National Healthcare Properties Inc Financials

NHPAP

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

This page shows National Healthcare Properties Inc (NHPAP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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

Piotroski F-Score Neutral

4/9

National Healthcare Properties Inc 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), 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.12x

For every $1 of reported earnings, National Healthcare Properties Inc generates $-0.12 in operating cash flow ($7.0M OCF vs -$57.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.1x

National Healthcare Properties Inc earns $0.1 in operating income for every $1 of interest expense ($3.3M vs $61.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$342.3M

YoY-3.3%

5Y CAGR-2.2%

10Y CAGR+3.3%

National Healthcare Properties Inc generated $342.3M in revenue in fiscal year 2025. This represents a decrease of 3.3% from the prior year.

EBITDA

$81.6M

YoY+306.6%

5Y CAGR+5.9%

10Y CAGR-0.4%

National Healthcare Properties Inc's EBITDA was $81.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 306.6% from the prior year.

Free Cash Flow

N/A

Net Income

-$57.7M

YoY+69.7%

National Healthcare Properties Inc reported -$57.7M in net income in fiscal year 2025. This represents an increase of 69.7% from the prior year.

EPS (Diluted)

$-2.51

YoY+65.1%

National Healthcare Properties Inc earned $-2.51 per diluted share (EPS) in fiscal year 2025. This represents an increase of 65.1% from the prior year.

Cash & Debt

$57.6M

YoY+166.1%

5Y CAGR-4.5%

10Y CAGR+8.9%

National Healthcare Properties Inc held $57.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

28M

YoY+0.4%

National Healthcare Properties Inc had 28M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.

Gross Margin

36.0%

YoY-1.4pp

5Y CAGR-0.1pp

10Y CAGR-13.2pp

National Healthcare Properties Inc's gross margin was 36.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.4 percentage points from the prior year.

Operating Margin

1.0%

YoY+35.9pp

5Y CAGR+6.2pp

10Y CAGR+15.3pp

National Healthcare Properties Inc's operating margin was 1.0% in fiscal year 2025, reflecting core business profitability. This is up 35.9 percentage points from the prior year.

Net Margin

-16.9%

YoY+36.9pp

5Y CAGR+2.9pp

10Y CAGR+0.0pp

National Healthcare Properties Inc's net profit margin was -16.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 36.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NHPAP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$342.3M-3.3%	$353.8M+2.3%	$345.9M+3.0%	$335.8M+2.0%	$329.4M-13.7%	$381.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$123.4M-6.8%	$132.3M+3.3%	$128.1M+4.7%	$122.4M-0.9%	$123.5M-10.5%	$138.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$24.2M+7.8%	$22.4M+18.6%	$18.9M+9.5%	$17.3M+2.7%	$16.8M-22.0%	$21.6M
Operating Income	$3.3M+102.7%	-$123.5M-2507.5%	-$4.7M+85.0%	-$31.5M+15.7%	-$37.4M-88.4%	-$19.9M
Interest Expense	$61.3M-11.8%	$69.4M+5.1%	$66.1M+27.7%	$51.7M+8.0%	$47.9M-7.0%	$51.5M
Income Tax	$161K-38.5%	$262K-13.5%	$303K+50.7%	$201K-1.0%	$203K-95.0%	$4.1M
Net Income	-$57.7M+69.7%	-$190.3M-162.9%	-$72.4M+9.1%	-$79.6M+6.8%	-$85.4M-13.2%	-$75.5M
EPS (Diluted)	$-2.51+65.1%	$-7.19-136.5%	$-3.04+7.9%	$-3.30	$-0.82-10.8%	$-0.74

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$84.5M-1.8%	$86.0M+0.8%	$85.3M-1.3%	$86.4M-1.5%	$87.7M-1.4%	$88.9M+0.1%	$88.8M+0.6%	$88.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$30.8M-4.3%	$32.2M+2.2%	$31.5M+8.9%	$28.9M-12.0%	$32.8M+1.0%	$32.5M-3.8%	$33.8M+2.0%	$33.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$7.9M+39.3%	$5.7M+4.9%	$5.4M+3.7%	$5.2M-5.3%	$5.5M0.0%	$5.5M+17.9%	$4.7M-31.0%	$6.8M
Operating Income	-$6.6M-377.1%	$2.4M+143.0%	-$5.5M-142.4%	$13.0M+1334.5%	-$1.1M+95.0%	-$20.9M+79.2%	-$100.4M-8867.9%	-$1.1M
Interest Expense	$15.9M+5.3%	$15.1M-4.9%	$15.8M+9.0%	$14.5M-16.0%	$17.3M-3.9%	$18.0M+1.4%	$17.8M+8.4%	$16.4M
Income Tax	$101K+53.0%	$66K	$0+100.0%	-$6K-104.7%	$127K	$0-100.0%	$65K-7.1%	$70K
Net Income	-$22.8M-81.9%	-$12.5M+39.8%	-$20.8M-1275.2%	-$1.5M+91.1%	-$17.0M+58.2%	-$40.8M+65.1%	-$116.9M-651.9%	-$15.6M
EPS (Diluted)	N/A	$-0.56+34.1%	$-0.85-372.2%	$-0.18-460.0%	$0.05+103.2%	$-1.56	$-4.24-532.8%	$-0.67

