National HealthCare Corporation (NHC) Balance Sheet
NHC balance sheet, 2025
December 31, 2025 · U.S. dollars$1.53B assets = $451.9M liabilities + $1.07B equity
Both columns are drawn to the same scale: what NHC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NHC financial health
Descriptive bands, not a rating. Fiscal 2025.
NHC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.09B2016 | $1.53B2025 | +3.8%/yr | |
| Total liabilities | $417.8M2016 | $451.9M2025 | +0.9%/yr | |
| Shareholders’ equity | $669.6M2016 | $1.07B2025 | +5.3%/yr | |
| Cash & short-term investments | $164.3M2016 | $309.2M2025 | +7.3%/yr | |
| Total debt | $153.5M2016 | $87.1M2025 | −6.1%/yr | |
| Net cash (debt) | $10.9M2016 | $222.1M2025 | +$211.2M | |
| Working capital | $139.9M2016 | $194.5M2025 | +$54.6M | |
| Book value per share | $44.032016 | $68.312025 | +5.0%/yr | |
| Current ratio | 1.932016 | 1.772025 | −0.16 | |
| Debt / equity | 0.232016 | 0.082025 | −0.15 | |
| Shares outstanding | 15.2M2016 | 15.6M2025 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NHC assets
NHC liabilities and equity
NHC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NHC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $309.2M | $216.2M | $223.6M | $182.6M | $256.0M | $323.4M | $202.8M | $183.5M | $198.2M | $164.3M |
| Cash & equivalents | $110.9M | $76.1M | $107.1M | $58.7M | $107.6M | $147.1M | $50.3M | $183.5M | $198.2M | $26.3M |
| Short-term investments | $198.2M | $140.1M | $116.5M | $123.9M | $148.4M | $176.4M | $152.5M | $140.2M | $139.1M | $164.3M |
| Receivables | $139.0M | $135.8M | $109.0M | $100.3M | $96.6M | $89.7M | $91.3M | $98.6M | $93.7M | $90.5M |
| Inventory | $7.8M | $9.0M | $7.4M | $7.1M | $8.6M | $8.8M | $7.4M | $7.5M | $7.2M | $7.5M |
| Other current assets | $0 | $63.3M | $66.2M | $64.0M | $65.5M | $34.9M | $39.5M | $32.5M | $30.3M | $28.5M |
| Total current assets | $448.2M | $424.4M | $406.2M | $353.9M | $426.6M | $456.8M | $341.1M | $322.0M | $329.3M | $290.9M |
| Property, plant & equipment (net) | $721.6M | $763.5M | $587.5M | $627.1M | $677.1M | $699.4M | $738.3M | $534.6M | $549.3M | $559.6M |
| Goodwill & intangible assets | $360.8M | $190.3M | $175.3M | $175.3M | $175.3M | $21.3M | $21.0M | $21.0M | $35.2M | $35.2M |
| Long-term investments | $38.7M | $27.9M | $16.3M | $2.1M | $2.0M | $40.8M | $39.2M | $32.4M | $36.3M | $37.2M |
| Other non-current assets | $0 | $118.3M | $125.4M | $117.1M | $122.3M | $143.9M | $147.1M | $170.9M | $146.4M | $164.5M |
| Total assets | $1.53B | $1.52B | $1.31B | $1.28B | $1.40B | $1.36B | $1.29B | $1.08B | $1.10B | $1.09B |
| Liabilities | ||||||||||
| Accounts payable | $22.8M | $25.5M | $19.2M | $17.0M | $22.5M | $21.1M | $18.9M | $19.8M | $16.0M | $18.6M |
| Short-term debt | $41.1M | $39.3M | $30.2M | $34.1M | $32.3M | $29.9M | $38.4M | $3.9M | $3.7M | $3.5M |
| Deferred revenue | — | — | −$27.4M | $10.9M | $24.5M | $67.3M | $24.0M | $3.1M | $3.2M | $3.4M |
