NHI Stock Analysis: National Health Investors | NYSE

REIT - Healthcare Facilities | NYSE, USA | Market Cap: 3.676m USD | 12M Return: 18.8% | Charts, Fundamentals & Technical Analysis

Independent Living, Assisted Living, Memory Care, Skilled Nursing
Total Rating 32
Safety 19
Buy Signal -0.26
REIT - Healthcare Facilities
Industry Rotation: +13.2
Market Cap: 3.68B
Avg Turnover: 46.8M
Risk 3d forecast
Volatility21.3%
VaR 5th Pctl3.81%
VaR vs Median8.87%
Reward TTM
Sharpe Ratio0.69
Rel. Str. IBD39.1
Rel. Str. Peer Group15.6
Character TTM
Beta-0.218
Beta Downside-0.336
Hurst Exponent0.580
Drawdowns 3y
Max DD24.09%
CAGR/Max DD0.78
CAGR/Mean DD2.66
EPS (Earnings per Share) EPS (Earnings per Share) of NHI over the last years for every Quarter: "2021-06": 0.71, "2021-09": 0.72, "2021-12": 0.14, "2022-03": 0.66, "2022-06": 0.47, "2022-09": 0.78, "2022-12": 0.05, "2023-03": 0.79, "2023-06": 0.92, "2023-09": 0.68, "2023-12": 0.74, "2024-03": 0.71, "2024-06": 0.8, "2024-09": 0.65, "2024-12": 0.8133, "2025-03": 0.75, "2025-06": 0.79, "2025-09": 0.69, "2025-12": 1.22, "2026-03": 0.77,
EPS CAGR: 9.34%
EPS Trend: 78.8%
Last SUE: -1.87
Qual. Beats: -1
Revenue Revenue of NHI over the last years for every Quarter: 2021-06: 74.33, 2021-09: 73.833, 2021-12: 69.667, 2022-03: 71.327, 2022-06: 59.899, 2022-09: 76.298, 2022-12: 70.67, 2023-03: 82.388, 2023-06: 77.876, 2023-09: 80.106, 2023-12: 79.465, 2024-03: 81.513, 2024-06: 84.97, 2024-09: 82.944, 2024-12: 85.755, 2025-03: 89.296, 2025-06: 90.662, 2025-09: 89.847, 2025-12: 106.548, 2026-03: 115.855,
Rev. CAGR: 8.84%
Rev. Trend: 95.2%
Last SUE: 1.26
Qual. Beats: 3

Warnings

Beneish M-Score Likely Earnings Manipulation

Tailwinds

Confidence

Seasonality 10.5 years of data

Jan -1.6% 14
Feb -2.5% 26
Mar +0.3% 13
Apr -2.3% 46
May +1.5% 14
Jun +1.9% 28
Jul +0.3% 31
Aug +3.2% 23
Sep -2.6% 35
Oct -1.7% 48
Nov +0.8% 5
Dec -2.4% 10

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: NHI National Health Investors

National Health Investors, Inc. (NHI) is a self-managed real estate investment trust that provides capital to the senior housing and healthcare facility sector through sale-leaseback transactions, joint ventures, mortgage financing, and mezzanine financing. The company invests in need-driven and discretionary properties spanning the continuum of senior care, including independent living, assisted living, memory care, entrance-fee retirement communities, senior living campuses, skilled nursing facilities, and specialty hospitals.

NHI was founded and incorporated in 1991 in Maryland and is headquartered in Murfreesboro, Tennessee. It trades on the NYSE under the ticker NHI and is classified within the Health Care REITs sub-industry of the Real Estate sector.

Healthcare REITs like NHI typically generate revenue through long-term triple-net leases with operator tenants, which shift property-level operating expenses (taxes, insurance, maintenance) to the lessee. This structure allows the REIT to focus on capital deployment and asset management rather than facility operations, distinguishing it from operators that run the properties themselves.

Headlines to Watch Out For
  • Senior housing occupancy recovery lifts SHOP segment revenue
  • Interest rate hikes pressure REIT borrowing costs and cap rates
  • Skilled nursing Medicare reimbursement shifts impact portfolio cash flows
Piotroski VR-10 (Strict) 4.0
Net Income: 148.1m TTM > 0 and > 6% of Revenue
FCF/TA: 0.08 > 0.02 and ΔFCF/TA 0.69 > 1.0
NWC/Revenue: -16.95% < 20% (prev -4.69%; Δ -12.26% < -1%)
CFO/TA 0.09 > 3% & CFO 246.8m > Net Income 148.1m
Net Debt (1.24b) to EBITDA (289.2m): 4.30 < 3
Current Ratio: 0.83 > 1.5 & < 3
Outstanding Shares: last quarter (48.5m) vs 12m ago 5.82% < -2%
Gross Margin: 61.26% > 18% (prev 96.70%; Δ -35.44% > 0.5%)
Asset Turnover: 14.21% > 50% (prev 12.32%; Δ 1.88% > 0%)
Interest Coverage Ratio: 3.64 > 6 (EBIT TTM 202.3m / Interest Expense TTM 55.6m)
Altman Z'' 4.64
A: -0.02 (Total Current Assets 328.4m - Total Current Liabilities 396.7m) / Total Assets 2.89b
B: 0.96 (Retained Earnings 2.79b / Total Assets 2.89b)
C: 0.07 (EBIT TTM 202.3m / Avg Total Assets 2.84b)
D: 1.12 (Book Value of Equity 1.51b / Total Liabilities 1.36b)
Altman-Z'' = 4.64 = AA
Beneish M 1.00
DSRI: 0.70 (Receivables 299.9m/362.1m, Revenue 402.9m/343.0m)
GMI: 1.58 (GM 96.70% / 61.26%)
AQI: 13.61 (AQ_t 0.03 / AQ_t-1 0.00)
SGI: 1.17 (Revenue 402.9m / 343.0m)
TATA: -0.03 (NI 148.1m - CFO 246.8m) / TA 2.89b)
Beneish M = 4.85 (Cap -4..+1) = D
What is the price of NHI shares?

