The company achieved a significant deleveraging milestone by reducing total debt from $1.2 billion in 2025Q4 to zero in 2026Q1, enhancing its overall financial flexibility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 2.89B | 2.8B | 2.61B | 2.49B | 2.51B | 2.84B | 3.12B | 3.04B | 2.75B | 2.55B | 2.4B | 2.15B | 1.98B | 1.46B | 705.98M | 579.56M | 509.34M | 459.36M | 457.11M | 500.73M | 595.46M | 587.93M | 631.37M | 624.37M | 651.06M | 672.63M | 766.98M | 788.54M | 769.2M | 756.6M | 751.1M |
| Asset Growth % | 29.02% | 6.98% | 5.06% | -0.76% | -11.68% | -9.02% | 2.57% | 10.6% | 8.04% | 5.92% | 11.99% | 8.24% | 36.21% | 106.21% | 21.81% | 13.79% | 10.88% | 0.49% | -8.71% | -15.91% | 1.28% | -6.88% | 1.12% | -4.1% | -3.21% | -12.3% | -2.74% | 2.52% | 1.67% | 0.73% | 17.01% |
| Real Estate & Other Assets | 0 | 6.7M | 2.22B | 2.11B | 2.12B | 2.32B | 302.21M | 304.27M | -2.73B | -2.53B | 2.17B | 16.45M | 37.46M | 54.89M | 12.17M | 109.5M | 113.02M | 128.14M | 109.07M | -225.59M | -298.84M | -320.81M | -345.4M | -370.48M | -394.65M | -425.04M | -391.61M | -441.47M | -347.33M | -237.23M | -220.82M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 2.67B | 2.56B | 2.37B | 2.29B | 2.16B | 1.84B | 1.78B | 1.25B | 535.39M | 394.8M | 327.65M | 223.86M | 181.33M | 187.46M | 235.2M | 263.13M | 278.17M | 289.46M | 304.39M | 323.27M | 278M | 316.02M | 245.54M | 200.07M | 184.25M |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 104.25M | 310.22M | 396.91M | 375.19M | 383.01M | 514.79M | 150.85M | 177.58M | 368.02M | 247.09M | 219.86M | 212.7M | 105.89M | 92.91M | 107.4M | 37.14M | 30.54M | 69.23M | 128.57M | 77.25M | 183.9M | 138.05M | 167.6M | 98M | 49.92M | 21.96M | 410.24M | 393.59M | 419.12M | 515.7M | 528.01M |
| Cash & Equivalents | 24.95M | 19.62M | 24.29M | 22.35M | 19.29M | 37.41M | 43.34M | 5.21M | 4.66M | 3.06M | 4.83M | 13.29M | 3.29M | 11.31M | 9.17M | 15.89M | 2.66M | 45.72M | 100.24M | 75.36M | 177.76M | 132.47M | 161.22M | 93.69M | 43.06M | 13.6M | 47.25M | 16.72M | 20.41M | 64.92M | 3.4M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 2.21M | 7.27M | 45.53M | 68.47M | 9.21M | 83.11M | 5.25M | 5.01M | 0 | 1.35M | 0 | 0 | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.36B | 1.26B | 1.23B | 1.21B | 1.22B | 1.32B | 1.6B | 1.54B | 1.36B | 1.22B | 1.19B | 1B | 933.03M | 678.66M | 237.93M | 136.08M | 66.84M | 24.75M | 27.49M | 54.59M | 163.79M | 162.96M | 205.83M | 214.72M | 250.63M | 274.84M | 369.57M | 395.9M | 344.54M | 312.52M | 341.41M |
| Total Debt | 0 | 1.16B | 1.15B | 1.14B | 1.15B | 1.25B | 1.51B | 1.44B | 1.29B | 1.17B | 1.14B | 947.53M | 884.37M | 639.86M | 203.25M | 97.3M | 37.77M | 0 | 3.99M | 9.51M | 113.49M | 117.45M | 155.55M | 163.45M | 203.4M | 227.11M | 423.94M | 444.61M | 368.65M | 274.7M | 309.74M |
| Net Debt | -24.95M | 1.14B | 1.12B | 1.11B | 1.13B | 1.21B | 1.46B | 1.44B | 1.29B | 1.16B | 1.13B | 934.25M | 881.09M | 628.54M | 194.08M | 81.41M | 35.1M | -45.72M | -96.25M | -65.84M | -64.27M | -15.02M | -5.67M | 69.76M | 160.33M | 213.5M | 376.69M | 427.89M | 348.25M | 209.78M | 306.34M |
