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NHINational Health Investors, Inc.
$70.82$3.4B
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NHI logoNational Health Investors, Inc.(NHI)Earnings, Financials & Key Ratios

NHI•NYSE•REIT / Real Estate
23.5× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryHealthcare REITsSub-IndustrySenior 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$379M+12.9%
  • FFO$226M+7.9%
  • FFO/Share4.80+1.2%
  • FFO Payout75.08%+0.5%
  • FFO per Share4.80+1.2%
  • NOI Margin36.7%-62.0%
  • FFO Margin59.71%-4.4%
  • ROE9.72%-6.3%
  • ROA5.25%-2.8%

NHI Key Insights

National Health Investors, Inc. (NHI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 9.7% TTM
  • ✓Sustainable FFO payout ratio of 75.1%
  • ✓Healthy dividend yield of 5.1%

✗Weaknesses

  • ✗Low NOI margin of 36.7%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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NHI Price & Volume

National Health Investors, Inc. (NHI) stock price & volume — 10-year historical chart

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NHI Growth Metrics

National Health Investors, Inc. (NHI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years5.15%
5 Years2.61%
3 Years10.81%
TTM17.48%

Profit CAGR

10 Years-0.46%
5 Years-5.14%
3 Years28.89%
TTM4.89%

EPS CAGR

10 Years-2.65%
5 Years-0.07%
3 Years80.92%
TTM-1.59%

Return on Capital

10 Years7.53%
5 Years7.16%
3 Years8.09%
Last Year8%

NHI Recent Earnings

National Health Investors, Inc. (NHI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
May 4, 2026
Metric
Actual
Est
EPS
$1.24+2.5%
$1.21
Rev
$73M+4.2%
$70M
Q1 2026
Feb 26, 2026
Metric
Actual
Est
EPS
$1.22+52.3%
$0.80
Rev
$70M+1.8%
$69M
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$1.32+6.5%
$1.24
Rev
$90M-5.5%
$95M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$1.22+5.2%
$1.16
Rev
$91M+6.7%
$86M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$1.24vs $1.21+2.5%
$73Mvs $70M+4.2%
Q1 2026Feb 26, 2026
$1.22vs $0.80+52.3%
$70Mvs $69M+1.8%
Q4 2025Nov 6, 2025
$1.32vs $1.24+6.5%
$90Mvs $95M-5.5%
Q3 2025Aug 6, 2025
$1.22vs $1.16+5.2%
$91Mvs $86M+6.7%
Based on last 12 quarters of dataView full earnings history →

NHI Peer Comparison

National Health Investors, Inc. (NHI) competitors in Senior housing and skilled nursing — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
OHI logoOHIOmega Healthcare Investors, Inc.Direct Competitor13.26B44.5322.9513.95%51.02%11.85%0.78
SBRA logoSBRASabra Health Care REIT, Inc.Direct Competitor4.57B18.1228.3110.15%19.21%5.6%0.90
LTC logoLTCLTC Properties, Inc.Direct Competitor1.86B36.3714.4325.26%39.08%10.9%0.73
CTRE logoCTRECareTrust REIT, Inc.Direct Competitor8.76B37.0623.61108.79%71.55%8.63%0.22
GMRE logoGMREGlobal Medical REIT Inc.Direct Competitor94.26M35.74115.297.08%-8.18%-2.31%
VTR logoVTRVentas, Inc.Product Competitor38.8B81.61151.1318.47%4.25%2.08%1.05
WELL logoWELLWelltower Inc.Product Competitor144.78B206.65148.6735.82%12.31%3.49%0.49
HR logoHRHealthcare Realty Trust IncorporatedProduct Competitor6.9B19.79-27.87-6.92%-17.51%-4.28%0.89

Compare NHI vs Peers

National Health Investors, Inc. (NHI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs OHI

Most directly comparable listed peer for NHI.

Scale Benchmark

vs WELL

Larger-name benchmark to compare NHI against a more recognizable public peer.

