NHI - NYSE

National Health Investors, Inc.

NHI·NYSE

$69.54

-1.7%

Real EstateREIT - Healthcare Facilities

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.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$3.37B

EPS3.0300

P/E Ratio25.18

Earnings Date08/05/2026

240.23M

Operating Cash Flow

15%

3Y+30.0%

5Y+3.0%

10Y+36.0%

-271.07M

Investing Cash Flow

42%

3Y-237.0%

5Y+202.0%

10Y-18.0%

23.96M

Financing Cash Flow

-263%

3Y-106.0%

5Y-121.0%

10Y-83.0%

National Health Investors, Inc. Cash Conversion Engine

NHI · NYSE

FCF Components

Net Income142.18M

Depreciation & Amortization83.84M

Stock-Based Compensation0.00

Change in Working Capital7.26M

Others6.95M

Capital Expenditures-19.97M

Free Cash Flow220.26M

Cash Flow Quality Analysis

FCF Conversion Rate

154.9%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

8.3%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+14.5%

Steady FCF growth indicates consistent cash generation improvement. On a positive trajectory.

Working Capital Impact

+$7.26M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

National Health Investors, Inc. Cash Flow Statement

NHI • NYSE

National Health Investors, Inc. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007	Dec 2006
OPERATING ACTIVITIES
Net Income	142.2M	138M	134.4M	65.5M	112M	185.3M	160.4M	154.3M	159.4M	152.7M	150.3M	103.1M	107.2M	90.9M	81.1M	69.4M	64.2M	57.5M	96.4M	69.2M
Depreciation & Amortization	83.8M	74.3M	70M	70.9M	80.8M	83.2M	76.8M	75.8M	73M	63.1M	56.6M	40.7M	20.9M	17M	12M	11.2M	8.6M	7.9M	11.7M	11.8M
Change in Deferred Taxes	0.0	0.0	0.0	0.0	-29M	0.0	823K	5.9M	-7.9M	-18.8M	-23.4M	561K	-20.2M	-14.2M	-14.3M	-2M	-2.3M	4.1M	0.0	0.0
Stock-Based Compensation	0.0	0.0	4.6M	8.6M	8.4M	3.1M	3.6M	2.5M	2.6M	1.7M	2.1M	2M	2.3M	2.2M	3.1M	2.4M	853K	7K	0.0	0.0
Other Non-Cash Items	6.9M	-1.6M	-27.8M	43M	39.2M	-32.6M	-19.5M	-30M	-27.3M	-23.9M	-25M	-16.5M	-9.8M	-8.3M	-3.9M	-3.9M	-157K	388K	-38.3M	-14.1M
Change in Working Capital	7.3M	-2.6M	3.3M	-2.7M	-438K	-6.7M	18.7M	-571K	-2.5M	2.4M	3.8M	-3.7M	3.8M	-1.3M	-1.2M	417K	-2M	-2.8M	-3.3M	-9.1M
Cash from Operating Activities	240.2M	208.2M	184.5M	185.3M	210.9M	232.1M	241M	207.9M	197.3M	177.2M	164.4M	126.1M	104.2M	86.3M	76.9M	77.5M	69.2M	67.1M	66.5M	57.8M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	-20M	-15.7M	-3.7M	-4.6M	-64K	-158K	-18M	-147.6M	-175.3M	-367M	-114.5M	-535.8M	-633.7M	(0.0)	-75.8M	-98.7M	-81.6M	-4M	-2.5M	-2.5M
Acquisitions, Net	(1.7M)	(1.2M)	(0.0)	(11.7M)	-187.5M	-875K	(643K)	(0.0)	(0.0)	-17M	(114.5M)	(0.0)	(0.0)	-8.3M	(0.0)	(6.2M)	(0.0)	(0.0)	-14M	(24.2M)
Purchase of Investments	-345.2M	-202.6M	(0.0)	-86.2M	-119.1M	(0.0)	-327.4M	-238.7M	-217.8M	-483.4M	-8.5M	(0.0)	(0.0)	(0.0)	(0.0)	-12.4M	-4.8M	(0.0)	-361.5M	-11.1M
