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NATIONAL HEALTH INVESTORS INC NHI

NYSE · reit · Real Estate Investment Trusts · website · IPO 1991-07-24 · LEI

NATIONAL HEALTH INVESTORS INC statistics & valuation

Market cap$3.8B
P / E26.5×
P / S10.0×
P / B2.5×
Dividend yield4.51%
Net margin37.9%
Return on equity9.3%
FCF margin-15.3%
Graham number -34.9%$46.39

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($46.39); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
61.00% 57.20% 52.40% 50.40% 55.60% 37.40% 23.90% 42.40% 41.20% 37.90% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
12.50% 12.10% 11.10% 10.70% 12.20% 7.40% 5.20% 10.70% 10.00% 9.30% 2016201720182019202020212022202320242025
Shares outstanding
39.8M 41.5M 42.7M 44.6M 45.2M 45.9M 44.8M 43.4M 45.7M 48.3M 2016201720182019202020212022202320242025
Net debt ($)
$1.13B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
6.30% 6.30% 5.60% 5.30% 5.90% 3.90% 2.60% 5.50% 5.30% 5.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
-87.80% 8.00% 20.40% 1.20% 34.70% 53.70% 62.70% 42.20% 14.90% -15.30% 2016201720182019202020212022202320242025
Debt / equity (×)
0.94× 2016201720182019202020212022202320242025
EPS ($)
$3.87 $3.87 $3.67 $3.67 $4.14 $2.44 $1.48 $3.13 $3.13 $3.02 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

NATIONAL HEALTH INVESTORS INC trades at about 23.6× earnings — near its 10-year norm (10-year range 15.7×–39.8×, median 22.7×).

15.7× 39.8×

Shaded band = 10-year range (15.7×–39.8×); dot = today's 23.6×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Net margin37.9%41.2%42.4%23.9%37.4%55.6%50.4%52.4%57.2%61.0%
FCF margin-15.3%14.9%42.2%62.7%53.7%34.7%1.2%20.4%8.0%-87.8%
Return on assets5.1%5.3%5.5%2.6%3.9%5.9%5.3%5.6%6.3%6.3%
Return on equity9.3%10.0%10.7%5.2%7.4%12.2%10.7%11.1%12.1%12.5%
Debt / equity—————————0.94×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.