	$972.0M	-$277.0M	-28.5%	$3.0B	2/100
American Healthcare REIT, Inc. AHR	FY2025	$2.3B	$70.8M	3.1%	$11.1B	52/100
Healthcare Realty Trust Incorporated HR	FY2025	$1.2B	-$249.5M	-21.1%	$6.0B	22/100
CareTrust REIT, Inc CTRE	FY2025	$476.4M	$320.5M	67.3%	$8.5B	58/100

Where National Health Investors Ranks

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) recorded an outflow of $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 P/E ratio?

National Health Investors (NHI) trades at 19.3x earnings, its market capitalization divided by net income of $166.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.2B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is National Health Investors's price-to-sales ratio?

National Health Investors (NHI) trades at 7.5x sales, its market capitalization divided by revenue of $432.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.2B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is National Health Investors's Piotroski F-Score?

National Health Investors (NHI) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 36 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.