NATL HEALTH INVESTORS INC (NHI) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:NHI • US63633D1046

80.33 USD
-1.79 (-2.18%)
At close: Feb 2, 2026
80.33 USD
0 (0%)
After Hours: 2/2/2026, 8:27:21 PM
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to NHI. NHI was compared to 124 industry peers in the Diversified REITs industry. While NHI has a great profitability rating, there are some minor concerns on its financial health. NHI is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • In the past year NHI was profitable.
  • NHI had a positive operating cash flow in the past year.
  • NHI had positive earnings in each of the past 5 years.
  • NHI had a positive operating cash flow in each of the past 5 years.
NHI Yearly Net Income VS EBIT VS OCF VS FCFNHI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M -200M

1.2 Ratios

  • NHI has a better Return On Assets (5.47%) than 96.77% of its industry peers.
  • NHI's Return On Equity of 9.93% is amongst the best of the industry. NHI outperforms 85.48% of its industry peers.
  • The Return On Invested Capital of NHI (5.68%) is better than 97.58% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for NHI is above the industry average of 3.05%.
  • The 3 year average ROIC (5.45%) for NHI is below the current ROIC(5.68%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 5.47%
ROE 9.93%
ROIC 5.68%
ROA(3y)4.46%
ROA(5y)4.65%
ROE(3y)8.71%
ROE(5y)9.16%
ROIC(3y)5.45%
ROIC(5y)5.5%
NHI Yearly ROA, ROE, ROICNHI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

  • With an excellent Profit Margin value of 41.36%, NHI belongs to the best of the industry, outperforming 92.74% of the companies in the same industry.
  • NHI's Profit Margin has declined in the last couple of years.
  • The Operating Margin of NHI (52.85%) is better than 94.35% of its industry peers.
  • In the last couple of years the Operating Margin of NHI has declined.
  • Looking at the Gross Margin, with a value of 83.26%, NHI belongs to the top of the industry, outperforming 83.06% of the companies in the same industry.
  • In the last couple of years the Gross Margin of NHI has declined.
Industry RankSector Rank
OM 52.85%
PM (TTM) 41.36%
GM 83.26%
OM growth 3Y-3.37%
OM growth 5Y-4.05%
PM growth 3Y3.19%
PM growth 5Y-4%
GM growth 3Y-4.37%
GM growth 5Y-3.06%
NHI Yearly Profit, Operating, Gross MarginsNHI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

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5

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NHI is destroying value.
  • Compared to 1 year ago, NHI has more shares outstanding
  • NHI has more shares outstanding than it did 5 years ago.
  • NHI has a better debt/assets ratio than last year.
NHI Yearly Shares OutstandingNHI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
NHI Yearly Total Debt VS Total AssetsNHI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

  • NHI has an Altman-Z score of 2.10. This is not the best score and indicates that NHI is in the grey zone with still only limited risk for bankruptcy at the moment.
  • NHI has a Altman-Z score of 2.10. This is amongst the best in the industry. NHI outperforms 95.16% of its industry peers.
  • A Debt/Equity ratio of 0.75 indicates that NHI is somewhat dependend on debt financing.
  • NHI has a better Debt to Equity ratio (0.75) than 77.42% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.75
Debt/FCF N/A
Altman-Z 2.1
ROIC/WACC0.73
WACC7.74%
NHI Yearly LT Debt VS Equity VS FCFNHI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B

2.3 Liquidity

  • NHI has a Current Ratio of 2.12. This indicates that NHI is financially healthy and has no problem in meeting its short term obligations.
  • NHI has a Current ratio of 2.12. This is amongst the best in the industry. NHI outperforms 83.87% of its industry peers.
  • NHI has a Quick Ratio of 2.12. This indicates that NHI is financially healthy and has no problem in meeting its short term obligations.
  • NHI's Quick ratio of 2.12 is amongst the best of the industry. NHI outperforms 83.87% of its industry peers.
Industry RankSector Rank
Current Ratio 2.12
Quick Ratio 2.12
NHI Yearly Current Assets VS Current LiabilitesNHI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M

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5

3. Growth

3.1 Past

  • The Earnings Per Share has been growing slightly by 4.12% over the past year.
  • The Earnings Per Share has been decreasing by -4.49% on average over the past years.
  • NHI shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.11%.
  • NHI shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 1.05% yearly.
EPS 1Y (TTM)4.12%
EPS 3Y6.89%
EPS 5Y-4.49%
EPS Q2Q%6.15%
Revenue 1Y (TTM)8.11%
Revenue growth 3Y3.92%
Revenue growth 5Y1.05%
Sales Q2Q%8.32%

