Financial Ratios National Health Investors, Inc.

Stocks

NHI

US63633D1046

Specialized REITs

Market Closed - NYSE Other stock markets 21:00:02 20/07/2026 BST			5-day change	1st Jan Change
79.26 ^USD	-0.44%		+5.22%	+3.78%

07-02	National Health Investors Completes $560 Million Sale of 35 Healthcare Facilities	MT
07-02	National Healthcare Buys Nursing Facility Real Estate for $560 Million	MT

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Published financial data: NATIONAL HEALTH INVESTORS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	271M	218M	249M	257M	272M
Interest Income On Mortgage Securities	-	-	-	-	-
Interest and Investment Income, Total (Revenue Block)	24.53M	24.38M	21.45M	23.24M	23.82M
Other Revenues, Total	1.32M	36.68M	49.72M	55.29M	83.88M
Total Revenues	297M	279M	320M	336M	379M
Property Expenses	11.64M	9.79M	11.51M	11.16M	71.91M
Selling General & Admin Expenses, Total	19.34M	25.32M	19.82M	21.79M	29.53M
Depreciation & Amortization - (IS) - (Collected)	80.8M	70.88M	69.97M	71.44M	80.94M
Provision for Bad Debts	-	-	-	-	-
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-	-	-	-	-
Other Operating Expenses	788K	29.04M	40.04M	42.29M	1.08M
Total Operating Expenses	113M	135M	141M	147M	183M
Operating Income (REIT / Utility Template)	184M	144M	179M	189M	196M
Interest Expense, Total	-50.81M	-44.92M	-58.16M	-59.9M	-57.37M
Net Interest Expenses	-50.81M	-44.92M	-58.16M	-59.9M	-57.37M
Other Non Operating Income (Expenses)	-	1.11M	202K	-	-1.57M
EBT, Excl. Unusual Items	134M	99.93M	121M	129M	137M
Gain (Loss) on Sale of Investments	-	-	-	6.26M	-
Gain (Loss) on Sale of Assets	32.5M	28.34M	14.72M	6.68M	456K
Asset Writedown	-51.82M	-51.56M	-1.64M	-654K	-
Legal Settlements	616K	-	-	-	-
Other Unusual Items	-2.86M	-11.22M	213K	-4.64M	3.45M
EBT, Incl. Unusual Items	112M	65.5M	134M	137M	141M
Income Tax Expense	-	-	-	-	-
Earnings From Continuing Operations	112M	65.5M	134M	137M	141M
Net Income to Company	112M	65.5M	134M	137M	141M
Minority Interest	-163K	902K	1.27M	1.35M	1.39M
Net Income - (IS)	112M	66.4M	136M	138M	142M
Preferred Dividend and Other Adjustments	-	-	57K	118K	201K
Net Income to Common Incl Extra Items	112M	66.4M	136M	138M	142M
Net Income to Common Excl. Extra Items	112M	66.4M	136M	138M	142M
Per Share Items
Net EPS - Basic	2.45	1.48	3.13	3.14	3.03
Basic EPS - Continuing Operations	2.45	1.48	3.13	3.14	3.03
Basic Weighted Average Shares Outstanding	45.71M	44.77M	43.39M	43.84M	46.87M
Net EPS - Diluted	2.44	1.48	3.13	3.13	3.02
Diluted EPS - Continuing Operations	2.44	1.48	3.13	3.13	3.02
Diluted Weighted Average Shares Outstanding	45.73M	44.79M	43.39M	44.1M	47.05M
Normalized Basic EPS	1.82	1.42	1.77	1.87	1.85
Normalized Diluted EPS	1.82	1.41	1.77	1.86	1.85
Dividend Per Share	3.8	3.6	3.6	3.6	3.64
Payout Ratio	163.59	243.62	115.17	113.43	119.36
Supplemental Items
EBITDA	265M	215M	249M	260M	277M
EBITA	184M	144M	179M	189M	196M
EBIT	184M	144M	179M	189M	196M
EBITDAR	-	-	249M	260M	277M
Total Revenues (As Reported)	299M	278M	320M	335M	376M
Effective Tax Rate - (Ratio)	-	-	-	-	-
