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National Health Investors
(NYSE:NHI)
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Rating:71Outperform
Price Target:
$82.00
â–²(11.79% Upside)
Action:Reiterated
Date:08/11/26
The score is driven primarily by healthy financial performance (revenue growth and strong free-cash-flow generation), reinforced by a generally positive earnings update highlighting improved liquidity and a higher dividend. These positives are tempered by weak technical momentum and a valuation that looks fair rather than discounted, plus investor caution around volatility in reported margins and the large reported swing in debt levels.
Positive Factors
Cash generation
Consistent, high cash conversion and rising free cash flow (FCF ~$192M–$235M in recent years; TTM FCF up ~4%) underpin durable ability to fund dividends, reinvest in assets, and service financing. Strong OCF/FCF reduces reliance on equity issuance and supports long‑term capital allocation flexibility.
Negative Factors
Debt reporting discontinuity
A large step‑change in reported debt undermines trend comparability and raises questions on accounting or balance‑sheet presentation after the NHC sale. Investors need clarity to assess sustainable leverage, covenant headroom and refinancing risk given historical debt‑to‑equity around 0.76–0.91.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent, high cash conversion and rising free cash flow (FCF ~$192M–$235M in recent years; TTM FCF up ~4%) underpin durable ability to fund dividends, reinvest in assets, and service financing. Strong OCF/FCF reduces reliance on equity issuance and supports long‑term capital allocation flexibility.
Read all positive factors
National Health Investors (NHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.48B
Dividend Yield5.19%
Average Volume (3M)337.06K
Price to Earnings (P/E)20.4
Beta (1Y)0.15
Revenue Growth23.77%
EPS Growth10.04%
CountryUS
Employees32
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)3.47
Shares Outstanding49,110,435
10 Day Avg. Volume259,971
30 Day Avg. Volume337,064
Financial Highlights & Ratios
PEG Ratio-7.19
Price to Book (P/B)2.35
Price to Sales (P/S)9.46
P/FCF Ratio16.25
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$82.33Price Target Upside12.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)3.91
Revenue Forecast (FY)$281.18M
National Health Investors Business Overview & Revenue Model
Company Description
Established in 1991, National Health Investors, Inc. (NYSE: NHI) operates as a real estate investment trust (REIT) primarily focused on providing capital for senior living and medical real estate assets. The company facilitates this through divers...
How the Company Makes Money
NHI makes money primarily by earning contractual real-estate income and financing income from healthcare operators.
1) Rental and lease revenue (primary): NHI acquires healthcare-related properties and leases them to third-party operators. Under ...
National Health Investors Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call presents a largely positive strategic and financial picture driven by the transformative NHC sale (material gain and strong liquidity), rapid expansion of the SHOP platform (137% increase to ~$850M) and significant SHOP NOI growth in aggregate (188.5% YoY). Management enhancements (new COO, CFO) and a dividend increase further reinforce confidence. However, near-term operational and earnings challenges persist: same-store SHOP performance showed YoY weakness, normalized FFO declined modestly, G&A and interest costs rose, and some SHOP properties face occupancy and operational pressures. The acquisition market is competitive with compressed yields, creating underwriting pressure. Overall, the positives (balance sheet strength, liquidity, SHOP scale-up, sequential operational improvement and active pipeline) outweigh the near-term headwinds, but execution will be critical to realize the anticipated long-term benefits.Positive Updates
NHC Portfolio Sale Strengthens Balance Sheet
Completed sale of the NHC portfolio on July 1 for $560.0M in cash; expect to recognize an approximately $541.6M gain in Q3 2026. Approximately $221M of proceeds were used for replacement properties under reverse 1031 exchanges; ~$334M is being held for future tax-deferred reinvestment under Section 1031, materially increasing liquidity.
Negative Updates
Same-Store SHOP Year-Over-Year Weakness
Same-store NOI for legacy Holiday properties declined 6.3% YoY, and overall same-store SHOP performance remains challenged year-to-date despite sequential improvement; full-year guidance for same-store SHOP NOI remains a modest 1%–3%.
Read all updates
Q2-2026 Updates
Positive
Negative
NHC Portfolio Sale Strengthens Balance Sheet
Completed sale of the NHC portfolio on July 1 for $560.0M in cash; expect to recognize an approximately $541.6M gain in Q3 2026. Approximately $221M of proceeds were used for replacement properties under reverse 1031 exchanges; ~$334M is being held for future tax-deferred reinvestment under Section 1031, materially increasing liquidity.
