National Health Investors, Inc. (NHI) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Healthcare Facilities
EV/EBITDA
↑
16.42
+4% vs avg
5yr avg: 15.81
30Y Low7.3·High25.1
P/FCF
↑
15.58
+10% vs avg
5yr avg: 14.20
30Y Low3.0·High141.1
P/B Ratio
↑
2.16
+8% vs avg
5yr avg: 2.00
30Y Low0.5·High3.4
ROE
↑
9.7%
↓+14% vs avg
5yr avg: 8.6%
30Y Low-0%·High22%
Debt/EBITDA
↓
4.18
↓-11% vs avg
5yr avg: 4.71
30Y Low0.1·High11.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NHI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
National Health Investors, Inc. trades at 23.5x earnings, 44% below its 5-year average of 42.0x, sitting at the 86th percentile of its historical range. This is roughly in line with the Real Estate sector median P/E of 24.1x. On a free-cash-flow basis, the stock trades at 15.6x P/FCF, 10% above the 5-year average of 14.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $3.6B | $3.1B | $2.4B | $2.3B | $2.6B | $3.1B | $3.6B | $3.2B | $3.1B | $2.9B |
| Enterprise Value | $4.6B | $4.7B | $4.2B | $3.5B | $3.5B | $3.8B | $4.6B | $5.0B | $4.5B | $4.3B | $4.0B |
| P/E Ratio → | 23.45 | 25.29 | 22.14 | 17.84 | 102.39 | 42.26 | 22.83 | 34.24 | 20.58 | 19.48 | 19.17 |
| P/S Ratio | 9.07 | 9.49 | 9.12 | 7.58 | 8.41 | 8.80 | 9.29 | 11.20 | 10.79 | 11.13 | 11.69 |
| P/B Ratio | 2.16 | 2.33 | 2.21 | 1.90 | 1.81 | 1.73 | 2.03 | 2.38 | 1.19 | 1.26 | 1.25 |
| P/FCF | 15.58 | 16.31 | 15.88 | 13.41 | 12.94 | 12.47 | 13.33 | 15.97 | 52.80 | 141.12 | — |
| P/OCF | 14.29 | 14.96 | 14.68 | 13.14 | 12.62 | 12.46 | 13.32 | 14.78 | 15.30 | 15.72 | 16.39 |
P/E links to full P/E history page with 30-year chart
NHI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
National Health Investors, Inc.'s enterprise value stands at 16.4x EBITDA, roughly in line with its 5-year average of 15.8x. This is roughly in line with the Real Estate sector median of 17.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.52 | 12.47 | 11.06 | 12.46 | 12.86 | 13.69 | 15.72 | 15.16 | 15.31 | 16.24 |
| EV / EBITDA | 16.42 | 17.00 | 16.37 | 14.21 | 17.03 | 14.44 | 14.79 | 16.84 | 14.94 | 15.36 | 15.30 |
| EV / EBIT | 23.49 | 23.91 | 21.68 | 18.62 | 32.15 | 23.99 | 19.40 | 23.37 | 22.33 | 21.13 | 20.91 |
| EV / FCF | — | 21.51 | 21.71 | 19.57 | 19.19 | 18.23 | 19.63 | 22.42 | 74.18 | 194.05 | — |
NHI Profitability
Margins and return-on-capital ratios measuring operating efficiency
National Health Investors, Inc. earns an operating margin of 51.5%, significantly above the Real Estate sector average of 24.8%. Operating margins have compressed from 55.9% to 51.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.7% is modest. ROIC of 5.6% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.7% | 36.7% | 96.7% | 96.4% | 96.5% | 96.1% | 97.1% | 98.2% | 99.6% | 99.7% | 99.6% |
| Operating Margin | 51.5% | 51.5% | 54.9% | 55.9% | 47.7% | 62.0% | 67.6% | 69.2% | 71.0% | 71.0% | 71.5% |
| Net Profit Margin | 37.6% | 37.6% | 41.2% | 42.4% | 23.9% | 37.4% | 55.6% | 50.4% | 52.4% | 57.2% | 61.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 10.4% | 10.6% | 4.7% | 7.4% | 12.3% | 7.7% | 6.0% | 6.7% | 8.8% |
| ROA | 5.3% | 5.3% | 5.4% | 5.4% | 2.5% | 3.8% | 6.0% | 5.5% | 5.8% | 6.4% | 6.7% |
| ROIC | 5.6% | 5.6% | 5.6% | 5.6% | 3.9% | 4.9% | 5.7% | 4.8% | 4.1% | 4.2% | 4.8% |
| ROCE | 8.0% | 8.0% | 8.4% | 7.8% | 5.1% | 6.4% | 7.5% | 7.8% | 8.1% | 8.2% | 8.0% |
NHI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
National Health Investors, Inc. carries a Debt/EBITDA ratio of 4.2x, which is highly leveraged (47% below the sector average of 7.9x). Net debt stands at $1.1B ($1.2B total debt minus $20M cash). Interest coverage of 3.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.83 | 0.89 | 0.89 | 0.83 | 0.99 | 0.96 | 0.48 | 0.47 | 0.49 |
| Debt / EBITDA | 4.18 | 4.18 | 4.49 | 4.56 | 5.63 | 4.70 | 4.89 | 4.86 | 4.32 | 4.20 | 4.31 |
| Net Debt / Equity | — | 0.74 | 0.81 | 0.87 | 0.87 | 0.80 | 0.96 | 0.96 | 0.48 | 0.47 | 0.49 |
