Comprehensive Stock Comparison
Compare National Health Investors, Inc. (NHI) vs Welltower Inc. (WELL) 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 | WELL | 38.0% revenue growth vs NHI's 12.1% |
| Value | NHI | Lower P/E (25.5x vs 73.3x) |
| Quality / Margins | NHI | 380.5% net margin vs WELL's 8.6% |
| Stability / Safety | NHI | Beta 0.16 vs WELL's 0.29 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs NHI's +22.4% |
| Efficiency (ROA) | NHI | 47.0% ROA vs WELL's 1.4% |
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
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.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
NHI leads in 2 of 6 categories (Valuation Metrics, Profitability & Efficiency). WELL leads in 2 (Total Returns, Analyst Outlook). 2 tied.
Financial Metrics (TTM)
NHI is the larger business by revenue, generating $37.3B annually — 3.4x WELL's $10.8B. Profitability is closely matched — net margins range from 3.8% (NHI) to 8.6% (WELL). On growth, NHI holds the edge at +431.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NHINational Health I… | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $37.3B | $10.8B |
| EBITDAEarnings before interest/tax | $81.2B | $2.6B |
| Net IncomeAfter-tax profit | $142.0B | $934M |
| Free Cash FlowCash after capex | $163M | $2.1B |
| Gross MarginGross profit ÷ Revenue | +0.9% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +0.5% | +4.9% |
| Net MarginNet income ÷ Revenue | +3.8% | +8.6% |
| FCF MarginFCF ÷ Revenue | +0.4% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +431.0% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -15.8% | -26.3% |
Valuation Metrics
At 27.8x trailing earnings, NHI trades at a 81% valuation discount to WELL's 149.0x P/E.
| Metric | NHINational Health I… | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $4.1B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | -$15.6B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | 27.84x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 25.54x | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | -0.19x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 10.81x | 13.31x |
| Price / BookPrice ÷ Book value/share | 2.59x | 3.26x |
| Price / FCFMarket cap ÷ FCF | 17.17x | 50.06x |
Profitability & Efficiency
NHI delivers a 92.8% return on equity — every $100 of shareholder capital generates $93 in annual profit, vs $2 for WELL. On the Piotroski fundamental quality scale (0–9), WELL scores 5/9 vs NHI's 4/9, reflecting solid financial health.
| Metric | NHINational Health I… | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +92.8% | +2.2% |
| ROA (TTM)Return on assets | +47.0% | +1.4% |
| ROICReturn on invested capital | — | +0.9% |
| ROCEReturn on capital employed | — | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | — | 0.07x |
| Net DebtTotal debt minus cash | -$19.6B | -$2.2B |
| Cash & Equiv.Liquid assets | $19.6B | $5.0B |
| Total DebtShort + long-term debt | $0 | $2.8B |
| Interest CoverageEBIT ÷ Interest expense | — | 0.81x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $14,828 for NHI. Over the past 12 months, WELL leads with a +36.8% total return vs NHI's +22.4%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs NHI's 19.9% — a key indicator of consistent wealth creation.
| Metric | NHINational Health I… | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +9.4% | +11.2% |
| 1-Year ReturnPast 12 months | +22.4% | +36.8% |
| 3-Year ReturnCumulative with dividends | +72.6% | +190.2% |
| 5-Year ReturnCumulative with dividends | +48.3% | +221.2% |
| 10-Year ReturnCumulative with dividends | +94.4% | +270.5% |
| CAGR (3Y)Annualised 3-year return | +19.9% | +42.6% |
Risk & Volatility
NHI is the less volatile stock with a 0.16 beta — it tends to amplify market swings less than WELL's 0.29 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WELL currently trades 96.1% from its 52-week high vs NHI's 92.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NHINational Health I… | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.16x | 0.29x |
| 52-Week HighHighest price in past year | $91.05 | $215.56 |
| 52-Week LowLowest price in past year | $66.41 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +92.3% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 60.3 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 182K | 2.5M |
Analyst Outlook
Wall Street rates NHI as "Hold" and WELL as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs 1.3% for NHI (target: $85).
| Metric | NHINational Health I… | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $85.20 | $221.45 |
| # AnalystsCovering analysts | 18 | 34 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| 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 |
|---|---|---|---|
| National Health Inv… (NHI) | 100 | 97.44 | -2.6% |
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
Welltower Inc. (WELL) returned +221% over 5 years vs National Health Inv… (NHI)'s +48%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Health Inv… (NHI) | $249M | $376M | +51.2% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
National Health Investors, Inc.'s revenue grew from $249M (2016) to $376M (2025) — a 4.7% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Health Inv… (NHI) | 61.0% | 378.0% | +519.8% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
National Health Investors, Inc.'s net margin went from 61% (2016) to 378% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| National Health Inv… (NHI) | 19.5 | 25.3 | +29.7% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
National Health Investors, Inc. has traded in a 18x–102x P/E range over 9 years; current trailing P/E is ~28x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Health Inv… (NHI) | 3.87 | 3.02 | -22.0% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
National Health Investors, Inc.'s EPS grew from $3.87 (2016) to $3.02 (2025) — a -3% CAGR. Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
National Health Investors, Inc. generated $237M FCF in 2025 (+12% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
NHI vs WELL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NHI or WELL a better buy right now?
National Health Investors, Inc. (NHI) offers the better valuation at 27.8x trailing P/E (25.5x forward), making it the more compelling value choice. Analysts rate Welltower Inc. (WELL) a "Buy" — based on 34 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 — NHI or WELL?
On trailing P/E, National Health Investors, Inc. (NHI) is the cheapest at 27.8x versus Welltower Inc. at 149.0x. On forward P/E, National Health Investors, Inc. is actually cheaper at 25.5x.
03Which is the better long-term investment — NHI or WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to +48.3% for National Health Investors, Inc. (NHI). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WELL returned +270.5% versus NHI's +94.4%. 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 — NHI or WELL?
By beta (market sensitivity over 5 years), National Health Investors, Inc. (NHI) is the lower-risk stock at 0.16β versus Welltower Inc.'s 0.29β — meaning WELL is approximately 85% more volatile than NHI relative to the S&P 500.
05Which has better profit margins — NHI or WELL?
National Health Investors, Inc. (NHI) is the more profitable company, earning 378.0% net margin versus 8.6% for Welltower Inc. — meaning it keeps 378.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WELL leads at 4.9% versus 0.5% for NHI. At the gross margin level — before operating expenses — WELL leads at 20.9%, 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 NHI or WELL more undervalued right now?
On forward earnings alone, National Health Investors, Inc. (NHI) trades at 25.5x forward P/E versus 73.3x for Welltower Inc. — 47.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WELL: 6.9% to $221.45.
07Which pays a better dividend — NHI or WELL?
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 NHI or WELL 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%, WELL: +270.5%), 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 NHI and WELL?
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. 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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