NHPAP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.7B-12.0%	$1.9B-9.3%	$2.1B-1.6%	$2.2B-1.5%	$2.2B-3.2%	$2.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$57.6M+166.1%	$21.7M-53.3%	$46.4M-13.5%	$53.7M-10.2%	$59.7M-17.4%	$72.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$9.3M+58.2%	$5.8M	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1B-11.8%	$1.3B+0.9%	$1.2B+5.4%	$1.2B+0.6%	$1.2B-11.4%	$1.3B
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	$600.1M-12.3%	$684.6M-23.4%	$894.2M-9.9%	$992.6M-4.0%	$1.0B+8.0%	$957.0M
Retained Earnings	N/A	N/A	N/A	-$1.5B-14.0%	-$1.3B-15.7%	-$1.1B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.7B-1.6%	$1.7B-1.1%	$1.8B-4.0%	$1.8B-5.9%	$1.9B-2.6%	$2.0B-5.5%	$2.1B-1.0%	$2.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$57.6M+22.4%	$47.1M-0.1%	$47.1M-34.0%	$71.4M+229.7%	$21.7M-34.1%	$32.9M+11.5%	$29.5M+2.8%	$28.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$9.3M-9.7%	$10.2M+10.0%	$9.3M+15.0%	$8.1M+38.4%	$5.8M	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	$1.1B+0.1%	$1.1B0.0%	$1.1B-3.9%	$1.2B-8.3%	$1.3B-2.6%	$1.3B-4.5%	$1.4B+8.1%	$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	$600.1M-4.3%	$627.2M-3.1%	$647.0M-4.1%	$674.6M-1.5%	$684.6M-2.6%	$702.6M-7.1%	$756.7M-13.8%	$877.7M
Retained Earnings	-$129.4M-60.3%	-$80.7M-172.4%	-$29.6M-188.5%	-$10.3M+98.9%	-$971.2M-53438.6%	-$1.8M-481.4%	-$312K+100.0%	-$828.9M

NHPAP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$7.0M+108.7%	-$79.8M-469.2%	$21.6M-23.6%	$28.3M-27.2%	$38.9M-7.0%	$41.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$69.8M+9.1%	$64.0M+201.8%	-$62.8M-50.3%	-$41.8M+12.8%	-$47.9M+41.9%	-$82.5M
Financing Cash Flow	-$42.4M-3047.7%	-$1.3M-102.4%	$56.0M+1105.5%	$4.6M+13.8%	$4.1M-79.0%	$19.4M
Dividends Paid	N/A	N/A	N/A	$0	$0-100.0%	$31.4M
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$10.5M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$10.0M-2.1%	$10.2M+26.3%	$8.1M+137.9%	-$21.2M-428.9%	$6.5M+106.8%	-$95.2M-1589.9%	$6.4M+151.4%	$2.5M
Capital Expenditures	$668K+380.6%	$139K	$0	$0-100.0%	$5.8M+22.5%	$4.7M+8.3%	$4.4M+145.1%	$1.8M
Free Cash Flow	$4.8M+142.5%	-$11.3M-448.9%	-$2.1M-258.6%	$1.3M-39.8%	$2.2M-77.4%	$9.6M+125.4%	$4.2M-71.2%	$14.7M
Investing Cash Flow	-$3.3M-10.8%	-$3.0M-58.3%	-$1.9M-102.4%	$78.0M+1342.8%	$5.4M-92.7%	$74.1M+2305.3%	-$3.4M+72.5%	-$12.2M
Financing Cash Flow	-$712K+90.9%	-$7.8M+73.5%	-$29.4M-553.0%	-$4.5M+80.2%	-$22.7M-190.6%	$25.0M+1537.2%	$1.5M+129.2%	-$5.2M
Dividends Paid	$15.7M+30.0%	$12.1M+120.2%	$5.5M+184.8%	$1.9M-85.5%	$13.2M-32.6%	$19.6M-0.6%	$19.8M+60.5%	$12.3M
Share Buybacks	$247K-2.8%	$254K	$0-100.0%	$40K-99.5%	$7.8M+111614.3%	$7K-99.9%	$13.3M	$0

