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Medical care facilities · Healthcare · Fiscal year ends Dec 31
National Healthcare reported revenue of $1.5B in the fiscal year ended Dec 2025, up 16.1% from the year before. Operating income was $128M, an operating margin of 8.5%, and net income was $120M. Operating cash flow of $185M less capital expenditure of $36M left free cash flow of $149M. It held more cash than debt (net cash $53M).
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,074 | 1,086 | 1,142 | 1,307 | 1,518 |
| Operating income | 50.9 | 31.9 | 57.5 | 89.9 | 128 |
| Interest expense | 0.8 | 0.6 | 0.3 | 4.1 | 6.4 |
| Pre-tax income | – | 27.2 | 88.7 | 136 | 162 |
| Income tax | 11.0 | 7.3 | 23.5 | 34.3 | 39.8 |
| Net income | 139 | 22.4 | 66.8 | 102 | 120 |
| Diluted EPS | 8.99 | 1.45 | 4.34 | 6.53 | 7.67 |
| Diluted shares | 15.4 | 15.4 | 15.4 | 15.6 | 15.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 108 | 58.7 | 107 | 76.1 | 92.8 |
| Receivables | 96.1 | 100.0 | 109 | 135 | 139 |
| Inventory | 8.6 | 7.1 | 7.4 | 9.0 | 7.8 |
| Current assets | 427 | 354 | 406 | 424 | 462 |
| Net PP&E | 521 | 507 | 493 | 684 | 674 |
| Goodwill | 168 | 168 | 168 | 170 | 170 |
| Total assets | 1,403 | 1,275 | 1,311 | 1,524 | 1,526 |
| Payables | 22.5 | 17.0 | 19.2 | 25.5 | 22.8 |
| Deferred revenue | 15.0 | 0.0 | 0.0 | – | – |
| Current liabilities | 263 | 198 | 214 | 235 | 254 |
| Short-term debt | – | – | 0.0 | 7.5 | 7.5 |
| Long-term debt | – | – | 0.0 | 130 | 32.5 |
| Total liabilities | 495 | 398 | 400 | 541 | 452 |
| Shareholders' equity | 903 | 874 | 909 | 980 | 1,069 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 62.4 | 8.7 | 111 | 107 | 185 |
| Capital expenditure | 39.4 | 30.2 | 27.9 | 27.6 | 36.4 |
| Free cash flow | 23.0 | −21.5 | 83.3 | 79.7 | 149 |
| Depreciation & amortisation | 40.7 | 40.5 | 42.0 | 42.0 | 44.9 |
| Stock-based compensation | 2.6 | 2.6 | 2.8 | 4.2 | 4.4 |
| Share buybacks | 0.8 | 9.9 | 2.5 | 13.5 | 14.7 |
| Dividends paid | 32.0 | 34.6 | 35.6 | 37.0 | 38.7 |
| Dividend per share | 2.11 | 2.26 | 2.34 | 2.42 | 2.53 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.1% | 5.1% | 14.5% | 16.1% |
| Operating income growth (YoY) | – | −37.4% | 80.1% | 56.5% | 42.8% |
| EPS growth (YoY) | – | −83.9% | 199.3% | 50.5% | 17.5% |
| Operating margin | 4.7% | 2.9% | 5.0% | 6.9% | 8.5% |
| Net margin | 12.9% | 2.1% | 5.9% | 7.8% | 7.9% |
| Return on equityBlank when equity is negative | 15.3% | 2.6% | 7.4% | 10.4% | 11.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.5% | 3.0% | 5.2% | 7.0% | 10.1% |
| Free cash flow margin | 2.1% | −2.0% | 7.3% | 6.1% | 9.8% |
| Cash conversion (CFO ÷ net income) | 0.45x | 0.39x | 1.66x | 1.05x | 1.54x |
| Receivable days | 33 | 34 | 35 | 38 | 33 |
| Interest cover | 60.3x | 56.7x | 177x | 21.7x | 20.1x |
| Debt ÷ equity | – | – | 0.00x | 0.14x | 0.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | −107 | 60.9 | −52.8 |
| Current ratio | 1.62x | 1.79x | 1.89x | 1.81x | 1.82x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.