National HealthCare Corporation (NHC) 10-Year Financial Performance & Capital Metrics

NHC • • Industrial / General

HealthcareHealthcare FacilitiesSenior Living & Long-Term CareSkilled Nursing Facilities

AboutNational HealthCare Corporation operates, manages, and provides services to skilled nursing facilities, assisted living facilities, independent living facilities, homecare and hospice agencies, and a behavioral health hospital. Its skilled nursing facilities offer licensed therapy services, nutrition services, social services, activities, and housekeeping and laundry services, as well as medical services prescribed by physicians; and rehabilitative services, such as physical, speech, respiratory, and occupational therapy for patients recovering from strokes, heart attacks, orthopedic conditions, neurological illnesses, or other illnesses, injuries, or disabilities. The company's medical specialty units comprise memory care units and sub-cute nursing units that provide specialized care and programs for persons with Alzheimer's or related disorders; and assisted living centers offer personal care services and assistance with general activities of daily living, such as dressing, bathing, meal preparation, and medication management. It also offers behavioral health services to both adults and geriatric patients with psychiatric, emotional, and addictive disorders. In addition, it provides health care programs that offer skilled services, such as infusion, wound care and physical, occupational, and speech therapies; hospice care services; operates pharmacies; offers management, accounting, financial, and insurance services; and leases its properties to third party operators. As of February 18, 2022, the company operated 75 skilled nursing facilities with 9,473 beds, 24 assisted living facilities, five independent living facilities, one behavioral health hospital, 34 homecare agencies, and 28 hospice agencies. National HealthCare Corporation was founded in 1971 and is based in Murfreesboro, Tennessee.Show more

Revenue $1.3B +13.7%
EBITDA $128M +28.8%
Net Income $102M +52.6%
EPS (Diluted) 6.53 +50.5%
Gross Margin 37.52% -0.2%
EBITDA Margin 9.84% +13.3%
Operating Margin 6.61% +32.0%
Net Margin 7.85% +34.2%
ROE 10.77% +44.1%
ROIC 6.37% +36.9%
Debt/Equity 0.22 +113.0%
Interest Coverage 20.74 -88.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓11 consecutive years of dividend growth
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.06%