| Total current liabilities | $253.6M | $234.8M | $214.5M | $197.9M | $263.2M | $281.2M | $194.8M | $157.9M | $155.1M | $150.9M |
| Long-term debt | $32.5M | $129.5M | $0 | $860,000 | $5.8M | $10.5M | $15.0M | $74.1M | $100.0M | $150.0M |
| Lease obligations | $47.1M | $77.8M | $93.4M | $125.9M | $166.7M | $194.0M | $222.0M | $19.1M | $26.7M | $26.7M |
| Other long-term liabilities | $165.8M | $177.0M | $185.8M | $199.2M | $225.9M | $272.1M | $297.9M | $115.6M | $138.7M | $116.9M |
| Total liabilities | $451.9M | $541.3M | $400.3M | $397.9M | $494.9M | $563.9M | $507.6M | $347.7M | $393.8M | $417.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $155,000 | $154,000 | $153,000 | $153,000 | $154,000 | $153,000 | $153,000 | $153,000 | $215.8M | $152,000 |
| Retained earnings (deficit) | $833.0M | $752.2M | $687.6M | $656.7M | $669.1M | $563.0M | $553.1M | $516.4M | $419.4M | $391.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$779,000 | −$4.7M | −$6.6M | −$9.5M | $1.6M | $5.1M | $2.6M | −$2.7M | $67.5M | $66.1M |
| Minority interest | $5.7M | $3.0M | $1.7M | $3.2M | $5.5M | $3.1M | $476,000 | $1.2M | $694,000 | $0 |
| Total shareholders' equity | $1.07B | $980.2M | $908.8M | $874.3M | $903.0M | $795.2M | $778.6M | $733.3M | $702.7M | $669.6M |
| Key figures | ||||||||||
| Total debt | $87.1M | $214.8M | $93.4M | $125.9M | $166.7M | $194.0M | $232.0M | $78.1M | $126.7M | $153.5M |
| Net cash (debt) | $222.1M | $1.4M | $130.2M | $56.7M | $89.4M | $129.4M | −$29.3M | $105.4M | $71.5M | $10.9M |
| Working capital | $194.5M | $189.6M | $191.8M | $156.0M | $163.4M | $175.5M | $146.3M | $164.1M | $174.2M | $139.9M |
| Tangible book value | $708.0M | $789.8M | $733.4M | $698.9M | $727.7M | $773.8M | $757.6M | $712.3M | $667.5M | $634.4M |
| Book value per share | $68.31 | $62.84 | $59.10 | $56.60 | $58.57 | $51.74 | $50.69 | $48.13 | $46.18 | $44.03 |
| Shares outstanding | 15.6M | 15.6M | 15.4M | 15.4M | 15.4M | 15.4M | 15.4M | 15.2M | 15.2M | 15.2M |
| Current ratio | 1.77 | 1.81 | 1.89 | 1.79 | 1.62 | 1.62 | 1.75 | 2.04 | 2.12 | 1.93 |
| Quick ratio | 1.77 | 1.50 | 1.55 | 1.43 | 1.34 | 1.47 | 1.51 | 1.79 | 1.88 | 1.69 |
| Debt / equity | 0.08 | 0.22 | 0.10 | 0.14 | 0.18 | 0.24 | 0.30 | 0.11 | 0.18 | 0.23 |
| Equity / assets | 70.0% | 64.3% | 69.3% | 68.5% | 64.3% | 58.4% | 60.5% | 67.8% | 64.1% | 61.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $265.9M | $311.6M | $309.2M | $297.4M | $257.6M | $243.2M | $216.2M | $249.6M | $270.0M | $217.5M | $223.6M | $210.5M |
| Cash & equivalents | $51.1M | $105.1M | $110.9M | $130.6M | $111.0M | $90.4M | $76.1M | $84.8M | $136.2M | $94.0M | $107.1M | $100.3M |
| Short-term investments | $214.8M | $206.4M | $198.2M | $166.8M | $146.6M | $152.8M | $140.1M | $164.8M | $133.8M | $123.5M | $116.5M | $110.2M |
| Receivables | $137.7M | $137.7M | $139.0M | $132.4M | $142.1M | $142.2M | $135.8M | $129.4M | $110.1M | $126.2M | $109.0M | $102.6M |
