Revenue growth accelerated to 29.7% in 2026Q1, though this was accompanied by a sharp contraction in NOI margins to 31.1% compared to historical levels near 96%.
| 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 |
|---|
| Revenue | 402.91M | 378.53M | 335.18M | 319.83M | 278.19M | 298.71M | 332.81M | 318.08M | 294.61M | 278.66M | 248.5M | 228.99M | 177.51M | 117.83M | 96.95M | 82.7M | 78.4M | 64.22M | 63.01M | 62.31M | 150.72M | 157.38M | 155.56M | 162.49M | 171.78M | 139.17M | 147.51M | 131.16M | 102.29M | 110.18M | 99.43M |
| Revenue Growth % | 17.48% | 12.93% | 4.8% | 14.97% | -6.87% | -10.24% | 4.63% | 7.97% | 5.72% | 12.14% | 8.52% | 29% | 50.65% | 21.53% | 17.23% | 5.49% | 22.07% | 1.93% | 1.11% | -58.66% | -4.23% | 1.17% | -4.27% | -5.41% | 23.43% | -5.66% | 12.47% | 28.22% | -7.16% | 10.81% | 13.12% |
| Property Operating Expenses | 156.08M | 239.6M | 11.16M | 11.51M | 9.79M | 11.64M | 9.65M | 5.8M | 1.17M | 960K | 1.01M | 985K | 620K | 616K | 771K | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 246.83M | 138.93M | 324.02M | 308.32M | 268.41M | 287.08M | 323.16M | 312.28M | 293.45M | 277.7M | 247.49M | 228M | 176.89M | 117.21M | 96.18M | 82.7M | 76.39M | 64.22M | 63.01M | 62.31M | 150.72M | 157.38M | 155.56M | 162.49M | 171.78M | 139.17M | 147.51M | 131.16M | 102.29M | 110.18M | 99.43M |
| NOI Margin % | 61.26% | 36.7% | 96.67% | 96.4% | 96.48% | 96.1% | 97.1% | 98.18% | 99.6% | 99.66% | 99.59% | 99.57% | 99.65% | 99.48% | 99.2% | 100% | 97.44% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 51.44M | -55.9M | 140.16M | 129.53M | 135.64M | 101.83M | 98.24M | 92.27M | 85.37M | 80.84M | 70.77M | 65.13M | 48.01M | 30.75M | 25.91M | 20.84M | 19.9M | 14.58M | 13.73M | 8.01M | 100.5M | 120.98M | 99.73M | 105.03M | 129.67M | 119.13M | 85.25M | 103.14M | 51.76M | 57.01M | 52.9M |
| G&A Expenses | 13.66M | 0 | 21.79M | 19.82M | 25.32M | 19.34M | 14.56M | 13.91M | 12.86M | 12.71M | 10.2M | 10.98M | 9.32M | 10.04M | 8.56M | 8.03M | 8.85M | 7.21M | 5.18M | 5.66M | 5.34M | 4.31M | 3.49M | 3.13M | 2.43M | 3.3M | 3.46M | 3.27M | 3.89M | 3.7M | 3.69M |
| EBITDA | 282.32M | 278.67M | 255.3M | 248.76M | 203.65M | 266.05M | 308.07M | 296.83M | 299.03M | 277.78M | 263.85M | 217.02M | 146.88M | 97.94M | 87.62M | 73.86M | 69.48M | 58.26M | 57.22M | 66.03M | 62.03M | 49M | 70.28M | 72.84M | 58.49M | 34.7M | 76.44M | 39.51M | 59.49M | 61.2M | 53.36M |
| EBITDA Margin % | 70.07% | 73.62% | 76.17% | 77.78% | 73.2% | 89.06% | 92.57% | 93.32% | 101.5% | 99.68% | 106.18% | 94.77% | 82.75% | 83.13% | 90.37% | 89.3% | 88.63% | 90.72% | 90.81% | 105.96% | 41.16% | 31.14% | 45.18% | 44.83% | 34.05% | 24.93% | 51.82% | 30.12% | 58.16% | 55.55% | 53.67% |
| Depreciation & Amortization | 86.93M | 83.84M | 71.44M | 69.97M | 70.88M | 80.8M | 83.15M | 76.82M | 89.79M | 79.96M | 86.12M | 53.16M | 40.69M | 20.1M | 16.58M | 11.99M | 10.99M | 8.62M | 7.94M | 11.72M | 11.81M | 12.6M | 14.45M | 15.38M | 16.38M | 14.66M | 14.17M | 11.48M | 8.96M | 8.04M | 6.83M |
