NHINYSEReal Estate Investment TrustsFiscal year ends December 31
NATIONAL HEALTH INVESTORS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$64.70−1.58 (-2.38%)
Close on Oct 19, 2026
- Market cap
- $3.14B
- P/E (TTM)
- 18.7
- Dividend yield
- 5.38%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
–
Net margin
37.9%−17.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.1% | +10.5% | +2.5% | +5.1% | |
| Net income | +3.0% | +28.9% | -5.1% | -0.5% | |
| EPS, diluted | -3.5% | +26.8% | -6.1% | -2.6% | |
| Dividend per share | +22.5% | -1.1% | -4.6% | +0.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 12.9% | 12.3% | 9.8% | |
| Return on assets | 6.7% | 6.0% | 5.3% | |
| Capex to revenue | 158.9% | 35.1% | 78.3% | |
| Diluted shares | 39M | 45M | 47M |
Where the cash went
Fiscal 2021 to 2025, five years combined
National Health Investors generated $1.02B from operations and spent $1.54B on capital expenditure, dividends and share buybacks. 37% of that went back into the business.
Generated
$1.02B
Used
$1.54B
Capital expenditure$562.86M37%Dividends$827.12M54%Share buybacks$151.95M10%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin37.9%
×Asset turnover0.14×
×Equity multiplier1.87×
=Return on equity, FY20259.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 37.9% | 0.14× | 1.87× | 9.8% |
| FY2024 | 41.2% | 0.13× | 1.95× | 10.5% |
| FY2023 | 42.4% | 0.13× | 1.98× | 10.7% |
| FY2022 | 23.9% | 0.10× | 1.92× | 4.8% |
| FY2021 | 37.4% | 0.10× | 1.97× | 7.4% |
| FY2020 | 55.6% | 0.11× | 2.05× | 12.3% |
| FY2019 | 50.4% | 0.11× | 2.01× | 11.1% |
| FY2018 | 52.4% | 0.11× | 1.95× | 11.4% |
| FY2017 | 57.2% | 0.11× | 1.95× | 12.6% |
| FY2016 | 61.0% | 0.11× | 1.94× | 12.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$142.18M
- Cash generatingOperating cash flow above zero$236.56M
- Return on assets improvedROA up on the prior year5.5% → 5.4%
- Earnings backed by cashOperating cash flow above net income$236.56M vs $142.18M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise44M → 47M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.13 → 0.14