National Health Investors, Inc. (NHI) Key Metrics
NHI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.26B
- Enterprise value
- $4.55B
- P/E (TTM)
- 19.2 10-yr median 21.4
- Forward P/E
- 18.1
- PEG ratio
- 4.76
- Price / sales
- 7.5 10-yr median 9.4
- Price / book
- 2.1 10-yr median 2.3
- EV / EBITDA
- 14.5 10-yr median 16.0
- Dividend yield
- 5.67% $3.76 a year
- Beta
- 0.52
NHI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNHI valuation Price multiples at each fiscal year-end price.
NHI returns How much profit the business earns on the capital it uses.
NHI per-share figures Results divided by the shares outstanding at year-end.
NHI financial health Debt, liquidity and how easily interest is covered.
NHI efficiency & capital use Working capital cycle and where the cash goes.
NHI valuation history
NHI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NHI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NHI cash returned to shareholders
NHI price vs earnings per share
NHI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.59B | $3.06B | $2.42B | $2.34B | $2.63B | $3.09B | $3.56B | $3.18B | $3.10B | $2.90B |
| Enterprise value | $4.74B | $4.18B | $3.54B | $3.88B | $3.91B | $5.01B | $5.00B | $4.48B | $4.27B | $4.04B |
| P/E ratio | 25.3 | 22.1 | 17.9 | 35.2 | 23.5 | 16.7 | 22.2 | 20.6 | 19.5 | 19.2 |
| Price / sales | 9.5 | 9.1 | 7.6 | 8.4 | 8.8 | 9.3 | 11.2 | 10.8 | 11.1 | 11.7 |
| Price / book | 2.4 | 2.2 | 1.9 | 1.8 | 1.7 | 2.0 | 2.4 | 2.3 | 2.3 | 2.4 |
| Price / free cash flow | 16.3 | 15.9 | 13.4 | 12.6 | 12.5 | 13.3 | 14.8 | 52.8 | 141.1 | — |
| Price / operating cash flow | 15.0 | 14.7 | 13.1 | 12.6 | 12.5 | 13.3 | 14.8 | 15.3 | 15.7 | 16.4 |
| EV / sales | 12.5 | 12.5 | 11.1 | 14.0 | 13.1 | 15.0 | 15.7 | 15.2 | 15.3 | 16.2 |
| EV / EBITDA | 16.8 | 15.8 | 13.6 | 21.7 | 16.2 | 15.7 | 17.2 | 16.5 | 15.9 | 15.8 |
| EV / free cash flow | 21.5 | 21.7 | 19.6 | 20.9 | 18.5 | 21.6 | 20.7 | 74.4 | 194.1 | — |
| Earnings yield | 4.0% | 4.5% | 5.6% | 2.8% | 4.3% | 6.0% | 4.5% | 4.9% | 5.1% | 5.2% |
| Free cash flow yield | 6.1% | 6.3% | 7.5% | 7.9% | 8.0% | 7.5% | 6.8% | 1.9% | 0.7% | −6.5% |
| Dividend yield | 4.7% | 5.1% | 6.4% | 6.9% | 7.0% | 6.3% | 5.0% | 5.2% | 4.9% | 4.8% |
| Shareholder yield (dividends + buybacks) | 4.7% | 5.1% | 6.4% | 13.4% | 7.0% | 6.3% | 5.0% | 5.3% | 4.9% | 4.8% |
| Share price at fiscal year-end | $76.37 | $69.30 | $55.85 | $52.22 | $57.47 | $69.17 | $81.48 | $75.54 | $75.38 | $74.17 |
| Per share | ||||||||||
| Revenue per share | $8.04 | $7.60 | $7.37 | $6.21 | $6.53 | $7.45 | $7.28 | $7.00 | $6.77 | $6.35 |
| Earnings per share | $3.02 | $3.13 | $3.13 | $1.48 | $2.44 | $4.14 | $3.67 | $3.67 | $3.87 | $3.87 |
| Operating cash flow per share | $5.11 | $4.72 | $4.25 | $4.14 | $4.61 | $5.19 | $5.51 | $4.94 | $4.80 | $4.53 |
| Free cash flow per share | $4.68 | $4.36 | $4.16 | $4.14 | $4.61 | $5.19 | $5.51 | $1.43 | $0.53 | −$4.85 |
| Cash per share | $0.42 | $0.55 | $0.52 | $0.43 | $0.82 | $0.97 | $0.12 | $0.11 | $0.07 | $0.12 |
| Book value per share | $32.34 | $30.98 | $28.90 | $28.80 | $33.17 | $34.07 | $34.27 | $33.02 | $32.13 | $30.89 |
| Tangible book value per share | −$32.61 | $30.98 | $28.90 | $28.80 | $33.17 | $34.07 | $34.27 | $33.02 | $32.13 | $30.89 |
| Dividends per share | $3.61 | $3.55 | $3.60 | $3.61 | $4.00 | $4.35 | $4.11 | $3.93 | $3.72 | $3.53 |
| Capex per share | $0.42 | $0.36 | $0.09 | $0.14 | $0.00 | $2.30 | $5.43 | $3.51 | $4.26 | $9.37 |
| Debt per share | $24.73 | $25.99 | $26.16 | $34.89 | $28.83 | $43.80 | $33.04 | $30.99 | $28.35 | $29.05 |
