National Health Investors, Inc. (NHI) Balance Sheet
NHI balance sheet, 2025
December 31, 2025 · U.S. dollars$2.80B assets = $1.26B liabilities + $1.54B equity
Both columns are drawn to the same scale: what NHI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NHI financial health
Descriptive bands, not a rating. Fiscal 2025.
NHI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.40B2016 | $2.80B2025 | +1.7%/yr | |
| Total liabilities | $1.19B2016 | $1.26B2025 | +0.6%/yr | |
| Shareholders’ equity | $1.21B2016 | $1.52B2025 | +2.6%/yr | |
| Cash & short-term investments | $4.8M2016 | $19.6M2025 | +16.9%/yr | |
| Total debt | $1.14B2016 | $1.16B2025 | +0.3%/yr | |
| Net cash (debt) | −$1.13B2016 | −$1.14B2025 | −$11.7M | |
| Working capital | $163.1M2016 | $185.2M2025 | +$22.1M | |
| Book value per share | $30.892016 | $32.342025 | +0.5%/yr | |
| Current ratio | 3.882016 | 2.482025 | −1.39 | |
| Debt / equity | 0.942016 | 0.762025 | −0.18 | |
| Shares outstanding | 39.2M2016 | 47.1M2025 | +2.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NHI assets
NHI liabilities and equity
NHI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NHI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $19.6M | $24.3M | $22.3M | $19.3M | $37.4M | $43.3M | $5.2M | $4.7M | $3.1M | $4.8M |
| Cash & equivalents | $19.6M | $24.3M | $22.3M | $19.3M | $37.4M | $43.3M | $5.2M | $4.7M | $3.1M | $4.8M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $11.7M |
| Receivables | $290.6M | $370.4M | $345.6M | $315.0M | $399.4M | $390.7M | $89.3M | $358.1M | $99.8M | $215.2M |
| Inventory | $0 | $0 | $359.6M | $0 | $1 | $434.5M | $1 | $1 | −$2.55B | −$2.40B |
| Other current assets | $0 | $2.2M | $0 | $45.5M | $68.5M | $0 | $83.1M | $5.3M | $2.69B | $2.40B |
| Total current assets | $310.2M | $396.9M | $375.2M | $379.8M | $505.2M | $437.1M | $177.6M | $368.0M | $247.1M | $219.9M |
| Property, plant & equipment (net) | $0 | $0 | $2.11B | $2.12B | $2.32B | $2.67B | $2.56B | $2.37B | $2.29B | $2.16B |
| Goodwill & intangible assets | $3.06B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $300.0M | $292.4M | $0 | $246.1M | $141.5M | $133.5M |
| Other non-current assets | $0 | $2.22B | $6.2M | $9.4M | $0 | $0 | $304.3M | $0 | $0 | $0 |
| Total assets | $2.80B | $2.61B | $2.49B | $2.51B | $2.84B | $3.12B | $3.04B | $2.75B | $2.55B | $2.40B |
| Liabilities | ||||||||||
| Accounts payable | $43.7M | $37.8M | $34.3M | $25.9M | $23.2M | $25.2M | $22.9M | $19.9M | $16.3M | $20.9M |
| Short-term debt | $125.0M | $331.2M | $245.0M | $415.4M | $75.4M | $458.4M | $1.2M | $22.8M | $21.3M | $15.9M |
| Deferred revenue | $5.0M | $4.3M | $6.0M | $5.1M | $5.7M | $12.6M | $19.8M | $6.0M | −$1.15B | $871,000 |
| Total current liabilities | $125.0M | $414.4M | $324.4M | $70.0M | $70.2M | $87.6M | $69.7M | $68.5M | $56.9M | $56.7M |
| Long-term debt | $1.16B | $1.15B | $1.14B | $1.15B | $1.24B | $1.50B | $1.44B | $1.28B | $1.15B | $1.12B |
| Lease obligations | — | — | — | $0 | $8.8M | $10.6M | $10.6M | $10.6M | $21.3M | $21.3M |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $8.8M | $10.6M | $33.8M | $10.6M | $21.3M | $21.3M |
| Total liabilities | $1.26B | $1.23B | $1.21B | $1.22B | $1.32B | $1.60B | $1.54B | $1.36B | $1.22B | $1.19B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $483,000 | $457,000 | $434,000 | $434,000 | $459,000 | $452,000 | $446,000 | $427,000 | $1.29B | $1.17B |
| Retained earnings (deficit) | −$401.7M | $2.60B | $2.47B | −$329.6M | −$84.6M | −$22.0M | −$5.3M | $18.1M | $32.6M | $29.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | −$350.2M | −$329.6M | −$84.6M | −$7.1M | −$3.4M | $1.3M | −$822,000 | $5.7M |
| Minority interest | $18.4M | $18.7M | $20.1M | $9.9M | $9.9M | $10.7M | — | — | $0 | $0 |
| Total shareholders' equity | $1.52B | $1.37B | $1.25B | $1.29B | $1.52B | $1.52B | $1.50B | $1.39B | $1.32B | $1.21B |
| Key figures | ||||||||||
| Total debt | $1.16B | $1.15B | $1.14B | $1.56B | $1.32B | $1.96B | $1.44B | $1.30B | $1.17B | $1.14B |
| Net cash (debt) | −$1.14B | −$1.12B | −$1.11B | −$1.54B | −$1.28B | −$1.91B | −$1.44B | −$1.30B | −$1.16B | −$1.13B |
| Working capital | $185.2M | −$17.4M | $50.8M | $309.8M | $435.1M | $349.4M | $107.9M | $299.5M | $190.2M | $163.1M |
| Tangible book value | −$1.53B | $1.37B | $1.25B | $1.29B | $1.52B | $1.52B | $1.50B | $1.39B | $1.32B | $1.21B |
| Book value per share | $32.34 | $30.98 | $28.90 | $28.80 | $33.17 | $34.07 | $34.27 | $33.02 | $32.13 | $30.89 |
| Shares outstanding | 47.1M | 44.1M | 43.4M | 44.8M | 45.7M | 44.7M | 43.7M | 42.1M | 41.2M | 39.2M |
| Current ratio | 2.48 | 0.96 | 1.16 | 5.43 | 7.20 | 4.99 | 2.55 | 5.37 | 4.34 | 3.88 |
| Quick ratio | 2.48 | 0.95 | 1.13 | 4.78 | 6.22 | 4.95 | 1.36 | 5.29 | 1.81 | 3.88 |
| Debt / equity | 0.76 | 0.84 | 0.91 | 1.21 | 0.87 | 1.29 | 0.96 | 0.94 | 0.88 | 0.94 |
| Equity / assets | 54.4% | 52.3% | 50.4% | 51.4% | 53.4% | 48.8% | 49.2% | 50.5% | 51.9% | 50.3% |
| 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 | $30.4M | $24.9M | $19.6M | $81.6M | $18.6M | $135.0M | $24.3M | $15.6M | $14.8M | $11.4M | $22.3M | $16.6M |
| Cash & equivalents | $30.4M | $24.9M | $19.6M | $81.6M | $18.6M | $135.0M | $24.3M | $15.6M | $14.8M | $11.4M | $22.3M | $16.6M |
| Receivables | $209.3M | $299.9M | $290.6M | $299.6M | $354.0M | $362.1M | $370.4M | $333.6M | $341.8M | $361.0M | $345.6M | $88.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $359.6M | $355.9M |
| Other current assets | $75.0M | $3.6M | $0 | $0 | $683,000 | $9.3M | $2.2M | $7.9M | $7.8M | $7.0M | $0 | $0 |
| Total current assets | $314.7M | $328.4M | $310.2M | $381.2M | $373.3M | $506.4M | $396.9M | $357.1M | $364.4M | $379.3M | $375.2M | $124.3M |
| Property, plant & equipment (net) | $2.57B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.11B | $2.09B | $2.11B | $2.12B |
| Goodwill & intangible assets | $3.03B | $3.15B | $3.06B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $2.31B | $2.32B | $2.28B | $2.22B | $2.10B | $6.2M | $6.2M | $6.2M | $254.4M |
| Total assets | $2.96B | $2.89B | $2.80B | $2.69B | $2.70B | $2.78B | $2.61B | $2.46B | $2.48B | $2.48B | $2.49B | $2.50B |
| Liabilities | ||||||||||||
| Accounts payable | $46.4M | $37.8M | $43.7M | $34.7M | $33.0M | $29.2M | $37.8M | $32.5M | $33.2M | $26.8M | $34.3M | $21.8M |
| Short-term debt | $438.0M | $309.0M | $125.0M | $100.0M | $378.0M | $447.2M | $331.2M | $319.0M | $244.5M | $248.5M | $245.0M | $50.1M |
| Deferred revenue | $4.3M | $5.2M | $5.0M | $4.0M | $4.1M | $4.1M | $4.3M | $4.6M | $5.1M | $5.4M | $6.0M | $5.4M |
| Total current liabilities | $533.9M | $396.7M | $125.0M | $182.5M | $457.8M | $522.5M | $414.4M | $395.4M | $321.9M | $319.8M | $324.4M | $118.5M |
| Long-term debt | $836.5M | $960.7M | $1.16B | $1.11B | $1.12B | $1.26B | $1.15B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B |
| Lease obligations | $3.7M | — | — | — | — | — | — | — | — | — | — | — |
| Other long-term liabilities | $10.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $1.38B | $1.36B | $1.26B | $1.19B | $1.20B | $1.34B | $1.23B | $1.21B | $1.21B | $1.21B | $1.21B | $1.22B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $485,000 | $483,000 | $476,000 | $475,000 | $467,000 | $457,000 | $436,000 | $434,000 | $434,000 | $434,000 | $434,000 |
