NATIONAL HEALTHCARE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NATIONAL HEALTHCARE CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	924	964	980	996	1,028	1,074	1,086	1,142	1,307	1,518
General and administrative	29.3	29.8	28.7	27	19.9	20.2	20.7	21,412,000	26,236,000	27,498,000
Operating income	60.5	54.1	56.1	49	48.2	50.9	31.9	57.5	89.9	128
Interest expense	3.94	4.89	4.7	3.14	1.4	0.85	0.56	0.32	4.14	6.37
Other non-operating income	19.7	20.4	17.7	24.8	26.5	17.8	11.1	16.7	19.7	18.1
Pre-tax income	80.2	74.5	74.9	88	52.4	150	27.2	88.7	136	162
Income tax	29.7	18.9	16.2	20	10.4	11	7.25	23.5	34.3	39.8
Net income to minority interests		-0.52	-0.27	-0.24	0.12	0.5	-2.47	-1.51	0.16	2.59
Net income	50.5	56.2	59	68.2	41.9	139	22.4	66.8	102	120
EBITDA	99.6	96.8	98	91.5	90.2	91.6	72.4	99.5	132	173
EPS, basic	3.34	3.70	3.87	4.47	2.74	9.03	1.46	4.36	6.62	7.76
EPS, diluted	3.32	3.69	3.87	4.44	2.72	8.99	1.45	4.34	6.53	7.67
Shares, basic (weighted)	15.1	15.2	15.2	15.3	15.3	15.3	15.4	15.3	15.4	15.5
Shares, diluted (weighted)	15.2	15.2	15.2	15.4	15.4	15.4	15.4	15.4	15.6	15.6
Dividend per share	1.75	1.89	1.98	2.06	2.08	2.11	2.26	2.34	2.42	2.53

