InsiderClue
Stocks · Real estate · Real Estate Investment Trusts

NATIONAL HEALTH INVESTORS INC

NHI Clue Score67
United States Fiscal year ends December CIK 0000877860
$64.85 +0.42% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $64.85 +22.66% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue248.5Net income151.5EPS, diluted3.87Fiscal year 2017Revenue278.7 +12.2%Net income159.4 +5.2%EPS, diluted3.87 +0.0%Fiscal year 2018Revenue294.6 +5.7%Net income154.3 −3.2%EPS, diluted3.67 −5.2%Fiscal year 2019Revenue318.1 +8.0%Net income160.5 +4.0%EPS, diluted3.67 +0.0%Fiscal year 2020Revenue0.0 −100.0%Net income185.1 +15.4%EPS, diluted4.14 +12.8%Fiscal year 2021Revenue0.0Net income111.8 −39.6%EPS, diluted2.44 −41.1%Fiscal year 2022Revenue35.8Net income66.4 −40.6%EPS, diluted1.48 −39.3%Fiscal year 2023Revenue48.8 +36.4%Net income135.7 +104.3%EPS, diluted3.13 +111.5%Fiscal year 2024Revenue54.4 +11.5%Net income138.0 +1.7%EPS, diluted3.13 +0.0%Fiscal year 2025Revenue80.1 +47.1%Net income142.2 +3.0%EPS, diluted3.02 −3.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 248.5 278.7 294.6 318.1 0.0 0.0 35.8 48.8 54.4 80.1
Growth +12.2% +5.7% +8.0% −100.0% +36.4% +11.5% +47.1%
Net income 151.5 159.4 154.3 160.5 185.1 111.8 66.4 135.7 138.0 142.2
Growth +5.2% −3.2% +4.0% +15.4% −39.6% −40.6% +104.3% +1.7% +3.0%
EPS, diluted 3.87 3.87 3.67 3.67 4.14 2.44 1.48 3.13 3.13 3.02
Growth +0.0% −5.2% +0.0% +12.8% −41.1% −39.3% +111.5% +0.0% −3.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin61.0%Free cash flow margin−87.8%Fiscal year 2017Net margin57.2%Free cash flow margin8.0%Fiscal year 2018Net margin52.4%Free cash flow margin20.4%Fiscal year 2019Net margin50.4%Free cash flow margin1.2%Fiscal year 2020Fiscal year 2021Fiscal year 2022Net margin185.5%Free cash flow margin487.1%Fiscal year 2023Net margin277.9%Free cash flow margin276.4%Fiscal year 2024Net margin253.6%Free cash flow margin91.6%Fiscal year 2025Net margin177.6%Free cash flow margin−71.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 61.0% 57.2% 52.4% 50.4% n/a n/a 185.5% 277.9% 253.6% 177.6%
Free cash flow margin −87.8% 8.0% 20.4% 1.2% n/a n/a 487.1% 276.4% 91.6% −71.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow176.6Capital expenditure−394.7Free cash flow−218.1Dividends paid−138.3Fiscal year 2017Operating cash flow198.1Capital expenditure−175.8Free cash flow22.3Dividends paid−153.0Fiscal year 2018Operating cash flow207.9Capital expenditure−147.6Free cash flow60.2 +170.0%Dividends paid−165.4Fiscal year 2019Operating cash flow241.0Capital expenditure−237.2Free cash flow3.8 −93.7%Dividends paid−179.7Fiscal year 2020Operating cash flow232.1Capital expenditure−116.7Free cash flow115.4 +2,962.5%Buybacks0.0Dividends paid−194.6Fiscal year 2021Operating cash flow210.9Capital expenditure−50.3Free cash flow160.5 +39.1%Buybacks0.0Dividends paid−182.9Fiscal year 2022Operating cash flow185.3Capital expenditure−11.0Free cash flow174.3 +8.6%Buybacks−152.0Dividends paid−161.8Fiscal year 2023Operating cash flow184.5Capital expenditure−49.6Free cash flow134.9 −22.6%Buybacks0.0Dividends paid−156.2Fiscal year 2024Operating cash flow207.8Capital expenditure−157.9Free cash flow49.8 −63.1%Buybacks0.0Dividends paid−156.5Fiscal year 2025Operating cash flow236.6Capital expenditure−294.0Free cash flow−57.5 −215.3%Dividends paid−169.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 176.6 198.1 207.9 241.0 232.1 210.9 185.3 184.5 207.8 236.6
Capital expenditure −394.7 −175.8 −147.6 −237.2 −116.7 −50.3 −11.0 −49.6 −157.9 −294.0
Free cash flow −218.1 22.3 60.2 3.8 115.4 160.5 174.3 134.9 49.8 −57.5
Growth +170.0% −93.7% +2,962.5% +39.1% +8.6% −22.6% −63.1% −215.3%
Buybacks n/a n/a n/a n/a 0.0 0.0 −152.0 0.0 0.0 n/a
Dividends paid −138.3 −153.0 −165.4 −179.7 −194.6 −182.9 −161.8 −156.2 −156.5 −169.7

