National Health Investors (NHI)
NYSE:NHI
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National Health Investors
(NYSE:NHI)
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Rating:65Neutral
Price Target:
$81.00
â–¼(-5.43% Downside)
Action:Reiterated
Date:05/09/26
The score is supported by healthy underlying fundamentals and a constructive earnings outlook (strong profitability, improving cash generation, and FAD/FFO momentum with strategic portfolio repositioning). It is held back primarily by weak technicals (below key moving averages with negative MACD and low RSI) and a less-compelling valuation on earnings (P/E ~24.36) despite an attractive ~4.86% dividend yield.
Positive Factors
Lease‑based, diversified cash flows
NHI’s core REIT model generates contractual rental and interest cash flows from long‑term leases and mortgages, producing stable, predictable revenue. This durable cashflow mix supports distributions, debt servicing and capital recycling, reducing reliance on volatile operating income trends.
Negative Factors
Elevated leverage and rising debt
Leverage remains meaningful (net debt/adjusted EBITDA ~4.0x Q1) and total debt increased TTM, constraining financial flexibility if rates or refinancing costs rise. Upcoming maturities and a pro forma deleveraging target <3x imply near‑term reliance on asset sales and capital markets activity to maintain balance‑sheet health.
Read all positive and negative factors
Positive Factors
Negative Factors
Lease‑based, diversified cash flows
NHI’s core REIT model generates contractual rental and interest cash flows from long‑term leases and mortgages, producing stable, predictable revenue. This durable cashflow mix supports distributions, debt servicing and capital recycling, reducing reliance on volatile operating income trends.
Read all positive factors
National Health Investors (NHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.63B
Dividend Yield4.73%
Average Volume (3M)424.46K
Price to Earnings (P/E)24.6
Beta (1Y)0.25
Revenue Growth16.91%
EPS Growth-1.91%
CountryUS
Employees30
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)3.11
Shares Outstanding48,471,080
10 Day Avg. Volume404,332
30 Day Avg. Volume424,456
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 Cap1.35
Enterprise Value/Revenue12.15
Enterprise Value/Gross Profit19.83
Enterprise Value/Ebitda16.93
Forecast
1Y Price Target
$89.75Price Target Upside4.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)3.59
Revenue Forecast (FY)$275.40M
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 makes money primarily by owning healthcare real estate and receiving contractual payments from operators that use those properties. Its core revenue stream is lease income under long-term real estate leases (often structured as master leases a...
National Health Investors Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed significant operational and financial momentum: strong quarter-over-quarter and year-over-year growth in key metrics (net income per share, FFO, FAD), rapid expansion and investment activity in the higher-growth SHOP platform, a robust pipeline and ample liquidity. Offsetting these positives were near-term earnings pressure and guidance impacts driven by the timing of the large NHC disposition, underperformance in a small legacy Holiday same-store pool, tighter acquisition yields, modestly higher interest and G&A, and some timing/tax uncertainty related to capital gains deferral. Management framed the NHC sale as strategic for longer-term growth while acknowledging short-term earnings and timing headwinds.Positive Updates
Net Income and Per-Share Performance
Net income per share of $0.82 for Q1 2026, up 10.8% year-over-year; NAREIT FFO per share and normalized FFO per share increased to $1.23, up 7.9% and 7.0% YoY respectively.
Negative Updates
Near-Term Earnings Pressure from NHC Sale Timing
Management noted the $560 million NHC portfolio sale advances strategy but creates near-term earnings pressure and timing/ redeployment uncertainty; guidance reflects this drag and NFFO at the midpoint is down 2.9% vs. 2025.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Income and Per-Share Performance
Net income per share of $0.82 for Q1 2026, up 10.8% year-over-year; NAREIT FFO per share and normalized FFO per share increased to $1.23, up 7.9% and 7.0% YoY respectively.
