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

NHI • • REIT / Real Estate

Real EstateHealthcare REITsDiversified Healthcare REITsBroad Healthcare Property Investors

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 $335M +4.8%
FFO $209M +1.8%
FFO/Share 4.75 +0.2%
FFO Payout 74.73% -1.6%
FFO per Share 4.75 +0.2%
NOI Margin 96.67% +0.3%
FFO Margin 62.48% -2.8%
ROE 10.38% -1.9%
ROA 5.41% -0.4%
Debt/Assets 43.84% -3.9%
Net Debt/EBITDA 4.39 -1.8%
Book Value/Share 31.41 +7.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 14.5% TTM
✓Sustainable FFO payout ratio of 74.7%
✓High NOI margin of 96.7%
✓Healthy dividend yield of 4.4%
✓Trading near 52-week high

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.56%

5Y1.05%

3Y3.91%

TTM8.11%

Profit (Net Income) CAGR

10Y3.11%

5Y-2.97%

3Y7.27%

TTM16.14%

EPS CAGR

10Y0.29%

5Y5.63%

3Y32.03%

TTM8.93%

ROCE

10Y Avg7.55%

5Y Avg7.05%

3Y Avg7.14%

Latest8.43%

Peer Comparison

Broad Healthcare Property Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NHINational Health Investors, Inc.	3.83B	80.43	25.70	4.8%	41.42%	9.83%	5.32%	0.83
DHCDiversified Healthcare Trust	1.33B	5.50	-3.55	6.04%	-22.9%	-20.85%	8.43%	1.49
AHRAmerican Healthcare REIT, Inc.	8.94B	47.98	-165.45	11.38%	1.24%	1%	0.94%	0.81
NHPBPNational Healthcare Properties, Inc.		18.48		2.27%	-22.97%	-12.27%		1.67