5Y5.43%

3Y8.69%

TTM22.05%

Profit (Net Income) CAGR

10Y6.68%

5Y8.36%

3Y-9.74%

TTM-18.51%

EPS CAGR

10Y7.6%

5Y8.02%

3Y-10.11%

TTM-18.8%

ROCE

10Y Avg5.51%

5Y Avg4.87%

3Y Avg5.11%

Latest7.19%

Peer Comparison

Skilled Nursing Facilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ENSGThe Ensign Group, Inc.	10.63B	183.54	35.85	14.24%	6.8%	15.46%	1.78%	1.07
NHCNational HealthCare Corporation	2.16B	139.01	21.29	13.7%	6.75%	9.57%	3.7%	0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	906.62M	923.58M	963.89M	980.35M	996.38M	980.71M	1.01B	1.07B	1.14B	1.3B
Revenue Growth %	0.04%	0.02%	0.04%	0.02%	0.02%	-0.02%	0.03%	0.06%	0.06%	0.14%
Cost of Goods Sold+	532.74M	548.01M	572.04M	582.72M	592.83M	609.31M	666.06M	686.17M	712.34M	810.93M
COGS % of Revenue	0.59%	0.59%	0.59%	0.59%	0.59%	0.62%	0.66%	0.64%	0.62%	0.62%
Gross Profit+	373.89M	375.57M	391.85M	397.63M	403.55M	371.41M	344.88M	388.11M	429.2M	487.01M
Gross Margin %	0.41%	0.41%	0.41%	0.41%	0.41%	0.38%	0.34%	0.36%	0.38%	0.38%
Gross Profit Growth %	0.03%	0%	0.04%	0.01%	0.01%	-0.08%	-0.07%	0.13%	0.11%	0.13%
Operating Expenses+	306.76M	315.03M	337.74M	341.55M	354.51M	323.25M	293.95M	356.22M	372.07M	401.25M
OpEx % of Revenue	0.34%	0.34%	0.35%	0.35%	0.36%	0.33%	0.29%	0.33%	0.33%	0.31%
Selling, General & Admin	39.97M	41.29M	40.37M	40.92M	40.52M	40.49M	40.82M	40.98M	41.52M	43.18M
SG&A % of Revenue	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	266.79M	273.74M	297.38M	300.63M	314M	282.76M	253.14M	315.24M	330.54M	358.06M
Operating Income+	67.13M	60.54M	54.11M	56.08M	49.04M	48.16M	50.92M	31.9M	57.13M	85.76M
Operating Margin %	0.07%	0.07%	0.06%	0.06%	0.05%	0.05%	0.05%	0.03%	0.05%	0.07%
Operating Income Growth %	-0.01%	-0.1%	-0.11%	0.04%	-0.13%	-0.02%	0.06%	-0.37%	0.79%	0.5%
EBITDA+	104.24M	99.56M	96.76M	97.97M	91.46M	90.17M	91.6M	72.39M	99.17M	127.75M
EBITDA Margin %	0.11%	0.11%	0.1%	0.1%	0.09%	0.09%	0.09%	0.07%	0.09%	0.1%
EBITDA Growth %	0.02%	-0.04%	-0.03%	0.01%	-0.07%	-0.01%	0.02%	-0.21%	0.37%	0.29%
D&A (Non-Cash Add-back)	37.11M	39.02M	42.65M	41.89M	42.42M	42.02M	40.67M	40.49M	42.03M	41.98M
EBIT	87.88M	84.15M	79.44M	79.58M	91.15M	53.82M	150.88M	27.79M	89.06M	140.54M
Net Interest Income+	2.89M	1.54M	1.28M	2.49M	4.05M	4.4M	3.82M	4.57M	8.06M	5.97M
Interest Income	5.49M	5.48M	6.17M	7.18M	7.19M	5.79M	4.67M	5.13M	8.38M	10.1M
Interest Expense	2.61M	3.94M	4.89M	4.7M	3.13M	1.4M	845K	563K	324K	4.13M
Other Income/Expense	18.15M	19.66M	20.44M	18.81M	38.98M	4.27M	99.11M	-4.67M	31.6M	50.65M
Pretax Income+	85.27M	80.21M	74.55M	74.88M	88.02M	52.42M	150.04M	27.23M	88.74M	136.41M
Pretax Margin %	0.09%	0.09%	0.08%	0.08%	0.09%	0.05%	0.15%	0.03%	0.08%	0.11%
Income Tax+	32.13M	29.67M	18.87M	16.18M	20.04M	10.43M	10.95M	7.25M	23.45M	34.32M
Effective Tax Rate %	0.62%	0.63%	0.75%	0.79%	0.77%	0.8%	0.92%	0.82%	0.75%	0.75%
Net Income+	53.14M	50.54M	56.2M	58.96M	68.21M	41.87M	138.59M	22.45M	66.8M	101.93M
Net Margin %	0.06%	0.05%	0.06%	0.06%	0.07%	0.04%	0.14%	0.02%	0.06%	0.08%
Net Income Growth %	-0%	-0.05%	0.11%	0.05%	0.16%	-0.39%	2.31%	-0.84%	1.98%	0.53%
Net Income (Continuing)	53.14M	50.54M	55.68M	58.7M	67.98M	41.99M	139.09M	19.98M	65.29M	102.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	-40.02M	694K	1.18M	476K	3.08M	5.46M	3.24M	1.73M	3M
EPS (Diluted)+	3.20	3.32	3.69	3.87	4.44	2.72	8.99	1.45	4.34	6.53
EPS Growth %	0.02%	0.04%	0.11%	0.05%	0.15%	-0.39%	2.31%	-0.84%	1.99%	0.5%
EPS (Basic)	3.34	3.34	3.70	3.87	4.47	2.74	9.03	1.46	4.36	6.62
Diluted Shares Outstanding	14.49M	15.21M	15.22M	15.24M	15.36M	15.37M	15.42M	15.45M	15.38M	15.6M
Basic Shares Outstanding	13.89M	15.13M	15.19M	15.22M	15.27M	15.31M	15.35M	15.41M	15.31M	15.39M
