National Health Investors (NHI) AI Stock Analysis

• Market Cap: $3.64B
• Dividend Yield: 4.73%
• Average Volume (3M): 197.22K
• Price to Earnings (P/E): 24.1
• Beta (1Y): 0.32
• Revenue Growth: 8.04%
• EPS Growth: 9.20%
• Country: US
• Employees: 30
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Healthcare Facilities
• EPS (TTM): 0.69
• Shares Outstanding: 47,638,500
• 10 Day Avg. Volume: 144,352
• 30 Day Avg. Volume: 197,216
• PEG Ratio: 68.92
• Price to Book (P/B): 2.22
• Price to Sales (P/S): 9.07
• P/FCF Ratio: 14.92
• Enterprise Value/Market Cap: 1.33
• Enterprise Value/Revenue: 13.59
• Enterprise Value/Gross Profit: 14.03
• Enterprise Value/Ebitda: 17.36
• 1Y Price Target: $85.43
• Price Target Upside: 9.51% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 77 Outperform
• Price Target: $88.00 ▲(12.81% Upside)

National Health Investors demonstrates strong financial performance and robust earnings call highlights, particularly with its strategic investments and increased guidance. The technical analysis supports a positive trend, though caution is advised due to potential overvaluation and operational challenges. The high dividend yield adds an attractive income component, balancing the risks associated with its valuation.

Positive Factors

Strong SHOP Portfolio Growth

The significant growth in the SHOP portfolio indicates successful strategic investments, enhancing revenue streams and long-term financial stability.

Increased Guidance and Investment Activity

Raising guidance multiple times reflects strong operational performance and confidence in future growth, supporting long-term shareholder value.

Strong Balance Sheet

A strong balance sheet with low leverage and high liquidity provides financial flexibility to capitalize on growth opportunities and withstand economic downturns.

Negative Factors

Same-Store SHOP NOI Decline

Declining same-store NOI suggests challenges in maintaining operational efficiency and occupancy rates, potentially impacting profitability.

NHC Lease Renewal Uncertainty

Lease renewal uncertainties can disrupt revenue streams and lead to legal disputes, affecting financial predictability and tenant relationships.

Challenges with SHOP Operations

Operational challenges such as high turnover and unexpected costs can strain resources and hinder consistent NOI growth, affecting long-term performance.

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 investments. NHI's portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

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. Additionally, NHI may earn income from mortgage loans made to operators of healthcare facilities, further diversifying its revenue sources. The company's financial performance is also supported by its strategic partnerships with experienced operators in the healthcare industry, which helps to mitigate risks associated with property management and tenant performance. Furthermore, NHI may benefit from tax advantages associated with its REIT structure, allowing it to distribute a significant portion of its taxable income to shareholders as dividends, thus attracting a steady stream of investor capital.

National Health Investors Financial Statement Overview

Summary

National Health Investors showcases a solid financial standing with consistent revenue and profit growth, strong profitability margins, and efficient cash flow management. The balance sheet is stable, though leverage is moderately high, which is typical in the REIT industry. The company is well-positioned for future growth, but must continue to manage its debt levels carefully to mitigate financial risk.

Income Statement

The company's gross profit margin remains strong, hovering around 96.7% in TTM, indicating efficient cost management. The net profit margin increased to approximately 41.2% in TTM, demonstrating improved profitability. Revenue growth has been consistent, with a TTM increase to $342.97 million from $335.18 million in the prior annual period. EBIT and EBITDA margins are also robust, reflecting healthy operational performance. However, the growth rate has slowed compared to earlier periods, suggesting potential saturation.

Balance Sheet

The debt-to-equity ratio is approximately 0.89 in TTM, indicating moderate leverage for a REIT. The return on equity improved to nearly 9.9% in TTM, showing effective utilization of shareholder funds. The equity ratio is stable at about 51.2%, reflecting a solid capital structure. While the debt level is significant, the company maintains a favorable equity position, balancing risk and potential returns.