Peer Set

Compare Top 5

vs OHI, SBRA, LTC, CTRE

NHI Income Statement

National Health Investors, Inc. (NHI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
278.66M294.61M318.08M332.81M298.71M278.19M319.83M335.18M378.53M402.91M
Revenue Growth %
12.14%5.72%7.97%4.63%-10.24%-6.87%14.97%4.8%12.93%17.48%
Property Operating Expenses
960K1.17M5.8M9.65M11.64M9.79M11.51M11.16M239.6M156.08M
Net Operating Income (NOI)
277.7M▲ 0%
293.45M▲ 5.7%
312.28M▲ 6.4%
323.16M▲ 3.5%
287.08M▼ 11.2%
268.41M▼ 6.5%
308.32M▲ 14.9%
324.02M▲ 5.1%
138.93M▼ 57.1%
246.83M▲ 0%
NOI Margin %
99.66%99.6%98.18%97.1%96.1%96.48%96.4%96.67%36.7%61.26%
Operating Expenses
80.84M85.37M92.27M98.24M101.83M135.64M129.53M140.16M-55.9M51.44M
G&A Expenses
12.71M12.86M13.91M14.56M19.34M25.32M19.82M21.79M013.66M
EBITDA
277.78M299.03M296.83M308.07M266.05M203.65M248.76M255.3M278.67M282.32M
EBITDA Margin %
99.68%101.5%93.32%92.57%89.06%73.2%77.78%76.17%73.62%70.07%
Depreciation & Amortization
79.96M89.79M76.82M83.15M80.8M70.88M69.97M71.44M83.84M86.93M
D&A / Revenue %
28.7%30.48%24.15%24.98%27.05%25.48%21.88%21.31%22.15%21.57%
Operating Income
197.81M▲ 0%
209.24M▲ 5.8%
220.01M▲ 5.1%
224.92M▲ 2.2%
185.25M▼ 17.6%
132.77M▼ 28.3%
178.79M▲ 34.7%
183.86M▲ 2.8%
194.83M▲ 6.0%
195.39M▲ 0%
Operating Margin %
70.99%71.02%69.17%67.58%62.02%47.72%55.9%54.85%51.47%48.49%
Interest Expense
049.05M56.3M048.11M42.44M55.51M56.12M57.37M3M
Interest Coverage
-4.08x3.80x-3.33x2.54x3.42x3.43x3.45x-
Non-Operating Income
-4.05M4.2M6.04M-9.93M25.11M24.91M-11.1M-8.86M-3.33M-6.9M
Pretax Income
159.37M▲ 0%
154.33M▼ 3.2%
160.45M▲ 4.0%
185.31M▲ 15.5%
112.03M▼ 39.5%
65.41M▼ 41.6%
134.38M▲ 105.4%
136.59M▲ 1.6%
140.79M▲ 3.1%
146.72M▲ 0%
Pretax Margin %
57.19%52.39%50.44%55.68%37.5%23.51%42.02%40.75%37.19%36.42%
Income Tax
0-9.17M0066K-89K0-45K00
Effective Tax Rate %
0%-5.94%0%0%0.06%-0.14%0%-0.03%0%0%
Net Income
159.37M▲ 0%
154.33M▼ 3.2%
160.46M▲ 4.0%
185.13M▲ 15.4%
111.8M▼ 39.6%
66.4M▼ 40.6%
135.65M▲ 104.3%
137.99M▲ 1.7%
142.18M▲ 3.0%
148.11M▲ 0%
Net Margin %
57.19%52.39%50.45%55.62%37.43%23.87%42.41%41.17%37.56%36.76%
Net Income Growth %
5.16%-3.16%3.97%15.37%-39.61%-40.61%104.29%1.72%3.04%4.89%
Funds From Operations (FFO)
239.33M▲ 0%
244.12M▲ 2.0%
237.27M▼ 2.8%
268.28M▲ 13.1%
192.6M▼ 28.2%
137.28M▼ 28.7%
205.63M▲ 49.8%
209.43M▲ 1.8%
226.02M▲ 7.9%
235.04M▲ 0%
FFO Margin %
85.89%82.86%74.59%80.61%64.48%49.35%64.29%62.48%59.71%58.34%
FFO Growth %
0.7%2%-2.81%13.07%-28.21%-28.72%49.78%1.85%7.92%41.27%
FFO per Share
5.825.805.436.004.213.064.744.754.804.84
FFO Payout Ratio %
63.95%67.75%75.75%72.53%94.96%117.84%75.98%74.73%75.08%54.7%
EPS (Diluted)
3.87▲ 0%
3.67▼ 5.2%
2.38▼ 35.1%
3.03▲ 27.3%
1.36▼ 55.1%
0.51▼ 62.5%
3.13▲ 513.7%
3.13▲ 0.0%
3.02▼ 3.5%
3.05▲ 0%
EPS Growth %
0%-5.17%-35.15%27.31%-55.12%-62.5%513.73%0%-3.51%-1.59%
EPS (Basic)
3.903.682.403.031.360.523.133.143.03-
Diluted Shares Outstanding
41.15M42.09M43.7M44.7M45.73M44.79M43.39M44.1M47.05M48.55M