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash4.6Total debt1,131.9Net cash (debt)−1,127.3Shareholders’ equity1,209.6Debt to equity0.94Fiscal year 2017Cash3.1Shareholders’ equity1,322.1Fiscal year 2018Cash4.7Shareholders’ equity1,389.7Fiscal year 2019Cash5.2Shareholders’ equity1,497.6Fiscal year 2020Cash43.3Shareholders’ equity1,512.2Fiscal year 2021Cash37.4Shareholders’ equity1,507.1Fiscal year 2022Cash19.3Shareholders’ equity1,270.2Fiscal year 2023Cash22.3Shareholders’ equity1,254.0Fiscal year 2024Cash24.3Shareholders’ equity1,366.5Fiscal year 2025Cash19.6Shareholders’ equity1,521.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 4.6 3.1 4.7 5.2 43.3 37.4 19.3 22.3 24.3 19.6
Total debt 1,131.9 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) −1,127.3 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity 1,209.6 1,322.1 1,389.7 1,497.6 1,512.2 1,507.1 1,270.2 1,254.0 1,366.5 1,521.5
Debt to equity 0.94 n/a n/a n/a n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
248.5 278.7 294.6 318.1 0.0 0.0 35.8 48.8 54.4 80.1
Growth +12.2% +5.7% +8.0% −100.0% +36.4% +11.5% +47.1%
9.8 12.2 12.5 13.4 13.3 18.4 22.8 19.3 20.7 26.9
118.8 151.5 155.1 161.3 n/a n/a n/a n/a n/a n/a
0.9 0.1 0.1 n/a n/a n/a n/a n/a n/a n/a
151.5 159.4 154.3 160.5 185.1 111.8 66.4 135.7 138.0 142.2
Growth +5.2% −3.2% +4.0% +15.4% −39.6% −40.6% +104.3% +1.7% +3.0%
Per share
3.88 3.90 3.68 3.70 4.14 2.45 1.48 3.13 3.14 3.03
3.87 3.87 3.67 3.67 4.14 2.44 1.48 3.13 3.13 3.02
Growth +0.0% −5.2% +0.0% +12.8% −41.1% −39.3% +111.5% +0.0% −3.5%
39.0 40.9 41.9 43.4 44.7 45.7 44.8 43.4 43.8 46.9
39.2 41.2 42.1 43.7 44.7 45.7 44.8 43.4 44.1 47.1
Growth +5.1% +2.3% +3.8% +2.3% +2.3% −2.0% −3.1% +1.6% +6.7%

Five years in brief

Worked out from the figures above, not from a press release
  • The diluted share count rose 5.3% in five years, which is dilution.
  • Profitable in every one of the 10 years on file.