Comprehensive Stock Comparison
Compare LTC Properties, Inc. (LTC) vs National Health Investors, Inc. (NHI) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | LTC | 25.3% revenue growth vs NHI's 12.1% |
| Value | LTC | Lower P/E (20.4x vs 25.5x) |
| Quality / Margins | NHI | 380.5% net margin vs LTC's 44.9% |
| Stability / Safety | LTC | Beta 0.13 vs NHI's 0.16 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | NHI | +22.4% vs LTC's +20.3% |
| Efficiency (ROA) | NHI | 47.0% ROA vs LTC's 5.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
LTC Properties is a real estate investment trust that invests in seniors housing and healthcare properties across the United States. It generates revenue primarily through rental income from its portfolio of skilled nursing facilities and senior living communities — roughly split 50/50 between the two segments — along with mortgage interest and structured finance returns. The company's competitive advantage lies in its specialized focus on healthcare real estate and its long-term relationships with experienced operators in the seniors housing sector.
National Health Investors is a healthcare-focused real estate investment trust that owns and finances senior housing and medical properties through sale-leaseback transactions and joint ventures. It generates revenue primarily from rental income — about 90% from senior housing and 10% from medical facilities — with long-term triple-net leases that pass operating expenses to tenants. The company's competitive advantage lies in its specialized healthcare real estate expertise and relationships with established operators in the senior living sector.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
LTC leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). NHI leads in 2 (Profitability & Efficiency, Total Returns).
Financial Metrics (TTM)
NHI is the larger business by revenue, generating $37.3B annually — 142.0x LTC's $263M. Profitability is closely matched — net margins range from 3.8% (NHI) to 44.9% (LTC). On growth, NHI holds the edge at +431.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | LTCLTC Properties, I… | NHINational Health I… |
|---|---|---|
| RevenueTrailing 12 months | $263M | $37.3B |
| EBITDAEarnings before interest/tax | $247M | $81.2B |
| Net IncomeAfter-tax profit | $118M | $142.0B |
| Free Cash FlowCash after capex | $98M | $163M |
| Gross MarginGross profit ÷ Revenue | +79.4% | +0.9% |
| Operating MarginEBIT ÷ Revenue | +79.4% | +0.5% |
| Net MarginNet income ÷ Revenue | +44.9% | +3.8% |
| FCF MarginFCF ÷ Revenue | +37.3% | +0.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +60.3% | +431.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +4.6% | -15.8% |
Valuation Metrics
At 15.7x trailing earnings, LTC trades at a 43% valuation discount to NHI's 27.8x P/E.
| Metric | LTCLTC Properties, I… | NHINational Health I… |
|---|---|---|
| Market CapShares × price | $1.9B | $4.1B |
| Enterprise ValueMkt cap + debt − cash | $2.6B | -$15.6B |
| Trailing P/EPrice ÷ TTM EPS | 15.75x | 27.84x |
| Forward P/EPrice ÷ next-FY EPS est. | 20.44x | 25.54x |
| PEG RatioP/E ÷ EPS growth rate | 25.13x | — |
| EV / EBITDAEnterprise value multiple | 10.35x | -0.19x |
| Price / SalesMarket cap ÷ Revenue | 7.32x | 10.81x |
| Price / BookPrice ÷ Book value/share | 1.59x | 2.59x |
| Price / FCFMarket cap ÷ FCF | 14.15x | 17.17x |
Profitability & Efficiency
NHI delivers a 92.8% return on equity — every $100 of shareholder capital generates $93 in annual profit, vs $10 for LTC. On the Piotroski fundamental quality scale (0–9), LTC scores 7/9 vs NHI's 4/9, reflecting strong financial health.
| Metric | LTCLTC Properties, I… | NHINational Health I… |
|---|---|---|
| ROE (TTM)Return on equity | +10.1% | +92.8% |
| ROA (TTM)Return on assets | +5.7% | +47.0% |
| ROICReturn on invested capital | +8.9% | — |
| ROCEReturn on capital employed | +13.9% | — |
| Piotroski ScoreFundamental quality 0–9 | 7 | 4 |
| Debt / EquityFinancial leverage | 0.55x | — |
| Net DebtTotal debt minus cash | $630M | -$19.6B |
| Cash & Equiv.Liquid assets | $14M | $19.6B |
| Total DebtShort + long-term debt | $644M | $0 |
| Interest CoverageEBIT ÷ Interest expense | 5.91x | — |
Total Returns (with DRIP)
A $10,000 investment in NHI five years ago would be worth $14,828 today (with dividends reinvested), compared to $12,365 for LTC. Over the past 12 months, NHI leads with a +22.4% total return vs LTC's +20.3%. The 3-year compound annual growth rate (CAGR) favors NHI at 19.9% vs LTC's 9.1% — a key indicator of consistent wealth creation.