NHI Balance Sheet

National Health Investors, Inc. (NHI) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
2.55B2.75B3.04B3.12B2.84B2.51B2.49B2.61B2.8B2.89B
Asset Growth %
5.92%8.04%10.6%2.57%-9.02%-11.68%-0.76%5.06%6.98%29.02%
Real Estate & Other Assets
-2.53B-2.73B304.27M302.21M2.32B2.12B2.11B2.22B6.7M0
PP&E (Net)
2.29B2.37B2.56B2.67B000000
Investment Securities
000000001000K0
Total Current Assets
247.09M368.02M177.58M150.85M514.79M383.01M375.19M396.91M310.22M104.25M
Cash & Equivalents
3.06M4.66M5.21M43.34M37.41M19.29M22.35M24.29M19.62M24.95M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
5.01M5.25M83.11M9.21M68.47M45.53M7.27M2.21M00
Intangible Assets
0000000003.15B
Total Liabilities
1.22B1.36B1.54B1.6B1.32B1.22B1.21B1.23B1.26B1.36B
Total Debt
1.17B1.29B1.44B1.51B1.25B1.15B1.14B1.15B1.16B0
Net Debt
1.16B1.29B1.44B1.46B1.21B1.13B1.11B1.12B1.14B-24.95M
Long-Term Debt
1.17B1.28B1.44B1.5B1.24B1.11B890.05M814.84M1.04B0
Short-Term Borrowings
0007.15M042M245M331.2M125M0
Capital Lease Obligations
010.64M008.84M00000
Total Current Liabilities
56.93M68.54M69.7M75.01M70.17M112.01M324.38M414.35M125M5.21M
Accounts Payable
16.3M19.89M22.88M18.04M23.18M25.91M34.3M37.76M00
Deferred Revenue
-1.15B5.95M005.72M5.05M6.01M4.28M5M5.21M
Other Liabilities
1.92M030.39M23.25M000088.17M1.35B
Total Equity
2.46B▲ 0%
2.67B▲ 8.2%
1.5B▼ 43.8%
1.52B▲ 1.6%
1.52B▼ 0.4%
1.29B▼ 15.0%
1.27B▼ 1.2%
1.39B▲ 8.7%
1.54B▲ 11.2%
1.52B▲ 0%
Equity Growth %
6.19%8.2%-43.82%1.65%-0.39%-14.97%-1.23%8.72%11.17%55.21%
Shareholders Equity
1.32B1.39B1.5B1.51B1.51B1.27B1.25B1.37B1.52B1.51B
Minority Interest
1.14B1.28B621K10.71M9.9M19.68M20.09M18.7M18.36M9.92M
Common Stock
415K427K446K452K459K434K434K457K483K0
Additional Paid-in Capital
1.29B1.37B1.51B1.54B1.59B1.6B1.6B1.74B1.92B0
Retained Earnings
32.6M18.07M-5.33M0-84.56M2.33B2.47B2.6B-401.65M2.79B
Preferred Stock
32.6M18.07M00000000
Return on Assets (ROA)
6.44%5.83%5.54%6.01%3.75%2.48%5.43%5.41%5.25%5.35%
Return on Equity (ROE)
6.66%6.02%7.7%12.26%7.36%4.73%10.58%10.38%9.72%9.78%
Debt / Assets
45.83%46.98%47.46%48.28%44.09%45.76%45.61%43.84%41.61%0%
Debt / Equity
0.47x0.48x0.96x0.99x0.83x0.89x0.89x0.83x0.76x0.00x
Net Debt / EBITDA
4.19x4.31x4.85x4.75x4.56x5.54x4.47x4.39x4.11x-0.09x
Book Value per Share
59.8963.3634.2834.0733.1728.8029.3631.4132.7331.36

