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NATL HEALTH INVESTORS INC (NHI) Stock Fundamental Analysis

USA - NYSE:NHI - US63633D1046 - REIT

78.28 USD
-0.23 (-0.29%)
Last: 9/22/2025, 8:50:20 PM
78.28 USD
0 (0%)
After Hours: 9/22/2025, 8:50:20 PM
Fundamental Rating

5

Taking everything into account, NHI scores 5 out of 10 in our fundamental rating. NHI was compared to 130 industry peers in the Diversified REITs industry. While NHI belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. While showing a medium growth rate, NHI is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

NHI had positive earnings in the past year.
In the past year NHI had a positive cash flow from operations.
NHI had positive earnings in each of the past 5 years.
NHI had a positive operating cash flow in each of the past 5 years.
NHI Yearly Net Income VS EBIT VS OCF VS FCFNHI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M -200M

1.2 Ratios

NHI's Return On Assets of 5.30% is amongst the best of the industry. NHI outperforms 96.92% of its industry peers.
The Return On Equity of NHI (9.65%) is better than 87.69% of its industry peers.
Looking at the Return On Invested Capital, with a value of 5.74%, NHI belongs to the top of the industry, outperforming 96.92% of the companies in the same industry.
NHI had an Average Return On Invested Capital over the past 3 years of 5.45%. This is above the industry average of 3.05%.
The 3 year average ROIC (5.45%) for NHI is below the current ROIC(5.74%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 5.3%
ROE 9.65%
ROIC 5.74%
ROA(3y)4.46%
ROA(5y)4.65%
ROE(3y)8.71%
ROE(5y)9.16%
ROIC(3y)5.45%
ROIC(5y)5.5%
NHI Yearly ROA, ROE, ROICNHI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

NHI has a better Profit Margin (40.95%) than 93.08% of its industry peers.
In the last couple of years the Profit Margin of NHI has declined.
The Operating Margin of NHI (54.59%) is better than 95.38% of its industry peers.
NHI's Operating Margin has declined in the last couple of years.
NHI has a better Gross Margin (84.46%) than 85.38% of its industry peers.
NHI's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 54.59%
PM (TTM) 40.95%
GM 84.46%
OM growth 3Y-3.37%
OM growth 5Y-4.05%
PM growth 3Y3.19%
PM growth 5Y-4%
GM growth 3Y-4.37%
GM growth 5Y-3.06%
NHI Yearly Profit, Operating, Gross MarginsNHI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

4

2. Health

2.1 Basic Checks

NHI has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
NHI has more shares outstanding than it did 1 year ago.
NHI has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, NHI has an improved debt to assets ratio.
NHI Yearly Shares OutstandingNHI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
NHI Yearly Total Debt VS Total AssetsNHI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

An Altman-Z score of 2.02 indicates that NHI is not a great score, but indicates only limited risk for bankruptcy at the moment.
The Altman-Z score of NHI (2.02) is better than 94.62% of its industry peers.
A Debt/Equity ratio of 0.76 indicates that NHI is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.76, NHI is in the better half of the industry, outperforming 74.62% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF N/A
Altman-Z 2.02
ROIC/WACC0.75
WACC7.62%
NHI Yearly LT Debt VS Equity VS FCFNHI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B

2.3 Liquidity

A Current Ratio of 1.49 indicates that NHI should not have too much problems paying its short term obligations.
Looking at the Current ratio, with a value of 1.49, NHI is in the better half of the industry, outperforming 64.62% of the companies in the same industry.
NHI has a Quick Ratio of 1.49. This is a normal value and indicates that NHI is financially healthy and should not expect problems in meeting its short term obligations.
With a decent Quick ratio value of 1.49, NHI is doing good in the industry, outperforming 65.38% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.49
Quick Ratio 1.49
NHI Yearly Current Assets VS Current LiabilitesNHI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M