| Inventory | $8.5M | $9.2M | $7.8M | $7.8M | $7.9M | $8.1M | $9.0M | $7.8M | $6.6M | $6.8M | $7.4M | $7.4M |
| Other current assets | $0 | $0 | $0 | $55.8M | $55.6M | $61.7M | $63.3M | $59.0M | $61.1M | $67.2M | $66.2M | $62.1M |
| Total current assets | $403.6M | $449.3M | $448.2M | $493.5M | $463.2M | $455.2M | $424.4M | $445.7M | $447.9M | $417.6M | $406.2M | $382.6M |
| Property, plant & equipment (net) | $758.4M | $711.6M | $721.6M | $731.0M | $740.3M | $749.6M | $763.5M | $772.4M | $568.0M | $576.1M | $587.5M | $599.1M |
| Goodwill & intangible assets | $361.3M | $360.8M | $360.8M | $190.3M | $190.3M | $190.3M | $190.3M | $189.5M | $175.3M | $175.3M | $175.3M | $175.3M |
| Long-term investments | $44.8M | $42.0M | $38.7M | $36.5M | $36.7M | $30.3M | $27.9M | $21.9M | $20.2M | $16.7M | $16.3M | $3.5M |
| Other non-current assets | $0 | $0 | $0 | $120.8M | $131.7M | $123.4M | $118.3M | $133.2M | $128.3M | $133.9M | $125.4M | $121.4M |
| Total assets | $1.54B | $1.52B | $1.53B | $1.57B | $1.56B | $1.55B | $1.52B | $1.56B | $1.34B | $1.32B | $1.31B | $1.28B |
| Liabilities | ||||||||||||
| Accounts payable | $21.7M | $21.4M | $22.8M | $22.6M | $21.3M | $21.6M | $25.5M | $22.7M | $21.8M | $20.7M | $19.2M | $16.5M |
| Short-term debt | $18.3M | $26.0M | $41.1M | $40.7M | $40.2M | $39.6M | $39.3M | $38.9M | $30.2M | $29.7M | $30.2M | $31.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | $140.6M | $7.7M | $142.1M | — |
| Total current liabilities | $18.3M | $26.0M | $253.6M | $282.4M | $268.7M | $239.2M | $234.8M | $247.9M | $216.9M | $206.4M | $214.5M | $204.7M |
| Long-term debt | $0 | $0 | $32.5M | $65.6M | $102.5M | $126.5M | $129.5M | $139.5M | $0 | $0 | $0 | $0 |
| Lease obligations | $31.4M | $39.3M | $47.1M | $54.9M | $62.6M | $68.9M | $77.8M | $84.4M | $79.3M | $85.7M | $93.4M | $101.6M |
| Other long-term liabilities | $390.6M | $401.5M | $165.8M | $165.9M | $165.6M | $175.1M | $177.0M | $188.5M | $174.9M | $186.7M | $185.8M | $189.9M |
| Total liabilities | $408.9M | $427.5M | $451.9M | $513.9M | $536.8M | $540.8M | $541.3M | $575.9M | $391.9M | $393.1M | $400.3M | $394.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $156,000 | $156,000 | $155,000 | $154,000 | $154,000 | $154,000 | $154,000 | $154,000 | $154,000 | $154,000 | $153,000 | $153,000 |
| Retained earnings (deficit) | $888.7M | $858.9M | $833.0M | $818.1M | $788.8M | $775.0M | $752.2M | $755.5M | $722.2M | $704.7M | $687.6M | $668.2M |
| Accumulated other comprehensive income | −$2.1M | −$1.7M | −$779,000 | −$1.1M | −$1.9M | −$3.3M | −$4.7M | −$2.9M | −$5.9M | −$7.0M | −$6.6M | −$10.1M |
| Minority interest | $5.8M | $5.7M | $5.7M | $5.2M | $3.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.12B | $1.09B | $1.07B | $1.05B | $1.02B | $1.00B | $980.2M | $983.5M | $945.8M | $924.7M | $908.8M | $885.2M |
| Key figures | ||||||||||||