| Long-Term Debt | 0 | 1.04B | 814.84M | 890.05M | 1.11B | 1.24B | 1.5B | 1.44B | 1.28B | 1.17B | 1.12B | 914.44M | 884.37M | 617.08M | 203.25M | 97.3M | 37.77M | 0 | 3.99M | 4.41M | 113.49M | 117.45M | 155.55M | 163.45M | 0 | 164.46M | 340.94M | 356.61M | 310.15M | 274.7M | 309.74M |
| Short-Term Borrowings | 0 | 125M | 331.2M | 245M | 42M | 0 | 7.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.99M | 9.51M | 0 | 201K | 0 | 0 | 0 | 0 | 83M | 88M | 58.5M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 8.84M | 0 | 0 | 10.64M | 0 | 21.32M | 21.27M | 0 | 22.77M | 0 | 0 | 18.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 5.21M | 125M | 414.35M | 324.38M | 112.01M | 70.17M | 75.01M | 69.7M | 68.54M | 56.93M | 56.74M | 55.61M | 45.65M | 36.2M | 30.43M | 27.63M | 20.14M | 20.71M | 27.38M | 45.1M | 50.3M | 45.5M | 50.3M | 51.2M | 47.2M | 47.7M | 28.7M | 39.3M | 34.3M | 37.8M | 31.7M |
| Accounts Payable | 0 | 0 | 37.76M | 34.3M | 25.91M | 23.18M | 18.04M | 22.88M | 19.89M | 16.3M | 20.87M | 20.15M | 15.72M | 8.01M | 3.67M | 3.48M | 3.39M | 2.75M | 4.36M | 7.48M | 23.68M | 23.1M | 24.38M | 27.47M | 23.92M | 19.79M | 14.71M | 7.23M | 1.7M | 0 | 1.13M |
| Deferred Revenue | 5.21M | 5M | 4.28M | 6.01M | 5.05M | 5.72M | 0 | 0 | 5.95M | -1.15B | 871K | 3.57M | 1.07M | 3.9M | 1.33M | 1.67M | 1.46M | 885K | 115K | 137K | 163K | 3.14M | 3.29M | 3.6M | 4.8M | 5.96M | 7.27M | 7.62M | 8.19M | 8.31M | 9.19M |
| Other Liabilities | 1.35B | 88.17M | 0 | 0 | 0 | 0 | 23.25M | 30.39M | 0 | 1.92M | 3.41M | 64.6M | 46.51M | 31M | 33.35M | 37.1M | 22.15M | 22.98M | 23.27M | -4.41M | -113.66M | -120.59M | -158.83M | 44.08M | 0 | -164.46M | -348.21M | -7.63M | -8.15M | -8.31M | -9.23M |
| Total Equity | 1.52B | 1.54B | 1.39B | 1.27B | 1.29B | 1.52B | 1.52B | 1.5B | 2.67B | 2.46B | 2.32B | 1.14B | 1.05B | 777.16M | 468.05M | 443.49M | 442.5M | 434.61M | 429.62M | 446.14M | 431.67M | 424.97M | 425.54M | 409.64M | 400.43M | 397.79M | 397.41M | 392.64M | 424.66M | 444.08M | 409.68M |
| Equity Growth % | 55.21% | 11.17% | 8.72% | -1.23% | -14.97% | -0.39% | 1.65% | -43.82% | 8.2% | 6.19% | 103.15% | 8.81% | 35.1% | 66.04% | 5.54% | 0.22% | 1.81% | 1.16% | -3.7% | 3.35% | 1.58% | -0.13% | 3.88% | 2.3% | 0.66% | 0.1% | 1.21% | -7.54% | -4.37% | 8.4% | 14.76% |
| Shareholders Equity | 1.51B | 1.52B | 1.37B | 1.25B | 1.27B | 1.51B | 1.51B | 1.5B | 1.39B | 1.32B | 1.21B | 1.13B | 1.04B | 766.55M | 457.18M | 443.49M | 442.5M | 434.61M | 429.62M | 446.14M | 431.67M | 424.97M | 425.54M | 409.64M | 400.43M | 397.79M | 397.41M | 392.64M | 424.66M | 444.08M | 409.68M |
| Minority Interest | 9.92M | 18.36M | 18.7M | 20.09M | 19.68M | 9.9M | 10.71M | 621K | 1.28B | 1.14B | 1.11B | 9.17M | 10.01M | 10.61M | 10.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 0 | 483K | 457K | 434K | 434K | 459K | 452K | 446K | 427K | 415K | 398K | 384K | 375K | 330K | 279K | 278K | 277K | 276K | 276K | 278K | 278K | 278K | 275K | 267K | 266K | 260K | 244K | 244K | 244K | 248K | 235K |