| Net Debt / EBITDA | 4.11 | 4.11 | 4.39 | 4.47 | 5.54 | 4.56 | 4.75 | 4.85 | 4.31 | 4.19 | 4.29 |
| Debt / FCF | — | 5.19 | 5.83 | 6.16 | 6.24 | 5.76 | 6.31 | 6.45 | 21.38 | 52.94 | — |
| Interest Coverage | 3.45 | 3.45 | 3.43 | 3.42 | 2.54 | 3.33 | — | 3.80 | 4.08 | — | 4.48 |
NHI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
National Health Investors, Inc.'s current ratio of 2.48x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.16x to 2.48x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.48 | 2.48 | 0.96 | 1.16 | 3.42 | 7.34 | 2.01 | 2.55 | 5.37 | 4.34 | 3.88 |
| Quick Ratio | 2.48 | 2.48 | 0.96 | 1.16 | 3.42 | 7.34 | 2.01 | 2.55 | 5.37 | 49.06 | 46.24 |
| Cash Ratio | 0.16 | 0.16 | 0.06 | 0.07 | 0.17 | 0.53 | 0.58 | 0.07 | 0.07 | 0.05 | 0.09 |
| Asset Turnover | — | 0.14 | 0.13 | 0.13 | 0.11 | 0.11 | 0.11 | 0.10 | 0.11 | 0.11 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NHI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
National Health Investors, Inc. returns 5.1% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 119.4%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 4.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.1% | 4.7% | 5.1% | 6.4% | 6.9% | 7.0% | 6.3% | 5.0% | 5.2% | 4.9% | 4.8% |
| Payout Ratio | 119.4% | 119.4% | 113.4% | 115.2% | 243.6% | 163.6% | 105.1% | 112.0% | 107.2% | 96.0% | 91.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 4.0% | 4.5% | 5.6% | 1.0% | 2.4% | 4.4% | 2.9% | 4.9% | 5.1% | 5.2% |
| FCF Yield | 6.4% | 6.1% | 6.3% | 7.5% | 7.7% | 8.0% | 7.5% | 6.3% | 1.9% | 0.7% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 6.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.1% | 4.7% | 5.1% | 6.4% | 13.4% | 7.0% | 6.3% | 5.0% | 5.2% | 4.9% | 4.8% |
| Shares Outstanding | — | $47M | $44M | $43M | $45M | $46M | $45M | $44M | $42M | $41M | $39M |
Peer Comparison
Compare NHI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NHIYou | $3B | 23.5 | 16.4 | 15.6 | 36.7% | 51.5% | 9.7% | 5.6% | 4.2 |
 OHI | $13B | 23.0 | 16.3 | 15.1 | 44.5% | 62.6% | 11.6% | 6.0% | 4.0 |
 SBRA | $5B | 28.3 | 15.6 | 13.1 | 65.0% | 34.1% | 5.6% | 3.8% | 5.7 |
 LTC | $2B | 14.4 | 16.4 | 13.7 | 75.1% | 48.2% | 10.7% | 5.1% | 5.1 |
 CTRE | $9B | 23.6 | 22.9 | 23.1 | 59.1% | 67.2% | 9.2% | 6.1% | 2.2 |
 GMRE | $94M | 115.3 | 8.3 | — | — | — | -2.2% | — | — |
 VTR | $39B | 151.1 | 23.2 | 29.5 | -5.9% | 14.2% | 2.1% | 2.5% | 6.0 |
 WELL | $145B | 148.7 | 64.6 | 50.8 | 39.2% | 3.3% | 2.5% | 0.5% | 8.6 |
 HR | $7B | -27.9 | 16.7 | 54.4 | -33.6% | 8.0% | -4.9% | 0.7% | 6.3 |
 DOC | $14B | 195.6 | 14.7 | 11.9 | 22.5% | 19.3% | 0.8% | 2.3% | 6.5 |
 MPW | $3B | -17.1 | 105.4 | 14.6 | — | — | -4.2% | — | 4.6 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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NHI — Frequently Asked Questions
Quick answers to the most common questions about buying NHI stock.
What is National Health Investors, Inc.'s P/E ratio?
National Health Investors, Inc.'s current P/E ratio is 23.5x. The historical average is 20.3x. This places it at the 86th percentile of its historical range.
What is National Health Investors, Inc.'s EV/EBITDA?
National Health Investors, Inc.'s current EV/EBITDA is 16.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
What is National Health Investors, Inc.'s ROE?
National Health Investors, Inc.'s return on equity (ROE) is 9.7%. The historical average is 12.1%.
Is NHI stock overvalued?
Based on historical data, National Health Investors, Inc. is trading at a P/E of 23.5x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is National Health Investors, Inc.'s dividend yield?
National Health Investors, Inc.'s current dividend yield is 5.09% with a payout ratio of 119.4%.
What are National Health Investors, Inc.'s profit margins?
National Health Investors, Inc. has 36.7% gross margin and 51.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does National Health Investors, Inc. have?
National Health Investors, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.