As of July 18, 2026, the stock is trading at USD 79.61 with a total of 285,863 shares traded. Over the past week, the price has changed by +5.68%, over one month by +14.18%, over three months by -5.94% and over the past year by +18.81%.

Current recommended Stop Loss: 76.60 (which is 3.8% or 1.6 ATR below the current price).

Is NHI a buy, sell or hold?

National Health Investors has received a consensus analysts rating of 3.88. Therefore, it is recommended to buy NHI.

  • StrongBuy: 3
  • Buy: 1
  • Hold: 4
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the NHI price?
Analysts Target Price 82.9 4.1%
National Health Investors (NHI) - Fundamental Data Overview as of 18 July 2026
Market Cap USD = 3.68b (3.68b USD * 1.0 USD.USD)
P/E Trailing = 24.5437
P/E Forward = 18.1488
P/S = 9.4784
P/B = 2.4268
P/EG = 4.7612
Revenue TTM = 402.9m USD
EBIT TTM = 202.3m USD
EBITDA TTM = 289.2m USD
Long Term Debt = 960.7m USD (from longTermDebt, last quarter)
Short Term Debt = 309.0m USD (from shortTermDebt, last quarter)
Debt = 1.27b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.24b USD (calculated: Debt 1.27b - CCE 24.9m)
Enterprise Value = 4.92b USD (3.68b + Debt 1.27b - CCE 24.9m)
Interest Coverage Ratio = 3.64 (Ebit TTM 202.3m / Interest Expense TTM 55.6m)
EV/FCF = 21.76x (Enterprise Value 4.92b / FCF TTM 226.1m)
FCF Yield = 4.59% (FCF TTM 226.1m / Enterprise Value 4.92b)
FCF Margin = 56.12% (FCF TTM 226.1m / Revenue TTM 402.9m)
Net Margin = 36.76% (Net Income TTM 148.1m / Revenue TTM 402.9m)
Gross Margin = 61.26% ((Revenue TTM 402.9m - Cost of Revenue TTM 156.1m) / Revenue TTM)
Gross Margin QoQ = 31.12% (prev 33.60%)
Tobins Q-Ratio = 1.70 (Enterprise Value 4.92b / Total Assets 2.89b)
Interest Expense / Debt = 4.38% (Interest Expense 55.6m / Debt 1.27b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 159.8m (EBIT 202.3m * (1 - 21.00%))
Current Ratio = 0.83 (Total Current Assets 328.4m / Total Current Liabilities 396.7m)
Debt / Equity = 0.84 (Debt 1.27b / totalStockholderEquity, last quarter 1.51b)
Debt / EBITDA = 4.30 (Net Debt 1.24b / EBITDA 289.2m)
Debt / FCF = 5.51 (Net Debt 1.24b / FCF TTM 226.1m)
Total Stockholder Equity = 1.50b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.22% (Net Income 148.1m / Total Assets 2.89b)
RoE = 9.88% (Net Income TTM 148.1m / Total Stockholder Equity 1.50b)
RoCE = 8.22% (EBIT 202.3m / Capital Employed (Equity 1.50b + L.T.Debt 960.7m))
RoIC = 5.74% (NOPAT 159.8m / Invested Capital 2.78b)
WACC = 4.76% (E(3.68b)/V(4.95b) * Re(5.21%) + D(1.27b)/V(4.95b) * Rd(4.38%) * (1-Tc(0.21)))
Discount Rate = 5.21% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 97.07 | Cagr: 5.12%
[DCF] Terminal Value 77.80% ; FCFF base≈215.0m ; Y1≈244.3m ; Y5≈351.2m
[DCF] Fair Price = 83.60 (EV 5.30b - Net Debt 1.24b = Equity 4.05b / Shares 48.5m; r=8.35% [WACC [floored]]; 5y FCF grow 13.93% → 2.50% )
EPS Correlation: 78.82 | EPS CAGR: 9.34% | SUE: -1.87 | # QB: -1
Revenue Correlation: 95.23 | Revenue CAGR: 8.84% | SUE: 1.26 | # QB: 3
EPS current Quarter (2026-06-30): EPS=4.57 | Chg30d=+399.67% | Revisions=+25% | Analysts=1
EPS next Quarter (2026-09-30): EPS=4.56 | Chg30d=+388.61% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=14.55 | Chg30d=+296.98% | Revisions=+25% | GrowthEPS=+396.6% | GrowthRev=+17.2%
EPS next Year (2027-12-31): EPS=3.45 | Chg30d=-4.78% | Revisions=-25% | GrowthEPS=-76.3% | GrowthRev=+6.0%
[Analyst] Revisions Ratio: +29% (up=3, down=1)