National Healthcare Properties (NHP) Stock Fundamentals, Analysis & Risk Signals

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

National Healthcare Properties

NasdaqGM•Real Estate•REIT - Healthcare Facilities

$16.20+0.21(0.01%)Market closed

Market Cap

$997.87M

P/S

2.9x

P/B

0.9x

National Healthcare Properties, Inc. is a real estate investment trust for U.S. federal income tax purposes. The Company acquires, owns and manages a diversified portfolio of healthcare-related real estate, focused on outpatient medical facilities and senior housing operating properties. As of September 30, 2025, the Company owned 174 properties (including one land parcel and one property classified as held-for-sale) located in 30 states and comprised of 7.3 million rentable square feet. Substantially all the Company's business is conducted through the OP and its wholly owned subsidiaries, including taxable REIT subsidiaries. Prior to the consummation of the Internalization (as defined below) on September 27, 2024, the Company's former advisor, Healthcare Trust Advisors, LLC, managed its day-to-day business with the assistance of its property manager, Healthcare Trust Properties, LLC the former Advisor and Property Manager were under common control with AR Global Investments, LLC, and these related parties received compensation and fees for providing services to the Company. See the Internalization section in this Note for additional information. As of September 30, 2025, the Company owned 40 (including one property classified as held-for-sale) SHOPs using the REIT Investment Diversification and Empowerment Act of 2007 structure in its SHOP segment. Under RIDEA, a REIT may lease (qualified healthcare properties) on an arm's length basis to a TRS if the property is operated on behalf of such subsidiary by a person who qualifies as an eligible independent contractor. As of September 30, 2025, the Company had four eligible independent contractors operating 39 SHOPs. The Company has two operating and reportable business segments (OMFs and Shops). All the Company's properties across both business segments are located throughout the United States. In its OMF operating segment, the Company owns, manages and leases single and multi-tenant OMFs where tenants are generally required to pay their pro rata share of property operating expenses, which may be subject to expense exclusions and floors, in addition to base rent. The Property Manager or third-party managers manage the Company's OMFs. National Healthcare Properties, Inc. was incorporated in 2012 in Maryland, USA.

How this company scores

AverageMetricSide Score: 50/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Growth (8/25).

Profitability14/25

Growth8/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality13/25

Strengths

Long cash runwayInterest easily coveredProfit converts from growthNet cash position

Valuation vs. 5-year range

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

P/S · 2.9x5y range 0.9x – 2.9x

Currently above its 20-quarter median.

P/B · 0.9x5y range 0.3x – 0.9x

Currently above its 20-quarter median.

Watch items

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

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 1.7x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $997.87M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $344.32M
Q. Revenue: $87.53M
TTM EBITDA: $82.55M
TTM Op. Income: $10.99M
Q. Op. Income: $5.09M
TTM Net Income: $-45.00M
Q. Net Income: $-5.39M
EPS: $-0.13
Shares Out.: $61.60M

$344.32M in TTM revenue declined 1.2% YoY, reaching $87.53M last quarter. TTM EBITDA of $82.55M and TTM operating income of $10.99M show growth is flowing through to the bottom line. However, net income is negative at $45.00M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 1% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 38.2%
EBITDA Margin: 26.2%
Op. Margin: 5.8%
Net Margin: -6.2%

Op. margin of 5.8% is up 12.3% YoY — cost efficiency is improving. Net margin at -6.2% and gross margin of 38.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 190% — a weakening trend.

Price Ratios

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

P/E Ratio: N/A
P/S Ratio: 2.9x
P/B Ratio: 0.9x

P/S of 2.9x and P/B of 0.9x.

Assets & Liabilities

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

Total Assets: $1.98B
Cash: $245.69M
Long-Term Debt: N/A
Book Value: $1.05B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

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

Op. Cash Flow: $21.61M
TTM Free Cash Flow: $40.14M
FCF Margin: 11.7%
FCF / Net Income: -0.9

TTM FCF of $40.14M on $21.61M in operating cash flow. The FCF / Net Income ratio of -0.9x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.