Cash Flow

The company demonstrates a strong cash flow position with a consistent rise in free cash flow, up 2.8% in TTM. The operating cash flow to net income ratio is approximately 1.51, indicating efficient cash generation relative to net income. Free cash flow to net income ratio is robust at 1.48, underscoring the firm's capacity to generate cash above net earnings. Overall, cash flow management is a significant strength.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	355.56M	335.18M	319.83M	278.19M	298.71M	332.81M
Gross Profit	344.31M	324.02M	308.32M	268.41M	287.08M	323.16M
EBITDA	278.25M	264.16M	259.87M	178.73M	240.94M	318.00M
Net Income	147.26M	137.99M	135.65M	66.40M	111.80M	185.13M
Balance Sheet
Total Assets	2.69B	2.61B	2.49B	2.51B	2.84B	3.12B
Cash, Cash Equivalents and Short-Term Investments	81.63M	24.29M	22.35M	19.29M	37.41M	43.34M
Total Debt	1.11B	1.15B	1.14B	1.15B	1.25B	1.51B
Total Liabilities	1.19B	1.23B	1.21B	1.22B	1.32B	1.60B
Stockholders Equity	1.48B	1.37B	1.25B	1.27B	1.51B	1.51B
Cash Flow
Free Cash Flow	219.81M	203.70M	180.71M	180.71M	210.79M	231.99M
Operating Cash Flow	228.00M	207.77M	184.45M	185.34M	210.86M	232.15M
Investing Cash Flow	-244.61M	-192.31M	-11.63M	197.94M	185.28M	-89.71M
Financing Cash Flow	80.47M	-13.57M	-169.72M	-401.25M	-402.99M	-111.76M

National Health Investors Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 78.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 78.01 is above the 20-day moving average (MA) of 77.14, above the 50-day MA of 77.17, and above the 200-day MA of 74.05, indicating a bullish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 54.50 is Neutral, neither overbought nor oversold. The STOCH value of 63.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NHI.

National Health Investors Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CTRE	80 Outperform	$8.19B	27.32	8.13%	3.56%	59.25%	88.37%
NHI	77 Outperform	$3.64B	24.07	10.87%	4.73%	8.04%	9.20%
OHI	76 Outperform	$13.12B	24.93	11.28%	6.11%	13.50%	31.56%
SBRA	74 Outperform	$4.85B	26.78	6.29%	6.47%	8.12%	75.95%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
LTC	64 Neutral	$1.69B	48.49	3.49%	6.70%	11.89%	-68.41%
MPW	55 Neutral	$3.19B	-4.56	-14.02%	6.57%	45.56%	73.44%

National Health Investors Corporate Events

National Health Investors Updates Executive Change-in-Control Agreements

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 protections around potential corporate transactions. The updated contracts set out tiered cash severance multiples based on past salary and bonus, pro-rated bonus payouts, extended COBRA coverage and accelerated vesting of time-based equity awards if an executive is terminated without cause or resigns for good reason in proximity to a change in control, while also tightening post-employment non-compete, non-solicitation and confidentiality obligations; the package is designed to balance retention and alignment of management with shareholder interests while capping payments to avoid excise tax penalties.

The most recent analyst rating on (NHI) stock is a Buy with a $83.00 price target. To see the full list of analyst forecasts on National Health Investors stock, see the NHI Stock Forecast page.

National Health Investors Board Member Announces Departure

On November 5, 2025, Robert G. Adams, a member of the Board of Directors of National Health Investors, Inc., announced he will not seek reelection at the company’s 2026 annual meeting of stockholders. His decision is not due to any disagreement with the company’s operations or policies. Additionally, Charlotte A. Swafford, another board member, will retire effective May 27, 2026, prior to the 2026 Annual Meeting, also without any disagreements with the company.

The most recent analyst rating on (NHI) stock is a Buy with a $85.00 price target. To see the full list of analyst forecasts on National Health Investors stock, see the NHI Stock Forecast page.

National Health Investors Releases Q3 2025 Financial Report

National Health Investors has released its Supplemental Information for the quarter ending September 30, 2025. The report highlights the company’s financial performance, including non-GAAP measures and risks associated with its operations, such as tenant success, property development, and economic impacts. The document also outlines the company’s real estate investments and the performance of its senior housing operating portfolio, providing insights into its market positioning and potential future challenges.

The most recent analyst rating on (NHI) stock is a Buy with a $85.00 price target. To see the full list of analyst forecasts on National Health Investors stock, see the NHI Stock Forecast page.

National Health Investors Issues Investor Update Presentation

On November 6, 2025, National Health Investors issued an investor update presentation available on their website. The update addresses various forward-looking statements and potential risks affecting the company’s financial and operational performance, including tenant and borrower risks, regulatory changes, and economic conditions, which could impact stakeholders.

The most recent analyst rating on (NHI) stock is a Buy with a $85.00 price target. To see the full list of analyst forecasts on National Health Investors stock, see the NHI Stock Forecast page.