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-	-	-	-	-
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-	-	-	-	-
Normalized Net Income	83.29M	63.36M	76.95M	81.97M	86.94M
Interest Capitalized	40K	46K	90K	193K	-
Interest on Long-Term Debt	43.56M	44.96M	58.25M	60.1M	57.37M
Supplemental Operating Expense Items
General and Administrative Expenses	19.34M	25.32M	19.72M	21.69M	29.43M
Net Rental Expense, Total	-	-	100K	100K	100K
Imputed Operating Lease Interest Expense	-	-	40.8K	42.09K	39.68K
Imputed Operating Lease Depreciation	-	-	59.2K	57.91K	60.32K
Stock-Based Comp., G&A Exp. (Total)	8.42M	8.61M	4.6M	4.18M	5.58M
Total Stock-Based Compensation	8.42M	8.61M	4.6M	4.18M	5.58M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	2.89B	2.73B	2.78B	2.95B	3.3B
Accumulated Depreciation	-577M	-612M	-673M	-742M	-822M
Net Property Plant And Equipment	2.32B	2.12B	2.11B	2.21B	2.47B
Total Real Estate Assets	2.32B	2.12B	2.11B	2.21B	2.47B
Cash And Equivalents	37.41M	19.29M	22.35M	24.29M	19.62M
Accounts Receivable, Total	99.41M	81.86M	89.63M	93.6M	85.46M
Investment In Debt and Equity Securities	-	-	-	-	-
Notes Receivable (Collected)	-	-	-	-	-
Mortgage Loans	300M	233M	245M	269M	203M
Restricted Cash	2.07M	2.22M	2.27M	2.21M	-
Other Current Assets, Total	72.61M	49.51M	11.21M	6.21M	9.77M
Deferred Charges Long-Term	9.54M	3.19M	10.67M	7.88M	4.98M
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	2.84B	2.51B	2.49B	2.61B	2.8B
Liabilities
Current Portion of Long-Term Debt	-	-	75.42M	326M	125M
Current Portion of Leases	-	-	1.7M	1.68M	100K
Long-Term Debt	1.24B	1.15B	1.06B	820M	1.04B
Long-Term Leases	-	-	-	-	1.6M
Accounts Payable, Total	18.18M	20.9M	27.32M	28.42M	34.38M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	46.27M	44.05M	44.35M	48.77M	52.09M
Unearned Revenue Non Current	5.72M	5.05M	6.01M	4.28M	5M
Other Non Current Liabilities	8.84M	-	-	-	-
Total Liabilities	1.32B	1.22B	1.21B	1.23B	1.26B
Common Stock, Total	459K	434K	434K	457K	483K
Additional Paid In Capital	1.59B	1.6B	1.6B	1.74B	1.92B
Retained Earnings	-	-	-	-	-
Distributions In Excess Of Earnings	-84.56M	-330M	-350M	-371M	-402M
Comprehensive Income and Other	-	-	-	-	-
Total Common Equity	1.51B	1.27B	1.25B	1.37B	1.52B
Minority Interest	9.9M	19.68M	20.1M	18.7M	18.36M
Total Equity	1.52B	1.29B	1.27B	1.39B	1.54B
Total Liabilities And Equity	2.84B	2.51B	2.49B	2.61B	2.8B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	45.85M	43.39M	43.41M	45.69M	48.39M
ECS Total Common Shares Outstanding	45.85M	43.39M	43.41M	45.69M	48.3M
Book Value / Share	32.87	29.28	28.89	29.91	31.5
Tangible Book Value	1.51B	1.27B	1.25B	1.37B	1.52B
Tangible Book Value Per Share	32.87	29.28	28.89	29.91	31.5
Total Debt	1.24B	1.15B	1.14B	1.15B	1.17B
Net Debt	1.21B	1.13B	1.11B	1.12B	1.15B
Debt Equivalent Oper. Leases	-	-	800K	800K	800K
Minority Interest, Total (Incl. Fin. Div)	9.9M	19.68M	20.1M	18.7M	18.36M
Account Code - Inventory Valuation	-	-	3	3	3
Land - (BS)	187M	178M	181M	192M	222M
Buildings, Total	2.71B	2.55B	2.59B	2.75B	3.06B
Full Time Employees	19	25	26	30	32