| Total debt | $31.4M | $39.3M | $87.1M | $128.1M | $172.6M | $202.9M | $214.8M | $231.4M | $79.3M | $85.7M | $93.4M | $101.6M |
| Net cash (debt) | $234.5M | $272.3M | $222.1M | $169.3M | $85.0M | $40.2M | $1.4M | $18.1M | $190.8M | $131.8M | $130.2M | $108.9M |
| Working capital | $385.3M | $423.3M | $194.5M | $211.2M | $194.5M | $216.0M | $189.6M | $197.8M | $230.9M | $211.2M | $191.8M | $177.9M |
| Tangible book value | $761.0M | $730.1M | $708.0M | $862.6M | $831.6M | $814.6M | $789.8M | $794.0M | $770.5M | $749.4M | $733.4M | $709.8M |
| Book value per share | $70.74 | $69.18 | $68.31 | $67.22 | $65.51 | $64.52 | $62.57 | $62.77 | $60.80 | $59.64 | $58.68 | $57.76 |
| Shares outstanding | 15.9M | 15.8M | 15.6M | 15.7M | 15.6M | 15.6M | 15.7M | 15.7M | 15.6M | 15.5M | 15.5M | 15.3M |
| Current ratio | 22.06 | 17.27 | 1.77 | 1.75 | 1.72 | 1.90 | 1.81 | 1.80 | 2.06 | 2.02 | 1.89 | 1.87 |
| Quick ratio | 22.06 | 17.27 | 1.77 | 1.52 | 1.49 | 1.61 | 1.50 | 1.53 | 1.75 | 1.66 | 1.55 | 1.53 |
| Debt / equity | 0.03 | 0.04 | 0.08 | 0.12 | 0.17 | 0.20 | 0.22 | 0.24 | 0.08 | 0.09 | 0.10 | 0.11 |
| Equity / assets | 73.0% | 71.6% | 70.0% | 67.0% | 65.4% | 64.9% | 64.3% | 62.9% | 70.6% | 70.1% | 69.3% | 69.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
NHC financial position
At the end of fiscal 2025 (December 31, 2025), National HealthCare had total assets of $1.5 billion (up 0.1% from a year earlier), total liabilities of $451.9 million and shareholders' equity of $1.1 billion. It held $309.2 million in cash and short-term investments against $87.1 million of debt, a net cash position of $222.1 million. Its current ratio was 1.77. In the latest quarter (ended June 30, 2026) total assets were $1.5 billion and equity $1.1 billion.
Related: NHC income statement, NHC cash flow statement, NHC key metrics. See the NHC stock overview for the latest quote and news.
NHC balance sheet FAQ
What are National HealthCare's total assets?
National HealthCare reported total assets of $1.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.5 billion a year earlier.
How much debt does National HealthCare have?
National HealthCare had $87.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.08.
How much cash does National HealthCare have?
National HealthCare held $309.2 million in cash and short-term investments at the end of fiscal 2025; with $87.1 million of debt that is net cash of $222.1 million.
What is National HealthCare's book value?
National HealthCare's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $68.31 per share.
What is National HealthCare's current ratio?
National HealthCare had current assets of $448.2 million and current liabilities of $253.6 million, a current ratio of 1.77 (it can cover its short-term obligations).
How much goodwill does National HealthCare have?
National HealthCare carried $360.8 million of goodwill and intangible assets, 23.6% of total assets, at the end of fiscal 2025.