Financial health
- Total debt ($1.2B) exceeds cash ($20M); net debt is $1.1B.
Shareholder returns
- Dividends have been paid for 15 consecutive years, consuming 119.4% of earnings.
- The dividend has declined 2.7% per year over the past 5 years.
NHI Financials National Health Investors Inc
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $80M | $142M | 0.0% | 0.0% | 9.3% | 5.1% | -$57M | $1.2B | $20M |
| 2024 | $54M | $138M | 0.0% | 0.0% | 10.1% | 5.3% | $50M | $1.1B | $24M |
| 2023 | $49M | $136M | 0.0% | 0.0% | 10.8% | 5.5% | $135M | $1.1B | $22M |
| 2022 | $36M | $66M | 0.0% | 0.0% | 5.2% | 2.6% | $174M | $1.1B | $19M |
| 2021 | $0 | $112M | — | — | 7.4% | 3.9% | $161M | $1.2B | $37M |
| 2020 | $0 | $185M | — | — | 12.2% | 5.9% | $115M | $1.5B | $43M |
| 2019 | — | $160M | — | — | 10.7% | 5.3% | $4M | $1.4B | $5M |
| 2018 | — | $154M | — | — | 11.1% | 5.6% | $60M | $1.3B | $5M |
| 2017 | — | $159M | — | — | 12.1% | 6.3% | $22M | $1.1B | $3M |
| 2016 | — | $152M | — | — | 12.5% | 6.3% | -$218M | $1.1B | $5M |
| 2015 | — | $149M | — | — | 13.1% | 7.0% | $40M | $914M | $13M |
| 2014 | — | $102M | — | — | 9.8% | 5.1% | -$407M | $863M | $3M |
| 2013 | — | $106M | — | — | 13.9% | 7.3% | -$550M | $617M | $11M |
| 2012 | — | $91M | — | — | 19.8% | 12.9% | -$24M | $203M | $9M |
| 2011 | — | $81M | — | — | 18.3% | 14.0% | $1M | $97M | $16M |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $45M | $56M | 0.0% | 0.0% | 3.5% | 1.9% | — | $1.3B | $30M |
| Mar '26 | $37M | $40M | 0.0% | 0.0% | 2.6% | 1.4% | -$56M | $1.3B | $25M |
| Dec '25 | $31M | $38M | 0.0% | 0.0% | 2.5% | 1.4% | -$129M | $1.2B | $20M |
| Sep '25 | $21M | $33M | 0.0% | 0.0% | 2.2% | 1.2% | — | $1.1B | $82M |
| Jun '25 | $14M | $37M | 0.0% | 0.0% | 2.5% | 1.4% | — | $1.1B | $19M |
| Mar '25 | $14M | $34M | 0.0% | 0.0% | 2.4% | 1.2% | -$39M | $1.3B | $135M |
| Dec '24 | $14M | $43M | 0.0% | 0.0% | 3.2% | 1.7% | -$76M | $1.1B | $24M |
| Sep '24 | $14M | $29M | 0.0% | 0.0% | 2.3% | 1.2% | — | $1.1B | $16M |
| Jun '24 | $13M | $35M | 0.0% | 0.0% | 2.8% | 1.4% | — | $1.1B | $15M |
| Mar '24 | $13M | $31M | 0.0% | 0.0% | 2.5% | 1.2% | — | $1.1B | $11M |
| Dec '23 | $13M | $32M | 0.0% | 0.0% | 2.6% | 1.3% | — | $1.1B | $22M |
| Sep '23 | $12M | $29M | 0.0% | 0.0% | 2.3% | 1.2% | — | $1.1B | $17M |
| Jun '23 | $12M | $40M | 0.0% | 0.0% | 3.1% | 1.6% | — | $1.1B | $17M |
| Mar '23 | $12M | $34M | 0.0% | 0.0% | 2.7% | 1.4% | — | $1.2B | $14M |
| Dec '22 | $12M | $2M | 0.0% | 0.0% | 0.1% | 0.1% | — | $1.1B | $19M |
| Sep '22 | $12M | $34M | 0.0% | 0.0% | 2.6% | 1.4% | — | $1.1B | $29M |
| Jun '22 | $12M | $22M | 0.0% | 0.0% | 1.6% | 0.8% | — | $1.1B | $43M |
| Mar '22 | $0 | $8M | — | — | 0.6% | 0.3% | — | $1.2B | $36M |
| Dec '21 | $0 | $6M | — | — | 0.4% | 0.2% | — | $1.2B | $37M |
| Sep '21 | $0 | $31M | — | — | 2.0% | 1.1% | — | $1.3B | $48M |
Valuation over time
How the market has priced NHI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 38.1× (Mar '23) to 24.8× (Sep '26).
- The price-to-sales ratio has fallen from 70.7× (Mar '23) to 44.1× (Sep '26).
- The dividend yield has fallen from 6.4% (Mar '23) to 4.8% (Sep '26).
P/E
P/S
Dividend yield %
Frequently asked questions
Is NHI growing its revenue and profit?
See the revenue and net-income charts above for National Health Investors Inc's multi-year trend.
How much debt does NHI have?
As of FY2025, National Health Investors Inc reported $1.2B of total debt against $20M of cash.
What is NHI's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin 177.6%.
What is NHI's P/E ratio?
As of Sep '26, National Health Investors Inc traded at a price-to-earnings ratio of about 24.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.