Part Time Employees	1	2	2	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	375K	343K	494K	309K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	112M	66.4M	136M	138M	142M
Depreciation, Depletion & Amortization	80.8M	70.88M	69.97M	71.44M	80.94M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	80.8M	70.88M	69.97M	71.44M	80.94M
Amortization of Deferred Charges, Total	5.38M	11.84M	7.21M	9.48M	6.33M
(Gain) Loss On Sale of Asset - (CF)	7M	-28.34M	-14.72M	-6.78M	-456K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-6.26M	-
Total Asset Writedown	12.3M	51.56M	1.64M	654K	-
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	1.54M	-569K	-555K	-402K	-3.66M
Stock-Based Compensation (CF)	8.42M	8.61M	4.6M	4.18M	5.58M
Provision and Write-off of Bad Debts	-	-	-	-	-
Change in Accounts Payable	3.35M	425K	5.93M	3.28M	5.49M
Change in Unearned Revenues	260K	412K	101K	-1.14M	1.71M
Change in Other Net Operating Assets (Collected)	-4.05M	-3.53M	-2.74M	-4.7M	57K
Other Operating Activities	-15.95M	7.66M	-22.64M	24K	-1.6M
Cash from Operations	211M	185M	184M	208M	237M
Acquisition of Real Estate Assets, Total	-50.35M	-10.99M	-49.56M	-158M	-294M
Sale of Real Estate Assets, Total	239M	169M	57.03M	6.18M	-
Net Sale / Acquisition of Real Estate Assets	189M	158M	7.48M	-152M	-294M
Investment in Marketable and Equity Securities, Total	1.2M	569K	3.06M	402K	3.66M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-4.45M	39.41M	-22.16M	-41.05M	21.22M
Other Investing Activities, Total	-	-	-	82K	-
Cash from Investing	185M	198M	-11.63M	-192M	-269M
Long-Term Debt Issued, Total	492M	225M	564M	450M	1.04B
Total Debt Issued	492M	225M	564M	450M	1.04B
Long-Term Debt Repaid, Total	-752M	-318M	-576M	-439M	-1.02B
Total Debt Repaid	-752M	-318M	-576M	-439M	-1.02B
Issuance of Common Stock	47.9M	-	-	142M	182M
Repurchase of Common Stock	-	-152M	-	-5.82M	-456K
Common Dividends Paid	-183M	-162M	-156M	-157M	-170M
Common & Preferred Stock Dividends Paid	-183M	-162M	-156M	-157M	-170M
Other Financing Activities, Total	-7.39M	6.14M	-1.05M	-4.4M	-3.82M
Cash from Financing	-403M	-401M	-170M	-13.57M	25.71M
Net Change in Cash	-6.86M	-17.97M	3.1M	1.88M	-6.88M
Supplemental Items
Cash Interest Paid	43.68M	42.66M	51.9M	55.37M	51.5M
Cash Income Tax Paid (Refund)	100K	100K	100K	200K	200K
Net Debt Issued / Repaid	-261M	-93.39M	-12.43M	10.76M	18.15M
Levered Free Cash Flow	108M	194M	191M	168M	195M
Unlevered Free Cash Flow	135M	218M	222M	199M	228M
Change In Net Working Capital	69.99M	-41M	-37.19M	-6.61M	-16.09M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.87	3.36	4.48	4.63	4.52
Return on Total Capital	3.98	3.46	4.62	4.78	4.67
Return On Equity %	7.37	4.67	10.48	10.28	9.63
Return on Common Equity	7.41	4.78	10.74	10.52	9.83
Margin Analysis
Gross Profit Margin %	96.08	96.49	96.41	96.67	81.04
SG&A Margin	6.51	9.08	6.19	6.49	7.79
EBITDA Margin %	89.3	76.99	77.72	77.58	72.97
EBITA Margin %	62.09	51.56	55.88	56.29	51.63
EBIT Margin %	62.09	51.56	55.88	56.29	51.63
Income From Continuing Operations Margin %	37.71	23.5	41.94	40.72	37.12