NHI Cash Flow Statement

National Health Investors, Inc. (NHI) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
197.32M207.87M240.96M232.15M210.86M185.34M184.45M208.17M240.23M246.77M
Operating CF Growth %
11.35%5.34%15.92%-3.65%-9.17%-12.1%-0.48%12.86%15.4%63.82%
Operating CF / Revenue %
70.81%70.56%75.75%69.75%70.59%66.62%57.67%62.11%63.46%61.25%
Net Income
159.37M154.33M160.45M185.31M111.97M65.5M134.38M137.99M142.18M148.11M
Depreciation & Amortization
72.96M75.79M76.82M83.15M80.8M70.88M69.97M74.34M83.84M88.38M
Stock-Based Compensation
2.61M2.49M3.65M3.06M8.41M8.61M4.61M000
Other Non-Cash Items
-27.28M-30.02M-19.48M-32.64M39.16M43.04M-27.8M-1.6M6.95M4.07M
Working Capital Changes
-2.46M-571K18.7M-6.74M-438K-2.7M3.29M-2.56M7.26M6.29M
Cash from Investing
-163.85M-250.29M-342.52M-89.71M185.28M197.94M-11.63M-191.55M-271.07M-299.07M
Acquisitions (Net)
00643K-875K-187.54M11.74M01.17M1.75M1.75M
Purchase of Investments
-217.76M-238.75M-327.42M0-119.12M-86.17M0-202.61M-345.18M-363.1M
Sale of Investments
18.18M4.35M2.9M0306.65M288.17M025.63M92.33M82.97M
Other Investing
-6.68M-102.64M-643K-88.68M185.34M-11.17M-7.89M000
Cash from Financing
-35.05M44.26M107.32M-111.76M-402.99M-401.25M-169.72M-14.74M23.96M-60.03M
Dividends Paid
-153.04M-165.39M-179.74M-194.58M-182.9M-161.77M-156.24M-156.51M-169.7M-173.02M
Common Dividends
-153.04M-165.39M-179.74M-194.58M-182.9M-161.77M-156.24M-156.51M-169.7M-128.58M
Debt Issuance (Net)
-1000K1000K1000K1000K-1000K-1000K-1000K1000K1000K0
Share Repurchases
00000-151.95M0000
Other Financing
57.49M-141.01M-1.06M-6.1M-68.45M5.86M-1.05M-7.9M-2.14M-6.49M
Net Change in Cash
-1.57M▲ 0%
1.84M▲ 216.8%
5.76M▲ 213.4%
30.67M▲ 432.8%
-6.86M▼ 122.4%
-17.97M▼ 162.0%
3.1M▲ 117.3%
1.94M▼ 37.4%
-4.67M▼ 340.2%
-110.06M▲ 0%
Exchange Rate Effect
000000057K2.21M2.27M
Cash at Beginning
4.64M8.07M9.91M15.67M46.34M39.48M21.52M22.35M24.29M19.62M
Cash at End
3.06M9.91M15.67M46.34M39.48M21.52M24.62M24.29M19.62M24.95M
Free Cash Flow
21.98M▲ 0%
60.22M▲ 174.0%
222.96M▲ 270.2%
231.99M▲ 4.1%
210.79M▼ 9.1%
180.71M▼ 14.3%
180.71M▼ 0.0%
192.44M▲ 6.5%
220.26M▲ 14.5%
226.1M▲ 0%
FCF Growth %
111.58%173.97%270.21%4.05%-9.14%-14.27%-0%6.49%14.46%13.93%
FCF / Revenue %
7.89%20.44%70.09%69.71%70.57%64.96%56.5%57.41%58.19%56.12%

NHI Key Ratios

National Health Investors, Inc. (NHI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
5.825.85.4364.213.064.744.754.84.84
FFO Payout Ratio
63.95%67.75%75.75%72.53%94.96%117.84%75.98%74.73%75.08%54.7%
NOI Margin
99.66%99.6%98.18%97.1%96.1%96.48%96.4%96.67%36.7%61.26%
Net Debt / EBITDA
4.19x4.31x4.85x4.75x4.56x5.54x4.47x4.39x4.11x-0.09x
Debt / Assets
45.83%46.98%47.46%48.28%44.09%45.76%45.61%43.84%41.61%0%
Interest Coverage
-4.08x3.80x-3.33x2.54x3.42x3.43x3.45x-
Book Value / Share
59.8963.3634.2834.0733.1728.829.3631.4132.7331.36
Revenue Growth
12.14%5.72%7.97%4.63%-10.24%-6.87%14.97%4.8%12.93%17.48%
Related:NHI Dividend History·NHI Revenue History·NHI Price History·NHI P/E History·NHI Financial Ratios·NHI Institutional Holders

NHI SEC Filings & Documents

National Health Investors, Inc. (NHI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

May 4, 2026·SEC

Material company update

May 4, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 25, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

May 4, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 6, 2025·SEC

NHI Frequently Asked Questions

National Health Investors, Inc. (NHI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

National Health Investors, Inc. (NHI) reported $402.9M in revenue for fiscal year 2025. This represents a 305% increase from $99.4M in 1996.

National Health Investors, Inc. (NHI) grew revenue by 12.9% over the past year. This is steady growth.

Yes, National Health Investors, Inc. (NHI) is profitable, generating $148.1M in net income for fiscal year 2025 (37.6% net margin).

Dividend & Returns

Yes, National Health Investors, Inc. (NHI) pays a dividend with a yield of 5.09%. This makes it attractive for income-focused investors.

National Health Investors, Inc. (NHI) has a return on equity (ROE) of 9.7%. This is below average, suggesting room for improvement.

Industry Metrics

National Health Investors, Inc. (NHI) generated Funds From Operations (FFO) of $235.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

National Health Investors, Inc. (NHI) offers a 5.09% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in NHI back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in NHI be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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