Dividend Payout Ratio	0.4%	0.51%	0.5%	0.51%	0.46%	0.76%	0.23%	1.54%	0.53%	0.36%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	278.94M	290.86M	329.31M	322.01M	341.05M	456.75M	426.64M	353.93M	406.24M	424.41M
Cash & Short-Term Investments	154.38M	164.35M	198.2M	183.47M	202.79M	323.44M	256.02M	182.59M	223.62M	216.19M
Cash Only	38.21M	26.34M	198.2M	183.47M	50.33M	147.09M	107.61M	58.67M	107.08M	76.12M
Short-Term Investments	154.38M	164.35M	0	0	152.45M	176.35M	148.42M	123.92M	116.54M	140.06M
Accounts Receivable	87.76M	80.76M	93.68M	98.56M	91.32M	89.67M	96.58M	100.29M	109.05M	135.84M
Days Sales Outstanding	35.33	31.91	35.47	36.7	33.45	33.37	34.87	34.07	34.87	38.2
Inventory	7.57M	7.51M	7.15M	7.47M	7.44M	8.78M	8.58M	7.09M	7.39M	9.04M
Days Inventory Outstanding	5.19	5	4.56	4.68	4.58	5.26	4.7	3.77	3.78	4.07
Other Current Assets	27.07M	35.6M	27.41M	28.64M	32.87M	30.95M	58.09M	63.97M	66.18M	63.35M
Total Non-Current Assets+	766.39M	796.59M	767.22M	758.94M	945.6M	905.38M	976.76M	921.52M	904.56M	1.1B
Property, Plant & Equipment	536.05M	559.62M	549.32M	534.65M	738.34M	699.37M	677.11M	627.05M	587.53M	763.46M
Fixed Asset Turnover	1.69x	1.65x	1.75x	1.83x	1.35x	1.40x	1.49x	1.71x	1.94x	1.70x
Goodwill	17.6M	17.6M	17.6M	21M	21M	21.34M	168.29M	168.29M	168.29M	170.48M
Intangible Assets	0	0	0	0	0	0	7.04M	7.04M	7.04M	19.86M
Long-Term Investments	37.68M	37.24M	36.34M	32.36M	39.19M	40.78M	2.02M	2.06M	16.27M	27.88M
Other Non-Current Assets	165.96M	160.05M	145.58M	152.38M	147.07M	143.88M	122.29M	117.07M	125.43M	118.34M
Total Assets+	1.05B	1.09B	1.1B	1.08B	1.29B	1.36B	1.4B	1.28B	1.31B	1.52B
Asset Turnover	0.87x	0.85x	0.88x	0.91x	0.77x	0.72x	0.72x	0.84x	0.87x	0.85x
Asset Growth %	-0.03%	0.04%	0.01%	-0.01%	0.19%	0.06%	0.03%	-0.09%	0.03%	0.16%
Total Current Liabilities+	150.66M	150.93M	155.06M	157.92M	194.76M	281.23M	263.2M	197.89M	214.48M	234.8M
Accounts Payable	20.13M	18.59M	15.98M	19.76M	18.9M	21.11M	22.49M	16.96M	19.19M	25.49M
Days Payables Outstanding	13.79	12.38	10.2	12.38	11.64	12.65	12.32	9.02	9.83	11.47
Short-Term Debt	3.28M	3.48M	3.7M	3.92M	10M	0	0	0	0	7.5M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0	0
Other Current Liabilities	35.98M	35.62M	39.91M	38.97M	15.03M	21.34M	20.06M	17.61M	22.99M	21.38M
Current Ratio	1.85x	1.93x	2.12x	2.04x	1.75x	1.62x	1.62x	1.79x	1.89x	1.81x
Quick Ratio	1.80x	1.88x	2.08x	1.99x	1.71x	1.59x	1.59x	1.75x	1.86x	1.77x
Cash Conversion Cycle	26.73	24.53	29.84	29	26.4	25.99	27.25	28.82	28.82	30.79
Total Non-Current Liabilities+	263.68M	266.91M	238.72M	189.75M	312.82M	282.64M	231.74M	200.05M	185.84M	306.47M
Long-Term Debt	120M	120M	100M	55M	0	0	0	0	0	129.5M
Capital Lease Obligations	30.23M	26.75M	23.05M	19.13M	193.63M	164.14M	134.39M	91.88M	63.17M	45.92M
Deferred Tax Liabilities	9.1M	22.07M	18.38M	18.55M	24.01M	14.08M	6.85M	10.91M	17.2M	35.55M
Other Non-Current Liabilities	97.6M	91.49M	114.98M	114.44M	90M	104.42M	90.5M	97.26M	105.47M	95.49M
Total Liabilities	414.33M	417.84M	393.79M	347.67M	507.58M	563.87M	494.94M	397.94M	400.32M	541.27M
Total Debt+	153.51M	150.23M	126.75M	78.05M	232.04M	194.02M	166.66M	125.94M	93.39M	214.77M
Net Debt	115.3M	123.89M	-71.45M	-105.42M	181.7M	46.92M	59.05M	67.27M	-13.69M	138.65M
Debt / Equity	0.24x	0.24x	0.18x	0.11x	0.30x	0.24x	0.18x	0.14x	0.10x	0.22x
Debt / EBITDA	1.47x	1.51x	1.31x	0.80x	2.54x	2.15x	1.82x	1.74x	0.94x	1.68x
Net Debt / EBITDA	1.11x	1.24x	-0.74x	-1.08x	1.99x	0.52x	0.64x	0.93x	-0.14x	1.09x
Interest Coverage	25.74x	15.36x	11.07x	11.94x	15.64x	34.42x	60.27x	56.65x	176.34x	20.74x
Total Equity+	631M	629.59M	703.43M	734.46M	779.07M	798.26M	908.46M	877.51M	910.48M	983.16M