Net Income Margin %	37.66	23.82	42.34	41.12	37.48
Net Avail. For Common Margin %	37.66	23.82	42.32	41.08	37.43
Normalized Net Income Margin	28.05	22.73	24.02	24.43	22.92
Levered Free Cash Flow Margin	36.37	69.63	59.55	50.14	51.54
Unlevered Free Cash Flow Margin	45.6	78.16	69.43	59.34	60.09
Asset Turnover
Asset Turnover	0.1	0.1	0.13	0.13	0.14
Fixed Assets Turnover	0.12	0.13	0.15	0.16	0.16
Receivables Turnover (Average Receivables)	2.74	2.4	2.91	2.81	3.03
Short Term Liquidity
Current Ratio	3.28	2.35	0.84	0.31	0.54
Quick Ratio	2.12	1.56	0.75	0.29	0.5
Operating Cash Flow to Current Liabilities	3.27	2.85	1.24	0.51	1.12
Days Sales Outstanding (Average Receivables)	133.12	151.96	125.57	130.45	120.32
Average Days Payable Outstanding	568	728.77	832.88	872.71	159.36
Long Term Solvency
Total Debt/Equity	81.93	88.96	89.22	82.86	75.69
Total Debt / Total Capital	45.03	47.08	47.15	45.31	43.08
LT Debt/Equity	81.93	88.96	83.17	59.21	67.56
Long-Term Debt / Total Capital	45.03	47.08	43.95	32.38	38.46
Total Liabilities / Total Assets	46.56	48.56	48.8	47.02	44.94
EBIT / Interest Expense	3.63	3.2	3.08	3.15	3.41
EBITDA / Interest Expense	5.22	4.78	4.28	4.35	4.83
(EBITDA - Capex) / Interest Expense	5.22	4.78	4.22	4.28	4.83
Total Debt / EBITDA	4.69	5.35	4.56	4.41	4.21
Net Debt / EBITDA	4.55	5.26	4.47	4.31	4.14
Total Debt / (EBITDA - Capex)	4.69	5.35	4.63	4.48	4.21
Net Debt / (EBITDA - Capex)	4.55	5.26	4.54	4.38	4.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-9.94	-6.19	14.93	4.74	13.02
Gross Profit, 1 Yr. Growth %	-10.86	-5.8	14.83	5.03	8.94
EBITDA, 1 Yr. Growth %	-13.05	-19.14	16.03	4.55	6.31
EBITA, 1 Yr. Growth %	-16.89	-22.14	24.57	5.5	3.67
EBIT, 1 Yr. Growth %	-16.89	-22.14	24.57	5.5	3.67
Earnings From Cont. Operations, 1 Yr. Growth %	-39.58	-41.5	105.16	1.68	3.04
Net Income, 1 Yr. Growth %	-39.61	-40.61	104.29	1.72	3.04
Diluted EPS Before Extra, 1 Yr. Growth %	-41.06	-39.34	111.16	0.15	-3.51
Normalized Net Income, 1 Yr. Growth %	-20.96	-24.28	21.46	6.52	6.07
Net Property, Plant and Equip., 1 Yr. Growth %	-13.1	-8.61	-0.53	4.94	11.87
Accounts Receivable, 1 Yr. Growth %	1.13	-17.66	9.49	4.44	-8.7
Total Assets, 1 Yr. Growth %	-9.02	-11.68	-0.76	5.06	6.98
Common Equity, 1 Yr. Growth %	-0.34	-15.72	-1.28	8.97	11.35
Tangible Book Value, 1 Yr. Growth %	-0.34	-15.72	-1.28	8.97	11.35
Cash From Operations, 1 Yr. Growth %	-9.17	-12.1	-0.48	12.64	13.86
Capital Expenditures, 1 Yr. Growth %	-59.49	-	-	8.71	-
Levered Free Cash Flow, 1 Yr. Growth %	-58.63	79.35	-1.7	-11.81	15.31
Unlevered Free Cash Flow, 1 Yr. Growth %	-53.1	60.65	2.1	-10.49	12.17
Dividend Per Share, 1 Yr. Growth %	-13.78	-5.33	0	0	1.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-3.39	-8.05	3.83	9.72	8.8
Gross Profit, 2 Yr. CAGR %	-4.43	-8.32	4.01	9.82	6.84
EBITDA, 2 Yr. CAGR %	-5.5	-16.11	-3.14	10.14	5.42
EBITA, 2 Yr. CAGR %	-8.48	-19.5	-1.52	14.64	4.58
EBIT, 2 Yr. CAGR %	-8.48	-19.5	-1.52	14.64	4.58
Earnings From Cont. Operations, 2 Yr. CAGR %	-16.46	-40.55	9.55	44.43	2.36
Net Income, 2 Yr. CAGR %	-16.53	-40.11	10.15	44.15	2.38
