National Health Investors, Inc. (NHI) 10-Year Financial Performance & Capital Metrics

NHI • • REIT / Real Estate

Real EstateHealthcare REITsSenior housing and skilled nursing

AboutIncorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI's portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.Show more

Revenue $376M +12.1%
FFO $222.92B +106342.3%
FFO/Share 4737.74 +99671.0%
FFO Payout 0% -100.0%
FFO per Share 4737.74 +99671.0%
NOI Margin 100% +3.4%
FFO Margin 59345.95% +94880.7%
ROE 9741.44% +93768.1%
ROA 93.27% +1624.7%
Debt/Assets -
Net Debt/EBITDA -0.24 -105.5%
Book Value/Share 32.51 +3.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 3254.1%
✓Strong 5Y profit CAGR of 277.5%
✓FFO growing 106379.8% TTM
✓High NOI margin of 100.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.07%

5Y2.45%

3Y10.53%

TTM11033.09%

Profit (Net Income) CAGR

10Y98.58%

5Y277.53%

3Y1188.28%

TTM102792.34%

EPS CAGR

10Y-2.65%

5Y-0.07%

3Y80.92%

TTM-3.21%

ROCE

10Y Avg7.48%

5Y Avg6.95%

3Y Avg8.13%

Latest-

Peer Comparison

Senior housing and skilled nursing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OHIOmega Healthcare Investors, Inc.	13.47B	48.27	31.14	10.7%	50.19%	10.98%	5.56%	1.02
NHINational Health Investors, Inc.	4.06B	84.07	27.84	12.07%	380.47%	92.81%	5.83%
CTRECareTrust REIT, Inc.	9.05B	40.62	25.87	108.71%	80.64%	6.51%	4.35%
STRWStrawberry Fields REIT LLC	167.94M	12.80	22.46	17.29%	4.83%	11.22%	21.04%	8.04
LTCLTC Properties, Inc.	1.92B	39.68	15.75	25.26%	44.88%	10.15%	7.07%	0.55
SBRASabra Health Care REIT, Inc.	5.17B	20.55		10.15%	19.99%	5.48%	6.74%	0.45