Read all positive updates
Company Guidance
NHI updated 2026 guidance driven by the pending $560M NHC lease‑portfolio sale: GAAP net income at the midpoint of $14.37 per share (reflecting the NHC gain); NAREIT FFO and normalized FFO (NFFO) both guided at $4.77 per share at the midpoint (NAREIT FFO +2.6% YoY; NFFO −2.9% YoY); total FAD at the midpoint of $242.2M (+4.1%). The plan assumes $180M of additional future investments at a 7.8% average NOI yield (≈60% SHOP), includes $392M of new announced/unidentified 2026 investments at an average 8% NOI yield, and reflects impacts from 6 dispositions plus the 35‑property NHC sale while expecting to defer much of the capital gains via IRC Section 1031s; management expects to settle remaining forward equity, use revolver proceeds to retire upcoming maturities, and target a pro forma leverage under 3.0x net debt/adjusted EBITDA (Q1 net debt/adjusted EBITDA was 4.0x, within its 3.5x–4.5x policy) with approximately $960M of available liquidity; the Board declared a $0.92/share dividend (record June 30; payable Aug 7).National Health Investors Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 402.91M | 378.53M | 335.18M | 319.83M | 278.19M | 298.71M |
| Gross Profit | 246.83M | 138.93M | 324.02M | 308.32M | 268.41M | 287.08M |
| EBITDA | 289.22M | 282.00M | 264.16M | 259.87M | 178.73M | 240.94M |
| Net Income | 148.11M | 142.18M | 137.99M | 135.65M | 66.40M | 111.80M |
Balance Sheet | ||||||
| Total Assets | 2.89B | 2.80B | 2.61B | 2.49B | 2.51B | 2.84B |
| Cash, Cash Equivalents and Short-Term Investments | 24.95M | 19.62M | 24.29M | 22.35M | 19.29M | 37.41M |
| Total Debt | 1.27B | 1.16B | 1.15B | 1.14B | 1.15B | 1.25B |
| Total Liabilities | 1.36B | 1.26B | 1.23B | 1.21B | 1.22B | 1.32B |
| Stockholders Equity | 1.51B | 1.52B | 1.37B | 1.25B | 1.27B | 1.51B |
Cash Flow | ||||||
| Free Cash Flow | 226.10M | 220.26M | 192.44M | 180.71M | 180.71M | 210.79M |
| Operating Cash Flow | 246.77M | 240.23M | 208.17M | 184.45M | 185.34M | 210.86M |
| Investing Cash Flow | -299.07M | -271.07M | -191.55M | -11.63M | 197.94M | 185.28M |
| Financing Cash Flow | -60.03M | 23.96M | -14.74M | -169.72M | -401.25M | -402.99M |
National Health Investors Technical Analysis
Negative
85.65
Price Trends
79.50
Negative
81.03
Negative
78.02
Negative
Market Momentum
-1.00
Negative
42.26
Neutral
39.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NHI, the sentiment is Negative. The current price of 85.65 is above the 20-day moving average (MA) of 75.43, above the 50-day MA of 79.50, and above the 200-day MA of 78.02, indicating a bearish trend. The MACD of -1.00 indicates Negative momentum. The RSI at 42.26 is Neutral, neither overbought nor oversold. The STOCH value of 39.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $9.85B | 27.45 | 8.67% | 3.56% | 58.48% | 70.32% | |
74 Outperform | $14.21B | 22.11 | 12.40% | 6.11% | 13.95% | 27.68% | |
72 Outperform | $1.96B | 15.19 | 11.79% | 6.70% | 48.96% | 28.05% | |
68 Neutral | $5.16B | 32.74 | 5.61% | 6.47% | 13.50% | 7.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $3.63B | 24.57 | 9.88% | 4.73% | 16.91% | -1.91% |
* Real Estate Sector Average
NHI
National Health Investors
75.32
5.79
8.33%
LTC
LTC Properties
37.82
4.60
13.83%
OHI
Omega Healthcare
47.04
12.52
36.26%
SBRA
Sabra Healthcare REIT
20.28
3.90
23.84%
CTRE
CareTrust REIT
41.24
13.83
50.44%
National Health Investors Corporate Events
Business Operations and StrategyFinancial Disclosures
National Health Investors Reports Q1 2026 Portfolio Performance
Neutral
May 4, 2026
National Health Investors, Inc. (NYSE: NHI) is a self-managed real estate investment trust founded in 1991 that specializes in sale-leaseback, joint venture, mortgage and mezzanine financing for senior housing and medical facilities. The REIT oper...
Business Operations and StrategyRegulatory Filings and Compliance
National Health Investors Issues Updated Investor Relations Presentation
Neutral
May 4, 2026
On May 4, 2026, National Health Investors issued an investor update and accompanying presentation, making the materials available through its investor relations website. The disclosure, furnished rather than filed under securities law, provides st...
Business Operations and StrategyExecutive/Board Changes
National Health Investors Announces Planned CFO Succession Transition
Neutral
Apr 23, 2026
National Health Investors announced on April 23, 2026, that longtime Chief Financial Officer John Spaid will retire effective July 1, 2026, with no disagreements cited, and that finance executive Todd Siefert will join as Executive Vice President ...
Business Operations and StrategyM&A Transactions
National Health Investors Divests Skilled Nursing Portfolio to NHC
Positive
Apr 21, 2026
National Health Investors announced on April 21, 2026 that it entered a purchase and sale agreement to divest a portfolio of 32 skilled nursing facilities and three independent living facilities to current lessee National HealthCare Corporation fo...
Private Placements and FinancingRegulatory Filings and Compliance
National Health Investors Launches $500 Million Equity Offering Program
Neutral
Mar 16, 2026
On March 16, 2026, National Health Investors entered into an Equity Distribution Agreement with a syndicate of major banks to offer and sell up to $500 million of its common stock from time to time, including on an at-the-market basis, through sal...
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 ...
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.