5

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 1.70% over the past year.
Measured over the past years, NHI shows a decrease in Earnings Per Share. The EPS has been decreasing by -4.49% on average per year.
NHI shows a small growth in Revenue. In the last year, the Revenue has grown by 6.93%.
Measured over the past years, NHI shows a small growth in Revenue. The Revenue has been growing by 1.05% on average per year.
EPS 1Y (TTM)1.7%
EPS 3Y6.89%
EPS 5Y-4.49%
EPS Q2Q%-2.47%
Revenue 1Y (TTM)6.93%
Revenue growth 3Y3.92%
Revenue growth 5Y1.05%
Sales Q2Q%6.7%

3.2 Future

Based on estimates for the next years, NHI will show a small growth in Earnings Per Share. The EPS will grow by 4.84% on average per year.
NHI is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 11.22% yearly.
EPS Next Y4.56%
EPS Next 2Y5.52%
EPS Next 3Y4.84%
EPS Next 5YN/A
Revenue Next Year9.76%
Revenue Next 2Y10.05%
Revenue Next 3Y9.68%
Revenue Next 5Y11.22%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
NHI Yearly Revenue VS EstimatesNHI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M
NHI Yearly EPS VS EstimatesNHI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4

3

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 26.18, which means the current valuation is very expensive for NHI.
71.54% of the companies in the same industry are more expensive than NHI, based on the Price/Earnings ratio.
NHI's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 27.41.
The Price/Forward Earnings ratio is 23.59, which indicates a rather expensive current valuation of NHI.
Compared to the rest of the industry, the Price/Forward Earnings ratio of NHI indicates a rather cheap valuation: NHI is cheaper than 86.15% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of NHI to the average of the S&P500 Index (22.87), we can say NHI is valued inline with the index average.
Industry RankSector Rank
PE 26.18
Fwd PE 23.59
NHI Price Earnings VS Forward Price EarningsNHI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150

4.2 Price Multiples

NHI's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. NHI is more expensive than 78.46% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 18.16
NHI Per share dataNHI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates NHI does not grow enough to justify the current Price/Earnings ratio.
NHI has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)5.74
PEG (5Y)N/A
EPS Next 2Y5.52%
EPS Next 3Y4.84%

4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.64%, NHI is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 6.58, NHI has a dividend in line with its industry peers.
NHI's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.
Industry RankSector Rank
Dividend Yield 4.64%

5.2 History

The dividend of NHI decreases each year by -3.12%.
NHI has paid a dividend for at least 10 years, which is a reliable track record.
NHI has decreased its dividend in the last 3 years.
Dividend Growth(5Y)-3.12%
Div Incr Years0
Div Non Decr Years2
NHI Yearly Dividends per shareNHI Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4

5.3 Sustainability

113.12% of the earnings are spent on dividend by NHI. This is not a sustainable payout ratio.
DP113.12%
EPS Next 2Y5.52%
EPS Next 3Y4.84%
NHI Yearly Income VS Free CF VS DividendNHI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M -200M
NHI Dividend Payout.NHI Dividend Payout, showing the Payout Ratio.NHI Dividend Payout.PayoutRetained Earnings

NATL HEALTH INVESTORS INC

NYSE:NHI (9/22/2025, 8:50:20 PM)

After market: 78.28 0 (0%)