| Shares outstanding | 47.1M | 44.1M | 43.4M | 44.8M | 45.7M | 44.7M | 43.7M | 42.1M | 41.2M | 39.2M |
| Change in shares outstanding | +6.7% | +1.6% | −3.1% | −2.0% | +2.3% | +2.3% | +3.8% | +2.3% | +5.1% | +4.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.8% | 10.5% | 10.7% | 4.7% | 7.4% | 12.3% | 11.1% | 11.4% | 12.6% | 12.9% |
| Return on invested capital (ROIC) | 6.0% | 7.6% | 4.1% | 4.7% | 5.9% | 5.2% | 5.1% | 8.1% | 5.8% | 8.0% |
| Return on assets (ROA) | 5.3% | 5.4% | 5.4% | 2.5% | 3.8% | 6.0% | 5.5% | 5.8% | 6.4% | 6.7% |
| Return on tangible assets | — | 5.3% | 5.5% | 2.6% | 3.9% | 5.9% | 5.3% | 5.6% | 6.3% | 6.3% |
| Free cash flow margin | 58.2% | 57.4% | 56.5% | 66.6% | 70.6% | 69.8% | 75.8% | 20.4% | 7.9% | −76.4% |
| Income quality (OCF / net income) | 1.69 | 1.51 | 1.36 | 2.79 | 1.89 | 1.25 | 1.50 | 1.35 | 1.24 | 1.17 |
| Financial health | ||||||||||
| Total debt | $1.16B | $1.15B | $1.14B | $1.56B | $1.32B | $1.96B | $1.44B | $1.30B | $1.17B | $1.14B |
| Cash & short-term investments | $19.6M | $24.3M | $22.3M | $19.3M | $37.4M | $43.3M | $5.2M | $4.7M | $3.1M | $4.8M |
| Net debt | $1.14B | $1.12B | $1.11B | $1.54B | $1.28B | $1.91B | $1.44B | $1.30B | $1.16B | $1.13B |
| Debt / equity | 0.76 | 0.84 | 0.91 | 1.21 | 0.87 | 1.29 | 0.96 | 0.94 | 0.88 | 0.94 |
| Debt / assets | 0.42 | 0.44 | 0.46 | 0.62 | 0.46 | 0.63 | 0.47 | 0.47 | 0.46 | 0.47 |
| Net debt / EBITDA | 4.06 | 4.25 | 4.28 | 8.64 | 5.32 | 6.02 | 4.95 | 4.79 | 4.33 | 4.42 |
| 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 | 0.96 | 0.05 | 5.43 | 7.20 | 0.03 | 2.55 | 5.37 | 49.06 | 46.24 |
| Interest coverage | 3.4 | 3.3 | 3.2 | 3.1 | 3.9 | 4.3 | 3.9 | 4.3 | 4.3 | 4.1 |
| Working capital | $185.2M | −$17.4M | $50.8M | $309.8M | $435.1M | $349.4M | $107.9M | $299.5M | $190.2M | $163.1M |
| Invested capital | $2.67B | $2.49B | $2.37B | $2.83B | $2.80B | $3.44B | $2.94B | $2.69B | $2.49B | $2.34B |
| Tangible asset value | −$1.52B | $1.39B | $1.27B | $1.29B | $1.52B | $1.52B | $1.50B | $1.39B | $1.32B | $1.21B |
| Net current asset value | −$946.8M | −$832.3M | −$839.2M | −$837.7M | −$816.6M | −$1.16B | −$1.37B | −$992.8M | −$976.6M | −$974.2M |
| Graham number | $46.89 | $46.70 | $45.09 | $30.99 | $42.72 | $56.35 | $53.21 | $52.19 | $52.91 | $51.87 |
| Graham net-net per share | −$21.67 | −$21.02 | −$17.36 | −$21.48 | −$21.54 | −$23.35 | −$33.68 | −$25.84 | −$58.78 | −$56.94 |
| Capital allocation | ||||||||||
| Dividends paid | $169.7M | $156.5M | $156.2M | $161.8M | $182.9M | $194.6M | $179.7M | $165.4M | $153.0M | $138.3M |
| Share buybacks (net) | $0 | $0 | $0 | $152.0M | $0 | $0 | $0 | $1.8M | $0 | $1.1M |
| Dividend payout ratio | 119.4% | 113.4% | 115.2% | 243.6% | 163.6% | 105.1% | 112.0% | 107.2% | 96.0% | 91.3% |
| Dividends + buybacks / free cash flow | 77.0% | 81.3% | 86.5% | 169.3% | 86.8% | 83.8% | 74.6% | 277.7% | 696.2% | — |
| Capex / revenue | 5.3% | 4.7% | 1.2% | 2.3% | 0.0% | 30.9% | 74.6% | 50.1% | 62.9% | 147.7% |
| Capex / operating cash flow | 8.3% | 7.6% | 2.0% | 3.4% | 0.0% | 44.3% | 98.4% | 71.0% | 88.9% | 207.1% |
| Capex / depreciation | 0.24 | 0.22 | 0.05 | 0.09 | 0.00 | 1.24 | 3.09 | 2.07 | 2.61 | 5.82 |
| Stock-based compensation / revenue | 1,473.1% | 1.2% | 1.4% | 3.1% | 2.8% | 0.9% | 1.1% | 0.8% | 0.9% | 0.7% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 7,098.0% | 6.8% | 6.2% | 9.1% | 6.5% | 4.4% | 4.4% | 4.4% | 4.6% | 4.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 318.7 | 389.8 | 376.9 | 468.6 | 482.7 | 263.2 | 256.7 | 283.7 | 206.3 | 301.1 |
| Days of inventory on hand | — | — | 11,400.7 | — | 6,813.1 | 8,214.2 | 0.0 | -398,466.8 | -940,911.8 | -434,750.3 |