NHPAP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	36.0%-1.4pp	37.4%+0.4pp	37.0%+0.6pp	36.4%-1.1pp	37.5%+1.3pp	36.2%
Operating Margin	1.0%+35.9pp	-34.9%-33.6pp	-1.4%+8.0pp	-9.4%+2.0pp	-11.4%-6.2pp	-5.2%
Net Margin	-16.9%+36.9pp	-53.8%-32.9pp	-20.9%+2.8pp	-23.7%+2.2pp	-25.9%-6.2pp	-19.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-3.4%+6.4pp	-9.8%-6.4pp	-3.4%+0.3pp	-3.6%+0.2pp	-3.9%-0.6pp	-3.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.85+0.0	1.83+0.4	1.39+0.2	1.19+0.1	1.14-0.2	1.39
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	36.5%-0.9pp	37.4%+0.5pp	36.9%+3.5pp	33.4%-4.0pp	37.4%+0.9pp	36.6%-1.5pp	38.1%+0.5pp	37.5%
Operating Margin	-7.8%-10.5pp	2.8%+9.2pp	-6.5%-21.5pp	15.1%+16.3pp	-1.2%+22.3pp	-23.5%+89.6pp	-113.1%-111.8pp	-1.3%
Net Margin	-27.0%-12.4pp	-14.6%+9.8pp	-24.4%-22.7pp	-1.8%+17.7pp	-19.4%+26.4pp	-45.8%+85.8pp	-131.6%-114.0pp	-17.6%
Return on Equity	N/A	N/A	N/A	N/A	0.2%	N/A	N/A	N/A
Return on Assets	-1.3%-0.6pp	-0.7%+0.5pp	-1.2%-1.1pp	-0.1%+0.8pp	-0.9%+1.2pp	-2.0%+3.5pp	-5.5%-4.8pp	-0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.85+0.1	1.76+0.1	1.710.0	1.71-0.1	1.830.0	1.83+0.1	1.78+0.4	1.42
FCF Margin	11.4%+107.2pp	-95.8%-23.9pp	-71.9%-165.7pp	93.8%+91.5pp	2.3%-7.7pp	10.0%+5.6pp	4.4%-12.2pp	16.6%

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Frequently Asked Questions

What is National Healthcare Properties Inc's annual revenue?

National Healthcare Properties Inc (NHPAP) reported $342.3M in total revenue for fiscal year 2025. This represents a -3.3% 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 Healthcare Properties Inc's revenue growing?

National Healthcare Properties Inc (NHPAP) revenue declined by 3.3% year-over-year, from $353.8M to $342.3M in fiscal year 2025.

Is National Healthcare Properties Inc profitable?

No, National Healthcare Properties Inc (NHPAP) reported a net income of -$57.7M in fiscal year 2025, with a net profit margin of -16.9%.

What is National Healthcare Properties Inc's earnings per share (EPS)?

National Healthcare Properties Inc (NHPAP) reported diluted earnings per share of $-2.51 for fiscal year 2025. This represents a 65.1% 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 Healthcare Properties Inc's EBITDA?

National Healthcare Properties Inc (NHPAP) had EBITDA of $81.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is National Healthcare Properties Inc's gross margin?

National Healthcare Properties Inc (NHPAP) had a gross margin of 36.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is National Healthcare Properties Inc's operating margin?

National Healthcare Properties Inc (NHPAP) had an operating margin of 1.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is National Healthcare Properties Inc's net profit margin?

National Healthcare Properties Inc (NHPAP) had a net profit margin of -16.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is National Healthcare Properties Inc's operating cash flow?

National Healthcare Properties Inc (NHPAP) generated $7.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are National Healthcare Properties Inc's total assets?

National Healthcare Properties Inc (NHPAP) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does National Healthcare Properties Inc have outstanding?

National Healthcare Properties Inc (NHPAP) had 28M shares outstanding as of fiscal year 2025.

What is National Healthcare Properties Inc's debt-to-equity ratio?

National Healthcare Properties Inc (NHPAP) had a debt-to-equity ratio of 1.85 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is National Healthcare Properties Inc's return on assets (ROA)?

National Healthcare Properties Inc (NHPAP) had a return on assets of -3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is National Healthcare Properties Inc's Piotroski F-Score?

National Healthcare Properties Inc (NHPAP) 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 Healthcare Properties Inc's earnings high quality?

National Healthcare Properties Inc (NHPAP) has an earnings quality ratio of -0.12x, considered mixed 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 Healthcare Properties Inc cover its interest payments?

National Healthcare Properties Inc (NHPAP) has an interest coverage ratio of 0.1x, meaning it can struggle to 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.