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	248.5M	278.66M	294.61M	318.08M	332.81M	298.71M	278.19M	319.83M	335.18M	375.63M
Revenue Growth %	8.52%	12.14%	5.72%	7.97%	4.63%	-10.24%	-6.87%	14.97%	4.8%	12.07%
Property Operating Expenses	1.01M	960K	1.17M	5.8M	9.65M	11.64M	9.79M	11.51M	11.16M	0
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	70.77M	80.84M	85.37M	92.27M	98.24M	101.83M	135.64M	129.53M	140.16M	60.93B
G&A Expenses	10.2M	12.71M	12.86M	13.91M	14.56M	19.34M	25.32M	19.82M	21.79M	26.87B
EBITDA+	263.85M	277.78M	299.03M	296.83M	308.07M	266.05M	203.65M	248.76M	255.3M	80.94B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	86.12M	79.96M	89.79M	76.82M	83.15M	80.8M	70.88M	69.97M	71.44M	80.94B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	177.73M	197.81M	209.24M	220.01M	224.92M	185.25M	132.77M	178.79M	183.86M	0
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	43.11M	0	49.05M	56.3M	0	48.11M	42.44M	55.51M	56.12M	0
Interest Coverage	4.12x	-	4.27x	3.91x	-	3.85x	3.13x	3.22x	3.28x	-
Non-Operating Income	34.55M	-4.05M	4.2M	6.04M	-9.93M	25.11M	24.91M	-11.1M	-8.86M	0
Pretax Income+	153.47M	159.37M	154.33M	160.45M	185.31M	112.03M	65.41M	134.38M	136.59M	141.98M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	749K	0	-9.17M	0	0	66K	-89K	0	-45K	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	151.54M	159.37M	154.33M	160.46M	185.13M	111.8M	66.4M	135.65M	137.99M	141.98B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.8%	5.16%	-3.16%	3.97%	15.37%	-39.61%	-40.61%	104.29%	1.72%	102792.34%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	17.64%	0.7%	2%	-2.81%	13.07%	-28.21%	-28.72%	49.78%	1.85%	106342.31%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	3.87	3.87	3.67	2.38	3.03	1.36	0.51	3.13	3.13	3.02
EPS Growth %	-2.03%	0%	-5.17%	-35.15%	27.31%	-55.12%	-62.5%	513.73%	0%	-3.51%
EPS (Basic)	3.88	3.90	3.68	2.40	3.03	1.36	0.52	3.13	3.14	3.03
Diluted Shares Outstanding	39.16M	41.15M	42.09M	43.7M	44.7M	45.73M	44.79M	43.39M	44.1M	47.05M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	2.4B	2.55B	2.75B	3.04B	3.12B	2.84B	2.51B	2.49B	2.61B	301.81B
Asset Growth %	11.99%	5.92%	8.04%	10.6%	2.57%	-9.02%	-11.68%	-0.76%	5.06%	11444.31%
Real Estate & Other Assets+	2.17B	-2.53B	-2.73B	304.27M	302.21M	2.32B	2.12B	2.11B	2.22B	0
PP&E (Net)	2.16B	2.29B	2.37B	2.56B	2.67B	0	0	0	0	0
Investment Securities	1000K	0	0	0	0	0	0	0	0	0
Total Current Assets+	219.86M	247.09M	368.02M	177.58M	150.85M	514.79M	383.01M	375.19M	396.91M	301.81B
Cash & Equivalents	4.83M	3.06M	4.66M	5.21M	43.34M	37.41M	19.29M	22.35M	24.29M	19.62B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	5.01M	5.25M	83.11M	9.21M	68.47M	45.53M	7.27M	2.21M	0
Intangible Assets	0	0	0	0	0	0	0	0	0	3.06B
Total Liabilities	1.19B	1.22B	1.36B	1.54B	1.6B	1.32B	1.22B	1.21B	1.23B	1.26B
Total Debt+	1.14B	1.17B	1.29B	1.44B	1.51B	1.25B	1.15B	1.14B	1.15B	0
Net Debt	1.13B	1.16B	1.29B	1.44B	1.46B	1.21B	1.13B	1.11B	1.12B	-19.62B
Long-Term Debt	1.12B	1.17B	1.28B	1.44B	1.5B	1.24B	1.11B	890.05M	814.84M	0
Short-Term Borrowings	0	0	0	0	7.15M	0	42M	245M	331.2M	0
Capital Lease Obligations	21.32M	0	10.64M	0	0	8.84M	0	0	0	0
Total Current Liabilities+	56.74M	56.93M	68.54M	69.7M	75.01M	70.17M	112.01M	324.38M	414.35M	5M
Accounts Payable	20.87M	16.3M	19.89M	22.88M	18.04M	23.18M	25.91M	34.3M	37.76M	0
Deferred Revenue	871K	-1.15B	5.95M	0	0	5.72M	5.05M	6.01M	4.28M	5M
Other Liabilities	3.41M	1.92M	0	30.39M	23.25M	0	0	0	0	1.25B
Total Equity+	2.32B	2.46B	2.67B	1.5B	1.52B	1.52B	1.29B	1.27B	1.39B	1.53B
Equity Growth %	103.15%	6.19%	8.2%	-43.82%	1.65%	-0.39%	-14.97%	-1.23%	8.72%	10.43%
Shareholders Equity	1.21B	1.32B	1.39B	1.5B	1.51B	1.51B	1.27B	1.25B	1.37B	1.52B
Minority Interest	1.11B	1.14B	1.28B	621K	10.71M	9.9M	19.68M	20.09M	18.7M	10.2M
Common Stock	398K	415K	427K	446K	452K	459K	434K	434K	457K	0
Additional Paid-in Capital	1.17B	1.29B	1.37B	1.51B	1.54B	1.59B	1.6B	1.6B	1.74B	0
Retained Earnings	29.87M	32.6M	18.07M	-5.33M	0	-84.56M	2.33B	2.47B	2.6B	2.75B
Preferred Stock	269K	32.6M	18.07M	0	0	0	0	0	0	0
Return on Assets (ROA)	6.66%	6.44%	5.83%	5.54%	6.01%	3.75%	2.48%	5.43%	5.41%	93.27%
Return on Equity (ROE)	8.75%	6.66%	6.02%	7.7%	12.26%	7.36%	4.73%	10.58%	10.38%	9741.44%
Debt / Assets	47.32%	45.83%	46.98%	47.46%	48.28%	44.09%	45.76%	45.61%	43.84%	-
Debt / Equity	0.49x	0.47x	0.48x	0.96x	0.99x	0.83x	0.89x	0.89x	0.83x	-
Net Debt / EBITDA	4.29x	4.19x	4.31x	4.85x	4.75x	4.56x	5.54x	4.47x	4.39x	-0.24x
Book Value per Share	59.27	59.89	63.36	34.28	34.07	33.17	28.80	29.36	31.41	32.51

