National Health Investors (NHI)
NYSE:NHI
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National Health Investors
(NYSE:NHI)
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Rating:70Outperform
Price Target:
$96.00
â–²(11.67% Upside)
Action:ReiteratedDate:02/27/26
The score is supported by constructive technical momentum and a generally solid underlying REIT cash-flow profile, reinforced by an earnings call focused on SHOP-driven growth and strong liquidity. The main constraints are reliability concerns in the latest annual financial data and a less compelling valuation (higher P/E), alongside cautious normalized FFO guidance and execution risks.
Positive Factors
Consistent cash generation
Operating cash flow exhibited multi-year consistency (roughly $184M–$232M 2020–2024) and free cash flow closely matched net income, indicating durable cash conversion. This reliable cash generation supports ongoing dividend funding, SHOP reinvestment and debt service over the next 2–6 months.
Negative Factors
2025 financial-data inconsistencies
Material inconsistencies in 2025 statements (e.g., zero debt entry and abnormally large assets) undermine trend analysis and confidence in reported metrics. This complicates credit assessment, comparability and the reliability of 2026 guidance until audited/consistent figures are confirmed.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Operating cash flow exhibited multi-year consistency (roughly $184M–$232M 2020–2024) and free cash flow closely matched net income, indicating durable cash conversion. This reliable cash generation supports ongoing dividend funding, SHOP reinvestment and debt service over the next 2–6 months.
Read all positive factors
National Health Investors (NHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.13B
Dividend Yield4.73%
Average Volume (3M)294.45K
Price to Earnings (P/E)25.2
Beta (1Y)0.25
Revenue Growth8.04%
EPS Growth9.20%
CountryUS
Employees30
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.80
Shares Outstanding48,459,206
10 Day Avg. Volume209,258
30 Day Avg. Volume294,451
Financial Highlights & Ratios
PEG Ratio-7.19
Price to Book (P/B)2.35
Price to Sales (P/S)9.46
P/FCF Ratio16.25
Enterprise Value/Market Cap1.28
Enterprise Value/Revenue14.11
Enterprise Value/Gross Profit17.87
Enterprise Value/Ebitda19.22
Forecast
1Y Price Target
$88.25Price Target Upside2.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)3.28
Revenue Forecast (FY)$278.86M
National Health Investors Business Overview & Revenue Model
Company Description
Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investm...
How the Company Makes Money
NHI generates revenue primarily through rental income from its properties, which are leased to various healthcare operators. The company typically enters into long-term leases with its tenants, providing stability and predictability in cash flow. ...
National Health Investors Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong strategic progress: substantial and active investment activity, rapid SHOP build-out, robust liquidity, and solid full-year normalized FFO and FAD growth. Management highlighted significant SHOP NOI acceleration, a large pipeline, and a conservative balance sheet posture. Headwinds include quarter-to-quarter NAREIT FFO/net income weakness, legacy same-store SHOP transition challenges, elevated G&A and share count dilution, a cautious 2026 normalized FFO guidance midpoint (1.2% growth), and ongoing lease negotiations and deferred rent items. On balance, the company presented multiple clear growth drivers and financial flexibility that outweigh near-term operational and guidance headwinds.Positive Updates
Strong Normalized FFO and FAD Growth
Normalized FFO per share grew 8.9% in Q4 and 10.6% for the full year (to $1.22 and $4.91 per share, respectively). Total FAD increased 11.1% in Q4 and 13.7% for the full year to $57.9 million and $232.1 million, respectively.
Negative Updates
Net Income and NAREIT FFO Weakness in Quarter
Net income per share for Q4 was $0.80, a decline of 15.8% YoY. NAREIT FFO per share decreased 1.6% in Q4 to $1.22 (full-year NAREIT FFO was up marginally 2.2% to $4.65).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Normalized FFO and FAD Growth
Normalized FFO per share grew 8.9% in Q4 and 10.6% for the full year (to $1.22 and $4.91 per share, respectively). Total FAD increased 11.1% in Q4 and 13.7% for the full year to $57.9 million and $232.1 million, respectively.