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	228.99M	248.5M	278.66M	294.61M	318.08M	332.81M	298.71M	278.19M	319.83M	335.18M
Revenue Growth %	0.29%	0.09%	0.12%	0.06%	0.08%	0.05%	-0.1%	-0.07%	0.15%	0.05%
Property Operating Expenses	985K	1.01M	960K	1.17M	5.8M	9.65M	11.64M	9.79M	11.51M	11.16M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	65.13M	70.77M	80.84M	85.37M	92.27M	98.24M	101.83M	135.64M	129.53M	140.16M
G&A Expenses	10.98M	10.2M	12.71M	12.86M	13.91M	14.56M	19.34M	25.32M	19.82M	21.79M
EBITDA+	217.02M	263.85M	277.78M	299.03M	296.83M	308.07M	266.05M	203.65M	248.76M	255.3M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	53.16M	86.12M	79.96M	89.79M	76.82M	83.15M	80.8M	70.88M	69.97M	71.44M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	163.86M	177.73M	197.81M	209.24M	220.01M	224.92M	185.25M	132.77M	178.79M	183.86M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	43.11M	0	49.05M	56.3M	0	48.11M	42.44M	55.51M	56.12M
Interest Coverage	-	4.12x	-	4.27x	3.91x	-	3.85x	3.13x	3.22x	3.28x
Non-Operating Income	89.51M	34.55M	-4.05M	4.2M	6.04M	-9.93M	25.11M	24.91M	-11.1M	-8.86M
Pretax Income+	149.61M	153.47M	159.37M	154.33M	160.45M	185.31M	112.03M	65.41M	134.38M	136.59M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-707K	749K	0	-9.17M	0	0	66K	-89K	0	-45K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	148.86M	151.54M	159.37M	154.33M	160.46M	185.13M	111.8M	66.4M	135.65M	137.99M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.47%	0.02%	0.05%	-0.03%	0.04%	0.15%	-0.4%	-0.41%	1.04%	0.02%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.42%	0.18%	0.01%	0.02%	-0.03%	0.13%	-0.28%	-0.29%	0.5%	0.02%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	3.95	3.87	3.87	3.67	2.38	3.03	1.36	0.51	3.13	3.13
EPS Growth %	0.3%	-0.02%	0%	-0.05%	-0.35%	0.27%	-0.55%	-0.63%	5.14%	0%
EPS (Basic)	3.96	3.88	3.90	3.68	2.40	3.03	1.36	0.52	3.13	3.14
Diluted Shares Outstanding	37.64M	39.16M	41.15M	42.09M	43.7M	44.7M	45.73M	44.79M	43.39M	44.1M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.15B	2.4B	2.55B	2.75B	3.04B	3.12B	2.84B	2.51B	2.49B	2.61B
Asset Growth %	0.08%	0.12%	0.06%	0.08%	0.11%	0.03%	-0.09%	-0.12%	-0.01%	0.05%
Real Estate & Other Assets+	16.45M	2.17B	-2.53B	-2.73B	304.27M	302.21M	2.32B	2.12B	2.11B	2.22B
PP&E (Net)	1.84B	2.16B	2.29B	2.37B	2.56B	2.67B	0	0	0	0
Investment Securities	1000K	1000K	0	0	0	0	0	0	0	0
Total Current Assets+	212.7M	219.86M	247.09M	368.02M	177.58M	150.85M	514.79M	383.01M	375.19M	396.91M
Cash & Equivalents	13.29M	4.83M	3.06M	4.66M	5.21M	43.34M	37.41M	19.29M	22.35M	24.29M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	1.35M	0	5.01M	5.25M	83.11M	9.21M	68.47M	45.53M	7.27M	2.21M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	1B	1.19B	1.22B	1.36B	1.54B	1.6B	1.32B	1.22B	1.21B	1.23B
Total Debt+	947.53M	1.14B	1.17B	1.29B	1.44B	1.51B	1.25B	1.15B	1.14B	1.15B
Net Debt	934.25M	1.13B	1.16B	1.29B	1.44B	1.46B	1.21B	1.13B	1.11B	1.12B
Long-Term Debt	914.44M	1.12B	1.17B	1.28B	1.44B	1.5B	1.24B	1.11B	890.05M	814.84M
Short-Term Borrowings	0	0	0	0	0	1000K	0	1000K	1000K	1000K
Capital Lease Obligations	21.27M	21.32M	21.27M	10.64M	0	0	8.84M	0	0	1.69M
Total Current Liabilities+	55.61M	56.74M	56.93M	68.54M	69.7M	75.01M	70.17M	112.01M	324.38M	414.35M
Accounts Payable	20.15M	20.87M	16.3M	19.89M	22.88M	18.04M	23.18M	25.91M	34.3M	37.76M
Deferred Revenue	3.57M	871K	-1.15B	5.95M	0	0	5.72M	5.05M	6.01M	4.28M
Other Liabilities	64.6M	3.41M	1.92M	0	30.39M	23.25M	0	0	0	0
Total Equity+	1.14B	2.32B	2.46B	2.67B	1.5B	1.52B	1.52B	1.29B	1.27B	1.39B
Equity Growth %	0.09%	1.03%	0.06%	0.08%	-0.44%	0.02%	-0%	-0.15%	-0.01%	0.09%
Shareholders Equity	1.13B	1.21B	1.32B	1.39B	1.5B	1.51B	1.51B	1.27B	1.25B	1.37B
Minority Interest	9.17M	1.11B	1.14B	1.28B	621K	10.71M	9.9M	19.68M	20.09M	18.7M
Common Stock	384K	398K	415K	427K	446K	452K	459K	434K	434K	457K
Additional Paid-in Capital	1.09B	1.17B	1.29B	1.37B	1.51B	1.54B	1.59B	1.6B	1.6B	1.74B
Retained Earnings	19.86M	29.87M	32.6M	18.07M	-5.33M	0	-84.56M	2.33B	2.47B	2.6B
Preferred Stock	90K	269K	32.6M	18.07M	0	0	0	0	0	0
Return on Assets (ROA)	0.07%	0.07%	0.06%	0.06%	0.06%	0.06%	0.04%	0.02%	0.05%	0.05%
Return on Equity (ROE)	0.14%	0.09%	0.07%	0.06%	0.08%	0.12%	0.07%	0.05%	0.11%	0.1%
Debt / Assets	0.44%	0.47%	0.46%	0.47%	0.47%	0.48%	0.44%	0.46%	0.46%	0.44%
Debt / Equity	0.83x	0.49x	0.47x	0.48x	0.96x	0.99x	0.83x	0.89x	0.89x	0.83x
Net Debt / EBITDA	4.30x	4.29x	4.19x	4.31x	4.85x	4.75x	4.56x	5.54x	4.47x	4.39x
Book Value per Share	30.35	59.27	59.89	63.36	34.28	34.07	33.17	28.80	29.36	31.41