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	177.22M	197.32M	207.87M	240.96M	232.15M	210.86M	185.34M	184.45M	207.77M	236.56M
Operating CF Growth %	7.78%	11.35%	5.34%	15.92%	-3.65%	-9.17%	-12.1%	-0.48%	12.64%	13.86%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	152.72M	159.37M	154.33M	160.45M	185.31M	111.97M	65.5M	134.38M	136.64M	141.98B
Depreciation & Amortization	63.13M	72.96M	75.79M	76.82M	83.15M	80.8M	70.88M	69.97M	71.44M	78.77B
Stock-Based Compensation	1.73M	2.61M	2.49M	3.65M	3.06M	8.41M	8.61M	4.61M	4.18M	5.58B
Other Non-Cash Items	-23.91M	-27.28M	-30.02M	-19.48M	-32.64M	39.16M	43.04M	-27.8M	-1.94M	-226.09B
Working Capital Changes	2.4M	-2.46M	-571K	18.7M	-6.74M	-438K	-2.7M	3.29M	-2.56M	0
Cash from Investing+	-329.84M	-163.85M	-250.29M	-342.52M	-89.71M	185.28M	197.94M	-11.63M	-192.31M	-269.15M
Acquisitions (Net)	-17M	0	0	643K	-875K	-187.54M	11.74M	0	0	0
Purchase of Investments	-483.41M	-217.76M	-238.75M	-327.42M	0	-119.12M	-86.17M	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0	0
Other Investing	-22.43M	-6.68M	-102.64M	-643K	-88.68M	185.34M	-11.17M	-7.89M	-188.25M	-269.15M
Cash from Financing+	144.16M	-35.05M	44.26M	107.32M	-111.76M	-402.99M	-401.25M	-169.72M	-13.57M	25.71M
Dividends Paid	-138.3M	-153.04M	-165.39M	-179.74M	-194.58M	-182.9M	-161.77M	-156.24M	-156.51M	0
Common Dividends	-138.3M	-153.04M	-165.39M	-179.74M	-194.58M	-182.9M	-161.77M	-156.24M	-156.51M	0
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K	0
Share Repurchases	0	0	0	0	0	0	-151.95M	0	0	0
Other Financing	104.05M	57.49M	-141.01M	-1.06M	-6.1M	-68.45M	5.86M	-1.05M	-10.22M	25.71M
Net Change in Cash+	-8.45M	-1.57M	1.84M	5.76M	30.67M	-6.86M	-17.97M	3.1M	1.89M	-6.88M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	13.29M	4.64M	8.07M	9.91M	15.67M	46.34M	39.48M	21.52M	24.62M	26.5M
Cash at End	4.83M	3.06M	9.91M	15.67M	46.34M	39.48M	21.52M	24.62M	26.5M	19.62M
Free Cash Flow+	-189.79M	21.98M	60.22M	222.96M	231.99M	210.79M	180.71M	180.71M	203.7M	236.56M
FCF Growth %	-480.31%	111.58%	173.97%	270.21%	4.05%	-9.14%	-14.27%	-0%	12.72%	16.13%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	6.07	5.82	5.8	5.43	6	4.21	3.06	4.74	4.75	4.74K
FFO Payout Ratio	58.19%	63.95%	67.75%	75.75%	72.53%	94.96%	117.84%	75.98%	74.73%	0%
NOI Margin	99.59%	99.66%	99.6%	98.18%	97.1%	96.1%	96.48%	96.4%	96.67%	100%
Net Debt / EBITDA	4.29x	4.19x	4.31x	4.85x	4.75x	4.56x	5.54x	4.47x	4.39x	-0.24x
Debt / Assets	47.32%	45.83%	46.98%	47.46%	48.28%	44.09%	45.76%	45.61%	43.84%	-
Interest Coverage	4.12x	-	4.27x	3.91x	-	3.85x	3.13x	3.22x	3.28x	-
Book Value / Share	59.27	59.89	63.36	34.28	34.07	33.17	28.8	29.36	31.41	32.51
Revenue Growth	8.52%	12.14%	5.72%	7.97%	4.63%	-10.24%	-6.87%	14.97%	4.8%	12.07%

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National Health Investors, Inc. (NHI) 10-Year Financial Performance & Capital Metrics

