NHI

MKT CAP:$4B

National Health Investors, Inc.

Market Cap

$4B

Real Estate·REIT - Healthcare Facilities·🇺🇸 United States·NYSE

Real Estate·REIT·🇺🇸·NYSE

Stock Price

$77.62+$0.77 (+1.00%)

Apr 23, 2026

Company Details

Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical ...

CEO

D. Eric Mendelsohn

IPO Date

Oct 9, 1991

Website

www.nhireit.com

Key Metrics TTM

Revenue

$370M

+20.3% YoY

Net Income

$137M

EPS (Diluted)

$2.93

Free Cash Flow

$224M

Revenue / Share

$7.86

Gross Margin

78.6%

Operating Margin

51.2%

Net Margin

36.9%

FCF Margin

60.6%

P/S

10.1x

P/E

27.5x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 26, 2026

$379MEPS $3.02

Q4 2025

Feb 26, 2026

$107MEPS $0.80

Q3 2025

Nov 6, 2025

$90M+8.3%EPS $0.69

Q2 2025

Aug 6, 2025

$91M+6.7%EPS $0.79

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$82M	$81M	$57M
Q1 20	$83M	$82M	$55M
Q2 20	$84M	$83M	$59M
Q3 20	$84M	$80M	$56M
Q4 20	$81M	$79M	$54M
Q1 21	$81M	$79M	$50M
Q2 21	$74M	$72M	$46M
Q3 21	$74M	$71M	$47M
Q4 21	$70M	$66M	$66M
Q1 22	$71M	$68M	$40M
Q1 24	$82M	$79M	$45M
Q2 24	$85M	$82M	$49M
Q3 24	$83M	$80M	$47M
Q2 25	$91M	$88M	$49M
Q3 25	$90M	$87M	$44M
Q4 25	$107M	$36M	$50M

Valuation

Quarter	P/S	P/E
Q4 19	11.3x	22.4x
Q1 20	7.2x	12.6x
Q2 20	8.1x	14.2x
Q3 20	8.3x	14.5x
Q4 20	9.6x	17.2x
Q1 21	10.2x	21.2x
Q2 21	9.7x	20.2x
Q3 21	8.2x	17.8x
Q4 21	8.9x	23.9x
Q1 22	9.4x	32.1x
Q1 24	9.0x	35.0x
Q2 24	9.5x	36.1x
Q3 24	11.4x	35.4x
Q2 25	9.4x	24.3x
Q3 25	10.5x	27.5x
Q4 25	9.9x	26.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$56M	$56M
Q1 20	$57M	$57M
Q2 20	$60M	$60M
Q3 20	$60M	$60M
Q4 20	$56M	$53M
Q1 21	$57M	$57M
Q2 21	$52M	$52M
Q3 21	$49M	$48M
Q4 21	$54M	$54M
Q1 22	$39M	$39M
Q1 24	$41M	$39M
Q2 24	$61M	$58M
Q3 24	$49M	$49M
Q2 25	$61M	$59M
Q3 25	$63M	$58M
Q4 25	$69M	$59M

Capital Expenditures

Quarter	CapEx
Q4 19	$0
Q1 20	$0
Q2 20	$0
Q3 20	$104.0K
Q4 20	$3M
Q1 21	$8.0K
Q2 21	$36.0K
Q3 21	$2M
Q4 21	$459.0K
Q1 22	$0
Q1 24	$2M
Q2 24	$3M
Q3 24	$0
Q2 25	$3M
Q3 25	$5M
Q4 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+11.1%	+20.3%
Q1 20	+9.2%	+16.5%
Q2 20	+7.8%	+4.0%
Q3 20	+3.2%	+15.5%
Q4 20	-1.2%	+8.1%
Q1 21	-2.6%	+10.0%
Q2 21	-11.7%	+9.8%
Q3 21	-12.4%	-2.8%
Q4 21	-14.2%	-85.9%
Q1 22	-11.8%	+0.7%
Q1 24	+9.7%	+30.2%
Q2 24	+15.1%	+31.5%
Q3 24	+19.1%	+857.7%
Q2 25	+27.1%	+33.4%
Q3 25	+10.2%	+26.3%
Q4 25	+25.4%	+57.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$691.0K	0.8%
Q1 20	$2M	2.2%
Q2 20	$470.0K	0.6%
Q3 20	$457.0K	0.5%
Q4 20	$0	0.0%
Q1 21	$5M	6.7%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$5M	7.1%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$670.0K	0.8%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 19	$4M
Q1 20	$5M
Q2 20	$3M
Q3 20	$3M
Q4 20	$4M
Q1 21	$8M
Q2 21	$4M
Q3 21	$4M
Q4 21	$4M
Q1 22	$10M
Q1 24	$6M
Q2 24	$5M
Q3 24	$5M
Q2 25	$7M
Q3 25	$6M

Revenue Segments

Quarter	Real Estate Investment Segment	Senior Housing Operating Portfolio
Q1 24	$68M	$13M
Q2 24	$72M	$13M
Q3 24	$69M	$14M
Q2 25	$76M	$14M
Q3 25	$69M	$21M
Q4 25	$75M	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$36M	$0	$36M
Q2 22	$43M	$0	$43M
Q3 22	$29M	$0	$29M
Q4 22	$19M	$0	$19M
Q1 23	$14M	$0	$14M
Q2 23	$17M	$0	$17M
Q3 23	$17M	$0	$17M
Q4 23	$22M	$0	$22M
Q1 24	$11M	$0	$11M
Q2 24	$15M	$0	$15M
Q3 24	$16M	$0	$16M
Q4 24	$24M	$0	$24M
Q1 25	$135M	$0	$135M
Q2 25	$19M	$0	$19M
Q3 25	$82M	$0	$82M
Q4 25	$20M	$0	$20M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	44M	+1.1%	+4.1%
Q1 20	45M	+0.7%	+3.5%
Q2 20	45M	+0.1%	+2.6%
Q3 20	45M	+0.0%	+1.8%
Q4 20	45M	+0.4%	+1.2%
Q1 21	45M	+1.1%	+1.7%
Q2 21	46M	+1.1%	+2.7%
Q3 21	46M	-0.0%	+2.7%
Q4 21	46M	-0.0%	+2.2%
Q1 22	46M	+0.0%	+1.1%
Q1 24	43M	-5.3%	-5.3%
Q2 24	44M	+0.3%	-5.0%
Q3 24	44M	+1.0%	-4.1%
Q2 25	47M	+6.4%	+2.1%
Q3 25	48M	+1.7%	+9.7%
Q4 25	47M	-1.2%	+8.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$822.0K	100
Q1 20	$830.8K	100
Q2 20	$841.7K	100
Q3 20	$843.0K	100
Q4 20	$4M	19
Q1 21	$4M	19
Q2 21	$4M	19
Q3 21	$4M	19
Q4 21	$4M	19
Q1 22	$4M	19
Q1 24	$3M	26
Q2 24	$3M	26
Q3 24	$3M	26
Q2 25	$3M	30
Q3 25	$3M	30
Q4 25	$3M	32

Revenue / Employee