3.2 Future

  • Based on estimates for the next years, NHI will show a small growth in Earnings Per Share. The EPS will grow by 4.48% on average per year.
  • The Revenue is expected to grow by 13.29% on average over the next years. This is quite good.
EPS Next Y3.54%
EPS Next 2Y6.48%
EPS Next 3Y4.48%
EPS Next 5YN/A
Revenue Next Year11.38%
Revenue Next 2Y13.11%
Revenue Next 3Y12.59%
Revenue Next 5Y13.29%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
NHI Yearly Revenue VS EstimatesNHI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M
NHI Yearly EPS VS EstimatesNHI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4

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3

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 26.51, which means the current valuation is very expensive for NHI.
  • NHI's Price/Earnings ratio is a bit cheaper when compared to the industry. NHI is cheaper than 69.35% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 28.41. NHI is around the same levels.
  • Based on the Price/Forward Earnings ratio of 23.78, the valuation of NHI can be described as rather expensive.
  • 86.29% of the companies in the same industry are more expensive than NHI, based on the Price/Forward Earnings ratio.
  • The average S&P500 Price/Forward Earnings ratio is at 25.64. NHI is around the same levels.
Industry RankSector Rank
PE 26.51
Fwd PE 23.78
NHI Price Earnings VS Forward Price EarningsNHI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, NHI is valued a bit more expensive than 77.42% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 18.26
NHI Per share dataNHI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • NHI has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)7.49
PEG (5Y)N/A
EPS Next 2Y6.48%
EPS Next 3Y4.48%

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4

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 4.56%, NHI is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 6.98, NHI has a dividend in line with its industry peers.
  • NHI's Dividend Yield is rather good when compared to the S&P500 average which is at 1.83.
Industry RankSector Rank
Dividend Yield 4.56%

5.2 History

  • The dividend of NHI decreases each year by -3.12%.
  • NHI has paid a dividend for at least 10 years, which is a reliable track record.
  • The dividend of NHI decreased in the last 3 years.
Dividend Growth(5Y)-3.12%
Div Incr Years0
Div Non Decr Years2
NHI Yearly Dividends per shareNHI Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4

5.3 Sustainability

  • 112.27% of the earnings are spent on dividend by NHI. This is not a sustainable payout ratio.
DP112.27%
EPS Next 2Y6.48%
EPS Next 3Y4.48%
NHI Yearly Income VS Free CF VS DividendNHI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M -200M
NHI Dividend Payout.NHI Dividend Payout, showing the Payout Ratio.NHI Dividend Payout.PayoutRetained Earnings

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NATL HEALTH INVESTORS INC

NYSE:NHI (2/2/2026, 8:27:21 PM)

After market: 80.33 0 (0%)