Sale/Maturity of Investments	92.3M	25.6M	0.0	288.2M	306.7M	0.0	2.9M	4.3M	18.2M	59.6M	57.4M	0.0	0.0	125K	12.9M	9.6M	30.9M	56.2M	347.3M	16.9M
Other Investing Items	0.0	0.0	-7.9M	-11.2M	185.3M	-88.7M	-643K	-102.6M	-6.7M	-22.4M	-185.3M	-4.5M	7.9M	-91.6M	7.5M	3.3M	175K	42K	52.1M	19.7M
Cash from Investing Activities	-271.1M	-191.5M	-11.6M	(197.9M)	(185.3M)	-89.7M	-342.5M	-250.3M	-163.8M	-329.8M	-136.3M	-540.3M	-625.8M	-99.8M	-55.5M	-92M	-55.3M	(52.2M)	(21.4M)	(47.2M)
FINANCING ACTIVITIES
Net Issuance of Common Stock	181.5M	142.4M	0.0	-152M	47.9M	34.6M	95.8M	81.8M	122.2M	104.2M	49.1M	270.8M	282.5M	0.0	0.0	0.0	0.0	-3.6M	0.0	-3.2M
Net Issuance of Debt	14.3M	7.3M	-12.4M	-93.4M	-199.6M	54.3M	192.3M	268.9M	-61.7M	74.2M	402.3M	39.5M	230.3M	85.9M	0.0	0.0	-4M	-5.5M	-104M	-3.8M
Cash Paid for Dividends	-169.7M	-156.5M	-156.2M	-161.8M	-182.9M	-194.6M	-179.7M	-165.4M	-153M	-138.3M	-124.7M	-100.7M	-85.1M	-78.9M	-67.9M	-66.5M	-64.5M	-85.5M	-67.4M	-52.5M
Share Repurchases	(0.0)	(0.0)	(0.0)	-152M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-3.6M	(0.0)	-3.5M
Other Financing Items	-2.1M	-7.9M	-1.1M	5.9M	-68.4M	-6.1M	-1.1M	-141M	57.5M	104M	-344.9M	467.3M	96M	-179K	59.7M	37.9M	78K	245K	0.0	0.0
Cash from Financing Activities	24M	-14.7M	-169.7M	-401.3M	-403M	-111.8M	107.3M	44.3M	-35.1M	144.2M	-18.1M	406.1M	523.8M	6.8M	-8.2M	-28.6M	-68.5M	-94.4M	-171.4M	-59.7M
CASH FLOW SUMMARY
Effect of Foreign Exchange Rates	2.2M	57K	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	-4.7M	1.9M	3.1M	-18M	-6.9M	30.7M	5.8M	1.8M	-1.6M	-8.5M	10M	-8M	2.1M	-6.7M	13.2M	-43.1M	-54.5M	24.9M	-83.5M	45.3M
Cash at Beginning of Period	24.3M	22.3M	21.5M	39.5M	46.3M	15.7M	9.9M	8.1M	4.6M	13.3M	3.3M	11.3M	9.2M	15.9M	2.7M	45.7M	100.2M	75.4M	158.8M	132.5M
Cash at End of Period	19.6M	24.3M	24.6M	21.5M	39.5M	46.3M	15.7M	9.9M	3.1M	4.8M	13.3M	3.3M	11.3M	9.2M	15.9M	2.7M	45.7M	100.2M	75.4M	177.8M
Free Cash Flow	220.3M	192.4M	180.7M	180.7M	210.8M	232M	223M	60.2M	22M	-189.8M	49.9M	-409.6M	-529.5M	86.3M	1M	-21.2M	-12.4M	63.1M	64M	55.3M

SEC Filings

NHI - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	June 01, 2026	May 26, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 29, 2026	May 27, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 04, 2026	May 04, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	May 04, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 04, 2026	May 04, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 04, 2026	May 04, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 23, 2026	April 20, 2026	2026	View Filing
8-K/A 8-K/A 2026 (Amended) N/A	April 22, 2026	April 20, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 21, 2026	April 20, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 03, 2026	May 27, 2026	2026	View Filing

Showing 1 to 10 of 697 filings

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