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Financials · NHI

National Health Investors Inc. (NHI) financials

For the twelve months ended Sep 30, 2026, National Health Investors Inc. reported $455.75M of revenue and $697.46M of net income.

Revenue, TTM
$455.75M
Revenue growth, YoY
+28.2%
Net income, TTM
$697.46M
Net income growth, YoY
+373.6%
Net margin
153.0%
EPS, diluted, TTM
$14.24
EPS growth, YoY
+347.8%
Cash
$46.56M
Total debt
$1.04B
P/E
4.43
P/S
6.78
Market cap
$3.09B
Annual revenue$375.63M
FY2016FY2025
Annual net income$142.18M
FY2016FY2025
Annual free cash flow-$57.47M
FY2016FY2025

NHI revenue and earnings growth

NHI revenueQ3 2026$113.48M

Quarter YoY
+26.3%
QoQ
-6.5%
FY YoY
+12.1%
5Y CAGR
+2.5%
10Y CAGR
+5.1%

NHI revenue was $113.48M in fiscal Q3 2026 (ended Sep 30, 2026), up 26.3% from a year earlier and down 6.5% from the prior quarter. For the full fiscal 2025 it was $375.63M, up 12.1% from fiscal 2024. Compound annual growth was +2.5% over 5 years and +5.1% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

NHI net incomeQ3 2026$563.52M

Quarter YoY
17x
QoQ
+912.2%
FY YoY
+3.0%
5Y CAGR
-5.1%
10Y CAGR
-0.5%

NHI net income was $563.52M in fiscal Q3 2026 (ended Sep 30, 2026), up about 17-fold from a year earlier and up 912.2% from the prior quarter. For the full fiscal 2025 it was $142.18M, up 3.0% from fiscal 2024. Compound annual growth was -5.1% over 5 years and -0.5% over 10 years. It rose in 7 of the last 10 fiscal years.

NHI EPSQ3 2026$11.47

Quarter YoY
17x
QoQ
+897.4%
FY YoY
-3.5%
5Y CAGR
-6.1%
10Y CAGR
-2.6%

NHI diluted EPS was $11.47 in fiscal Q3 2026 (ended Sep 30, 2026), up about 17-fold from a year earlier and up 897.4% from the prior quarter. For the full fiscal 2025 it was $3.02, down 3.5% from fiscal 2024. Compound annual growth was -6.1% over 5 years and -2.6% over 10 years.

NHI free cash flowQ1 2026-$55.98M

NHI free cash flow was -$55.98M in fiscal Q1 2026 (ended Mar 31, 2026), compared with -$38.69M a year earlier. For the full fiscal 2025 it was -$57.47M, compared with $49.84M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$375.63M$335.18M$319.83M$278.19M$298.71M$332.81M$318.08M$294.61M$278.66M$248.46M
Selling, general and admin$26.87M$20.74M$19.31M$22.77M$18.43M$13.30M$13.40M$12.55M$12.22M$9.77M
Interest expense$57.37M$59.90M$58.16M$44.92M$50.81M$52.88M$56.30M$49.05M$46.32M$43.11M
Pre-tax income------$161.27M$155.07M$151.49M$118.77M
Income tax-------$138.0K$124.0K$854.0K
Net income$142.18M$137.99M$135.65M$66.40M$111.80M$185.13M$160.46M$154.33M$159.37M$151.54M
EPS, basic$3.03$3.14$3.13$1.48$2.45$4.14$3.70$3.68$3.90$3.88
EPS, diluted$3.02$3.13$3.13$1.48$2.44$4.14$3.67$3.67$3.87$3.87
Diluted shares47.1M44.1M43.4M44.8M45.7M44.7M43.7M42.1M41.2M39.2M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$19.62M$24.29M$22.35M$21.52M$39.48M$46.34M$15.67M$9.91M$8.07M$8.88M
Receivables---$3.62M$3.21M$2.59M$3.21M$6.38M$2.43M$9.21M
Total assets$2.80B$2.61B$2.49B$2.51B$2.84B$3.12B$3.04B$2.75B$2.55B$2.40B
Total debt$1.16B$1.15B$1.14B$1.15B$1.24B$1.50B$1.44B$1.28B$1.15B$1.12B
Total liabilities$1.26B$1.23B$1.21B$1.22B$1.32B$1.60B$1.54B$1.36B$1.22B$1.19B
Shareholders' equity$1.52B$1.38B$1.26B$1.28B$1.52B$1.52B$1.50B$1.39B$1.32B$1.21B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$236.56M$207.77M$184.45M$185.34M$210.86M$232.15M$240.96M$207.87M$198.09M$176.64M
Capital expenditures$294.03M$157.93M$49.56M$10.99M$50.35M$116.72M$237.19M$147.65M$175.79M$394.74M
Free cash flow-$57.47M$49.84M$134.89M$174.35M$160.51M$115.42M$3.77M$60.22M$22.30M-$218.10M
Investing cash flow-$269.15M-$192.31M-$11.63M$197.94M$185.28M-$89.71M-$342.52M-$250.29M-$163.85M-$329.84M
Financing cash flow$25.71M-$13.57M-$169.72M-$401.25M-$402.99M-$111.76M$107.32M$44.26M-$35.05M$144.16M
Dividends paid$169.70M$156.51M$156.24M$161.77M$182.90M$194.58M$179.74M$165.39M$153.04M$138.30M
Share repurchases-$0$0$151.95M$0$0----
Stock-based compensation----$5.08M$5.45M----
Depreciation and amortization$80.94M$71.44M$69.97M-------