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+	164.43M	177.22M	197.32M	207.87M	240.96M	232.15M	210.86M	185.34M	184.45M	207.77M
Operating CF Growth %	0.3%	0.08%	0.11%	0.05%	0.16%	-0.04%	-0.09%	-0.12%	-0%	0.13%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	150.31M	152.72M	159.37M	154.33M	160.45M	185.31M	111.97M	65.5M	134.38M	136.64M
Depreciation & Amortization	56.63M	63.13M	72.96M	75.79M	76.82M	83.15M	80.8M	70.88M	69.97M	71.44M
Stock-Based Compensation	2.13M	1.73M	2.61M	2.49M	3.65M	3.06M	8.41M	8.61M	4.61M	4.18M
Other Non-Cash Items	-25.03M	-23.91M	-27.28M	-30.02M	-19.48M	-32.64M	39.16M	43.04M	-27.8M	-1.94M
Working Capital Changes	3.75M	2.4M	-2.46M	-571K	18.7M	-6.74M	-438K	-2.7M	3.29M	-2.56M
Cash from Investing+	-136.33M	-329.84M	-163.85M	-250.29M	-342.52M	-89.71M	185.28M	197.94M	-11.63M	-192.31M
Acquisitions (Net)	114.52M	-17M	0	0	643K	-875K	-187.54M	11.74M	0	0
Purchase of Investments	-8.46M	-483.41M	-217.76M	-238.75M	-327.42M	0	-119.12M	-86.17M	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0
Other Investing	-185.27M	-22.43M	-6.68M	-102.64M	-643K	-88.68M	185.34M	-11.17M	-7.89M	-188.25M
Cash from Financing+	-18.1M	144.16M	-35.05M	44.26M	107.32M	-111.76M	-402.99M	-401.25M	-169.72M	-13.57M
Dividends Paid	-124.66M	-138.3M	-153.04M	-165.39M	-179.74M	-194.58M	-182.9M	-161.77M	-156.24M	-156.51M
Common Dividends	-124.66M	-138.3M	-153.04M	-165.39M	-179.74M	-194.58M	-182.9M	-161.77M	-156.24M	-156.51M
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K
Share Repurchases	0	0	0	0	0	0	0	-151.95M	0	0
Other Financing	-344.9M	104.05M	57.49M	-141.01M	-1.06M	-6.1M	-68.45M	5.86M	-1.05M	-10.22M
Net Change in Cash+	10M	-8.45M	-1.57M	1.84M	5.76M	30.67M	-6.86M	-17.97M	3.1M	1.89M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	3.29M	13.29M	4.64M	8.07M	9.91M	15.67M	46.34M	39.48M	21.52M	24.62M
Cash at End	13.29M	4.83M	3.06M	9.91M	15.67M	46.34M	39.48M	21.52M	24.62M	26.5M
Free Cash Flow+	49.91M	-189.79M	21.98M	60.22M	222.96M	231.99M	210.79M	180.71M	180.71M	203.7M
FCF Growth %	1.12%	-4.8%	1.12%	1.74%	2.7%	0.04%	-0.09%	-0.14%	-0%	0.13%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	5.37	6.07	5.82	5.8	5.43	6	4.21	3.06	4.74	4.75
FFO Payout Ratio	61.7%	58.19%	63.95%	67.75%	75.75%	72.53%	94.96%	117.84%	75.98%	74.73%
NOI Margin	99.57%	99.59%	99.66%	99.6%	98.18%	97.1%	96.1%	96.48%	96.4%	96.67%
Net Debt / EBITDA	4.30x	4.29x	4.19x	4.31x	4.85x	4.75x	4.56x	5.54x	4.47x	4.39x
Debt / Assets	44.15%	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	30.35	59.27	59.89	63.36	34.28	34.07	33.17	28.8	29.36	31.41
Revenue Growth	29%	8.52%	12.14%	5.72%	7.97%	4.63%	-10.24%	-6.87%	14.97%	4.8%

Revenue by Segment

	2022	2023	2024
Real Estate Investment	242.08M	270.68M	280.29M
Real Estate Investment Growth	-	11.81%	3.55%
Senior Housing Operating Portfolio	35.8M	48.81M	54.42M
Senior Housing Operating Portfolio Growth	-	36.35%	11.50%

Frequently Asked Questions

Valuation & Price

National Health Investors, Inc. (NHI) has a price-to-earnings (P/E) ratio of 25.7x. This suggests investors expect higher future growth.

Growth & Financials

National Health Investors, Inc. (NHI) reported $355.6M in revenue for fiscal year 2024. This represents a 330% increase from $82.7M in 2011.

National Health Investors, Inc. (NHI) grew revenue by 4.8% over the past year. Growth has been modest.

Yes, National Health Investors, Inc. (NHI) is profitable, generating $147.3M in net income for fiscal year 2024 (41.2% net margin).

Dividend & Returns

Yes, National Health Investors, Inc. (NHI) pays a dividend with a yield of 4.41%. This makes it attractive for income-focused investors.

National Health Investors, Inc. (NHI) has a return on equity (ROE) of 10.4%. This is reasonable for most industries.

Industry Metrics

National Health Investors, Inc. (NHI) generated Funds From Operations (FFO) of $225.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

National Health Investors, Inc. (NHI) offers a 4.41% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

US Stock Screener

...