80.33

-1.79 (-2.18%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-06
Earnings (Next)02-26
Inst Owners74.99%
Inst Owner Change-1.8%
Ins Owners0.77%
Ins Owner Change4.09%
Market Cap3.83B
Revenue(TTM)355.56M
Net Income(TTM)147.08M
Analysts78.18
Price Target87.72 (9.2%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.56%
Yearly Dividend3.51
Dividend Growth(5Y)-3.12%
DP112.27%
Div Incr Years0
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2%
Min EPS beat(2)-8.3%
Max EPS beat(2)4.29%
EPS beat(4)2
Avg EPS beat(4)0.64%
Min EPS beat(4)-8.3%
Max EPS beat(4)6.65%
EPS beat(8)5
Avg EPS beat(8)1.38%
EPS beat(12)6
Avg EPS beat(12)-5.57%
EPS beat(16)7
Avg EPS beat(16)-16.14%
Revenue beat(2)2
Avg Revenue beat(2)4.52%
Min Revenue beat(2)3.26%
Max Revenue beat(2)5.78%
Revenue beat(4)4
Avg Revenue beat(4)4.22%
Min Revenue beat(4)3.26%
Max Revenue beat(4)5.78%
Revenue beat(8)8
Avg Revenue beat(8)4.2%
Revenue beat(12)10
Avg Revenue beat(12)2.41%
Revenue beat(16)12
Avg Revenue beat(16)0.43%
PT rev (1m)-0.29%
PT rev (3m)2.91%
EPS NQ rev (1m)1.36%
EPS NQ rev (3m)1.89%
EPS NY rev (1m)0.25%
EPS NY rev (3m)0.25%
Revenue NQ rev (1m)1.73%
Revenue NQ rev (3m)4.45%
Revenue NY rev (1m)0.28%
Revenue NY rev (3m)2.39%
Valuation
Industry RankSector Rank
PE 26.51
Fwd PE 23.78
P/S 10.76
P/FCF N/A
P/OCF 16.9
P/B 2.58
P/tB 2.58
EV/EBITDA 18.26
EPS(TTM)3.03
EY3.77%
EPS(NY)3.38
Fwd EY4.21%
FCF(TTM)-0.91
FCFYN/A
OCF(TTM)4.75
OCFY5.92%
SpS7.46
BVpS31.09
TBVpS31.09
PEG (NY)7.49
PEG (5Y)N/A
Graham Number46.04
Profitability
Industry RankSector Rank
ROA 5.47%
ROE 9.93%
ROCE 7.2%
ROIC 5.68%
ROICexc 5.87%
ROICexgc 5.9%
OM 52.85%
PM (TTM) 41.36%
GM 83.26%
FCFM N/A
ROA(3y)4.46%
ROA(5y)4.65%
ROE(3y)8.71%
ROE(5y)9.16%
ROIC(3y)5.45%
ROIC(5y)5.5%
ROICexc(3y)5.5%
ROICexc(5y)5.56%
ROICexgc(3y)5.53%
ROICexgc(5y)5.6%
ROCE(3y)6.9%
ROCE(5y)6.97%
ROICexgc growth 3Y3.22%
ROICexgc growth 5Y0.14%
ROICexc growth 3Y3.22%
ROICexc growth 5Y0.15%
OM growth 3Y-3.37%
OM growth 5Y-4.05%
PM growth 3Y3.19%
PM growth 5Y-4%
GM growth 3Y-4.37%
GM growth 5Y-3.06%
F-Score6
Asset Turnover0.13
Health
Industry RankSector Rank
Debt/Equity 0.75
Debt/FCF N/A
Debt/EBITDA 4.17
Cap/Depr 345.79%
Cap/Sales 75.83%
Interest Coverage 3.47
Cash Conversion 85.15%
Profit Quality N/A
Current Ratio 2.12
Quick Ratio 2.12
Altman-Z 2.1
F-Score6
WACC7.74%
ROIC/WACC0.73
Cap/Depr(3y)100.3%
Cap/Depr(5y)96.53%
Cap/Sales(3y)21.64%
Cap/Sales(5y)22.31%
Profit Quality(3y)135.02%
Profit Quality(5y)124.31%
High Growth Momentum
Growth
EPS 1Y (TTM)4.12%
EPS 3Y6.89%
EPS 5Y-4.49%
EPS Q2Q%6.15%
EPS Next Y3.54%
EPS Next 2Y6.48%
EPS Next 3Y4.48%
EPS Next 5YN/A
Revenue 1Y (TTM)8.11%
Revenue growth 3Y3.92%
Revenue growth 5Y1.05%
Sales Q2Q%8.32%
Revenue Next Year11.38%
Revenue Next 2Y13.11%
Revenue Next 3Y12.59%
Revenue Next 5Y13.29%
EBIT growth 1Y1.36%
EBIT growth 3Y0.41%
EBIT growth 5Y-3.04%
EBIT Next Year55.25%
EBIT Next 3Y23.69%
EBIT Next 5Y16.68%
FCF growth 1Y-131.82%
FCF growth 3Y-32.77%
FCF growth 5Y17.98%
OCF growth 1Y27.55%
OCF growth 3Y-0.5%
OCF growth 5Y-2.92%

NATL HEALTH INVESTORS INC / NHI FAQ

What is the ChartMill fundamental rating of NATL HEALTH INVESTORS INC (NHI) stock?

ChartMill assigns a fundamental rating of 6 / 10 to NHI.


What is the valuation status for NHI stock?

ChartMill assigns a valuation rating of 3 / 10 to NATL HEALTH INVESTORS INC (NHI). This can be considered as Overvalued.


How profitable is NATL HEALTH INVESTORS INC (NHI) stock?

NATL HEALTH INVESTORS INC (NHI) has a profitability rating of 8 / 10.


What are the PE and PB ratios of NATL HEALTH INVESTORS INC (NHI) stock?

The Price/Earnings (PE) ratio for NATL HEALTH INVESTORS INC (NHI) is 26.51 and the Price/Book (PB) ratio is 2.58.


Is the dividend of NATL HEALTH INVESTORS INC sustainable?

The dividend rating of NATL HEALTH INVESTORS INC (NHI) is 4 / 10 and the dividend payout ratio is 112.27%.