National Healthcare Properties, Inc. (NHP) Cash Flow Statement
Where NHP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $7.0M
- Capital expenditures
- $28.7M 8.4% of revenue
- Free cash flow
- −$21.8M −6.4% margin
- Returned to shareholders
- $18.9M
- Change in cash
- $34.4M cash at year-end $108.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NHP operating cash flow, capex and free cash flow
NHP cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $28.3M2022 | $7.0M2025 | −37.4%/yr | |
| Capital expenditures | $28.0M2022 | $28.7M2025 | +0.9%/yr | |
| Free cash flow | $302,0002022 | −$21.8M2025 | — | |
| Free cash flow margin | 0.1%2022 | −6.4%2025 | −6.5 pts | |
| Stock-based compensation | $1.2M2022 | $3.8M2025 | +47.0%/yr | |
| Dividends paid | $13.8M2022 | $13.4M2025 | −0.9%/yr | |
| Share buybacks (net) | $42,0002022 | $5.4M2025 | +405.4%/yr | |
| Capex / revenue | 8.3%2022 | 8.4%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NHP cash flow by activity
NHP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NHP cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$57.7M | −$190.3M | −$72.4M | −$79.5M |
| Depreciation & amortization | $78.3M | $84.1M | $82.9M | $81.4M |
| Stock-based compensation | $3.8M | $613,000 | $919,000 | $1.2M |
| Change in working capital | −$45.6M | $2.1M | −$5.2M | −$10.2M |
| Other non-cash items | $28.2M | $23.7M | $15.4M | $35.3M |
| Cash from operating activities | $7.0M | −$79.8M | $21.6M | $28.3M |
| Investing activities | ||||
| Capital expenditures | −$28.7M | −$21.9M | −$22.4M | −$28.0M |
| Investments (net) | −$1.4M | −$1.7M | −$10.0M | $0 |
| Acquisitions & other investing | $99.9M | $87.6M | −$30.5M | — |
| Cash from investing activities | $69.8M | $64.0M | −$62.8M | — |
| Financing activities | ||||
| Dividends paid | −$13.4M | −$13.8M | −$13.8M | −$13.8M |
| Share repurchases & issuance (net) | −$5.4M | $0 | $0 | −$42,000 |
| Net borrowing (repayment) | −$22.6M | $12.6M | $73.0M | $20.3M |
| Shares issued | $0 | $0 | $0 | $0 |
| Other financing | −$943,000 | −$184,000 | −$3.2M | −$1.9M |
| Cash from financing activities | −$42.4M | −$1.3M | $56.0M | $4.6M |
| Summary | ||||
| Net change in cash | $34.4M | −$17.2M | $14.8M | −$8.8M |
| Cash at end of period | $108.5M | $74.1M | $91.3M | $76.5M |
| Free cash flow | −$21.8M | −$101.8M | −$773,000 | $302,000 |
| Free cash flow margin | −6.4% | −28.8% | −0.2% | 0.1% |
| Capex / revenue | 8.4% | 6.2% | 6.5% | 8.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$5.4M | −$4.3M | −$22.8M | −$12.5M | −$20.8M | −$1.5M | −$17.0M |
| Depreciation & amortization | $17.8M | $17.7M | $18.0M | $18.0M | $16.2M | $26.0M | $19.3M |
| Stock-based compensation | $1.6M | $612,000 | $1.9M | $1.3M | $570,000 | $0 | — |
| Change in working capital | $4.4M | −$4.9M | −$440,000 | −$4.5M | −$5.5M | −$35.2M | −$5.8M |
| Other non-cash items | $3.1M | −$196,000 | $13.4M | $7.8M | $17.6M | −$10.5M | $10.0M |
| Cash from operating activities | $21.6M | $9.0M | $10.0M | $10.2M | $8.1M | −$21.2M | $6.5M |
| Investing activities | |||||||
| Capital expenditures | −$5.3M | −$5.3M | −$11.8M | −$4.6M | −$6.7M | −$5.7M | −$5.5M |
| Investments (net) | $0 | −$154,000 | −$1.4M | $0 | $0 | $0 | — |
| Acquisitions & other investing | −$99.2M | $0 | $9.8M | $1.6M | $4.8M | $83.7M | $10.9M |
| Cash from investing activities | −$104.5M | −$5.4M | −$3.3M | −$3.0M | −$1.9M | $78.0M | $5.4M |
| Financing activities | |||||||
| Dividends paid | −$3.3M | −$3.3M | −$3.3M | −$3.3M | −$3.4M | −$3.5M | −$3.4M |
| Share repurchases & issuance (net) | −$25.6M | −$444,000 | −$920,000 | −$2.8M | — | — | — |
| Net borrowing (repayment) | −$187.7M | −$1.7M | $4.1M | −$1.7M | −$23.4M | −$1.7M | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $495.2M | −$46,000 | −$599,000 | −$46,000 | −$2.6M | $601,000 | −$19.2M |
| Cash from financing activities | $278.7M | −$5.4M | −$712,000 | −$7.8M | −$29.4M | −$4.5M | −$22.7M |
| Summary | |||||||
| Net change in cash | $195.8M | −$1.9M | $5.9M | −$634,000 | −$23.2M | $52.3M | −$10.8M |
| Cash at end of period | $302.4M | $106.6M | $108.5M | $102.5M | $103.2M | $126.4M | $74.1M |
| Free cash flow | $16.3M | $3.7M | −$1.8M | $5.6M | $1.4M | −$26.9M | $946,000 |
| Free cash flow margin | 18.6% | 4.3% | −2.1% | 6.5% | 1.6% | −31.1% | 1.1% |
| Capex / revenue | 6.1% | 6.1% | 13.9% | 5.3% | 7.8% | 6.6% | 6.3% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NHP cash generation
In fiscal 2025 (ended December 31, 2025), National Healthcare Properties generated $7.0 million of cash from operations and spent $28.7 million on capital expenditures, leaving free cash flow of -$21.8 million, −6.4% of revenue. It returned $18.9 million to shareholders through dividends ($13.4 million) and net share buybacks ($5.4 million). Cash and equivalents rose by $34.4 million over the year.
Related: NHP income statement, NHP balance sheet. See the NHP stock overview for the latest quote and news.
NHP cash flow FAQ
What is National Healthcare Properties's free cash flow?
National Healthcare Properties's free cash flow was -$21.8 million in fiscal 2025: $7.0 million of operating cash flow minus $28.7 million of capital expenditures It was -$101.8 million a year earlier..
How much cash does National Healthcare Properties generate from operations?
National Healthcare Properties generated $7.0 million of cash from operating activities in fiscal 2025.
How much does National Healthcare Properties spend on capital expenditures?
National Healthcare Properties spent $28.7 million on capital expenditures in fiscal 2025, 8.4% of revenue, compared with $21.9 million the year before.
How much stock does National Healthcare Properties buy back?
National Healthcare Properties spent $5.4 million on net share repurchases in fiscal 2025.
How much does National Healthcare Properties pay in dividends?
National Healthcare Properties paid $13.4 million in dividends in fiscal 2025.