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY12.1%4.8%15.0%-6.9%-10.2%4.6%8.0%5.7%12.2%8.5%
Net income growth, YoY3.0%1.7%104.3%-40.6%-39.6%15.4%4.0%-3.2%5.2%1.8%
EPS growth, YoY-3.5%0.0%111.5%-39.3%-41.1%12.8%0.0%-5.2%0.0%-2.0%
Net margin37.9%41.2%42.4%23.9%37.4%55.6%50.4%52.4%57.2%61.0%
Free cash flow margin-15.3%14.9%42.2%62.7%53.7%34.7%1.2%20.4%8.0%-87.8%
Return on equity9.3%10.0%10.7%5.2%7.4%12.2%10.7%11.1%12.1%12.5%
Return on assets5.1%5.3%5.5%2.6%3.9%5.9%5.3%5.6%6.3%6.3%
Debt to equity0.760.830.900.900.820.980.960.920.870.92

Source: XBRL data National Health Investors Inc. files with the SEC, latest filing dated Nov 9, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

NHI peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
NHI$455.75M+28.2%$697.46M153.0%$3.09B
WELL$13.79B+39.2%$1.67B12.1%$179.34B
PLD$8.95B+6.7%$3.71B41.5%$122.30B
EQIX$10.06B+11.1%$1.65B16.4%$104.31B
AMT$11.01B+5.3%$3.31B30.1%$88.88B
SPG$7.15B+16.2%$4.51B63.0%$75.13B
DLR$6.34B+12.6%$1.38B21.7%$68.09B
PSA$5.03B+5.2%$1.90B37.8%$62.14B
O$6.21B+10.8%$1.36B21.8%$55.94B

NHI FAQ

7 questions
  • What is NHI revenue?
    National Health Investors Inc. (NHI) reported $455.75M of revenue for the twelve months ended Sep 30, 2026. That is up 28.2% from the year before. Revenue for fiscal 2025 was $375.63M.
  • Is NHI profitable?
    Yes. National Health Investors Inc. earned $697.46M in net income for the twelve months ended Sep 30, 2026, a net margin of 153.0%.
  • How much cash and debt does NHI have?
    National Health Investors Inc. reported $46.56M in cash and cash equivalents and $1.04B of debt on its most recent balance sheet in SEC filings.
  • How fast is NHI revenue growing?
    National Health Investors Inc.'s revenue changed +12.1% in fiscal 2025, to $375.63M. Its compound annual growth rate was +2.5% over 5 years and +5.1% over 10 years.
  • What is NHI earnings per share?
    Diluted earnings per share were $14.24 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did NHI last report financial results?
    The latest statements here come from National Health Investors Inc.'s 10-Q filed on Nov 9, 2026, covering the period ended Sep 30, 2026.
  • Where does this NHI financial data come from?
    Quantisnow builds these statements from the structured XBRL data National Health Investors Inc. files with the SEC. It is provided for information only and is not investment advice.