NATIONAL HEALTH INVESTORS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NATIONAL HEALTH INVESTORS INC 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	248	279	295	318	333	299	278	320	335	376
General and administrative	9.77	12.2	12.5	13.4	13.3	18.4	22.8	19.3	20.7	26.9
Operating expenses	130	127	140	157	162	216	242	201	212	239
Interest expense	43.1	46.3	49.1	56.3	52.9	50.8	44.9	58.2	59.9	57.4
Pre-tax income	119	151	155	161
Income tax	0.85	0.12	0.14
Net income to minority interests	1.18	0	0	-0.01	0.19	0.16	-0.9	-1.27	-1.35	-1.39
Net income	152	159	154	160	185	112	66.4	136	138	142
EPS, basic	3.88	3.90	3.68	3.70	4.14	2.45	1.48	3.13	3.14	3.03
EPS, diluted	3.87	3.87	3.67	3.67	4.14	2.44	1.48	3.13	3.13	3.02
Shares, basic (weighted)	39	40.9	41.9	43.4	44.7	45.7	44.8	43.4	43.8	46.9
Shares, diluted (weighted)	39.2	41.2	42.1	43.7	44.7	45.7	44.8	43.4	44.1	47.1
Dividend per share	3.60	3.80	4.00	4.20	4.41	3.80	3.60	3.60	3.60	3.64

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.83	3.06	4.66	5.22	43.3	37.4	19.3	22.3	24.3	19.6
Receivables	9.21	2.43	6.38	3.21	2.59	3.21	3.62
Property, plant and equipment	2,160	2,286	2,367	2,560	2,667	2,318	2,118	2,107	2,211	2,472
Lease right-of-use assets							1.6	1.56	1.5	1.49
Total assets	2,404	2,546	2,751	3,042	3,120	2,839	2,507	2,488	2,614	2,797
Total liabilities	1,194	1,224	1,361	1,544	1,598	1,322	1,218	1,214	1,229	1,257
Total debt	1,132
Paid-in capital	1,174	1,290	1,370	1,506	1,541	1,591	1,599	1,604	1,737	1,923
Retained earnings	29.9						2,331	2,467	2,605	2,747
Other comprehensive income	5.73	-0.82	1.3	-3.43	-7.15	0
Shareholders' equity	1,210	1,322	1,390	1,498	1,512	1,507	1,270	1,254	1,366	1,522
Minority interests	0		0	0.62	10.7	9.9	9.86	10.4	8.91	8.17
Total equity	1,210	1,322	1,390	1,498	1,523	1,517	1,280	1,264	1,375	1,530
Total liabilities and equity	2,404	2,546	2,751	3,042	3,120	2,839	2,507	2,488	2,614	2,797
Shares outstanding	39.8	41.5	42.7	44.6	45.2	45.9	43.4	43.4	45.7	48.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	153	159	154	160	185	112	65.5	134	137	141
Depreciation and amortization	59.5	67.2	71.3	76.8	83.2	80.8	70.9	70	71.4	80.9
Stock-based compensation	1.73	2.61	2.49	3.65	3.06	8.42	8.61	4.61	4.18	5.58
Deferred income tax	0.71
Change in payables	2.76	1.61	4.59	0.3	-6.68	3.35	0.43	5.93	3.29	5.49
Cash from operations	177	198	208	241	232	211	185	184	208	237
Capital expenditures	-395	-176	-148	-237	-117	-50.3	-11	-49.6	-158	-294
Purchases of investments	0	0
Sales and maturities of investments	59.6	18.2	0	0
Cash from investing	-330	-164	-250	-343	-89.7	185	198	-11.6	-192	-269
Debt issued				0	0	397	0	0	0	346
Debt repaid	-0.77	-251	-1.14	-1.19	-43.7	-293	-135	-415	-75.4	-201
Stock issued	104	122	81.8	95.8	34.6	47.9	0	0	142	182
Share buybacks					0	0	-152	0	0
Dividends paid	-138	-153	-165	-180	-195	-183	-162	-156	-157	-170
Cash from financing	144	-35.1	44.3	107	-112	-403	-401	-170	-13.6	25.7
Net change in cash	-8.45	-1.57	1.84	5.76	30.7	-6.86	-18	3.1	1.89	-6.88
Free cash flow	-218	22.3	60.2	3.77	115	161	174	135	49.8	-57.5
Interest paid	39.5	43.2	45.9	54	43.4	43.7	42.7	51.9	55.4	51.5
Income taxes paid	0.03	0.17	0.12	0.11	0.14	0.1	0.2	0.2	0.2	0.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $66.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	38.6%	Net income / revenue.
Operating cash flow margin	57.5%	Cash from operations / revenue.
Return on equity (ROE)	10.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	3.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	28.9%	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	-5.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-3.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-6.1%	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	13.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.5%	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	0.4%	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	-215.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	1.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.4%	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	-3.8%	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	11.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.2%	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	0.1%	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	7.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.7%	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	-2.2%	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	6.7%	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	1.7%	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	1.0%	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
Liabilities / assets	46.4%	Total liabilities / total assets.
Tangible book value	$1.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
Fixed asset turnover	0.17x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.44	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	$8.91	Revenue / diluted weighted shares.
Operating cash flow per share	$5.13	Cash from operations / diluted weighted shares.
Book value per share	$32.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$32.53	Tangible book value / shares outstanding.
Cash per share	$0.63	(Cash + short-term investments) / shares outstanding.
Payout ratio	105.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.29B	Share price x shares outstanding.
Enterprise value	$3.26B	Market cap + total debt - cash - short-term investments.
P/E	19.7x	Market cap / net income. Only when net income is positive.
P/S	7.61x	Market cap / revenue.
P/B	2.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.09x	Market cap / tangible book value, when positive.
P/OCF	13.2x	Market cap / cash from operations, when positive.
EV/Sales	7.54x	Enterprise value / revenue.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	5.3%	Dividends paid over the period / market cap.
Shareholder yield	5.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.73x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NATIONAL HEALTH INVESTORS INC's revenue in fiscal 2025?

NATIONAL HEALTH INVESTORS INC reported revenue of $375.6M for fiscal 2025, 12.1% higher than the year before.

Was NATIONAL HEALTH INVESTORS INC profitable in fiscal 2025?

Yes. Net income was $142.2M, a net margin of 37.9%.

How much free cash flow did NATIONAL HEALTH INVESTORS INC generate in fiscal 2025?

Cash from operations of $236.6M minus capital expenditures of $294.0M left free cash flow of -$57.5M.

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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