NHPAP

MKT CAP:$596M

National Healthcare Properties, Inc.

Market Cap

$596M

Real Estate·REIT - Industrial·🇺🇸 United States·NASDAQ

Real Estate·REIT - Industrial·🇺🇸·NASDAQ

Stock Price

$21.65+$3.14 (+16.96%)

Apr 20, 2026

Company Details

National Healthcare Properties, Inc. operates as a real estate investment trust. It operates through the Medical Office Buildings and Senior Housing Operating Properties segments. The company was founded on October 15, 2012 and is headquart...

CEO

Michael R. Anderson

IPO Date

Dec 9, 2019

Website

www.healthcaretrustinc.com

Key Metrics TTM

Revenue

$344M

-2.6% YoY

Net Income

-$73M

EPS (Diluted)

-$3.05

Free Cash Flow

$6M

Revenue / Share

$12.13

Gross Margin

37.3%

Operating Margin

-3.1%

Net Margin

-21.3%

FCF Margin

1.8%

P/S

1.7x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$342M-3.3%EPS -$2.51

Q4 2025

Dec 30, 2025

$84M-3.7%EPS -$0.92

Q3 2025

Sep 30, 2025

$86M-3.3%EPS -$0.56

Q2 2025

Jun 30, 2025

$85M-3.9%EPS -$0.85

FY 2024

Dec 31, 2024

$354M+2.3%EPS -$7.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$83M	$29M	-$8M
Q1 22	$84M	$31M	-$13M
Q2 22	$84M	$31M	-$6M
Q3 22	$83M	$32M	-$8M
Q4 22	$85M	$28M	-$5M
Q1 23	$87M	$33M	$2M
Q2 23	$86M	$33M	$813.0K
Q3 23	$86M	$31M	-$912.0K
Q4 23	$87M	$31M	-$7M
Q1 24	$88M	$33M	-$1M
Q2 24	$89M	$34M	-$100M
Q3 24	$89M	$33M	-$21M
Q4 24	$88M	$33M	-$1M
Q2 25	$85M	$31M	-$6M
Q3 25	$86M	$32M	$2M
Q4 25	$84M	$31M	-$7M

Valuation

Quarter	P/S	P/E
Q4 21	2.1x	—
Q1 22	2.2x	—
Q2 22	2.0x	—
Q3 22	2.0x	—
Q4 22	1.7x	—
Q1 23	1.7x	—
Q2 23	1.6x	—
Q3 23	1.4x	—
Q4 23	1.3x	—
Q1 24	1.3x	—
Q2 24	1.2x	—
Q3 24	1.3x	—
Q4 24	1.2x	—
Q2 25	1.2x	—
Q3 25	1.5x	—
Q4 25	1.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$13M	$5M
Q1 22	$6M	$3M
Q2 22	$8M	$2M
Q3 22	$7M	-$274.0K
Q4 22	$7M	-$4M
Q1 23	$5M	$1M
Q2 23	$6M	$182.0K
Q3 23	$6M	$823.0K
Q4 23	$5M	-$3M
Q1 24	$3M	-$3M
Q2 24	$6M	$393.0K
Q3 24	-$95M	-$100M
Q4 24	$6M	$946.0K
Q2 25	$8M	$1M
Q3 25	$10M	$6M
Q4 25	$10M	-$2M

Capital Expenditures

Quarter	CapEx
Q4 21	$8M
Q1 22	$3M
Q2 22	$6M
Q3 22	$8M
Q4 22	$11M
Q1 23	$4M
Q2 23	$6M
Q3 23	$5M
Q4 23	$8M
Q1 24	$5M
Q2 24	$6M
Q3 24	$5M
Q4 24	$6M
Q2 25	$7M
Q3 25	$5M
Q4 25	$12M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-12.6%	-13.7%
Q1 22	-8.0%	+2.5%
Q2 22	+0.5%	+8.7%
Q3 22	+2.8%	+10.2%
Q4 22	+2.6%	-0.8%
Q1 23	+4.4%	-11.1%
Q2 23	+2.7%	-5.0%
Q3 23	+2.7%	-5.7%
Q4 23	+2.2%	+4.2%
Q1 24	+1.1%	+4.5%
Q2 24	+3.2%	+121.9%
Q3 24	+3.8%	+26.9%
Q4 24	+1.1%	-4.9%
Q2 25	-3.4%	+1.6%
Q3 25	-3.1%	-55.8%
Q4 25	-5.0%	-17.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$333.0K	0.4%
Q1 22	$332.0K	0.4%
Q2 22	$332.0K	0.4%
Q3 22	$291.0K	0.3%
Q4 22	$230.0K	0.3%
Q1 23	$230.0K	0.3%
Q2 23	$230.0K	0.3%
Q3 23	$229.0K	0.3%
Q4 23	$230.0K	0.3%
Q1 24	$230.0K	0.3%
Q2 24	$230.0K	0.3%
Q3 24	$153.0K	0.2%
Q4 24	$0	0.0%
Q2 25	$570.0K	0.7%
Q3 25	$1M	1.5%
Q4 25	-$2M	-2.3%

OpEx Breakdown

Quarter	G&A
Q4 21	$4M
Q1 22	$5M
Q2 22	$4M
Q3 22	$4M
Q4 22	$4M
Q1 23	$5M
Q2 23	$4M
Q3 23	$5M
Q4 23	$5M
Q1 24	$7M
Q2 24	$5M
Q3 24	$6M
Q4 24	$6M
Q2 25	$5M
Q3 25	$6M
Q4 25	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$66M	$0	$66M
Q2 22	$43M	$0	$43M
Q3 22	$40M	$0	$40M
Q4 22	$54M	$0	$54M
Q1 23	$36M	$0	$36M
Q2 23	$72M	$0	$72M
Q3 23	$51M	$0	$51M
Q4 23	$46M	$0	$46M
Q1 24	$29M	$0	$29M
Q2 24	$29M	$0	$29M
Q3 24	$33M	$0	$33M
Q4 24	$22M	$0	$22M
Q1 25	$71M	$0	$71M
Q2 25	$47M	$0	$47M
Q3 25	$103M	$0	$103M
Q4 25	$108M	$0	$108M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	28M	+0.1%	+0.4%
Q1 22	28M	-0.0%	+0.1%
Q2 22	28M	+0.0%	+0.1%
Q3 22	28M	+0.0%	+0.1%
Q4 22	30M	+6.1%	+6.2%
Q1 23	28M	-4.3%	+1.6%
Q2 23	28M	-0.0%	+1.6%
Q3 23	28M	+0.0%	+1.6%
Q4 23	28M	+0.1%	-4.2%
Q1 24	28M	-0.0%	+0.1%
Q2 24	28M	+0.0%	+0.1%
Q3 24	28M	-0.0%	+0.0%
Q4 24	28M	+0.0%	-0.0%
Q2 25	28M	-0.0%	+0.0%
Q3 25	28M	+0.0%	+0.0%
Q4 25	28M	+0.1%	+0.1%

Shares Outstanding