Latest Ratios: P/E Ratio 22.3x · EV/EBITDA 15.8x · ROE 9.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $3.6B | $3.1B | $2.4B | $2.3B | $2.6B | $3.1B | $3.6B | $3.2B | $3.1B | $2.9B |
| Enterprise Value | $4.4B | $4.7B | $4.2B | $3.5B | $3.5B | $3.8B | $4.6B | $5.0B | $4.5B | $4.3B | $4.0B |
| P/E Ratio → | 22.25 | 25.29 | 22.14 | 17.84 | 102.39 | 42.26 | 22.83 | 34.24 | 20.58 | 19.48 | 19.17 |
| P/S Ratio | 8.61 | 9.49 | 9.12 | 7.58 | 8.41 | 8.80 | 9.29 | 11.20 | 10.79 | 11.13 | 11.69 |
| P/B Ratio | 2.05 | 2.33 | 2.21 | 1.90 | 1.81 | 1.73 | 2.03 | 2.38 | 1.19 | 1.26 | 1.25 |
| P/FCF | 14.79 | 16.31 | 15.88 | 13.41 | 12.94 | 12.47 | 13.33 | 15.97 | 52.80 | 141.12 | — |
| P/OCF | 13.56 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 15.79 | 17.00 | 16.37 | 14.21 | 17.03 | 14.44 | 14.79 | 16.84 | 14.94 | 15.36 | 15.30 |
| EV / EBIT | 22.59 | 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 | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 5.4% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.0% | 4.5% | 5.6% | 1.0% | 2.4% | 4.4% | 2.9% | 4.9% | 5.1% | 5.2% |
| FCF Yield | 6.8% | 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 | 5.4% | 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 |
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Quick answers to the most common questions about buying NHI stock.
National Health Investors, Inc.'s current P/E ratio is 22.3x. The historical average is 20.3x. This places it at the 79th percentile of its historical range.
National Health Investors, Inc.'s current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
National Health Investors, Inc.'s return on equity (ROE) is 9.7%. The historical average is 12.1%.
Based on historical data, National Health Investors, Inc. is trading at a P/E of 22.3x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Health Investors, Inc.'s current dividend yield is 5.37% with a payout ratio of 119.4%.
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.
National Health Investors, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
SHOP transition margin compression
Metrics are mathematically derived from official filings.
P/FFO Premium Reflects Growth Hopes
NHI's P/FFO of 32.56 in 2026Q2, per reported figures, sits well above peers like LTC at 16.08, suggesting the market is pricing in sustained FFO growth from the SHOP transition.
The valuation multiple has expanded from 29.19 in 2024Q1 to 32.56 in 2026Q2, even as FFO per share grew 42.7% YoY, indicating that investors are paying up for the recovery story. However, the implied cap rate, derived from NOI and enterprise value, appears compressed relative to private market transactions, which may limit further multiple expansion. If the SHOP portfolio fails to deliver occupancy gains, the premium could unwind quickly.
NOI Margin Volatility Masks Core Stability
NOI margin swung from 96.8% in 2025Q2 to 31.1% in 2026Q1, as disclosed in financial statements, reflecting the SHOP transition's impact on property-level profitability, though 2026Q2 rebounded to 100%.
The dramatic margin swings are not indicative of operational deterioration but rather the accounting shift from triple-net leases to consolidated SHOP operations, where gross revenue includes resident fees but also property-level expenses. The 2026Q2 NOI margin of 100% appears to be a data artifact or a quarter with minimal property expenses, warranting caution. Investors should focus on same-store NOI growth, which is not explicitly disclosed, to gauge organic performance, as the reported revenue growth of 33.8% is likely acquisition-driven.
Payout Ratio Compresses as FFO Surges
FFO payout ratio fell to 54.9% in 2026Q2 from 80.5% in 2025Q3, per reported figures, indicating a widening dividend coverage buffer and retained cash for reinvestment.
The improvement in payout ratio is driven by the 42.7% YoY FFO per share growth, which outpaced the modest dividend increase, as evidenced by the stable dividend yield around 1.2%. AFFO payout, at roughly 57% (AFFO/share of $1.61 vs dividend), remains conservative, providing a cushion against potential operator restructurings. However, the sustainability of this coverage depends on whether FFO growth is organic or a one-time boost from acquisitions, which may not recur.
Low Leverage Masks Refinancing Risk
Debt-to-equity of 0.81 in 2026Q2, per SEC filings, is below the peer average of 0.90, but interest coverage of 4.55x suggests ample capacity, though the metric's reliability is uncertain.
The reported D/E of 0.81 is unusually low for a healthcare REIT, potentially reflecting a recent deleveraging event or a data anomaly, as noted in the context flags. Interest coverage improved to 4.55x in 2026Q2 from 3.29x in 2025Q1, indicating that operating income comfortably covers interest expense. However, with total debt rising to $1.3B, investors should monitor the maturity profile, as refinancing at higher rates could pressure coverage if the SHOP transition underperforms.
SHOP Shift Elevates Operational Risk
The transition to SHOP operations, as evidenced by PPE surging to $2.6B in 2026Q2, per financial statements, increases NHI's exposure to labor costs and occupancy fluctuations, altering the portfolio's risk profile.
Historically a triple-net landlord, NHI's pivot to operating properties introduces direct operational risk, as seen in the NOI margin volatility. The concentration in the U.S. Southeast, particularly Florida and Tennessee, may expose the portfolio to regional insurance spikes and regulatory shifts. G&A efficiency appears strong, with operating margin at 51.47%, but this could erode if SHOP properties require more management oversight. The reliance on a few large operators, such as Bickford, remains a concentration risk that warrants monitoring.
P/E Misleads Due to Depreciation Distortion
NHI's P/E of 24.31, as reported, understates economic earnings because depreciation charges reduce net income, whereas FFO of $1.67 per share in 2026Q2 provides a clearer picture of cash-generative capacity.
Standard P/E is the most misapplied ratio for REITs, as it penalizes companies with significant non-cash depreciation, which is particularly relevant for NHI given its large property base. The gap between net income and FFO, with FFO/NI at 1.18, highlights the distortion. Investors should use P/FFO or P/AFFO instead, which adjust for depreciation and maintenance capex, to accurately assess valuation. Additionally, the reported D/E using book value may understate leverage if assets are marked-to-market, so debt-to-gross-assets is a more reliable measure.