| D&A / Revenue % | 21.57% | 22.15% | 21.31% | 21.88% | 25.48% | 27.05% | 24.98% | 24.15% | 30.48% | 28.7% | 34.66% | 23.22% | 22.92% | 17.06% | 17.1% | 14.5% | 14.01% | 13.42% | 12.61% | 18.82% | 7.83% | 8.01% | 9.29% | 9.47% | 9.54% | 10.53% | 9.61% | 8.76% | 8.75% | 7.29% | 6.87% |
| Operating Income | 195.39M | 194.83M | 183.86M | 178.79M | 132.77M | 185.25M | 224.92M | 220.01M | 209.24M | 197.81M | 177.73M | 163.86M | 106.19M | 77.84M | 71.04M | 61.86M | 58.5M | 49.64M | 49.27M | 54.3M | 50.23M | 36.4M | 55.83M | 57.46M | 42.11M | 20.04M | 62.26M | 28.02M | 50.53M | 53.17M | 46.53M |
| Operating Margin % | 48.49% | 51.47% | 54.85% | 55.9% | 47.72% | 62.02% | 67.58% | 69.17% | 71.02% | 70.99% | 71.52% | 71.56% | 59.82% | 66.07% | 73.27% | 74.8% | 74.62% | 77.3% | 78.2% | 87.14% | 33.32% | 23.13% | 35.89% | 35.36% | 24.51% | 14.4% | 42.21% | 21.37% | 49.4% | 48.26% | 46.8% |
| Interest Expense | 3M | 57.37M | 56.12M | 55.51M | 42.44M | 48.11M | 0 | 56.3M | 49.05M | 0 | 43.11M | 0 | 0 | 9.23M | 3.49M | 3.85M | 1.55M | 85K | 308K | 4.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.45x | 3.43x | 3.42x | 2.54x | 3.33x | - | 3.80x | 4.08x | - | 4.48x | - | - | 9.48x | 21.77x | 16.65x | 40.81x | 575.91x | 147.40x | 15.38x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -6.9M | -3.33M | -8.86M | -11.1M | 24.91M | 25.11M | -9.93M | 6.04M | 4.2M | -4.05M | 34.55M | 89.51M | 3.14M | 20.59M | -1.34M | -2.19M | -845K | 9.18M | 10.05M | 0 | 0 | 0 | 19.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 146.72M | 140.79M | 136.59M | 134.38M | 65.41M | 112.03M | 185.31M | 160.45M | 154.33M | 159.37M | 153.47M | 149.61M | 103.05M | 79.5M | 74.66M | 81.13M | 69.42M | 64.23M | 57.51M | 67.64M | 62.95M | 53.71M | 67.52M | 0 | 47.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 36.42% | 37.19% | 40.75% | 42.02% | 23.51% | 37.5% | 55.68% | 50.44% | 52.39% | 57.19% | 61.76% | 65.33% | 58.05% | 67.47% | 77.01% | 98.1% | 88.55% | 100.01% | 91.28% | 108.55% | 41.76% | 34.13% | 43.41% | 0% | 27.47% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 0 | 0 | -45K | 0 | -89K | 66K | 0 | 0 | -9.17M | 0 | 749K | -707K | 24.67M | -17.13M | -12.53M | -19.27M | -10.92M | -14.59M | -8.24M | -42.13M | -18.83M | -17.65M | -472K | 13.66M | 11.83M | 21.19M | 29.7M | -24.85M | -18.42M | -22.22M | -19.52M |
| Effective Tax Rate % | 0% | 0% | -0.03% | 0% | -0.14% | 0.06% | 0% | 0% | -5.94% | 0% | 0.49% | -0.47% | 23.94% | -21.55% | -16.78% | -23.75% | -15.73% | -22.71% | -14.32% | -62.29% | -29.92% | -32.86% | -0.7% | - | 25.08% | - | - | - | - | - | - |
| Net Income | 148.11M | 142.18M | 137.99M | 135.65M | 66.4M | 111.8M | 185.13M | 160.46M | 154.33M | 159.37M | 151.54M | 148.86M | 101.61M | 106.18M | 90.73M | 81.13M | 69.42M | 64.23M | 57.51M | 96.44M | 69.23M | 54.41M | 56.38M | 43.81M | 30.79M | -63K | 33.72M | 53.62M | 69.64M | 75.39M | 67.16M |
| Net Margin % | 36.76% | 37.56% | 41.17% | 42.41% | 23.87% | 37.43% | 55.62% | 50.45% | 52.39% | 57.19% | 60.98% | 65.01% | 57.24% | 90.12% | 93.58% | 98.1% | 88.55% | 100.01% | 91.28% | 154.76% | 45.93% | 34.57% | 36.24% | 26.96% | 17.92% | -0.05% | 22.86% | 40.88% | 68.08% | 68.42% | 67.55% |