Equity Growth %	-0.14%	-0%	0.12%	0.04%	0.06%	0.02%	0.14%	-0.03%	0.04%	0.08%
Book Value per Share	43.54	41.40	46.22	48.20	50.72	51.94	58.93	56.81	59.21	63.03
Total Shareholders' Equity	631M	669.61M	702.74M	733.28M	778.59M	795.18M	903M	874.28M	908.75M	980.16M
Common Stock	150K	152K	152K	153K	153K	153K	154K	153K	153K	154K
Retained Earnings	368.01M	391.93M	419.42M	516.43M	553.09M	563.02M	669.08M	656.66M	687.6M	752.19M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	53.36M	66.07M	67.5M	-2.75M	2.56M	5.06M	1.6M	-9.53M	-6.6M	-4.72M
Minority Interest	0	-40.02M	694K	1.18M	476K	3.08M	5.46M	3.24M	1.73M	3M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	73.96M	90.88M	94.47M	98.44M	100.1M	203.26M	62.39M	8.74M	111.22M	107.3M
Operating CF Margin %	0.08%	0.1%	0.1%	0.1%	0.1%	0.21%	0.06%	0.01%	0.1%	0.08%
Operating CF Growth %	-0.02%	0.23%	0.04%	0.04%	0.02%	1.03%	-0.69%	-0.86%	11.72%	-0.04%
Net Income	53.14M	50.54M	55.68M	58.7M	67.98M	41.99M	139.09M	19.98M	65.29M	102.09M
Depreciation & Amortization	37.11M	39.02M	42.65M	41.89M	42.42M	42.02M	40.67M	40.49M	42.03M	41.98M
Stock-Based Compensation	1.98M	509K	1.68M	1.78M	1.88M	2.45M	2.62M	2.61M	2.78M	4.16M
Deferred Taxes	-648K	4.79M	-4.71M	718K	4.05M	-10.59M	-6.29M	6M	5.77M	17.94M
Other Non-Cash Items	6.68M	6.57M	5.89M	-653K	-20.17M	16.99M	-72.95M	13.37M	-22.05M	-33.15M
Working Capital Changes	-24.3M	-10.55M	-6.72M	-4M	3.95M	110.4M	-40.74M	-73.7M	17.4M	-25.72M
Change in Receivables	-11.84M	-4.4M	-9.49M	-9.4M	4.3M	4.53M	4.09M	-3.86M	-8.56M	-26.44M
Change in Inventory	-441K	60K	355K	-317K	29K	-1.25M	199K	1.49M	-298K	-599K
Change in Payables	4.25M	-1.53M	-2.62M	3.47M	-856K	1.43M	-2.08M	-5.53M	2.24M	6.3M
Cash from Investing+	-63.85M	-81.48M	-9.56M	-33.66M	-14.27M	-63.88M	-65.89M	-5.98M	-17.57M	-236.69M
Capital Expenditures	-58.42M	-62.6M	-32.35M	-29.77M	-26.4M	-21.87M	-39.4M	-30.2M	-27.9M	-27.6M
CapEx % of Revenue	0.06%	0.07%	0.03%	0.03%	0.03%	0.02%	0.04%	0.03%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	8.21M	-3.62M	4.08M	1.55M	-4.08M	2.06M	8.84M	8.05M	-201K	2.09M
Cash from Financing+	-41.67M	-27.13M	-49.07M	-77.27M	-79.75M	-41.89M	-35.26M	-47.64M	-42.55M	100.34M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-30.07M	-25.8M	-28.24M	-29.83M	-31.21M	-31.92M	-32.03M	-34.6M	-35.56M	-36.96M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.39M	-635K	120K	-749K	-1.09M	2.5M	-1.42M	-554K	169K	402K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	15.55M	28.28M	62.12M	68.66M	73.7M	181.39M	23M	-21.46M	83.31M	79.7M
FCF Margin %	0.02%	0.03%	0.06%	0.07%	0.07%	0.18%	0.02%	-0.02%	0.07%	0.06%
FCF Growth %	-0.31%	0.82%	1.2%	0.11%	0.07%	1.46%	-0.87%	-1.93%	4.88%	-0.04%
FCF per Share	1.07	1.86	4.08	4.51	4.80	11.80	1.49	-1.39	5.42	5.11
FCF Conversion (FCF/Net Income)	1.39x	1.80x	1.68x	1.67x	1.47x	4.85x	0.45x	0.39x	1.66x	1.05x
Interest Paid	2.96M	4.53M	5.18M	4.9M	3.12M	1.43M	845K	493K	290K	3.42M
Taxes Paid	29.18M	27.67M	23.55M	9.18M	20.89M	16.52M	22.88M	8.77M	14.57M	17.52M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.79%	8.02%	8.43%	8.2%	9.01%	5.31%	16.24%	2.51%	7.47%	10.77%
Return on Invested Capital (ROIC)	7.6%	6.06%	5.86%	6.67%	4.63%	4%	4.21%	2.5%	4.65%	6.37%
Gross Margin	41.24%	40.66%	40.65%	40.56%	40.5%	37.87%	34.11%	36.13%	37.6%	37.52%
Net Margin	5.86%	5.47%	5.83%	6.01%	6.85%	4.27%	13.71%	2.09%	5.85%	7.85%
Debt / Equity	0.24x	0.24x	0.18x	0.11x	0.30x	0.24x	0.18x	0.14x	0.10x	0.22x
Interest Coverage	25.74x	15.36x	11.07x	11.94x	15.64x	34.42x	60.27x	56.65x	176.34x	20.74x
FCF Conversion	1.39x	1.80x	1.68x	1.67x	1.47x	4.85x	0.45x	0.39x	1.66x	1.05x
Revenue Growth	4.01%	1.87%	4.37%	1.71%	1.64%	-1.57%	3.08%	6.27%	6.26%	13.7%

