NHI
$66.35+2.55%
National Health Investors Inc.Stock · Real EstateUS REITs · 0.2% of VNQRussell 2000 · 0.1% of IWMUS Stock Market · 0.005% of VTIRussell 3000 · 0.004% of IWV
NHI financial statements
The full income statement, balance sheet, and cash-flow statement for National Health Investors Inc. (NHI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 43.4M2024-09 45.4M2024-12 45.7M2025-03 46.7M2025-06 47.5M2025-09 47.6M2025-12 48.4M2026-03 48.5M2026-06 49.1M+13.0% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 376M+12.1% | 335M+4.8% | 320M+15.0% | 278M-6.9% | 299M-10.2% | |
| 239M+12.8% | 212M+5.5% | 201M-16.9% | 242M+11.9% | 216M+33.6% | ||
| Selling, general & administrative | 26.9M+29.6% | 20.7M+7.4% | 19.3M-15.2% | 22.8M+23.5% | 18.4M+38.5% | |
| General & administrative | 26.9M+29.6% | 20.7M+7.4% | 19.3M-15.2% | 22.8M+23.5% | 18.4M+38.5% | |
| Interest expense | 57.4M-4.2% | 59.9M+3.0% | 58.2M+29.5% | 44.9M-11.6% | 50.8M-3.9% | |
| Interest & investment income | — | — | — | 24.7M-10.7% | 27.7M+8.1% | |
| Net interest income | — | — | 269M+11.9% | 240M | — | |
| Equity-method income | 3.66M+811.4% | 402K-27.6% | 555K-2.5% | 569K+136.8% | -1.54M+50.6% | |
| 142M+3.0% | 138M+1.7% | 136M+104.3% | 66.4M-40.6% | 112M-39.6% | ||
| Net income to non-controlling interest | -1.39M-3.3% | -1.35M-5.7% | -1.27M-41.1% | -902K-653.4% | 163K-11.9% | |
| Net income to common | 142M+3.0% | 138M+1.7% | 136M+104.2% | 66.4M-40.6% | 112M | |
| $3.02-3.5% | $3.13+0.0% | $3.13+111.5% | $1.48-39.3% | $2.44-41.1% | ||
| EPS (basic) | $3.03-3.5% | $3.14+0.3% | $3.13+111.5% | $1.48-39.6% | $2.45-40.8% | |
| Weighted-avg shares (basic) | 46.9M+6.9% | 43.8M+1.1% | 43.4M-3.1% | 44.8M-2.1% | 45.7M+2.3% | |
| Weighted-avg shares (diluted) | 47.1M+6.7% | 44.1M+1.6% | 43.4M-3.1% | 44.8M-2.0% | 45.7M+2.3% | |
| Dividends per share | $3.64+1.1% | $3.60+0.0% | $3.60+0.0% | $3.60-5.3% | $3.80-13.8% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 19.6M-19.2% | 24.3M+8.7% | 22.3M+15.8% | 19.3M-48.4% | 37.4M-13.7% | |
| Accounts receivable | — | — | — | 3.62M+12.8% | 3.21M+23.7% | |
| 2.80B+7.0% | 2.61B+5.1% | 2.49B-0.8% | 2.51B-11.7% | 2.84B-9.0% | ||
| Property, plant & equipment | 2.47B+11.8% | 2.21B+4.9% | 2.11B-0.5% | 2.12B-8.6% | 2.32B-13.1% | |
| Operating lease right-of-use | 1.49M-0.9% | 1.50M-4.0% | 1.56M-2.3% | 1.60M | — | |
| 1.26B+2.3% | 1.23B+1.2% | 1.21B-0.3% | 1.22B-7.9% | 1.32B-17.3% | ||
| Operating lease liability (total) | 1.66M-2.1% | 1.70M-0.3% | 1.71M-1.1% | 1.72M | — | |
| Deferred tax liabilities | 0.00 | — | — | — | — | |
| 1.52B+11.3% | 1.37B+9.0% | 1.25B-1.3% | 1.27B-15.7% | 1.51B-0.3% | ||
| Common stock | 483K+5.7% | 457K+5.3% | 434K+0.0% | 434K-5.4% | 459K+1.5% | |
| Additional paid-in capital | 1.92B+10.7% | 1.74B+8.3% | 1.60B+0.3% | 1.60B+0.5% | 1.59B+3.3% | |