| Net Income Growth % | 4.89% | 3.04% | 1.72% | 104.29% | -40.61% | -39.61% | 15.37% | 3.97% | -3.16% | 5.16% | 1.8% | 46.5% | -4.31% | 17.03% | 11.83% | 16.87% | 8.08% | 11.68% | -40.36% | 39.3% | 27.24% | -3.5% | 28.7% | 42.29% | 48968.25% | -100.19% | -37.1% | -23.01% | -7.62% | 12.24% | 35.14% |
| Funds From Operations (FFO) | 235.04M | 226.02M | 209.43M | 205.63M | 137.28M | 192.6M | 268.28M | 237.27M | 244.12M | 239.33M | 237.66M | 202.03M | 142.3M | 126.28M | 107.31M | 93.12M | 80.41M | 72.85M | 65.45M | 108.16M | 81.04M | 67.01M | 70.83M | 59.19M | 47.17M | 14.6M | 47.9M | 65.1M | 78.6M | 83.42M | 74M |
| FFO Margin % | 58.34% | 59.71% | 62.48% | 64.29% | 49.35% | 64.48% | 80.61% | 74.59% | 82.86% | 85.89% | 95.64% | 88.23% | 80.16% | 107.18% | 110.68% | 112.6% | 102.57% | 113.44% | 103.89% | 173.58% | 53.77% | 42.58% | 45.53% | 36.43% | 27.46% | 10.49% | 32.47% | 49.64% | 76.84% | 75.72% | 74.42% |
| FFO Growth % | 41.27% | 7.92% | 1.85% | 49.78% | -28.72% | -28.21% | 13.07% | -2.81% | 2% | 0.7% | 17.64% | 41.97% | 12.68% | 17.68% | 15.23% | 15.82% | 10.37% | 11.3% | -39.48% | 33.47% | 20.93% | -5.39% | 19.67% | 25.48% | 223.19% | -69.53% | -26.43% | -17.17% | -5.78% | 12.74% | 32.61% |
| FFO per Share | 4.84 | 4.80 | 4.75 | 4.74 | 3.06 | 4.21 | 6.00 | 5.43 | 5.80 | 5.82 | 6.07 | 5.37 | 4.26 | 4.45 | 3.85 | 3.35 | 2.90 | 2.64 | 2.36 | 3.89 | 2.92 | 2.41 | 2.57 | 2.19 | 1.76 | 0.60 | 1.95 | 2.67 | 2.74 | 3.31 | 2.72 |
| FFO Payout Ratio % | 54.7% | 75.08% | 74.73% | 75.98% | 117.84% | 94.96% | 72.53% | 75.75% | 67.75% | 63.95% | 58.19% | 61.7% | 70.73% | 67.42% | 73.55% | 72.91% | 82.73% | 88.61% | 130.66% | 62.35% | 64.84% | 79.48% | 68.68% | 72.65% | 87.14% | 12.89% | 106.6% | 113.3% | 96.39% | 88.2% | 87.15% |
| EPS (Diluted) | 3.05 | 3.02 | 3.13 | 3.13 | 0.51 | 1.36 | 3.03 | 2.38 | 3.67 | 3.87 | 3.87 | 3.95 | 3.04 | 3.74 | 3.26 | 2.92 | 2.50 | 2.32 | 2.07 | 3.47 | 2.49 | 1.96 | 2.03 | 1.57 | 1.10 | -0.00 | 1.31 | 2.13 | 2.69 | 2.92 | 2.80 |
| EPS Growth % | -1.59% | -3.51% | 0% | 513.73% | -62.5% | -55.12% | 27.31% | -35.15% | -5.17% | 0% | -2.03% | 29.93% | -18.72% | 14.72% | 11.64% | 16.8% | 7.76% | 12.08% | -40.35% | 39.36% | 27.04% | -3.45% | 29.3% | 42.73% | - | -100.2% | -38.5% | -20.82% | -7.88% | 4.29% | 12.45% |
| EPS (Basic) | - | 3.03 | 3.14 | 3.13 | 0.52 | 1.36 | 3.03 | 2.40 | 3.68 | 3.90 | 3.88 | 3.96 | 3.04 | 3.74 | 3.26 | 2.93 | 2.51 | 2.33 | 2.08 | 3.48 | 2.50 | 1.96 | 2.05 | 1.58 | 1.10 | -0.00 | 1.31 | 2.13 | 2.72 | 3.01 | 2.92 |
| Diluted Shares Outstanding | 48.55M | 47.05M | 44.1M | 43.39M | 44.79M | 45.73M | 44.7M | 43.7M | 42.09M | 41.15M | 39.16M | 37.64M | 33.42M | 28.4M | 27.84M | 27.79M | 27.73M | 27.62M | 27.73M | 27.78M | 27.78M | 27.83M | 27.53M | 26.99M | 26.85M | 24.47M | 24.56M | 24.37M | 28.69M | 25.17M | 27.24M |
Operator concentration and labor
As reported in recent financial statements, NHI achieved a notable 29.7% revenue growth in 2026Q1, signaling a potential acceleration in top-line performance that warrants further investigation into whether this is driven by organic occupancy gains or the recent strategic transition of assets into the SHOP structure.
