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NYSE · Real Estate

NATIONAL HEALTH INVESTORS INC (NHI)

As-reported financials and SEC filings for NATIONAL HEALTH INVESTORS INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About NATIONAL HEALTH INVESTORS INC

National Health Investors Inc is a real estate investment trust that owns, leases, operates, and finances senior housing communities and medical facilities across the United States. Its portfolio includes independent living facilities, assisted living facilities, entrance fee communities, senior living campuses, skilled nursing facilities, and hospitals. The company generates revenue primarily through triple-net leases, resident fees, and interest income from financing arrangements, serving tenants, operators, and residents in 32 states.

Snapshot

Revenue
$375.6M
Revenue growth (YoY)
12.1%
Net income
$142.2M
Diluted EPS
$3.02
Gross margin
Operating margin
Net margin
37.9%
FCF margin
-15.3%
ROE
9.3%
net income / fiscal-year-end equity
P/E
20.9×
trailing when available, otherwise FY EPS
Market cap
$3.49B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at National Health Investors

  • Revenue grew 12.1% to $376M in FY2025, faster than the 4.8% the year before.
  • Most recent quarter Q2 FY2026: revenue $121M, up 33.8% from Q2 FY2025.
  • Free cash flow was negative $57M in FY2025.
  • Net income rose 3.0% to $142M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where National Health Investors’s fundamentals sit among the 165 REITs. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Net margin37.9%
88th percentile of 156
FCF margin-15.3%
8th percentile of 27
Revenue growth (YoY)+12.1%
82nd percentile of 161
ROE9.3%
79th percentile of 142
P/E20.9×
27th percentile of 109
Short interest5.64d
66th percentile of 152

National Health Investors’s FCF margin of -15.3% ranks in the 8th percentile of the 27 REITs reporting it. National Health Investors’s net margin of 37.9% ranks in the 88th percentile of the 156 REITs reporting it.

2 reported insider purchases (code P) totaling $167,027 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+5 quant / multi-strat
Initiated / added
2
0 new, 2 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$52.6M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$25.6M335.4KReduced
Citadel AdvisorsquantQ2 2026$13.6M178.7KAdded
Millennium ManagementquantQ2 2026$6.0M79.0KReduced
Renaissance TechnologiesquantQ2 2026$4.0M52.1KAdded
AQR Capital ManagementquantQ2 2026$3.4M44.0KReduced

No longer held by: D. E. Shaw (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
2
2 insiders
Bought (90d)
$167K
code P value
Sells (90d)
0
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-06-15
MCCABE ROBERT A JRDirectorBuy890$71.65$64K
2026-06-05
Mendelsohn D. EricCEO and PresidentBuy1.5K$68.84$103K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
2.2M
settled 2026-08-14
Change vs prior
+45.3%
vs previous settlement
Days to cover
5.64
at avg daily volume
Avg daily volume
385.5K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-142.2M+45.3%5.64
2026-07-311.5M-28.6%3.71
2026-07-152.1M-44.0%4.74
2026-06-303.7M+102.4%2.38
2026-06-151.8M-13.2%4.56
2026-05-292.1M+12.9%4.77
2026-05-151.9M+9.3%3.46
2026-04-301.7M+3.8%4.44

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$375.6M$335.2M$319.8M$278.2M$298.7M
Gross profit
Operating income
Net income$142.2M$138.0M$135.7M$66.4M$111.8M
Diluted EPS$3.02$3.13$3.13$1.48$2.44

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$19.6M$24.3M$22.3M$19.3M$37.4M
Current assets
Total assets$2.80B$2.61B$2.49B$2.51B$2.84B
Current liabilities
Long-term debt
Total liabilities$1.26B$1.23B$1.21B$1.22B$1.32B
Total equity$1.53B$1.38B$1.26B$1.28B$1.52B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$236.6M$207.8M$184.4M$185.3M$210.9M
Capital expenditure$294.0M$157.9M$49.6M$11.0M$50.3M
Free cash flow$-57.5M$49.8M$134.9M$174.3M$160.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$121.3M33.8%$55.7M$1.15
Q1 FY2026$115.1M28.9%$40.1M$0.82
Q4 FY2025$105.8M23.4%$38.2M$0.80
Q3 FY2025$89.8M8.3%$32.9M$0.69
Q2 FY2025$90.7M6.7%$37.0M$0.79
Q1 FY2025$89.3M9.5%$34.2M$0.74
Q4 FY2024$85.8M7.9%$43.2M$0.95
Q3 FY2024$82.9M3.5%$28.5M$0.65

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorReal Estate
SIC industryReal Estate Investment Trusts
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2012
SEC CIK877860

Selected SEC filings

10-Q2026-08-10
View on EDGAR →
10-Q2026-05-04
View on EDGAR →
8-K2026-08-27
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-08-10
View on EDGAR →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.