National Health Investors (NHI) AI Stock Analysis

• Market Cap: $4.20B
• Dividend Yield: 4.73%
• Average Volume (3M): 298.48K
• Price to Earnings (P/E): 25.2
• Beta (1Y): 0.25
• Revenue Growth: 8.04%
• EPS Growth: 9.20%
• Country: US
• Employees: 30
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Healthcare Facilities
• EPS (TTM): 0.80
• Shares Outstanding: 48,392,384
• 10 Day Avg. Volume: 400,751
• 30 Day Avg. Volume: 298,476
• PEG Ratio: -7.19
• Price to Book (P/B): 2.35
• Price to Sales (P/S): 9.46
• P/FCF Ratio: 15.13
• Enterprise Value/Market Cap: 1.24
• Enterprise Value/Revenue: 13.78
• Enterprise Value/Gross Profit: 17.46
• Enterprise Value/Ebitda: 18.77
• 1Y Price Target: $84.25
• Price Target Upside: -0.74% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 3.37
• Revenue Forecast (FY): $279.99M

• Rating: 70 Outperform
• Price Target: $96.00 ▲(13.10% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 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.

High-growth SHOP platform

Rapid SHOP platform expansion is a structural growth driver: investment levels more than doubled and SHOP NOI growth is outsized. A growing, higher‑yielding SHOP portfolio diversifies income away from legacy assets and can sustainably lift overall NOI and FFO as properties stabilize and scale.

Strong liquidity and conservative leverage policy

Robust liquidity (cash, revolver and ATM capacity ~ $875M) and a stated conservative leverage range provide financial flexibility to fund SHOP growth and absorb operator stress. A 3.8x net debt/EBITDA midpoint supports opportunistic acquisitions while preserving dividend coverage and credit resilience.

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.

Transitional operational risk in SHOP/legacy assets

Legacy-property transitions and operator changes have produced same‑store softness and near‑term NOI volatility. Stabilization risk (occupancy, management execution, lease renegotiations) can suppress cash rents and FFO until operators complete transitions and occupancy recovers.

Rising operating costs and share dilution

Material increases in G&A and a rising share count from equity financings can pressure FFO per share and dividend sustainability if NOI growth lags. Sustained higher overhead and dilution require persistent NOI upside from SHOP investments to preserve per‑share returns.

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

2020–2024 results reflect a steady REIT profile with modest revenue growth returning in 2023–2024, strong reported profitability, and solid operating/free cash flow that closely tracks earnings. However, major discontinuities in the 2025 annual figures across statements reduce confidence in the most recent period’s financial trend.

Income Statement

Annual results show a generally stable top line with modest growth in 2023–2024 (revenue up ~15% in 2023 and ~5% in 2024) after declines in 2021–2022. Profitability is strong for a REIT profile in the annual statements, with net profit margins around ~41–42% in 2023–2024 (vs. ~24% in 2022). However, the 2025 annual entry appears inconsistent (e.g., extremely large EBITDA and net income relative to revenue and margins far above 100%), which reduces confidence in the most recent period’s income-statement quality and trend read-through.

Balance Sheet

Leverage looks moderate for the sector in the annual statements, with debt-to-equity generally in the ~0.83–1.00 range from 2020–2024, suggesting meaningful but not excessive balance-sheet leverage. Equity is fairly stable over time, supporting balance-sheet resilience. That said, the 2025 annual balance-sheet line shows zero debt alongside an extremely large asset base versus prior years, which is a major discontinuity versus 2020–2024 and raises data reliability concerns for the latest period.

Cash Flow

Cash generation appears solid and relatively consistent: operating cash flow has been steady (~$184M–$232M in 2020–2024), and free cash flow closely tracks operating cash flow each year, indicating limited drag from capital spending. Free cash flow also closely matches net income in 2020–2024 (roughly ~98%–100%), supporting earnings quality. Free cash flow growth was positive in 2024 and 2020, though there were declines in 2021–2022, pointing to some cyclicality. The 2025 annual cash-flow coverage metric is an outlier versus prior years, consistent with other 2025 data inconsistencies.

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	203.70M	180.71M	180.71M	210.79M
Operating Cash Flow	240.23M	207.77M	184.45M	185.34M	210.86M
Investing Cash Flow	-271.07M	-192.31M	-11.63M	197.94M	185.28M
Financing Cash Flow	23.96M	-13.57M	-169.72M	-401.25M	-402.99M

National Health Investors Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 84.88
• 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 84.88 is below the 20-day moving average (MA) of 87.01, above the 50-day MA of 81.86, and above the 200-day MA of 76.11, indicating a neutral trend. The MACD of 1.58 indicates Positive momentum. The RSI at 53.64 is Neutral, neither overbought nor oversold. The STOCH value of 33.36 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	79 Outperform	$8.77B	18.09	9.21%	3.56%	59.25%	88.37%
OHI	74 Outperform	$14.00B	22.25	11.79%	6.11%	13.50%	31.56%
NHI	70 Outperform	$4.20B	25.18	9.85%	4.73%	8.04%	9.20%
SBRA	70 Outperform	$5.11B	29.37	5.59%	6.47%	8.12%	75.95%
LTC	69 Neutral	$1.92B	13.47	11.52%	6.70%	11.89%	-68.41%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

National Health Investors Corporate Events

National Health Investors Issues Q4 2025 Supplemental Disclosure

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 diversified portfolio spanning senior housing, skilled nursing and hospital assets, along with adjusted NOI figures that reflect the impact of asset sales, transitions and deferral repayments on the REIT’s income profile.

The materials show NHI’s revenue base remains heavily concentrated in senior housing, with a meaningful contribution from skilled nursing facilities and hospitals, underscoring its positioning as a healthcare-focused landlord. By outlining lease coverage, asset classes, and capital structure, the company provides investors and analysts with greater visibility into its tenant mix, cash flow durability and balance sheet, which may influence valuation assessments and perceptions of risk within the healthcare REIT sector.

The most recent analyst rating on (NHI) stock is a Buy with a $90.00 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 Updated Investor Presentation Materials

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, available through the company’s website, are intended to update stakeholders on the business while being furnished rather than filed for securities law purposes, underscoring standard regulatory treatment of such disclosures and directing investors to its public filings for detailed risk information.

The most recent analyst rating on (NHI) stock is a Buy with a $90.00 price target. To see the full list of analyst forecasts on National Health Investors stock, see the NHI Stock Forecast page.

National Health Investors Adds Director, Aligns Board Terms

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 and global investment experience. Donohue, currently President and CEO of Everstory Partners and former CEO of Holiday Retirement and Fortress Investment Group China, joins at a time when NHI underscores its positioning for organic and external growth in senior housing and healthcare real estate.

Also on February 17, 2026, President and CEO D. Eric Mendelsohn resigned his board seat before the end of his term and was immediately reappointed to a term expiring at the 2026 annual meeting to align with NHI’s newly declassified board structure. His decision means that by the 2026 shareholder meeting all directors, including Mendelsohn and Donohue, will stand for election to one-year terms, completing the governance transition and potentially increasing board accountability to investors.

The most recent analyst rating on (NHI) stock is a Hold 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 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.