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Healthcare REIT owning senior housing, skilled nursing and other healthcare properties leased to operators.
Healthcare REIT owning senior housing, skilled nursing and other healthcare properties leased to operators.
Collects rent from operators under triple-net leases, meaning the tenant pays taxes, upkeep and insurance, and interest on loans to operators, so its income depends on those operators being able to keep paying. A few large operators account for much of the rent.
Moat: narrow (scale, distribution). Long-term triple-net leases with healthcare operators provide stable, contracted cash flow.
Headquarters: Murfreesboro, Tennessee, US · Founded: 1991 · Employees: 32
Size National Health Investors (NHI) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $3.50B, the 1435th largest of 3,117 United States companies the cockpit tracks. Shares closed at $71.24 on 6 Nov 2026.
Performance Over six months the shares fell 5.3%, against -5.4% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 23.8% over the last twelve months (peer median +3.5%); the operating margin is 45.3% (peer median 48.1%).
Valuation It trades at 2.23× book value against a peer median of 0.97× (most expensive of 21).
Price implies The share price implies a return on equity of about 13.0%; National Health Investors delivers 10.9%, so the price asks more than the business earns today.
Credit National Health Investors has 2 bonds outstanding ($750M), rated BBB- by the agencies and trading like BB+ at a weighted spread of 152 bp.
Short interest Short interest is 4.5% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $435M | $379M | $338M | $322M | $286M |
| Revenue growth | — | +12% | +5% | +13% | — |
| Gross profit | $229M | $223M | $210M | $199M | $169M |
| EBITDA | $291M | $279M | $264M | $251M | $224M |
| Net income | $167M | $142M | $138M | $136M | $66.4M |
| Free cash flow | $224M | $220M | $192M | $180M | $181M |
| Capital expenditure | $26.3M | $20.0M | $15.7M | $7.73M | $4.63M |
| Total debt | $1.28B | $1.16B | $1.15B | $1.14B | $1.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| National Health Investors NHI | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% |
| Ventas VTR | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% |
| Welltower WELL | $180B | +15% | +39% | 4% | 3.69× | 24.4% |
| Omega Healthcare Investors OHI | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NHI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.3% | +2.9% | highest of 21 |
| 6-month return | -5.3% | -5.4% | 11th highest of 21 |
| Return on equity | 10.9% | 5.1% | 2nd highest of 21 |
| Price / book | 2.23× | 0.97× | most expensive of 21 |
| Trailing P/E | 20.6× | 16.2× | 6th most expensive of 18 |
| ROE the price implies | 13.0% | 7.5% | 3rd most demanding of 21 |
| ROE delivered | 10.9% | 5.1% | 2nd highest of 21 |
| Bond spread | 152 bp | 109 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% | 6.5% |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | -5% | 1.03× | 12.1% | -5.0% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 5% | 1.01× | 4.4% | 4.9% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
National Health Investors has 2 bonds outstanding with $750M face value. The agencies rate it BBB-; its bonds trade like BB+. Weighted yield 6.15%, a spread of 152 bp over government bonds.