| Metric | LTCLTC Properties, I… | NHINational Health I… |
|---|---|---|
| YTD ReturnYear-to-date | +15.6% | +9.4% |
| 1-Year ReturnPast 12 months | +20.3% | +22.4% |
| 3-Year ReturnCumulative with dividends | +29.9% | +72.6% |
| 5-Year ReturnCumulative with dividends | +23.7% | +48.3% |
| 10-Year ReturnCumulative with dividends | +40.4% | +94.4% |
| CAGR (3Y)Annualised 3-year return | +9.1% | +19.9% |
Risk & Volatility
LTC is the less volatile stock with a 0.13 beta — it tends to amplify market swings less than NHI's 0.16 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. LTC currently trades 97.3% from its 52-week high vs NHI's 92.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | LTCLTC Properties, I… | NHINational Health I… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.13x | 0.16x |
| 52-Week HighHighest price in past year | $40.80 | $91.05 |
| 52-Week LowLowest price in past year | $31.70 | $66.41 |
| % of 52W HighCurrent price vs 52-week peak | +97.3% | +92.3% |
| RSI (14)Momentum oscillator 0–100 | 72.3 | 60.3 |
| Avg Volume (50D)Average daily shares traded | 343K | 182K |
Analyst Outlook
Wall Street rates LTC as "Hold" and NHI as "Hold". Consensus price targets imply 1.3% upside for NHI (target: $85) vs -6.8% for LTC (target: $37).
| Metric | LTCLTC Properties, I… | NHINational Health I… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $37.00 | $85.20 |
| # AnalystsCovering analysts | 22 | 18 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| LTC Properties, Inc. (LTC) | 100 | 78.58 | -21.4% |
| National Health Inv… (NHI) | 100 | 97.44 | -2.6% |
National Health Inv… (NHI) returned +48% over 5 years vs LTC Properties, Inc. (LTC)'s +24%. A $10,000 investment in NHI 5 years ago would be worth $14,828 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| LTC Properties, Inc. (LTC) | $162M | $263M | +62.7% |
| National Health Inv… (NHI) | $249M | $376M | +51.2% |
LTC Properties, Inc.'s revenue grew from $162M (2016) to $263M (2025) — a 5.6% CAGR. National Health Investors, Inc.'s revenue grew from $249M (2016) to $376M (2025) — a 4.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| LTC Properties, Inc. (LTC) | 52.7% | 44.9% | -14.8% |
| National Health Inv… (NHI) | 61.0% | 378.0% | +519.8% |
LTC Properties, Inc.'s net margin went from 53% (2016) to 45% (2025). National Health Investors, Inc.'s net margin went from 61% (2016) to 378% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| LTC Properties, Inc. (LTC) | 19.8 | 13.6 | -31.3% |
| National Health Inv… (NHI) | 19.5 | 25.3 | +29.7% |
LTC Properties, Inc. has traded in a 11x–24x P/E range over 9 years; current trailing P/E is ~16x. National Health Investors, Inc. has traded in a 18x–102x P/E range over 9 years; current trailing P/E is ~28x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| LTC Properties, Inc. (LTC) | 2.21 | 2.52 | +14.0% |
| National Health Inv… (NHI) | 3.87 | 3.02 | -22.0% |
LTC Properties, Inc.'s EPS grew from $2.21 (2016) to $2.52 (2025) — a 1% CAGR. National Health Investors, Inc.'s EPS grew from $3.87 (2016) to $3.02 (2025) — a -3% CAGR.
Chart 6Free Cash Flow — 5 Years
LTC Properties, Inc. generated $136M FCF in 2025 (+49% vs 2021). National Health Investors, Inc. generated $237M FCF in 2025 (+12% vs 2021).
LTC vs NHI: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is LTC or NHI a better buy right now?
LTC Properties, Inc. (LTC) offers the better valuation at 15.7x trailing P/E (20.4x forward), making it the more compelling value choice. Analysts rate LTC Properties, Inc. (LTC) a "Hold" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — LTC or NHI?
On trailing P/E, LTC Properties, Inc. (LTC) is the cheapest at 15.7x versus National Health Investors, Inc. at 27.8x. On forward P/E, LTC Properties, Inc. is actually cheaper at 20.4x.
03Which is the better long-term investment — LTC or NHI?
Over the past 5 years, National Health Investors, Inc. (NHI) delivered a total return of +48.3%, compared to +23.7% for LTC Properties, Inc. (LTC). A $10,000 investment in NHI five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: NHI returned +94.4% versus LTC's +40.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — LTC or NHI?
By beta (market sensitivity over 5 years), LTC Properties, Inc. (LTC) is the lower-risk stock at 0.13β versus National Health Investors, Inc.'s 0.16β — meaning NHI is approximately 21% more volatile than LTC relative to the S&P 500.
05Which has better profit margins — LTC or NHI?
National Health Investors, Inc. (NHI) is the more profitable company, earning 378.0% net margin versus 44.9% for LTC Properties, Inc. — meaning it keeps 378.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: LTC leads at 79.4% versus 0.5% for NHI. At the gross margin level — before operating expenses — LTC leads at 96.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is LTC or NHI more undervalued right now?
On forward earnings alone, LTC Properties, Inc. (LTC) trades at 20.4x forward P/E versus 25.5x for National Health Investors, Inc. — 5.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NHI: 1.3% to $85.20.
07Which pays a better dividend — LTC or NHI?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is LTC or NHI better for a retirement portfolio?
For long-horizon retirement investors, National Health Investors, Inc. (NHI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.16)). Both have compounded well over 10 years (NHI: +94.4%, LTC: +40.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between LTC and NHI?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: LTC is a small-cap deep-value stock; NHI is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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