National Health Investors (NHI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

National Health Investors

NYSE•Real Estate•REIT - Healthcare Facilities

$68.16-1.14(-0.02%)Pre-market

Market Cap

$3.35B

P/E

20.1x

P/S

7.8x

P/B

2.1x

National Health Investors, Inc. is a self-managed real estate investment trust (REIT). The Company owns, leases, operates and finances the development of high-quality real estate properties in the United States, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments, Real Estate Investments and SHOP. The Company's real estate property investments include independent living facilities, assisted living facilities, entrance fee communities, senior living campuses, skilled nursing facilities and hospitals. National Health Investors, Inc. was established on October 15th, 1991, and was incorporated in 1991 in Maryland and is based in Murfreesboro, Tennessee.

How this company scores

AverageMetricSide Score: 59/100

Strongest: Growth (22/25); weakest: Cash & Earnings Quality (3/25).

Profitability20/25

Growth22/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality3/25

Strengths

Growing revenueStrong marginsRising earningsProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 20.1x5y range 12.6x – 34.0x

Currently near its 20-quarter median.

P/S · 7.8x5y range 7.2x – 11.1x

Currently near its 20-quarter median.

P/B · 2.1x5y range 1.6x – 3.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 11.2% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $3.35B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $432.12M
Q. Revenue: $121.32M
TTM EBITDA: $269.65M
TTM Op. Income: $139.47M
Q. Op. Income: $34.04M
TTM Net Income: $166.80M
Q. Net Income: $55.67M
EPS: $1.15
Shares Out.: $48.44M

$432.12M in TTM revenue grew 23.9% YoY, reaching $121.32M last quarter. TTM EBITDA of $269.65M and TTM operating income of $139.47M show growth is flowing through to the bottom line. TTM net income of $166.80M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 49.1%
Op. Margin: 28.1%
Net Margin: 45.9%

Op. margin of 28.1% is down 10.6% YoY — costs are rising relative to revenue. Net margin at 45.9% Across the last 8 quarters, operating margin has fallen for 4 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 20.1x
P/S Ratio: 7.8x
P/B Ratio: 2.1x

At 20.1x P/E, the stock trades within typical market levels. P/S of 7.8x and P/B of 2.1x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 12% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.96B
Cash: $30.39M
Long-Term Debt: $1.27B
Book Value: $1.57B
D/E Ratio: 0.8
Debt/EBITDA: 21.4

With $2.96B in assets and $1.27B in long-term debt, D/E is 0.8and book value is $1.57B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 7% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $64.97M
TTM Free Cash Flow: $-124.29M
FCF Margin: -28.8%
FCF / Net Income: -0.7

TTM FCF of $-124.29M on $64.97M in operating cash flow. The FCF / Net Income ratio of -0.7x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 3 consecutive quarters — a weakening trend.