78.28

-0.23 (-0.29%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)08-06 2025-08-06/amc
Earnings (Next)11-03 2025-11-03/amc
Inst Owners70.27%
Inst Owner Change9.22%
Ins Owners1.98%
Ins Owner Change-0.1%
Market Cap3.72B
Analysts78.18
Price Target83.64 (6.85%)
Short Float %3.93%
Short Ratio8.16
Dividend
Industry RankSector Rank
Dividend Yield 4.64%
Yearly Dividend3.51
Dividend Growth(5Y)-3.12%
DP113.12%
Div Incr Years0
Div Non Decr Years2
Ex-Date09-30 2025-09-30 (0.92)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)2.1%
Min EPS beat(2)-0.09%
Max EPS beat(2)4.29%
EPS beat(4)2
Avg EPS beat(4)-0.31%
Min EPS beat(4)-12.08%
Max EPS beat(4)6.65%
EPS beat(8)5
Avg EPS beat(8)1.6%
EPS beat(12)7
Avg EPS beat(12)-4.85%
EPS beat(16)7
Avg EPS beat(16)-18.44%
Revenue beat(2)2
Avg Revenue beat(2)3.79%
Min Revenue beat(2)3.26%
Max Revenue beat(2)4.31%
Revenue beat(4)4
Avg Revenue beat(4)3.81%
Min Revenue beat(4)3.26%
Max Revenue beat(4)4.31%
Revenue beat(8)8
Avg Revenue beat(8)3.62%
Revenue beat(12)10
Avg Revenue beat(12)1.94%
Revenue beat(16)11
Avg Revenue beat(16)-0.14%
PT rev (1m)2.14%
PT rev (3m)1.41%
EPS NQ rev (1m)1.27%
EPS NQ rev (3m)1.52%
EPS NY rev (1m)0%
EPS NY rev (3m)0.03%
Revenue NQ rev (1m)-0.16%
Revenue NQ rev (3m)-3.89%
Revenue NY rev (1m)0.77%
Revenue NY rev (3m)-1.26%
Valuation
Industry RankSector Rank
PE 26.18
Fwd PE 23.59
P/S 10.66
P/FCF N/A
P/OCF 17.49
P/B 2.51
P/tB 2.51
EV/EBITDA 18.16
EPS(TTM)2.99
EY3.82%
EPS(NY)3.32
Fwd EY4.24%
FCF(TTM)-1.04
FCFYN/A
OCF(TTM)4.48
OCFY5.72%
SpS7.34
BVpS31.17
TBVpS31.17
PEG (NY)5.74
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 5.3%
ROE 9.65%
ROCE 7.26%
ROIC 5.74%
ROICexc 5.78%
ROICexgc 5.81%
OM 54.59%
PM (TTM) 40.95%
GM 84.46%
FCFM N/A
ROA(3y)4.46%
ROA(5y)4.65%
ROE(3y)8.71%
ROE(5y)9.16%
ROIC(3y)5.45%
ROIC(5y)5.5%
ROICexc(3y)5.5%
ROICexc(5y)5.56%
ROICexgc(3y)5.53%
ROICexgc(5y)5.6%
ROCE(3y)6.9%
ROCE(5y)6.97%
ROICexcg growth 3Y3.22%
ROICexcg growth 5Y0.14%
ROICexc growth 3Y3.22%
ROICexc growth 5Y0.15%
OM growth 3Y-3.37%
OM growth 5Y-4.05%
PM growth 3Y3.19%
PM growth 5Y-4%
GM growth 3Y-4.37%
GM growth 5Y-3.06%
F-Score7
Asset Turnover0.13
Health
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF N/A
Debt/EBITDA 4.21
Cap/Depr 346.64%
Cap/Sales 75.09%
Interest Coverage 3.52
Cash Conversion 79.93%
Profit Quality N/A
Current Ratio 1.49
Quick Ratio 1.49
Altman-Z 2.02
F-Score7
WACC7.62%
ROIC/WACC0.75
Cap/Depr(3y)89.28%
Cap/Depr(5y)89.91%
Cap/Sales(3y)19.27%
Cap/Sales(5y)20.88%
Profit Quality(3y)140.72%
Profit Quality(5y)127.73%
High Growth Momentum
Growth
EPS 1Y (TTM)1.7%
EPS 3Y6.89%
EPS 5Y-4.49%
EPS Q2Q%-2.47%
EPS Next Y4.56%
EPS Next 2Y5.52%
EPS Next 3Y4.84%
EPS Next 5YN/A
Revenue 1Y (TTM)6.93%
Revenue growth 3Y3.92%
Revenue growth 5Y1.05%
Sales Q2Q%6.7%
Revenue Next Year9.76%
Revenue Next 2Y10.05%
Revenue Next 3Y9.68%
Revenue Next 5Y11.22%
EBIT growth 1Y3.44%
EBIT growth 3Y0.41%
EBIT growth 5Y-3.04%
EBIT Next Year56.72%
EBIT Next 3Y20.4%
EBIT Next 5Y14.14%
FCF growth 1Y-137.4%
FCF growth 3Y-26.33%
FCF growth 5Y24.64%
OCF growth 1Y23.98%
OCF growth 3Y-0.5%
OCF growth 5Y-2.92%