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NHI

National Health Investors, Inc.

NHI

National Health Investors, Inc. • NYSE
$79.48 ▼ -0.18% (-0.14)
Market Cap $3.79 B
52w High $80.56
52w Low $65.13
Dividend Yield 3.62%
P/E 24.99
Volume 83.10K
Outstanding Shares 47.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $89.847M ▼ $43.158M ▲ $32.862M ▼ 36.576% ▼ $0.69 ▼ $65.802M ▼
Q2-2025 $90.662M ▲ $39.085M ▲ $36.987M ▲ 40.797% ▲ $0.79 ▲ $70.669M ▲
Q1-2025 $89.296M ▲ $38.534M ▼ $34.165M ▼ 38.26% ▼ $0.75 ▼ $66.333M ▼
Q4-2024 $85.755M ▲ $40M ▲ $43.242M ▲ 50.425% ▲ $0.96 ▲ $75.447M ▲
Q3-2024 $82.944M $33.645M $28.54M 34.409% $0.66 $60.076M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $81.625M ▲ $2.69B ▼ $1.192B ▼ $1.481B ▲
Q2-2025 $18.64M ▼ $2.696B ▼ $1.199B ▼ $1.48B ▲
Q1-2025 $135.004M ▲ $2.783B ▲ $1.338B ▲ $1.426B ▲
Q4-2024 $24.289M ▲ $2.614B ▲ $1.229B ▲ $1.366B ▲
Q3-2024 $15.55M $2.46B $1.213B $1.229B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $32.862M ▼ $62.605M ▲ $41.844M ▲ $-42.147M ▲ $62.985M ▲ $57.561M ▼
Q2-2025 $36.987M ▲ $61.341M ▲ $-49.784M ▲ $-129.511M ▼ $-116.364M ▼ $58.718M ▲
Q1-2025 $33.817M ▼ $46.478M ▼ $-75.469M ▲ $139.766M ▲ $110.775M ▲ $46.478M ▼
Q4-2024 $42.787M ▲ $57.573M ▲ $-161.199M ▼ $112.361M ▲ $8.735M ▲ $57.055M ▲
Q3-2024 $28.54M $48.629M $-1.572M $-46.193M $864K $48.629M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Real Estate Investment Segment
Real Estate Investment Segment
 $140.00M ▲$80.00M ▼$80.00M ▲$70.00M ▼
Senior Housing Operating Portfolio
Senior Housing Operating Portfolio
 $30.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been steadily rebuilding after a soft patch a few years ago, and is now slightly above pre‑dip levels. Profitability went through a clear trough around 2022, when earnings were very slim, but margins have since rebounded strongly. Recent years show healthier operating and net income, with earnings per share back in line with the stronger years of the past decade. Overall, the income statement now looks more stable and resilient than it did during the pandemic and immediate aftermath, though growth is gradual rather than explosive.

Balance Sheet

Balance Sheet The balance sheet shows a gradual cleanup and strengthening. Total assets came down from earlier peaks as the company pruned and repositioned its portfolio, then ticked back up recently. Debt levels have been reduced from earlier, more leveraged years, while equity has been rebuilt, which points to a more balanced capital structure and lower financial risk than before. Cash on hand is modest, which is common for REITs that prefer to deploy capital into properties, but it does mean the company relies on steady cash flows and funding access to stay flexible.

Cash Flow

Cash Flow Cash generation from operations has been steady and fairly predictable, with only modest swings over the last five years. Free cash flow closely tracks operating cash flow because ongoing capital spending is very low, reflecting the REIT model where large growth investments are typically financed separately. The current pattern suggests the portfolio is producing reliable cash that can support obligations and capital returns, though there is limited built‑in cushion if operating conditions weaken sharply.

Competitive Edge

Competitive Edge NHI operates in a focused niche: senior housing and healthcare facilities. Its main strengths are decades‑long relationships with operators, specialized knowledge of a complex, regulated industry, and access to capital that allows it to compete for attractive deals. Barriers to entry in healthcare real estate are meaningful, but not insurmountable, so its advantage is best described as durable but narrow. The business is heavily tied to the quality and financial health of its operating partners and to public reimbursement systems, which are key ongoing risk factors. Aging demographics and rising demand for senior care are important long‑term tailwinds that support its positioning.

Innovation and R&D

Innovation and R&D As a healthcare REIT, NHI’s innovation is more strategic than technological. It differentiates itself through flexible deal structures, such as sale‑leasebacks, joint ventures, and tailored financing, rather than through proprietary technology. Its Senior Housing Operating Portfolio (SHOP) gives it more direct influence over operations and upside potential, but also adds operational complexity. The company is starting to integrate ESG considerations and likely uses data and analytics in underwriting, though this is not heavily marketed. Overall, it’s an incremental, partnership‑driven approach to innovation rather than a disruptive one.

Summary

National Health Investors today looks like a steadier, more balanced version of itself compared with a few years ago. Earnings and cash flows have recovered from earlier weakness, the balance sheet has been de‑risked through lower leverage and stronger equity, and the company remains anchored in a defensible healthcare real estate niche. Its fortunes are closely tied to the health of senior housing operators, regulatory changes, and interest rate conditions, but it also benefits from long‑term demographic demand. Future performance will hinge on disciplined growth in its operating portfolio, maintaining strong operator relationships, and carefully managing risk in a sector that is stable over decades but can be bumpy year to year.

NEWS

November 6, 2025 · 4:15 PM UTC

NHI Announces Fourth Quarter 2025 Dividend

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November 6, 2025 · 4:10 PM UTC

NHI Issues Investor Update

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November 6, 2025 · 4:05 PM UTC

NHI Announces Third Quarter 2025 Results

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October 9, 2025 · 4:05 PM UTC

NHI Announces Third Quarter 2025 Earnings Release and Conference Call Dates

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October 2, 2025 · 6:00 AM UTC

NHI Announces $74.3 Million SHOP Investment

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