Here are the 10-K annual reports from National Healthcare Corp. (NHC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NHC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NHC filings page.
National HealthCare Corporation reports on its 2025 business, highlighting a broad post‑acute and senior care platform across 9 states, focused on skilled nursing, assisted living, independent living, homecare, hospice and behavioral health hospitals.
As of December 31, 2025, the company operated 80 skilled nursing facilities with 10,329 licensed beds, 26 assisted living facilities with 1,413 units, 9 independent living facilities with 777 retirement apartments, 3 behavioral health hospitals, plus 34 homecare and 33 hospice agencies. Owned and leased skilled nursing facilities posted an 89.7% overall census in 2025. About 96.8% of 2025 net operating revenues came from healthcare services, with payer mix of 31% Medicare, 30% Medicaid, 12% managed care and 27% private pay and other.
NHC emphasizes quality, with 62.5% of its 80 skilled nursing centers rated 4 or 5 stars by CMS and an average rating of 3.83 versus the industry’s 2.95. It expanded via the August 2024 acquisition of White Oak Management’s portfolio of 15 skilled nursing, 2 assisted living and 4 independent living facilities plus a pharmacy.
The company details exposure to reimbursement and regulatory shifts, including CMS payment updates across skilled nursing, home health and hospice, supplemental Medicaid payments, and a significant lease dispute with major landlord National Health Investors that could affect future occupancy costs and facility control. NHC also outlines labor shortages, potential staffing mandates, climate and disaster risks, extensive healthcare and privacy regulation, and rising public‑company compliance demands.