(NHI) National Health Investors - Overview
Sector: Real Estate | Industry: REIT - Healthcare Facilities | Exchange: NYSE (USA) | Market Cap: 3.694m USD | Total Return: 6.8% in 12m
Avg Turnover: 40.5M
EPS Trend: 58.4%
Qual. Beats: -1
Rev. Trend: 95.2%
Qual. Beats: 3
Warnings
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Below Avwap Earnings
Tailwinds
No distinct edge detected
National Health Investors, Inc. (NHI) is a self-managed real estate investment trust (REIT) focused on the senior housing and medical facility sectors. Founded in 1991, the company utilizes a diversified financing strategy that includes sale-leaseback transactions, joint ventures, and mortgage or mezzanine lending. Its portfolio encompasses a range of asset classes, such as independent and assisted living communities, skilled nursing facilities, and specialty hospitals.
The company operates within the Health Care REIT sub-industry, where revenue is primarily generated through long-term triple-net leases that shift operational costs like taxes and insurance to the tenant. This business model aims to provide stable cash flows driven by the need-driven nature of senior healthcare, which is less sensitive to broader economic cycles than discretionary real estate sectors. Investors may find it useful to examine ValueRay for deeper insights into the companys valuation metrics.
- Occupancy recovery in senior housing portfolios drives rental income growth
- Interest rate fluctuations impact cost of debt and acquisition financing
- Medicare and Medicaid reimbursement changes affect skilled nursing facility tenants
- Expansion of joint venture structures improves operating margin potential
- Aging demographics increase long-term demand for need-driven senior housing assets
| 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 0.97%; Δ 6.03k% > 0.5%) |
| Asset Turnover: 14.21% > 50% (prev 12.32%; Δ 1.88% > 0%) |
| Interest Coverage Ratio: 3.64 > 6 (EBITDA TTM 289.2m / Interest Expense TTM 55.6m) |
| 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: 2.05 (Book Value of Equity 2.79b / Total Liabilities 1.36b) |
| Altman-Z'' = 5.62 = AAA |
| DSRI: 0.70 (Receivables 299.9m/362.1m, Revenue 402.9m/343.0m) |
| GMI: 1.58 (GM 61.26% / 96.70%) |
| 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 = 4.82 (Cap -4..+1) = D |
As of June 02, 2026, the stock is trading at USD 71.76 with a total of 345,967 shares traded.
Over the past week, the price has changed by -4.26%,
over one month by -4.71%,
over three months by -15.37% and
over the past year by +6.80%.
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
| Analysts Target Price | 86.4 | 20.4% |
P/E Trailing = 24.5839
P/E Forward = 18.1488
P/S = 9.1275
P/B = 2.4454
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 = 4.94b USD (3.69b + Debt 1.27b - CCE 24.9m)
Interest Coverage Ratio = 3.64 (Ebit TTM 202.3m / Interest Expense TTM 55.6m)
EV/FCF = 21.84x (Enterprise Value 4.94b / FCF TTM 226.1m)
FCF Yield = 4.58% (FCF TTM 226.1m / Enterprise Value 4.94b)
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 = 1.71 (Enterprise Value 4.94b / Total Assets 2.89b)
Interest Expense / Debt = 4.38% (Interest Expense 55.6m / Debt 1.27b)
Taxrate = 21.0% (US 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 = 5.75% (NOPAT 159.8m / Invested Capital 2.78b)
WACC = 5.02% (E(3.69b)/V(4.96b) * Re(5.56%) + D(1.27b)/V(4.96b) * Rd(4.38%) * (1-Tc(0.21)))
Discount Rate = 5.56% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.56 | 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: 58.44 | EPS CAGR: 5.05% | SUE: -1.76 | # QB: -1
Revenue Correlation: 95.23 | Revenue CAGR: 8.84% | SUE: 1.26 | # QB: 3
EPS current Quarter (2026-06-30): EPS=0.91 | Chg30d=-1.72% | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.93 | Chg30d=+8.60% | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=3.67 | Chg30d=+1.54% | Revisions=N/A | GrowthEPS=+25.1% | GrowthRev=+14.9%
EPS next Year (2027-12-31): EPS=3.62 | Chg30d=-0.46% | Revisions=-20% | GrowthEPS=-1.2% | GrowthRev=+3.4%
[Analyst] Revisions Ratio: -20%