NHI • • REIT / Real Estate

Real EstateHealthcare REITsSenior housing and skilled nursing

Revenue $376M +12.1%
FFO $222.92B +106342.3%
FFO/Share 4737.74 +99671.0%
FFO Payout 0% -100.0%
FFO per Share 4737.74 +99671.0%
NOI Margin 100% +3.4%
FFO Margin 59345.95% +94880.7%
ROE 9741.44% +93768.1%
ROA 93.27% +1624.7%
Debt/Assets -
Net Debt/EBITDA -0.24 -105.5%
Book Value/Share 32.51 +3.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 3254.1%
✓Strong 5Y profit CAGR of 277.5%
✓FFO growing 106379.8% TTM
✓High NOI margin of 100.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.07%

5Y2.45%

3Y10.53%

TTM11033.09%

Profit (Net Income) CAGR

10Y98.58%

5Y277.53%

3Y1188.28%

TTM102792.34%

EPS CAGR

10Y-2.65%

5Y-0.07%

3Y80.92%

TTM-3.21%

ROCE

10Y Avg7.48%

5Y Avg6.95%

3Y Avg8.13%

Latest-

Peer Comparison

Senior housing and skilled nursing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OHIOmega Healthcare Investors, Inc.	13.47B	48.27	31.14	10.7%	50.19%	10.98%	5.56%	1.02
NHINational Health Investors, Inc.	4.06B	84.07	27.84	12.07%	380.47%	92.81%	5.83%
CTRECareTrust REIT, Inc.	9.05B	40.62	25.87	108.71%	80.64%	6.51%	4.35%
STRWStrawberry Fields REIT LLC	167.94M	12.80	22.46	17.29%	4.83%	11.22%	21.04%	8.04
LTCLTC Properties, Inc.	1.92B	39.68	15.75	25.26%	44.88%	10.15%	7.07%	0.55
SBRASabra Health Care REIT, Inc.	5.17B	20.55		10.15%	19.99%	5.48%	6.74%	0.45