The sharp revenue increase suggests that the company is successfully capturing more gross resident fees through its operating portfolio. However, investors should monitor if this growth is sustainable or merely an accounting byproduct of shifting from triple-net lease structures to more operationally intensive joint ventures.
Based on the provided quarterly data, the NOI margin experienced a significant contraction to 31.1% in 2026Q1, down from the historical stability of approximately 96% observed in previous periods, which may indicate rising labor and operating costs within the newly integrated SHOP assets.
This margin volatility appears to confirm the inherent risks of moving away from a pure-play triple-net model toward an operating portfolio. The sharp decline suggests that the company is now absorbing property-level expenses that were previously the responsibility of tenants, potentially impairing overall profitability.
According to the company's reported figures, FFO reached $64.5 million in 2026Q1, representing a 21.0% growth rate that suggests a strong recovery in earnings quality despite the recent operational shifts occurring within the broader senior housing portfolio managed by the firm.
The trajectory of FFO per share indicates that management is successfully navigating the transition to a more complex operating model. Nevertheless, the divergence between FFO and AFFO suggests that recurring maintenance capital expenditures remain a critical factor that could impact future dividend coverage and cash flow stability.
Analysis of the income statement reveals that the recent surge in revenue is accompanied by a disproportionate decline in NOI margins, suggesting that the company's pivot to SHOP structures may be masking underlying operational inefficiencies that could threaten long-term cash flow predictability for shareholders.
The transition from fixed rental income to variable operating revenue introduces significant exposure to labor inflation and occupancy volatility. Investors should be cautious, as this shift may lead to earnings quality degradation if the company cannot effectively manage the increased overhead associated with its senior housing facilities.
Quick answers to the most common questions about buying NHI stock.
For fiscal year 2025, National Health Investors, Inc. (NHI) reported total revenue of $378.5M. This represents a 280.7% increase compared to $99.4M in 1996.
National Health Investors, Inc. (NHI) is profitable, generating $142.2M in net income for the fiscal year ending 2025 with a net profit margin of 37.6%.
National Health Investors, Inc. (NHI) reported an operating income of $194.8M, resulting in an operating profit margin of 51.5%. This margin reflects the operational efficiency of the business before interest and taxes.
National Health Investors, Inc. (NHI) generated $138.9M in gross profit for the year, representing a gross profit margin of 36.7%. This demonstrates the company's core pricing power and production efficiency.