| Retained earnings | 2.75B+5.5% | 2.60B+5.6% | 2.47B+5.8% | 2.33B | — | |
| Accumulated other comprehensive income | — | — | — | — | 0.00+100.0% | |
| Non-controlling interest | 8.17M-8.4% | 8.91M-14.6% | 10.4M+5.9% | 9.86M-0.4% | 9.90M-7.6% | |
| Total equity incl. non-controlling | 1.53B+11.2% | 1.38B+8.8% | 1.26B-1.2% | 1.28B-15.6% | 1.52B-0.4% | |
| Total liabilities & equity | 2.80B+7.0% | 2.61B+5.1% | 2.49B-0.8% | 2.51B-11.7% | 2.84B-9.0% | |
| Common shares issued | 49.1M+7.5% | 45.7M+5.2% | 43.4M+0.0% | 43.4M-5.4% | 45.9M+1.5% | |
| Common shares outstanding | 48.3M+5.7% | 45.7M+5.2% | 43.4M+0.0% | 43.4M-5.4% | 45.9M+1.5% | |
| Shares outstanding (cover) | 48.4M+5.9% | 45.7M+5.2% | 43.4M+0.0% | 43.4M-5.4% | 45.9M+1.5% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 237M+13.9% | 208M+12.6% | 184M-0.5% | 185M-12.1% | 211M-9.2% | ||
| Depreciation & amortization | 80.9M+13.3% | 71.4M+2.1% | 70.0M-1.3% | 70.9M-12.3% | 80.8M-2.8% | |
| Share-based compensation | — | — | — | — | 5.08M-6.7% | |
| -269M-40.0% | -192M-1553.6% | -11.6M-105.9% | 198M+6.8% | 185M+306.5% | ||
| Capital expenditure | 294M+86.2% | 158M+218.7% | 49.6M+350.8% | 11.0M-78.2% | 50.3M-56.9% | |
| Free cash flow | -57.5M-215.3% | 49.8M-63.1% | 135M-22.6% | 174M+8.6% | 161M+39.1% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| 25.7M+289.5% | -13.6M+92.0% | -170M+57.7% | -401M+0.4% | -403M-260.6% | ||
| Long-term debt issued | 346M | 0.00 | 0.00 | 0.00-100.0% | 397M | |
| Long-term debt repaid | 201M+166.2% | 75.4M-81.8% | 415M+206.8% | 135M-53.8% | 293M+570.8% | |
| Common stock issued | 182M+27.5% | 142M | 0.00 | 0.00-100.0% | 47.9M+38.3% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00-100.0% | 152M | 0.00 | |
| Dividends paid | 170M+8.4% | 157M+0.2% | 156M-3.4% | 162M-11.6% | 183M-6.0% | |
| Net change in cash | -6.88M-464.9% | 1.89M-39.2% | 3.10M+117.3% | -18.0M-162.0% | -6.86M-122.4% | |
| Interest paid | 51.5M-7.0% | 55.4M+6.7% | 51.9M+21.7% | 42.7M-2.3% | 43.7M+0.6% | |
| Income taxes paid | 200K+0.0% | 200K+0.0% | 200K+0.0% | 200K+100.0% | 100K-28.6% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 3.70B+16.7% | 3.17B+30.6% | 2.42B+7.0% | 2.27B-14.0% | 2.64B-15.7% | |
| P/E | 26.0×+13.3% | 22.9×-0.2% | 23.0×-28.0% | 31.9×+35.4% | 23.6×+39.6% | |
| P/S | 9.8×+4.2% | 9.4×+21.2% | 7.8×-4.6% | 8.2×-7.3% | 8.8×-6.1% | |
| P/B | 2.4×+4.8% | 2.3×+20.4% | 1.9×+10.9% | 1.7×-0.8% | 1.7×-15.4% | |
| P/FCF | — | 63.5×+356.9% | 13.9×-1.5% | 14.1×-14.0% | 16.4×-39.4% | |
| Earnings yield | 3.8%-11.7% | 4.4%+0.2% | 4.4%+38.8% | 3.1%-26.1% | 4.2%-28.4% | |
| FCF yield | — | 1.6%-78.1% | 7.2%+1.5% | 7.1%+16.3% | 6.1%+64.9% | |
| Dividend yield | 4.8%-8.2% | 5.2%-19.4% | 6.4%-6.5% | 6.9%+4.2% | 6.6%+3.8% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: NHI’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NHI filings on SEC EDGAR → Not investment advice.