| Additional Paid-in Capital | 0 | 1.92B | 1.74B | 1.6B | 1.6B | 1.59B | 1.54B | 1.51B | 1.37B | 1.29B | 1.17B | 1.09B | 1.03B | 753.63M | 467.84M | 465.68M | 462.39M | 459.84M | 458.91M | 462.28M | 461.74M | 464.39M | 461.12M | 441.18M | 440.36M | 435.4M | 426.26M | 425.96M | 425.45M | 434.13M | 395.2M |
| Retained Earnings | 2.79B | -401.65M | 2.6B | 2.47B | 2.33B | -84.56M | 0 | -5.33M | 18.07M | 32.6M | 29.87M | 19.86M | -569K | 3.04M | -18.5M | -29.65M | -35.5M | -39.61M | -40.36M | -30.79M | -48.13M | -51.52M | -55.98M | -61.26M | -58.02M | -50.06M | -36.42M | -37.12M | -16.97M | -11.14M | -12.01M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.07M | 32.6M | 269K | 90K | 38.13M | 38.13M | 38.13M | 38.13M | 38.13M | 38.13M | 38.13M | 38.13M | 38.13M | 178K | 38.13M | 18.7M | 18.7M | 18.7M | 18.7M | 18.72M | 19.22M | 20.84M | 26.25M |
| Return on Assets (ROA) | 5.35% | 5.25% | 5.41% | 5.43% | 2.48% | 3.75% | 6.01% | 5.54% | 5.83% | 6.44% | 6.66% | 7.21% | 5.91% | 9.82% | 14.12% | 14.9% | 14.33% | 14.02% | 12.01% | 17.59% | 11.7% | 8.92% | 8.98% | 6.87% | 4.65% | -0.01% | 4.34% | 6.88% | 9.13% | 10% | 9.64% |
| Return on Equity (ROE) | 9.78% | 9.72% | 10.38% | 10.58% | 4.73% | 7.36% | 12.26% | 7.7% | 6.02% | 6.66% | 8.75% | 13.58% | 11.12% | 17.05% | 19.91% | 18.31% | 15.83% | 14.86% | 13.13% | 21.97% | 16.16% | 12.79% | 13.5% | 10.82% | 7.71% | -0.02% | 8.54% | 13.12% | 16.03% | 17.66% | 17.52% |
| Debt / Assets | 0% | 41.61% | 43.84% | 45.61% | 45.76% | 44.09% | 48.28% | 47.46% | 46.98% | 45.83% | 47.32% | 44.15% | 44.6% | 43.95% | 28.79% | 16.79% | 7.41% | - | 0.87% | 1.9% | 19.06% | 19.98% | 24.64% | 26.18% | 31.24% | 33.76% | 55.27% | 56.38% | 47.93% | 36.31% | 41.24% |
| Debt / Equity | 0.00x | 0.76x | 0.83x | 0.89x | 0.89x | 0.83x | 0.99x | 0.96x | 0.48x | 0.47x | 0.49x | 0.83x | 0.84x | 0.82x | 0.43x | 0.22x | 0.09x | - | 0.01x | 0.02x | 0.26x | 0.28x | 0.37x | 0.40x | 0.51x | 0.57x | 1.07x | 1.13x | 0.87x | 0.62x | 0.76x |
| Net Debt / EBITDA | -0.09x | 4.11x | 4.39x | 4.47x | 5.54x | 4.56x | 4.75x | 4.85x | 4.31x | 4.19x | 4.29x | 4.30x | 6.00x | 6.42x | 2.22x | 1.10x | 0.51x | -0.78x | -1.68x | -1.00x | -1.04x | -0.31x | -0.08x | 0.96x | 2.74x | 6.15x | 4.93x | 10.83x | 5.85x | 3.43x | 5.74x |
| Book Value per Share | 31.36 | 32.73 | 31.41 | 29.36 | 28.80 | 33.17 | 34.07 | 34.28 | 63.36 | 59.89 | 59.27 | 30.35 | 31.42 | 27.37 | 16.81 | 15.96 | 15.96 | 15.74 | 15.49 | 16.06 | 15.54 | 15.27 | 15.46 | 15.18 | 14.91 | 16.26 | 16.18 | 16.11 | 14.80 | 17.64 | 15.04 |
Operator concentration and labor
According to the latest quarterly financial statements, NHI has successfully reduced its total debt to zero as of 2026Q1, marking a significant departure from the $1.2 billion debt load reported in 2025Q4 and suggesting a major deleveraging event that warrants further investigation into the underlying funding source.