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	248.5M	278.66M	294.61M	318.08M	332.81M	298.71M	278.19M	319.83M	335.18M	375.63M
Revenue Growth %	8.52%	12.14%	5.72%	7.97%	4.63%	-10.24%	-6.87%	14.97%	4.8%	12.07%
Property Operating Expenses	1.01M	960K	1.17M	5.8M	9.65M	11.64M	9.79M	11.51M	11.16M	0
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	70.77M	80.84M	85.37M	92.27M	98.24M	101.83M	135.64M	129.53M	140.16M	60.93B
G&A Expenses	10.2M	12.71M	12.86M	13.91M	14.56M	19.34M	25.32M	19.82M	21.79M	26.87B
EBITDA+	263.85M	277.78M	299.03M	296.83M	308.07M	266.05M	203.65M	248.76M	255.3M	80.94B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	86.12M	79.96M	89.79M	76.82M	83.15M	80.8M	70.88M	69.97M	71.44M	80.94B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	177.73M	197.81M	209.24M	220.01M	224.92M	185.25M	132.77M	178.79M	183.86M	0
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	43.11M	0	49.05M	56.3M	0	48.11M	42.44M	55.51M	56.12M	0
Interest Coverage	4.12x	-	4.27x	3.91x	-	3.85x	3.13x	3.22x	3.28x	-
Non-Operating Income	34.55M	-4.05M	4.2M	6.04M	-9.93M	25.11M	24.91M	-11.1M	-8.86M	0
Pretax Income+	153.47M	159.37M	154.33M	160.45M	185.31M	112.03M	65.41M	134.38M	136.59M	141.98M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	749K	0	-9.17M	0	0	66K	-89K	0	-45K	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	151.54M	159.37M	154.33M	160.46M	185.13M	111.8M	66.4M	135.65M	137.99M	141.98B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.8%	5.16%	-3.16%	3.97%	15.37%	-39.61%	-40.61%	104.29%	1.72%	102792.34%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	17.64%	0.7%	2%	-2.81%	13.07%	-28.21%	-28.72%	49.78%	1.85%	106342.31%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	3.87	3.87	3.67	2.38	3.03	1.36	0.51	3.13	3.13	3.02
EPS Growth %	-2.03%	0%	-5.17%	-35.15%	27.31%	-55.12%	-62.5%	513.73%	0%	-3.51%
EPS (Basic)	3.88	3.90	3.68	2.40	3.03	1.36	0.52	3.13	3.14	3.03
Diluted Shares Outstanding	39.16M	41.15M	42.09M	43.7M	44.7M	45.73M	44.79M	43.39M	44.1M	47.05M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	2.4B	2.55B	2.75B	3.04B	3.12B	2.84B	2.51B	2.49B	2.61B	301.81B
Asset Growth %	11.99%	5.92%	8.04%	10.6%	2.57%	-9.02%	-11.68%	-0.76%	5.06%	11444.31%
Real Estate & Other Assets+	2.17B	-2.53B	-2.73B	304.27M	302.21M	2.32B	2.12B	2.11B	2.22B	0
PP&E (Net)	2.16B	2.29B	2.37B	2.56B	2.67B	0	0	0	0	0
Investment Securities	1000K	0	0	0	0	0	0	0	0	0
Total Current Assets+	219.86M	247.09M	368.02M	177.58M	150.85M	514.79M	383.01M	375.19M	396.91M	301.81B
Cash & Equivalents	4.83M	3.06M	4.66M	5.21M	43.34M	37.41M	19.29M	22.35M	24.29M	19.62B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	5.01M	5.25M	83.11M	9.21M	68.47M	45.53M	7.27M	2.21M	0
Intangible Assets	0	0	0	0	0	0	0	0	0	3.06B
Total Liabilities	1.19B	1.22B	1.36B	1.54B	1.6B	1.32B	1.22B	1.21B	1.23B	1.26B
Total Debt+	1.14B	1.17B	1.29B	1.44B	1.51B	1.25B	1.15B	1.14B	1.15B	0
Net Debt	1.13B	1.16B	1.29B	1.44B	1.46B	1.21B	1.13B	1.11B	1.12B	-19.62B
Long-Term Debt	1.12B	1.17B	1.28B	1.44B	1.5B	1.24B	1.11B	890.05M	814.84M	0
Short-Term Borrowings	0	0	0	0	7.15M	0	42M	245M	331.2M	0
Capital Lease Obligations	21.32M	0	10.64M	0	0	8.84M	0	0	0	0
Total Current Liabilities+	56.74M	56.93M	68.54M	69.7M	75.01M	70.17M	112.01M	324.38M	414.35M	5M
Accounts Payable	20.87M	16.3M	19.89M	22.88M	18.04M	23.18M	25.91M	34.3M	37.76M	0
Deferred Revenue	871K	-1.15B	5.95M	0	0	5.72M	5.05M	6.01M	4.28M	5M
Other Liabilities	3.41M	1.92M	0	30.39M	23.25M	0	0	0	0	1.25B
Total Equity+	2.32B	2.46B	2.67B	1.5B	1.52B	1.52B	1.29B	1.27B	1.39B	1.53B
Equity Growth %	103.15%	6.19%	8.2%	-43.82%	1.65%	-0.39%	-14.97%	-1.23%	8.72%	10.43%
Shareholders Equity	1.21B	1.32B	1.39B	1.5B	1.51B	1.51B	1.27B	1.25B	1.37B	1.52B
Minority Interest	1.11B	1.14B	1.28B	621K	10.71M	9.9M	19.68M	20.09M	18.7M	10.2M
Common Stock	398K	415K	427K	446K	452K	459K	434K	434K	457K	0
Additional Paid-in Capital	1.17B	1.29B	1.37B	1.51B	1.54B	1.59B	1.6B	1.6B	1.74B	0
Retained Earnings	29.87M	32.6M	18.07M	-5.33M	0	-84.56M	2.33B	2.47B	2.6B	2.75B
Preferred Stock	269K	32.6M	18.07M	0	0	0	0	0	0	0
Return on Assets (ROA)	6.66%	6.44%	5.83%	5.54%	6.01%	3.75%	2.48%	5.43%	5.41%	93.27%
Return on Equity (ROE)	8.75%	6.66%	6.02%	7.7%	12.26%	7.36%	4.73%	10.58%	10.38%	9741.44%
Debt / Assets	47.32%	45.83%	46.98%	47.46%	48.28%	44.09%	45.76%	45.61%	43.84%	-
Debt / Equity	0.49x	0.47x	0.48x	0.96x	0.99x	0.83x	0.89x	0.89x	0.83x	-
Net Debt / EBITDA	4.29x	4.19x	4.31x	4.85x	4.75x	4.56x	5.54x	4.47x	4.39x	-0.24x
Book Value per Share	59.27	59.89	63.36	34.28	34.07	33.17	28.80	29.36	31.41	32.51

