National Health Investors, Inc. (NHI) AI Stock Analysis

Founded in 1991 and based in Murfreesboro, Tennessee, National Health Investors, Inc. operates as a REIT specializing in senior housing and healthcare real estate. The company engages in sale-leaseback transactions, joint ventures, and provides mortgage and mezzanine financing. NHI's property portfolio includes independent living, assisted living, memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings, and specialty hospitals. It collaborates with healthcare operators to fund expansions, redevelopments, and operational optimizations.

NHI's revenue expanded at a 5-year compound annual growth rate of 2.6% from FY2020 through FY2025. Annual revenue grew 12.9% in FY2025 to $378.5M, up from $335.2M in FY2024 and $319.8M in FY2023. Gross margin was 36.7% in FY2025, compared to 96.7% in FY2024, while operating margin came in at 51.5%. Net income rose to $142.2M with diluted EPS of $3.45 in FY2025. In the latest quarter ended June 30, 2026, quarterly revenue grew 33.8% year over year, and quarterly earnings grew 45.2% year over year.

As of June 30, 2026, NHI held $30.4M in cash and short-term investments against total debt of $1.28B, producing net debt of $1.25B. Shareholders' equity was $1.57B, and total assets stood at $2.96B. The company recorded a current ratio of 0.59 and a debt-to-equity ratio of 0.82. In FY2025, operating cash flow was $240.2M and capital expenditures were $20.0M, generating $220.3M in free cash flow. Financing activities in FY2025 included $181.5M in share issuance and $169.7M in dividends paid.

At $66.28, NHI trades at a trailing price-to-earnings multiple of 19.2x and a forward P/E of 18.1x, both below the median of its US-listed Real Estate peers (21.6x and 23.5x, respectively). Its price-to-sales multiple of 7.5x sits above the peer median of 3.7x, while enterprise value to EBITDA of 14.5x is near the peer group median of 14.7x. Over the past year, NHI declined 5.3%, trailing the S&P 500 (SPY) return of 16.8%. Over five years, the stock returned 56.0% compared to 83.0% for the benchmark index.

NHI pays a quarterly dividend with an annualized forward rate of $3.76, representing a dividend yield of 5.67%. Its payout ratio stands at 95.6%. The company has paid dividends for 36 consecutive years, though its 5-year annualized dividend growth rate was -3.8%. The last ex-dividend date was September 30, 2026.

Wall Street coverage includes 5 Strong Buy and 3 Hold ratings, with no Buy, Sell, or Strong Sell recommendations. The mean price target is $80.88, which is 22.0% above the last close of $66.28. Consensus forecasts project FY2026 revenue of $459.7M and EPS of $14.55. For FY2027, analysts estimate revenue of $485.9M and EPS of $3.35. NHI beat EPS estimates in 1 of the last 4 quarters, and its next earnings date is November 9, 2026.

This page is an AI-written research summary of National Health Investors, Inc. (NHI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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