The sudden elimination of debt on the balance sheet appears to fundamentally alter the company's risk profile and cost of capital. Investors should monitor whether this reflects a permanent shift in financing strategy or a temporary liquidity event that may precede a new cycle of aggressive property acquisitions.
Based on the reported figures, the company's debt-to-equity ratio has moved from 0.76 in 2025Q4 to a non-existent level in 2026Q1, indicating that NHI has effectively cleared its leverage, which may provide significant capacity for future opportunistic investments in the senior housing sector.
This rapid reduction in leverage suggests a conservative approach to capital management during a period of operational transition. While this strengthens the balance sheet, it may also imply that the company is preparing for a period of heightened volatility or is positioning itself to acquire assets without the burden of interest expense.
As reported in the 2026Q1 financial filings, NHI maintains cash reserves of $24.9 million, which, while modest, provides a necessary liquidity buffer as the company continues to integrate operationally intensive SHOP assets that require higher levels of working capital compared to traditional triple-net lease structures.
The current cash position appears adequate for routine operations, though the transition to SHOP assets may necessitate higher liquidity to manage potential labor cost spikes. Analysts should monitor the company's ability to maintain this liquidity as it navigates the operational complexities inherent in its evolving portfolio mix.
Analysis of the balance sheet reveals that the total asset base grew to $2.9 billion in 2026Q1, yet the shift toward SHOP structures may introduce deferred maintenance liabilities that are not explicitly captured in the current valuation, potentially masking long-term capital expenditure requirements for the firm.
The transition from NNN leases to SHOP structures effectively moves operational risk onto the REIT's balance sheet, which may lead to future margin pressure. Investors should be cautious of the potential for rising capital intensity as the company assumes direct responsibility for facility upkeep and resident service quality.
Quick answers to the most common questions about buying NHI stock.
As of 2025, National Health Investors, Inc. (NHI) had total assets of $2.80B including $310.2M in current assets.
National Health Investors, Inc. (NHI) carries total debt of $1.16B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
National Health Investors, Inc. (NHI) has total shareholders' equity (book value) of $1.52B ($32.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
National Health Investors, Inc. (NHI) reported a current ratio of 2.48x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.