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	177.22M	197.32M	207.87M	240.96M	232.15M	210.86M	185.34M	184.45M	207.77M	236.56M
Operating CF Growth %	7.78%	11.35%	5.34%	15.92%	-3.65%	-9.17%	-12.1%	-0.48%	12.64%	13.86%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	152.72M	159.37M	154.33M	160.45M	185.31M	111.97M	65.5M	134.38M	136.64M	141.98B
Depreciation & Amortization	63.13M	72.96M	75.79M	76.82M	83.15M	80.8M	70.88M	69.97M	71.44M	78.77B
Stock-Based Compensation	1.73M	2.61M	2.49M	3.65M	3.06M	8.41M	8.61M	4.61M	4.18M	5.58B
Other Non-Cash Items	-23.91M	-27.28M	-30.02M	-19.48M	-32.64M	39.16M	43.04M	-27.8M	-1.94M	-226.09B
Working Capital Changes	2.4M	-2.46M	-571K	18.7M	-6.74M	-438K	-2.7M	3.29M	-2.56M	0
Cash from Investing+	-329.84M	-163.85M	-250.29M	-342.52M	-89.71M	185.28M	197.94M	-11.63M	-192.31M	-269.15M
Acquisitions (Net)	-17M	0	0	643K	-875K	-187.54M	11.74M	0	0	0
Purchase of Investments	-483.41M	-217.76M	-238.75M	-327.42M	0	-119.12M	-86.17M	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0	0
Other Investing	-22.43M	-6.68M	-102.64M	-643K	-88.68M	185.34M	-11.17M	-7.89M	-188.25M	-269.15M
Cash from Financing+	144.16M	-35.05M	44.26M	107.32M	-111.76M	-402.99M	-401.25M	-169.72M	-13.57M	25.71M
Dividends Paid	-138.3M	-153.04M	-165.39M	-179.74M	-194.58M	-182.9M	-161.77M	-156.24M	-156.51M	0
Common Dividends	-138.3M	-153.04M	-165.39M	-179.74M	-194.58M	-182.9M	-161.77M	-156.24M	-156.51M	0
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K	0
Share Repurchases	0	0	0	0	0	0	-151.95M	0	0	0
Other Financing	104.05M	57.49M	-141.01M	-1.06M	-6.1M	-68.45M	5.86M	-1.05M	-10.22M	25.71M
Net Change in Cash+	-8.45M	-1.57M	1.84M	5.76M	30.67M	-6.86M	-17.97M	3.1M	1.89M	-6.88M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	13.29M	4.64M	8.07M	9.91M	15.67M	46.34M	39.48M	21.52M	24.62M	26.5M
Cash at End	4.83M	3.06M	9.91M	15.67M	46.34M	39.48M	21.52M	24.62M	26.5M	19.62M
Free Cash Flow+	-189.79M	21.98M	60.22M	222.96M	231.99M	210.79M	180.71M	180.71M	203.7M	236.56M
FCF Growth %	-480.31%	111.58%	173.97%	270.21%	4.05%	-9.14%	-14.27%	-0%	12.72%	16.13%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	6.07	5.82	5.8	5.43	6	4.21	3.06	4.74	4.75	4.74K
FFO Payout Ratio	58.19%	63.95%	67.75%	75.75%	72.53%	94.96%	117.84%	75.98%	74.73%	0%
NOI Margin	99.59%	99.66%	99.6%	98.18%	97.1%	96.1%	96.48%	96.4%	96.67%	100%
Net Debt / EBITDA	4.29x	4.19x	4.31x	4.85x	4.75x	4.56x	5.54x	4.47x	4.39x	-0.24x
Debt / Assets	47.32%	45.83%	46.98%	47.46%	48.28%	44.09%	45.76%	45.61%	43.84%	-
Interest Coverage	4.12x	-	4.27x	3.91x	-	3.85x	3.13x	3.22x	3.28x	-
Book Value / Share	59.27	59.89	63.36	34.28	34.07	33.17	28.8	29.36	31.41	32.51
Revenue Growth	8.52%	12.14%	5.72%	7.97%	4.63%	-10.24%	-6.87%	14.97%	4.8%	12.07%

National Health Investors, Inc. (NHI) 10-Year Financial Performance & Capital Metrics

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National Health Investors, Inc. (NHI) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare NHI vs Peers

vs OHI

vs CTRE

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios