National Healthcare Properties, Inc. (NHP) Balance Sheet
NHP balance sheet, 2025
December 31, 2025 · U.S. dollars$1.71B assets = $1.11B liabilities + $604.5M equity
Both columns are drawn to the same scale: what NHP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NHP financial health
Descriptive bands, not a rating. Fiscal 2025.
NHP balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.18B2022 | $1.71B2025 | −7.7%/yr | |
| Total liabilities | $1.18B2022 | $1.11B2025 | −2.1%/yr | |
| Shareholders’ equity | $992.6M2022 | $600.1M2025 | −15.4%/yr | |
| Cash & short-term investments | $53.7M2022 | $57.6M2025 | +2.4%/yr | |
| Total debt | $578.7M2022 | $1.05B2025 | +21.8%/yr | |
| Net cash (debt) | −$525.0M2022 | −$987.6M2025 | −$462.6M | |
| Working capital | −$483.2M2022 | −$438.5M2025 | +$44.6M | |
| Book value per share | $35.122022 | $21.192025 | −15.5%/yr | |
| Current ratio | 0.172022 | 0.242025 | +0.07 | |
| Debt / equity | 0.582022 | 1.742025 | +1.16 | |
| Shares outstanding | 28.3M2022 | 28.3M2025 | +0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NHP assets
NHP liabilities and equity
NHP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NHP balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $57.6M | $21.7M | $46.4M | $53.7M |
| Cash & equivalents | $57.6M | $21.7M | $46.4M | $53.7M |
| Receivables | $30.7M | $28.7M | $26.3M | $25.3M |
| Inventory | $0 | $0 | $0 | $0 |
| Other current assets | $50.8M | $52.4M | $44.9M | $22.9M |
| Total current assets | $139.2M | $102.8M | $117.6M | $101.8M |
| Property, plant & equipment (net) | $7.4M | $7.5M | $7.7M | $7.8M |
| Goodwill & intangible assets | $246.5M | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.32B | $1.84B | $2.02B | $2.07B |
| Total assets | $1.71B | $1.95B | $2.15B | $2.18B |
| Liabilities | ||||
| Accounts payable | $44.4M | $89.6M | $48.4M | $45.2M |
| Short-term debt | $520.7M | $362.2M | $361.0M | — |
| Deferred revenue | $9.2M | $7.2M | $6.5M | — |
| Total current liabilities | $577.7M | $462.5M | $419.4M | $585.0M |
| Long-term debt | $516.0M | $779.2M | $809.0M | $578.7M |
| Lease obligations | $8.5M | $8.1M | $8.0M | $8.1M |
| Other long-term liabilities | $13.5M | $14.2M | $16.2M | $17.5M |
| Total liabilities | $1.11B | $1.26B | $1.24B | $1.18B |
| Shareholders' equity | ||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.1M | — |
| Retained earnings (deficit) | −$1.94B | −$1.87B | −$1.64B | −$1.46B |
| Accumulated other comprehensive income | $5.6M | $16.6M | $23.5M | — |
| Minority interest | $4.5M | $5.6M | $6.4M | $6.6M |
| Total shareholders' equity | $600.1M | $684.6M | $894.2M | $992.6M |
| Key figures | ||||
| Total debt | $1.05B | $1.15B | $1.18B | $578.7M |
| Net cash (debt) | −$987.6M | −$1.13B | −$1.13B | −$525.0M |
| Working capital | −$438.5M | −$359.7M | −$301.7M | −$483.2M |
| Tangible book value | $353.5M | $684.6M | $894.2M | $992.6M |
| Book value per share | $21.19 | $24.20 | $31.62 | $35.12 |
| Shares outstanding | 28.3M | 28.3M | 28.3M | 28.3M |
| Current ratio | 0.24 | 0.22 | 0.28 | 0.17 |
| Quick ratio | 0.15 | 0.11 | 0.17 | 0.13 |
| Debt / equity | 1.74 | 1.68 | 1.32 | 0.58 |
| Equity / assets | 35.1% | 35.2% | 41.7% | 45.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $302.4M | $106.6M | $57.6M | $47.1M | $47.1M | $71.4M | $21.7M |
| Cash & equivalents | $302.4M | $106.6M | $57.6M | $47.1M | $47.1M | $71.4M | $21.7M |
| Receivables | $29.1M | $30.9M | $30.7M | $31.3M | $29.6M | $28.1M | $28.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $50.8M | $61.7M | $57.8M | $55.0M | $52.4M |
| Total current assets | $331.5M | $137.5M | $139.2M | $140.1M | $134.5M | $154.5M | $102.8M |
| Property, plant & equipment (net) | $7.3M | $7.3M | $7.4M | $7.3M | $6.8M | $6.9M | $7.5M |
| Goodwill & intangible assets | $0 | $246.5M | $246.5M | $248.1M | $249.9M | $256.4M | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.64B | $1.31B | $1.32B | $1.34B | $1.37B | $1.41B | $1.84B |
| Total assets | $1.98B | $1.70B | $1.71B | $1.74B | $1.76B | $1.83B | $1.95B |
| Liabilities | |||||||
| Accounts payable | $48.2M | $42.7M | $44.4M | $46.4M | $46.3M | $54.6M | $89.6M |
| Short-term debt | $332.3M | $334.0M | $520.7M | $336.2M | $337.6M | $360.8M | $362.2M |
| Deferred revenue | $7.0M | $6.9M | $9.2M | $10.2M | $9.3M | $8.3M | $7.2M |
| Total current liabilities | $332.3M | $334.0M | $577.7M | $396.2M | $396.7M | $427.2M | $462.5M |
| Long-term debt | $848.2M | $849.6M | $516.0M | $696.8M | $696.5M | $711.1M | $0 |
| Lease obligations | $12.8M | $13.0M | $8.5M | $8.3M | $7.8M | $7.8M | — |
| Other long-term liabilities | $0 | $0 | $13.5M | $13.4M | $13.2M | $13.5M | $793.4M |
| Total liabilities | $919.0M | $1.10B | $1.11B | $1.11B | $1.11B | $1.15B | $1.26B |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $1.6M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M |
| Retained earnings (deficit) | −$1.95B | −$1.95B | −$1.94B | −$1.91B | −$1.90B | −$1.87B | −$1.87B |
| Accumulated other comprehensive income | $4.8M | $5.1M | $5.6M | $7.6M | $9.4M | $11.6M | $16.6M |
| Minority interest | $3.1M | $4.4M | $4.5M | $5.4M | $5.4M | — | — |
| Total shareholders' equity | $1.05B | $592.2M | $600.1M | $627.2M | $647.0M | $674.6M | $684.6M |
| Key figures | |||||||
| Total debt | $861.0M | $1.05B | $1.05B | $1.04B | $1.04B | $1.08B | $1.15B |
| Net cash (debt) | −$558.6M | −$942.0M | −$987.6M | −$994.2M | −$994.8M | −$1.01B | −$1.13B |
| Working capital | −$847,000 | −$196.4M | −$438.5M | −$256.2M | −$262.2M | −$272.7M | −$359.7M |
| Tangible book value | $1.05B | $345.6M | $353.5M | $379.2M | $397.1M | $418.1M | $684.6M |
| Book value per share | $17.11 | $20.90 | $21.18 | $22.17 | $22.87 | $23.84 | $24.20 |
| Shares outstanding | 61.6M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M |
| Current ratio | 1.00 | 0.41 | 0.24 | 0.35 | 0.34 | 0.36 | 0.22 |
| Quick ratio | 1.00 | 0.41 | 0.15 | 0.20 | 0.19 | 0.23 | 0.11 |
| Debt / equity | 0.82 | 1.77 | 1.74 | 1.66 | 1.61 | 1.60 | 1.68 |
| Equity / assets | 53.3% | 34.9% | 35.1% | 36.1% | 36.8% | 36.8% | 35.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
NHP financial position
At the end of fiscal 2025 (December 31, 2025), National Healthcare Properties had total assets of $1.7 billion (down 12.0% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $600.1 million. It held $57.6 million in cash and short-term investments against $1.0 billion of debt, net debt of $987.6 million. Its current ratio was 0.24. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity $1.1 billion.
Related: NHP income statement, NHP cash flow statement, NHP key metrics. See the NHP stock overview for the latest quote and news.
NHP balance sheet FAQ
What are National Healthcare Properties's total assets?
National Healthcare Properties reported total assets of $1.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.9 billion a year earlier.
How much debt does National Healthcare Properties have?
National Healthcare Properties had $1.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.74.
How much cash does National Healthcare Properties have?
National Healthcare Properties held $57.6 million in cash and short-term investments at the end of fiscal 2025; with $1.0 billion of debt that is net debt of $987.6 million.
What is National Healthcare Properties's book value?
National Healthcare Properties's shareholders' equity (book value) was $600.1 million at the end of fiscal 2025, or $21.19 per share.
What is National Healthcare Properties's current ratio?
National Healthcare Properties had current assets of $139.2 million and current liabilities of $577.7 million, a current ratio of 0.24 (current liabilities exceed current assets).
How much goodwill does National Healthcare Properties have?
National Healthcare Properties carried $246.5 million of goodwill and intangible assets, 14.4% of total assets, at the end of fiscal 2025.