Revenue by Segment

	2015	2016	2018	2019	2020	2021	2022	2023	2024
Workers Compensation Revenue	-	-	4.39M	3.54M	3.3M	2.97M	2.69M	2.61M	2.19M
Workers Compensation Revenue Growth	-	-	-	-19.49%	-6.67%	-9.88%	-9.58%	-2.90%	-16.28%
Professional Liability Insurance	-	-	2.69M	2.67M	2.15M	2.04M	2.08M	1.25M	1.16M
Professional Liability Insurance Growth	-	-	-	-0.71%	-19.68%	-4.75%	1.56%	-40.01%	-7.06%
Rental Income	19.19M	21.84M	-	-	-	-	-	-	-
Rental Income Growth	-	13.78%	-	-	-	-	-	-	-
Management and Accounting Services Fees	14.59M	15.95M	-	-	-	-	-	-	-
Management and Accounting Services Fees Growth	-	9.37%	-	-	-	-	-	-	-
Insurance Services	7.01M	7.2M	-	-	-	-	-	-	-
Insurance Services Growth	-	2.61%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

National HealthCare Corporation (NHC) has a price-to-earnings (P/E) ratio of 21.3x. This is roughly in line with market averages.

Growth & Financials

National HealthCare Corporation (NHC) reported $1.50B in revenue for fiscal year 2024. This represents a 94% increase from $773.2M in 2011.

National HealthCare Corporation (NHC) grew revenue by 13.7% over the past year. This is steady growth.

Yes, National HealthCare Corporation (NHC) is profitable, generating $101.2M in net income for fiscal year 2024 (7.9% net margin).

Dividend & Returns

Yes, National HealthCare Corporation (NHC) pays a dividend with a yield of 1.70%. This makes it attractive for income-focused investors.

National HealthCare Corporation (NHC) has a return on equity (ROE) of 10.8%. This is reasonable for most industries.

National HealthCare Corporation (NHC) generated $146.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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