| Days payables outstanding | 62.1 | 1,177.9 | 954.4 | 915.2 | 758.5 | 908.8 | 1,346.2 | 5,664.7 | 7,067.3 | 7,419.6 |
| Cash conversion cycle (days) | 256.6 | -788.1 | 10,823.2 | -446.6 | 6,537.3 | 7,568.6 | -1,089.6 | -403,847.9 | -947,772.8 | -441,868.7 |
| Receivables turnover | 1.15 | 0.94 | 0.97 | 0.78 | 0.76 | 1.39 | 1.42 | 1.29 | 1.77 | 1.21 |
| Payables turnover | 5.88 | 0.31 | 0.38 | 0.40 | 0.48 | 0.40 | 0.27 | 0.06 | 0.05 | 0.05 |
| Inventory turnover | — | — | 0.03 | — | 0.05 | 0.04 | 5,798,000.00 | — | — | — |
| Asset turnover | 0.14 | 0.13 | 0.13 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Average receivables | $330.5M | $358.0M | $330.3M | $357.2M | $395.0M | $240.0M | $223.7M | $228.9M | $157.5M | $205.0M |
| Average payables | $40.7M | $36.0M | $30.1M | $24.5M | $24.2M | $24.0M | $21.4M | $18.1M | $18.6M | $20.5M |
| Average inventory | — | — | $359.6M | — | $217.2M | $217.2M | $1 | −$1.27B | −$2.47B | −$1.20B |
| Intangibles / total assets | 109.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from NHI's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NHI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), National Health Investors traded at 25.3 times earnings, against a 10-year median of 21.4. Based on the latest twelve months, the trailing P/E is 19.2 and the forward P/E is 18.1. National Health Investors earned a return on equity of 9.8% and a return on invested capital of 6.0% in fiscal 2025. It ended the year with $1.2 billion of debt and $19.6 million in cash and short-term investments, net debt of $1.1 billion. It returned $169.7 million to shareholders: $169.7 million in dividends and $0 in share buybacks, 77% of free cash flow. The share count rose 20.2% from 39.2M to 47.1M over 9 years.
See the NHI income statement, the NHI chart for price history, or the NHI stock overview for the latest quote and news.
NHI key metrics FAQ
What is National Health Investors's P/E ratio?
National Health Investors's trailing P/E ratio is 19.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 18.1. At the end of fiscal 2025 it was 25.3, compared with a 10-year median of 21.4.
What is National Health Investors's EV/EBITDA?
National Health Investors's enterprise value was 16.8 times EBITDA at the end of fiscal 2025 (enterprise value $4.7 billion, EBITDA $282.0 million); the current EV/EBITDA is 14.5.
What is National Health Investors's return on equity?
National Health Investors's return on equity (ROE) was 9.8% in fiscal 2025: net income of $142.2 million on average shareholders' equity of $1.4 billion.
What is National Health Investors's ROIC?
National Health Investors's return on invested capital was 6.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does National Health Investors have?
National Health Investors had total debt of $1.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.76 and $1.1 billion of net debt (4.06 times EBITDA).
What is National Health Investors's dividend yield?
National Health Investors's forward dividend yield is 5.67%. National Health Investors paid $169.7 million in dividends in fiscal 2025 ($3.61 per share), a payout ratio of 119.4%.
What is National Health Investors's free cash flow yield?
National Health Investors generated $220.3 million of free cash flow in fiscal 2025, a free cash flow yield of 6.1% on its market value at year-end ($3.6 billion).
What is National Health Investors's current ratio?
National Health Investors's current ratio was 2.48 at the end of fiscal 2025: current assets were 2.48 times current liabilities.