Read all positive updates
Company Guidance
NHI left its full‑year SHOP outlook unchanged, maintaining same‑store SHOP NOI growth guidance of 1%–3% (which management said implies roughly 8%–9% growth in H2), and reiterated that newer SHOP investments should drive high‑single to low‑double‑digit NOI growth; Q2 SHOP NOI rose 188.5% YoY to $11.0M, SHOP investment has increased 137% to ≈$850M (24% of the company), year‑to‑date investments were $237.2M at a 7.7% average yield (>$212M in SHOP), with ~$127.3M of signed LOIs (initial yield 6.8%, 6.5% after maintenance CapEx) and ~ $420M under evaluation. Key financial and balance‑sheet metrics cited: Q2 net income per share $1.15 (+45.6%), NAREIT/normalized FFO $1.19 (flat / -2.5%), FAD $61.6M (+5.8%), cash rental income +2.8% YoY, Q2 G&A $8.8M (+44%) with cash G&A guidance up low‑teens YoY, EBITDARM coverages (12 months ended 3/31/26) senior housing 1.62 and SNF 2.66, net debt/adjusted EBITDA 4.1x (policy 3.5–4.5x), available liquidity ≈$792.4M ($262M excess revolver + $500M ATM/cash), July NHC sale proceeds $560M (expected Q3 gain ≈$541.6M) with ~$221M used for 1031 replacements and ~$334M held for reinvestment, and a dividend increase of $0.02 to $0.94 per share.National Health Investors Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 433.57M | 378.53M | 335.18M | 319.83M | 278.19M | 298.71M |
| Gross Profit | 280.40M | 138.93M | 324.02M | 308.32M | 268.41M | 287.08M |
| EBITDA | 316.00M | 282.00M | 264.16M | 259.87M | 178.73M | 240.94M |
| Net Income | 166.80M | 142.18M | 137.99M | 135.65M | 66.40M | 111.80M |
Balance Sheet | ||||||
| Total Assets | 2.96B | 2.80B | 2.61B | 2.49B | 2.51B | 2.84B |
| Cash, Cash Equivalents and Short-Term Investments | 30.39M | 19.62M | 24.29M | 22.35M | 19.29M | 37.41M |
| Total Debt | 1.28B | 1.16B | 1.15B | 1.14B | 1.15B | 1.25B |
| Total Liabilities | 1.38B | 1.26B | 1.23B | 1.21B | 1.22B | 1.32B |
| Stockholders Equity | 1.57B | 1.52B | 1.37B | 1.25B | 1.27B | 1.51B |
Cash Flow | ||||||
| Free Cash Flow | 235.71M | 220.26M | 192.44M | 180.71M | 180.71M | 210.79M |
| Operating Cash Flow | 250.87M | 240.23M | 208.17M | 184.45M | 185.34M | 210.86M |
| Investing Cash Flow | -292.70M | -271.07M | -191.55M | -11.63M | 197.94M | 185.28M |
| Financing Cash Flow | 73.40M | 23.96M | -14.74M | -169.72M | -401.25M | -402.99M |
National Health Investors Technical Analysis
Negative
73.35
Price Trends
75.33
Negative
74.79
Negative
77.26
Negative
Market Momentum
-1.00
Positive
37.95
Neutral
17.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NHI, the sentiment is Negative. The current price of 73.35 is above the 20-day moving average (MA) of 72.46, below the 50-day MA of 75.33, and below the 200-day MA of 77.26, indicating a bearish trend. The MACD of -1.00 indicates Positive momentum. The RSI at 37.95 is Neutral, neither overbought nor oversold. The STOCH value of 17.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NHI.
National Health Investors Risk Analysis
National Health Investors disclosed 43 risk factors in its most recent earnings report. National Health Investors reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
National Health Investors Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $9.22B | 24.23 | 8.54% | 3.72% | 53.07% | 32.48% | |
74 Outperform | $14.05B | 16.05 | 16.51% | 5.80% | 15.18% | 72.69% | |
71 Outperform | $3.48B | 20.43 | 10.96% | 5.19% | 23.77% | 10.04% | |
66 Neutral | $2.22B | 14.61 | 12.28% | 5.53% | 59.94% | 49.34% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.31B | 78.71 | 2.34% | 5.77% | 18.43% | -65.50% |
* Real Estate Sector Average
NHI
National Health Investors
70.88
-4.04
-5.39%
LTC
LTC Properties
41.21
6.77
19.64%
OHI
Omega Healthcare
46.38
5.52
13.50%
SBRA
Sabra Healthcare REIT
20.78
2.72
15.03%
CTRE
CareTrust REIT
39.01
5.86
17.67%
National Health Investors Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
National Health Investors Provides Supplemental Q2 2026 Portfolio Update
Neutral
Aug 10, 2026
National Health Investors released unaudited supplemental information for the quarter ended June 30, 2026, detailing portfolio composition, segment performance and capitalization for its senior housing and medical facility investments. The filing ...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
National Health Investors Issues Investor Update and Disclosure
Neutral
Aug 10, 2026
On August 10, 2026, National Health Investors, Inc. furnished an investor presentation and issued a related press release to update the market on its business. The materials, made available through the company’s investor website, form part o...
Business Operations and StrategyExecutive/Board Changes
National Health Investors Appoints First Chief Operating Officer
Positive
Jul 27, 2026
National Health Investors, Inc. announced on July 27, 2026, that its board had appointed industry veteran Christian (Chris) Maingot as the company’s first Chief Operating Officer, following the July 22, 2026 board decision. Maingot brings mo...
Business Operations and StrategyM&A Transactions
National Health Investors Completes Major Senior Care Asset Sale
Positive
Jul 1, 2026
On July 1, 2026, National Health Investors completed the sale of 32 skilled nursing facilities and three independent living facilities, including related land and improvements, to NHC/OP, L.P. and affiliated entities for a total price of $560 mill...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
National Health Investors Implements Executive Change-in-Control Protections
Neutral
Jul 1, 2026
On July 1, 2026, National Health Investors, Inc. entered into a Change in Control Severance Agreement with executive Todd Siefert, effective the same day, that defines his compensation and benefits if his employment is terminated without cause or ...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
National Health Investors Advances Sale of Senior Care Portfolio
Positive
Jun 1, 2026
National Health Investors, Inc. has agreed to sell 32 skilled nursing facilities and three independent living facilities, including the underlying land and improvements, to NHC/OP, L.P., a wholly owned subsidiary of National HealthCare Corporation...
Executive/Board ChangesShareholder Meetings
National Health Investors Holds 2026 Annual Meeting, Elects Board
Positive
May 29, 2026
National Health Investors, Inc. held its 2026 Annual Meeting of Stockholders on May 27, 2026, with approximately 87.46% of eligible shares represented, establishing a quorum. All nominated directors, including Robert W. Chapin, Jr., Tracy M.J. Col...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.