National Healthcare Properties, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data National Healthcare Properties, 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	303	311	362	375	382	329	336	346	354	342
Gross profit	130	125	141	141	138	124	122	128	132	123
General and administrative	12.1	15.7	17.3	20.5	21.6	16.8	17.3	18.9	22.4	24.2
Operating expenses	307	324	366	415	407	370	367	350	487	367
Operating income	-3.31	-12.2	-3.18	-31.8	-19.9	-37.4	-31.5	-4.74	-124	3.3
Interest expense	19.9	30.3	49.5	56.1	51.5	47.9	51.7	66.1	69.4	61.3
Other non-operating income	-19.7	-29.8	-49.6	-56.1	-51.6	-47.8	-47.9	-67.3	-66.5	-60.8
Pre-tax income	-23.1	-42.1	-52.8	-87.9	-71.4	-85.2	-79.4	-72.1	-190	-57.5
Income tax	-2.08	0.65	0.2	0.4	4.06	0.2	0.2	0.3	0.26	0.16
Net income to minority interests	-0.1	-0.16	-0.22	-0.39	0.3	-0.26	-0.14	-0.08	-0.57	-0.06
Net income	-20.9	-42.5	-52.8	-88.1	-78.8	-92.9	-93.3	-86.1	-203	-71.1
EBITDA	95.6	65.4	80	49.2	61.2	42.5	50.5	78.1	-39.5	81.6
EPS, basic	-0.80	-1.56	-1.86	-3.09	-2.77	-3.26	-3.30	-3.04	-7.19	-2.51
EPS, diluted	-0.80	-1.56	-1.86	-3.09	-2.77	-3.26	-3.30	-3.04	-7.19	-2.51
Shares, basic (weighted)	26.5	27	28.2	28.5	28.3	28.4	28.3	28.3	28.3	28.3
Shares, diluted (weighted)	26.5	27	28.2	28.5	28.3	28.4	28.3	28.3	28.3	28.3
Dividend per share	5.65	5.02	3.06	2.91	1.57		0.85	0.85	0.85

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29.2	94.2	77.3	95.7	72.4	59.7	53.7	46.4	21.7	57.6
Lease right-of-use assets				14.4	13.9	7.91	7.81	7.71	7.48	7.38
Intangible assets	113	117	101	103	91.4	93.1	80.7	69.3	55.4	40.4
Total assets	2,194	2,372	2,377	2,325	2,287	2,214	2,180	2,145	1,946	1,712
Total liabilities	689	1,016	1,137	1,219	1,326	1,174	1,181	1,245	1,256	1,107
Paid-in capital	1,981	2,009	2,032	2,079	2,104	2,330	2,417	2,509	2,534	2,531
Retained earnings	-487	-665	-804	-971	-1,109	-1,283	-1,462
Other comprehensive income	0	2.47	4.58	-7.04	-39.7	-14.3	36.9	23.5	16.6	5.6
Shareholders' equity	1,495	1,348	1,233	1,101	957	1,034	993	894	685	600
Minority interests	8.87	8.51	7.8	5.41	4.39	6.7	6.55	6.43	5.57	4.46
Total equity	1,504	1,356	1,241	1,107	961	1,040	999	901	690	605
Total liabilities and equity	2,194	2,372	2,377	2,325	2,287	2,214	2,180	2,145	1,946	1,712
Shares outstanding	26.9	27.4	27.7	26.3	25	25	26.3	27.9	28.3	28.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-21	-42.7	-53	-88.3	-75.5	-85.4	-79.6	-72.4	-190	-57.7
Depreciation and amortization	98.9	77.6	83.2	81	81.1	79.9	82.1	82.9	84.1	78.3
Stock-based compensation	0.16	0.47	1.24	1.32	1.35	1.33	1.19	0.92	0.61	3.77
Deferred income tax	0.33	1.46	-0.43	0.22	4.59	0	0	0	0	0
Change in receivables	-8.21	-6.24	-7.74	-3.83	-2.41	-0.76	-1.52	0.71	3.09	-3.4
Change in payables	0.55	8.69	2.19	2.63	-4.55	1.25	-2.92	3.22	15.9	-41.2
Cash from operations	78.7	64	54.2	47.4	41.8	38.9	28.3	21.6	-79.8	6.95
Capital expenditures	-7.48	-8.28	-12.9	-16.7
Cash from investing	-19.1	-194	-115	-46.2	-82.5	-47.9	-41.8	-62.8	64	69.8
Stock issued	0	0
Share buybacks	-12.2	-33.6	-14.2	-21.1	-10.5	0	0
Dividends paid	-75.4	-76.7	-55.3	-51.4	-31.4	0	0
Cash from financing	-55.6	200	49.7	19.1	19.4	4.08	4.64	56	-1.35	-42.4
Net change in cash	4.75	69.4	-11.2	20.2	-21.3	-4.96	-8.84	14.8	-17.2	34.4
Free cash flow	71.2	55.7	41.2	30.7
Interest paid	18.5	26.1	43.3	47.6	47.9	42.8	45	63.7	61	54
Income taxes paid	0.34	0.03	0.41	0.45	0.32	0.31	0.57	0.45	0.42	-0.01

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 $16.12 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.9%	Gross profit / revenue.
Operating margin	3.2%	Operating income / revenue.
EBITDA margin	24.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.0%	Pre-tax income / revenue.
Net margin	-16.7%	Net income / revenue.
Operating cash flow margin	14.7%	Cash from operations / revenue.
Return on equity (ROE)	-5.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.9%	Net income / average total assets.
Return on invested capital (ROIC)	1.1%	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	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	20.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	17.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-37.4%	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	-30.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-12.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.4%	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	-8.9%	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	-12.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.7%	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	-5.6%	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	0.1%	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	0.1%	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	-0.0%	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	46.5%	Total liabilities / total assets.
Interest coverage	0.19x	Operating income / interest expense.
Goodwill and intangibles / assets	12.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$803.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.94	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	$5.59	Revenue / diluted weighted shares.
Operating cash flow per share	$0.82	Cash from operations / diluted weighted shares.
Book value per share	$17.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.05	Tangible book value / shares outstanding.
Cash per share	$3.99	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.18B	Share price x shares outstanding.
Enterprise value	$929.5M	Market cap + total debt - cash - short-term investments.
P/S	3.41x	Market cap / revenue.
P/B	1.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.46x	Market cap / tangible book value, when positive.
P/OCF	23.2x	Market cap / cash from operations, when positive.
EV/Sales	2.70x	Enterprise value / revenue.
EV/EBIT	84.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-4.9%	Net income / market cap (the inverse of P/E).

What was National Healthcare Properties, Inc.'s revenue in fiscal 2025?

National Healthcare Properties, Inc. reported revenue of $342.3M for fiscal 2025, 3.3% lower than the year before.

Was National Healthcare Properties, Inc. profitable in fiscal 2025?

No. It reported a net loss of $71.1M.

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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