30 years of historical data (1996–2025) · Real Estate · REIT - Healthcare Facilities
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
National Health Investors, Inc. trades at 27.8x earnings, 34% below its 5-year average of 42.0x, sitting at the 90th percentile of its historical range. Compared to the Real Estate sector median P/E of 23.4x, the stock trades at a premium of 19%. On a free-cash-flow basis, the stock trades at 17.2x P/FCF, 24% above the 5-year average of 13.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.1B | $3.6B | $3.1B | $2.4B | $2.3B | $2.6B | $3.1B | $3.6B | $3.2B | $3.1B | $2.9B |
| Enterprise Value | $-15563171498 | $-16030638760 | $4.2B | $3.5B | $3.5B | $3.8B | $4.6B | $5.0B | $4.5B | $4.3B | $4.0B |
| P/E Ratio → | 27.84 | 25.29 | 22.14 | 17.84 | 102.39 | 42.26 | 22.83 | 34.24 | 20.58 | 19.48 | 19.17 |
| P/S Ratio | 10.81 | 9.57 | 9.12 | 7.58 | 8.41 | 8.80 | 9.29 | 11.20 | 10.79 | 11.13 | 11.69 |
| P/B Ratio | 2.59 | 2.35 | 2.21 | 1.90 | 1.81 | 1.73 | 2.03 | 2.38 | 1.19 | 1.26 | 1.25 |
| P/FCF | 17.17 | 15.19 | 15.00 | 13.41 | 12.94 | 12.47 | 13.33 | 15.97 | 52.80 | 141.12 | — |
| P/OCF | 17.17 | 15.19 | 14.71 | 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 | — | -42.68 | 12.47 | 11.06 | 12.46 | 12.86 | 13.69 | 15.72 | 15.16 | 15.31 | 16.24 |
| EV / EBITDA | -0.19 | -0.20 | 16.37 | 14.21 | 17.03 | 14.44 | 14.79 | 16.84 | 14.94 | 15.36 | 15.30 |
| EV / EBIT | — | — | 21.68 | 18.62 | 32.15 | 23.99 | 19.40 | 23.37 | 22.33 | 21.13 | 20.91 |
| EV / FCF | — | -67.76 | 20.51 | 19.57 | 19.19 | 18.23 | 19.63 | 22.42 | 74.18 | 194.05 | — |
Margins and return-on-capital ratios measuring operating efficiency
Operating margins have compressed from 55.9% to 54.9% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 9741.4% is exceptionally high, though this is partly amplified by negative book value driven by aggressive share buybacks.
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 | — | — | 96.7% | 96.4% | 96.5% | 96.1% | 97.1% | 98.2% | 99.6% | 99.7% | 99.6% |
| Operating Margin | — | — | 54.9% | 55.9% | 47.7% | 62.0% | 67.6% | 69.2% | 71.0% | 71.0% | 71.5% |
| Net Profit Margin | 37797.0% | 37797.0% | 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 | 9741.4% | 9741.4% | 10.4% | 10.6% | 4.7% | 7.4% | 12.3% | 7.7% | 6.0% | 6.7% | 8.8% |
| ROA | 93.3% | 93.3% | 5.4% | 5.4% | 2.5% | 3.8% | 6.0% | 5.5% | 5.8% | 6.4% | 6.7% |
| ROIC | — | — | 5.6% | 5.6% | 3.9% | 4.9% | 5.7% | 4.8% | 4.1% | 4.2% | 4.8% |
| ROCE | — | — | 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
The company holds a net cash position — cash of $19.6B exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.83 | 0.89 | 0.89 | 0.83 | 0.99 | 0.96 | 0.48 | 0.47 | 0.49 |
| Debt / EBITDA | — | — | 4.49 | 4.56 | 5.63 | 4.70 | 4.89 | 4.86 | 4.32 | 4.20 | 4.31 |
| Net Debt / Equity | — | -12.83 | 0.81 | 0.87 | 0.87 | 0.80 | 0.96 | 0.96 | 0.48 | 0.47 | 0.49 |
| Net Debt / EBITDA | -0.24 | -0.24 | 4.39 | 4.47 | 5.54 | 4.56 | 4.75 | 4.85 | 4.31 | 4.19 | 4.29 |
| Debt / FCF | — | -82.95 | 5.51 | 6.16 | 6.24 | 5.76 | 6.31 | 6.45 | 21.38 | 52.94 | — |
| Interest Coverage | — | — | 3.28 | 3.22 | 3.13 | 3.85 | — | 3.91 | 4.27 | — | 4.12 |
Net cash position: cash ($19.6B) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
National Health Investors, Inc.'s current ratio of 60410.53x 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 60410.53x 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 | 60410.53 | 60410.53 | 0.96 | 1.16 | 3.42 | 7.34 | 2.01 | 2.55 | 5.37 | 4.34 | 3.88 |
| Quick Ratio | 60410.53 | 60410.53 | 0.96 | 1.16 | 3.42 | 7.34 | 2.01 | 2.55 | 5.37 | 49.06 | 46.24 |
| Cash Ratio | 3927.94 | 3927.94 | 0.06 | 0.07 | 0.17 | 0.53 | 0.58 | 0.07 | 0.07 | 0.05 | 0.09 |
| Asset Turnover | — | 0.00 | 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
National Health Investors, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 3.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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% | 6.4% | 6.9% | 7.0% | 6.3% | 5.0% | 5.2% | 4.9% | 4.8% |
| Payout Ratio | — | — | 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 | 3.6% | 4.0% | 4.5% | 5.6% | 1.0% | 2.4% | 4.4% | 2.9% | 4.9% | 5.1% | 5.2% |
| FCF Yield | 5.8% | 6.6% | 6.7% | 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 | 0.0% | 0.0% | 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 |
Compare NHI with 5 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| NHIYou | $4B | 27.8 | -0.2 | 17.2 | — | — | 9741.4% | — | — |
| OHI | $13B | 31.1 | 18.5 | 18.0 | 98.6% | 62.7% | 9.6% | 5.7% | 5.0 |
| CTRE | $9B | 25.9 | 15.7 | 23.0 | 98.9% | 98.7% | 9.2% | 10.1% | — |
| SBRA | $5B | — | 18.7 | 14.8 | — | — | 5.6% | — | 3.7 |
| LTC | $2B | 15.7 | 10.4 | 14.1 | 96.9% | 79.4% | 10.7% | 8.9% | 2.6 |
| STRW | $168M | 22.5 | 8.3 | 4.8 | 87.0% | 52.4% | 6.3% | 7.2% | 7.0 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonNational Health Investors, Inc.'s current P/E ratio is 27.8x. The historical average is 20.3x. This places it at the 90th percentile of its historical range.
National Health Investors, Inc.'s current EV/EBITDA is -0.2x. 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 9741.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.2%.
Based on historical data, National Health Investors, Inc. is trading at a P/E of 27.8x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.