Read all positive updates
Company Guidance
The company’s 2026 guidance calls for NAREIT FFO per share growth of 6.9% and normalized FFO (NFFO) per share growth of 1.2% at the midpoint (the NFFO midpoint implies a two‑year CAGR of ~6%), and projects total FAD to grow 7.8% to $250.2 million; guidance assumes $230 million of additional investments at a 7.8% average initial NOI yield (~70% allocated to SHOP) and includes roughly $111 million of dispositions of nonstrategic assets (an estimated ~1.5% drag on growth). Management also forecasts SHOP NOI of $39.6 million at the midpoint and expects SHOP NOI to increase by over 105% in 2026 before new investments, and the board declared a $0.92 per share dividend payable May 1, 2026.National Health Investors Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 378.53M | 335.18M | 319.83M | 278.19M | 298.71M |
| Gross Profit | 138.93M | 324.02M | 308.32M | 268.41M | 287.08M |
| EBITDA | 282.00M | 264.16M | 259.87M | 178.73M | 240.94M |
| Net Income | 142.18M | 137.99M | 135.65M | 66.40M | 111.80M |
Balance Sheet | |||||
| Total Assets | 2.80B | 2.61B | 2.49B | 2.51B | 2.84B |
| Cash, Cash Equivalents and Short-Term Investments | 19.62M | 24.29M | 22.35M | 19.29M | 37.41M |
| Total Debt | 1.16B | 1.15B | 1.14B | 1.15B | 1.25B |
| Total Liabilities | 1.26B | 1.23B | 1.21B | 1.22B | 1.32B |
| Stockholders Equity | 1.52B | 1.37B | 1.25B | 1.27B | 1.51B |
Cash Flow | |||||
| Free Cash Flow | 220.26M | 192.44M | 180.71M | 180.71M | 210.79M |
| Operating Cash Flow | 240.23M | 208.17M | 184.45M | 185.34M | 210.86M |
| Investing Cash Flow | -271.07M | -191.55M | -11.63M | 197.94M | 185.28M |
| Financing Cash Flow | 23.96M | -14.74M | -169.72M | -401.25M | -402.99M |
National Health Investors Technical Analysis
Positive
85.97
Price Trends
84.59
Positive
80.78
Positive
76.79
Positive
Market Momentum
0.48
Negative
56.68
Neutral
72.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NHI, the sentiment is Positive. The current price of 85.97 is above the 20-day moving average (MA) of 83.25, above the 50-day MA of 84.59, and above the 200-day MA of 76.79, indicating a bullish trend. The MACD of 0.48 indicates Negative momentum. The RSI at 56.68 is Neutral, neither overbought nor oversold. The STOCH value of 72.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NHI.
National Health Investors Risk Analysis
National Health Investors disclosed 42 risk factors in its most recent earnings report. National Health Investors reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
National Health Investors Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $8.87B | 18.09 | 8.99% | 3.56% | 59.25% | 88.37% | |
74 Outperform | $13.78B | 22.25 | 11.83% | 6.11% | 13.50% | 31.56% | |
70 Outperform | $4.13B | 25.18 | 9.63% | 4.73% | 8.04% | 9.20% | |
70 Outperform | $5.17B | 29.37 | 5.63% | 6.47% | 8.12% | 75.95% | |
69 Neutral | $1.92B | 13.47 | 11.94% | 6.70% | 11.89% | -68.41% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
NHI
National Health Investors
85.97
13.73
19.01%
LTC
LTC Properties
39.83
6.28
18.72%
OHI
Omega Healthcare
46.58
10.48
29.03%
SBRA
Sabra Healthcare REIT
20.66
3.66
21.49%
CTRE
CareTrust REIT
39.50
11.90
43.09%
National Health Investors Corporate Events
Business Operations and StrategyFinancial Disclosures
National Health Investors Issues Q4 2025 Supplemental Disclosure
Neutral
Feb 26, 2026
National Health Investors released unaudited supplemental information for the quarter ended Dec. 31, 2025, detailing performance across its Real Estate Investments and Senior Housing Operating Portfolio segments. The update highlights a diversifie...
Business Operations and StrategyRegulatory Filings and Compliance
National Health Investors Releases Updated Investor Presentation Materials
Neutral
Feb 26, 2026
National Health Investors, Inc., a healthcare-focused REIT specializing in senior housing and medical facilities, reported that on February 26, 2026, it furnished an investor presentation and issued a related press release. The investor materials,...
Business Operations and StrategyExecutive/Board Changes
National Health Investors Adds Director, Aligns Board Terms
Positive
Feb 23, 2026
National Health Investors said its board expanded and appointed industry veteran Lilly H. Donohue as a director effective February 17, 2026, following a third-party search and giving the healthcare REIT a leader with deep senior housing operating ...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
National Health Investors Updates Executive Change-in-Control Agreements
Neutral
Dec 19, 2025
On December 15, 2025, National Health Investors, Inc. entered into new Change in Control Severance Agreements with its named executive officers, replacing similar agreements dated February 26, 2024, in a move that further structures leadership pro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.