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	26.3	59.1	43.2	50.3	147	108	58.7	107	76.1	92.8
Short-term investments	138	139	140	152
Receivables	82.5	86.8	97.3	93	89.7	96.1	100	109	135	139
Inventory	7.51	7.15	7.47	7.44	8.78	8.58	7.09	7.39	9.04	7.8
Other current assets	2.65	2.86	3.86	6.64	2.98	7.36	10.2	8.86	9.57	5.85
Total current assets	291	329	322	341	457	427	354	406	424	462
Property, plant and equipment	560	549	535	535	520	521	507	493	684	674
Lease right-of-use assets			0	203	179	156	121	94.2	79.2	47.8
Goodwill	17.6	17.6	21	21	21.3	168	168	168	170	170
Intangible assets					0	7.04	7.04	7.04	19.9	19.9
Long-term investments		145	154	127
Other non-current assets	237	218	224	410	385	456	415	411	416	391
Total assets	1,087	1,097	1,081	1,287	1,362	1,403	1,275	1,311	1,524	1,526
Accounts payable	18.6	16	19.8	18.9	21.1	22.5	17	19.2	25.5	22.8
Deferred revenue				0	51.3	15	0	0
Short-term debt			0	10	0			0	7.5	7.5
Total current liabilities	151	155	158	195	281	263	198	214	235	254
Long-term debt	120	100	55	0				0	130	32.5
Lease liabilities			0	179	154	129	91	63.2	45.9	13.5
Other non-current liabilities	16.3	15.8	15.2	21.2	28.4	16.6	20	26.4	16.9	18
Total liabilities	418	393	346	508	564	495	398	400	541	452
Total debt	120	100	55	10	0			0	137	40
Paid-in capital	211	216	219	223	227	232	227	228	233	236
Retained earnings	392	419	516	553	563	669	657	688	752	833
Other comprehensive income	66.1	67.5	-2.75	2.56	5.06	1.61	-9.53	-6.6	-4.72	-0.78
Shareholders' equity	670	703	733	779	795	903	874	909	980	1,069
Minority interests		0.69	1.18	0.48	3.08	5.46	3.24	1.73	3	5.74
Total equity	670	703	734	779	798	908	878	910	983	1,075
Total liabilities and equity	1,087	1,097	1,081	1,287	1,362	1,403	1,275	1,311	1,524	1,526
Shares outstanding	15.2	15.2	15.3	15.3	15.4	15.5	15.4	15.4	15.5	15.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	50.5	55.7	58.7	68	42	139	20	65.3	102	123
Depreciation and amortization	39	42.7	41.9	42.4	42	40.7	40.5	42	42	44.9
Stock-based compensation	0.51	1.68	1.78	1.88	2.45	2.62	2.61	2.78	4.16	4.4
Deferred income tax	5	-6.32	0.99	5.58	-11	-5.29	6.29	5.79	17.9	7.19
Change in receivables	1.56	-4.24	-9.4	4.3	4.53	4.09	-3.86	-8.56	-26.4	-3.68
Change in inventory	0.06	0.36	-0.32	0.03	-1.25	0.2	1.49	-0.3	-0.6	1.24
Cash from operations	90.9	94.5	98.4	100	203	62.4	8.74	111	107	185
Capital expenditures	-62.6	-32.3	-29.8	-26.4	-21.9	-39.4	-30.2	-27.9	-27.6	-36.4
Acquisitions						0	0	-2.7
Purchases of investments			-13.3	-12.5	-84.9	-108	-33.8	-29.5	-35.1	-65.2
Sales and maturities of investments	34.6	50.2	4.54	44.5	41	102	50	47.4	52	72.9
Cash from investing	-81.5	-9.56	-33.7	-14.3	-63.9	-65.9	-5.98	-17.6	-237	-33.9
Stock issued	10.8	2.52	2.87	2.35	1.76	3.44	2.11	0.31	14.3	14.2
Share buybacks	-8.2	0	-0.87	-0.87	-0.05	-0.84	-9.9	-2.48	-13.5	-14.7
Dividends paid	-25.8	-28.2	-29.8	-31.2	-31.9	-32	-34.6	-35.6	-37	-38.7
Cash from financing	-27.1	-49.1	-77.3	-79.7	-41.9	-35.3	-47.6	-42.5	100	-136
Net change in cash	-17.7	35.8	-12.5	6.09	97.5	-38.8	-44.9	51.1	-29	15.3
Free cash flow	28.3	62.1	68.7	73.7	181	23	-21.5	83.3	79.7	149
Interest paid	4.53	5.18	4.9	3.12	1.43	0.85	0.49	0.29	3.42	7.03
Income taxes paid	27.7	23.6	9.18	20.9	16.5	22.9	8.77	14.6	17.5	24.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $208.60 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.8%	Operating income / revenue.
EBITDA margin	12.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.5%	Pre-tax income / revenue.
Net margin	7.2%	Net income / revenue.
Operating cash flow margin	14.0%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.5%	Net income / average total assets.
Return on invested capital (ROIC)	7.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	42.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	59.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	31.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	33.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	74.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	74.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	23.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	72.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	176.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	86.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-3.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.48x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.45x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.3%	Total debt / total assets.
Liabilities / assets	45.3%	Total liabilities / total assets.
Net debt	$435.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	19.2x	Operating income / interest expense.
Working capital	$135.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$934.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	1.23x	Revenue / average property, plant and equipment.
Receivables turnover	12.2x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$99.24	Revenue / diluted weighted shares.
Operating cash flow per share	$13.89	Cash from operations / diluted weighted shares.
Book value per share	$71.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$59.63	Tangible book value / shares outstanding.
Cash per share	$4.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	35.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.27B	Share price x shares outstanding.
Enterprise value	$3.70B	Market cap + total debt - cash - short-term investments.
P/E	28.5x	Market cap / net income. Only when net income is positive.
P/S	2.06x	Market cap / revenue.
P/B	2.90x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.50x	Market cap / tangible book value, when positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	2.34x	Enterprise value / revenue.
EV/EBIT	23.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.1x	Enterprise value / EBITDA, when both are positive.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.38x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NATIONAL HEALTHCARE CORP's revenue in fiscal 2025?

NATIONAL HEALTHCARE CORP reported revenue of $1.52B for fiscal 2025, 16.1% higher than the year before.

Was NATIONAL HEALTHCARE CORP profitable in fiscal 2025?

Yes. Net income was $120.0M, a net margin of 7.9%.

How much free cash flow did NATIONAL HEALTHCARE CORP generate in fiscal 2025?

Cash from operations of $185.1M minus capital expenditures of $36.4M left free cash flow of $148.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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