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REITs · Real Estate · Fiscal year ends Dec 31
National Health Investors reported revenue of $80M in the fiscal year ended Dec 2025, up 47.1% from the year before. Net income was $142M. Operating cash flow of $237M less capital expenditure of $294M left free cash flow of −$57M. Net debt was $1.1B.
Ranks among the 75 reits 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 | 0.0 | 35.8 | 48.8 | 54.4 | 80.1 |
| Net interest incomeBanks | – | 240 | 269 | – | – |
| Interest expense | 50.8 | 44.9 | 58.2 | 59.9 | 57.4 |
| Net income | 112 | 66.4 | 136 | 138 | 142 |
| Diluted EPS | 2.44 | 1.48 | 3.13 | 3.13 | 3.02 |
| Diluted shares | 45.7 | 44.8 | 43.4 | 44.1 | 47.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 37.4 | 19.3 | 22.3 | 24.3 | 19.6 |
| Receivables | 3.2 | 3.6 | – | – | – |
| Net PP&E | 2,318 | 2,118 | 2,107 | 2,211 | 2,472 |
| Total assets | 2,839 | 2,507 | 2,488 | 2,614 | 2,797 |
| Deferred revenue | 5.7 | 5.1 | 6.0 | 4.3 | 5.0 |
| Long-term debt | 1,243 | 1,148 | 1,135 | 1,146 | 1,164 |
| Total liabilities | 1,322 | 1,218 | 1,214 | 1,229 | 1,257 |
| Shareholders' equity | 1,507 | 1,270 | 1,254 | 1,366 | 1,522 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 211 | 185 | 184 | 208 | 237 |
| Capital expenditure | 50.3 | 11.0 | 49.6 | 158 | 294 |
| Free cash flow | 161 | 174 | 135 | 49.8 | −57.5 |
| Depreciation & amortisation | 80.8 | 70.9 | 70.0 | 71.4 | 80.9 |
| Stock-based compensation | 8.4 | 8.6 | 4.6 | 4.2 | 5.6 |
| Share buybacks | 0.0 | 152 | 0.0 | 0.0 | – |
| Dividends paid | 183 | 162 | 156 | 157 | 170 |
| Dividend per share | 3.80 | 3.60 | 3.60 | 3.60 | 3.64 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | 36.4% | 11.5% | 47.1% |
| EPS growth (YoY) | – | −39.3% | 111.5% | 0.0% | −3.5% |
| Net margin | – | 185.5% | 277.9% | 253.6% | 177.6% |
| Return on equityBlank when equity is negative | 7.4% | 5.2% | 10.8% | 10.1% | 9.3% |
| Free cash flow margin | – | 487.1% | 276.4% | 91.6% | −71.8% |
| Cash conversion (CFO ÷ net income) | 1.89x | 2.79x | 1.36x | 1.51x | 1.66x |
| Receivable days | – | 37 | – | – | – |
| Debt ÷ equity | 0.82x | 0.90x | 0.91x | 0.84x | 0.76x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,205 | 1,128 | 1,113 | 1,122 | 1,144 |
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.