| Retained earnings (deficit) | −$396.9M | $2.79B | −$401.7M | $2.71B | $2.68B | $2.64B | $2.60B | $2.56B | $2.53B | $2.50B | $2.47B | $2.43B |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | −$362.2M | −$358.4M | −$350.2M | −$343.2M |
| Minority interest | $17.8M | $17.8M | $18.4M | $17.6M | $17.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.57B | $1.51B | $1.52B | $1.48B | $1.48B | $1.43B | $1.37B | $1.23B | $1.24B | $1.25B | $1.25B | $1.26B |
| Key figures | ||||||||||||
| Total debt | $1.28B | $1.27B | $1.16B | $1.11B | $1.12B | $1.26B | $1.15B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B |
| Net cash (debt) | −$1.25B | −$1.24B | −$1.14B | −$1.03B | −$1.10B | −$1.13B | −$1.12B | −$1.12B | −$1.12B | −$1.13B | −$1.11B | −$1.13B |
| Working capital | −$219.3M | −$68.3M | $185.2M | $198.7M | −$84.5M | −$16.1M | −$17.4M | −$38.3M | $42.5M | $59.5M | $50.8M | $5.8M |
| Tangible book value | −$1.46B | −$1.63B | −$1.53B | $1.48B | $1.48B | $1.43B | $1.37B | $1.23B | $1.24B | $1.25B | $1.25B | $1.26B |
| Book value per share | $32.40 | $31.20 | $32.34 | $31.10 | $31.60 | $31.09 | $30.08 | $27.94 | $28.57 | $28.74 | $28.90 | $29.04 |
| Shares outstanding | 48.5M | 48.5M | 47.1M | 47.6M | 46.8M | 45.9M | 45.4M | 44.0M | 43.6M | 43.4M | 43.4M | 43.4M |
| Current ratio | 0.59 | 0.83 | 2.48 | 2.09 | 0.82 | 0.97 | 0.96 | 0.90 | 1.13 | 1.19 | 1.16 | 1.05 |
| Quick ratio | 0.45 | 0.82 | 2.48 | 2.09 | 0.81 | 0.95 | 0.95 | 0.88 | 1.11 | 1.16 | 1.13 | 0.89 |
| Debt / equity | 0.82 | 0.84 | 0.76 | 0.75 | 0.76 | 0.89 | 0.84 | 0.92 | 0.91 | 0.91 | 0.91 | 0.91 |
| Equity / assets | 53.0% | 52.4% | 54.4% | 55.1% | 54.9% | 51.3% | 52.3% | 50.0% | 50.2% | 50.4% | 50.4% | 50.4% |
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.
NHI financial position
At the end of fiscal 2025 (December 31, 2025), National Health Investors had total assets of $2.8 billion (up 7.0% from a year earlier), total liabilities of $1.3 billion and shareholders' equity of $1.5 billion. It held $19.6 million in cash and short-term investments against $1.2 billion of debt, net debt of $1.1 billion. Its current ratio was 2.48. In the latest quarter (ended June 30, 2026) total assets were $3.0 billion and equity $1.6 billion.
Related: NHI income statement, NHI cash flow statement, NHI key metrics. See the NHI stock overview for the latest quote and news.
NHI balance sheet FAQ
What are National Health Investors's total assets?
National Health Investors reported total assets of $2.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.6 billion a year earlier.
How much debt does National Health Investors have?
National Health Investors had $1.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.76.
How much cash does National Health Investors have?
National Health Investors held $19.6 million in cash and short-term investments at the end of fiscal 2025; with $1.2 billion of debt that is net debt of $1.1 billion.
What is National Health Investors's book value?
National Health Investors's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $32.34 per share.
What is National Health Investors's current ratio?
National Health Investors had current assets of $310.2 million and current liabilities of $125.0 million, a current ratio of 2.48 (it can cover its short-term obligations).
How much goodwill does National Health Investors have?
National Health Investors carried $3.1 billion of goodwill and intangible assets, 109.3% of total assets, at the end of fiscal 2025.