National Health Investors Inc (NHI) Financial Statements
Industry: Real Estate Investment Trusts
In fiscal 2025, National Health Investors reported revenue of $375.6M, up 12.1% from $335.2M the year before. Net income was $142.2M (a 37.9% net margin), or $3.02 per diluted share. Operating activities generated $236.6M of cash, leaving -$57.5M of free cash flow. At fiscal year end, National Health Investors held $2.80B in total assets against $1.26B in total liabilities, including $19.6M of cash and equivalents.
Open the full interactive National Health Investors financials → Quarterly statements, key ratios, valuation history and price charts.
National Health Investors Key Stats
| Share Price | $65.60 |
|---|---|
| Market Cap | $3.18B |
| P/E Ratio | 21.7 |
| Dividend Yield | 5.52% |
| Revenue YoY Growth | +12.1% |
| 52-Week Range | $63.96 – $87.68 |
| Shares Outstanding | 48.4 million (basic, 2026 Q2) |
National Health Investors Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $332.8M | $298.7M | $278.2M | $319.8M | $335.2M | $375.6M |
| Pre-Tax Income | $185.1M | $111.8M | $66.4M | $135.7M | $138.0M | $142.2M |
| Net Income | $185.1M | $111.8M | $66.4M | $135.7M | $138.0M | $142.2M |
| Diluted EPS | $4.14 | $2.44 | $1.48 | $3.13 | $3.13 | $3.02 |
National Health Investors Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $89.8M | $105.8M | $115.1M | $121.3M |
| Net Income | $32.9M | $38.2M | $40.1M | $55.7M |
| Diluted EPS | $0.69 | $0.81 | $0.82 | $1.15 |
National Health Investors Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $43.3M | $37.4M | $19.3M | $22.3M | $24.3M | $19.6M |
| Total Assets | $3.12B | $2.84B | $2.51B | $2.49B | $2.61B | $2.80B |
| Total Long-Term Debt | $1.50B | $1.24B | $1.15B | $1.14B | $1.15B | $1.16B |
| Total Liabilities | $1.60B | $1.32B | $1.22B | $1.21B | $1.23B | $1.26B |
| Shareholders' Equity | $1.51B | $1.51B | $1.27B | $1.25B | $1.37B | $1.52B |
National Health Investors Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $232.1M | $210.9M | $185.3M | $184.4M | $207.8M | $236.6M |
| Cash From Investing | -$89.7M | $185.3M | $197.9M | -$11.6M | -$192.3M | -$269.1M |
| Cash From Financing | -$111.8M | -$403.0M | -$401.3M | -$169.7M | -$13.6M | $25.7M |
| Free Cash Flow | $115.4M | $160.5M | $174.3M | $134.9M | $49.8M | -$57.5M |
| Dividends Paid | $194.6M | $182.9M | $161.8M | $156.2M | $156.5M | $169.7M |
Figures from National Health Investors' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full National Health Investors financials page for every line item.
National Health Investors Company Profile
| Ticker | NHI |
|---|---|
| Exchange | NYSE |
| Industry | Real Estate Investment Trusts |
| Headquarters | Murfreesboro, Tennessee |
| Incorporated in | Maryland |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000877860 |
Frequently Asked Questions
What was National Health Investors' revenue in fiscal 2025?
National Health Investors (NHI) reported revenue of $375.6M for fiscal 2025.
What is National Health Investors' annual revenue history?
National Health Investors' annual revenue by fiscal year: 2020: $332.8M; 2021: $298.7M; 2022: $278.2M; 2023: $319.8M; 2024: $335.2M; 2025: $375.6M.
What was National Health Investors' net income in fiscal 2025?
National Health Investors reported net income of $142.2M for fiscal 2025.
What was National Health Investors' earnings per share (EPS) in fiscal 2025?
National Health Investors' diluted EPS was $3.02 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did National Health Investors generate in fiscal 2025?
National Health Investors generated -$57.5M of free cash flow in fiscal 2025.
What was National Health Investors' revenue last quarter?
In its most recent reported quarter (2026 Q2), National Health Investors reported revenue of $121.3M.
How much debt does National Health Investors have?
National Health Investors reported $1.16B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of National Health Investors are outstanding?
National Health Investors reported a weighted average of 48.4 million basic shares outstanding in 2026 Q2.
What is National Health Investors' market cap?
Based on its latest closing price, National Health Investors (NHI) has a market capitalization of about $3.18B.
When does National Health Investors' fiscal year end?
National Health Investors' fiscal year end, as registered with the SEC, is December 31.
Where is National Health Investors headquartered?
National Health Investors lists its business address in Murfreesboro, Tennessee in its SEC filings.