Diluted EPS Before Extra, 2 Yr. CAGR %	-18.46	-40.21	13.17	45.43	-1.7
Normalized Net Income, 2 Yr. CAGR %	-9.79	-22.46	-4.1	13.74	6.29
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.85	-10.89	-4.66	2.17	8.35
Accounts Receivable, 2 Yr. CAGR %	5.53	-8.74	-5.05	6.94	-2.35
Total Assets, 2 Yr. CAGR %	-3.4	-10.36	-6.37	2.11	6.02
Common Equity, 2 Yr. CAGR %	0.32	-8.35	-8.78	3.72	10.15
Tangible Book Value, 2 Yr. CAGR %	0.32	-8.35	-8.78	3.72	10.15
Cash From Operations, 2 Yr. CAGR %	-6.45	-10.65	-6.47	5.88	13.25
Capital Expenditures, 2 Yr. CAGR %	-	-	664.75	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-25.05	-13.79	32.82	-6.89	0.77
Unlevered Free Cash Flow, 2 Yr. CAGR %	-21.96	-13.15	28.1	-4.4	0.38
Dividend Per Share, 2 Yr. CAGR %	-4.85	-9.65	-2.7	0	0.55
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.26	-4.3	-0.95	4.14	10.81
Gross Profit, 3 Yr. CAGR %	-0.53	-4.86	-1.18	4.35	4.55
EBITDA, 3 Yr. CAGR %	-1.31	-10.25	-6.53	-0.64	8.85
EBITA, 3 Yr. CAGR %	-3.4	-13.24	-6.89	0.77	10.86
EBIT, 3 Yr. CAGR %	-3.4	-13.24	-6.89	0.77	10.86
Earnings From Cont. Operations, 3 Yr. CAGR %	-10.14	-25.82	-10.16	6.86	29.05
Net Income, 3 Yr. CAGR %	-10.19	-25.48	-9.85	7.26	28.89
Diluted EPS Before Extra, 3 Yr. CAGR %	-12.72	-26.12	-8.95	8.66	26.84
Normalized Net Income, 3 Yr. CAGR %	-5	-14.78	-9.95	-0.69	11.12
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.7	-6.12	-7.56	-1.56	5.31
Accounts Receivable, 3 Yr. CAGR %	-3.9	-2.84	-3.03	-1.98	1.45
Total Assets, 3 Yr. CAGR %	1.06	-6.24	-7.27	-2.71	3.71
Common Equity, 3 Yr. CAGR %	2.74	-5.34	-6.05	-3.21	6.2
Tangible Book Value, 3 Yr. CAGR %	2.74	-5.34	-6.05	-3.21	6.2
Cash From Operations, 3 Yr. CAGR %	0.48	-8.38	-7.38	-0.49	8.47
Capital Expenditures, 3 Yr. CAGR %	-	-	-	299.12	-
Levered Free Cash Flow, 3 Yr. CAGR %	-14.22	0.32	-9.94	15.87	0.24
Unlevered Free Cash Flow, 3 Yr. CAGR %	-11.8	-0.67	-8.34	13.67	1.51
Dividend Per Share, 3 Yr. CAGR %	-1.67	-5.01	-6.54	-1.81	0.37
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.73	0.01	1.69	1.08	2.84
Gross Profit, 5 Yr. CAGR %	2.9	-0.7	1.28	0.76	-0.8
EBITDA, 5 Yr. CAGR %	3.19	-4.13	-2.02	-2.59	-1.92
EBITA, 5 Yr. CAGR %	1.98	-6.19	-2.62	-3.01	-2.46
EBIT, 5 Yr. CAGR %	1.99	-6.19	-2.62	-3.01	-2.46
Earnings From Cont. Operations, 5 Yr. CAGR %	-6.02	-16.29	-2.73	-3.16	-5.35
Net Income, 5 Yr. CAGR %	-5.9	-16.06	-2.55	-2.97	-5.14
Diluted EPS Before Extra, 5 Yr. CAGR %	-8.81	-17.49	-3.16	-3.13	-6.11
Normalized Net Income, 5 Yr. CAGR %	1.77	-7.72	-4.55	-4.35	-3.77
Net Property, Plant and Equip., 5 Yr. CAGR %	1.42	-1.51	-2.3	-2.89	-1.5
Accounts Receivable, 5 Yr. CAGR %	3.99	-3.88	-4.36	0.96	-2.76
Total Assets, 5 Yr. CAGR %	3.38	-0.3	-1.98	-2.99	-2.17
Common Equity, 5 Yr. CAGR %	4.5	-0.8	-2.04	-1.82	0.12
Tangible Book Value, 5 Yr. CAGR %	4.5	-0.8	-2.04	-1.82	0.12
Cash From Operations, 5 Yr. CAGR %	3.61	-1.32	-2.36	-2.92	0.38
Levered Free Cash Flow, 5 Yr. CAGR %	-2.32	6.63	2.21	-2.63	-5.63
Unlevered Free Cash Flow, 5 Yr. CAGR %	-1.35	5.85	2.43	-2.18	-4.63
Dividend Per Share, 5 Yr. CAGR %	1.1	-1.08	-2.09	-3.04	-3.77