# National HealthCare Corporation (NHC)

> Source: Nexqual · https://nexqual.com/NHC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, National HealthCare Corporation (NHC), nexqual.com/NHC" · informational, not investment advice.

**Price:** USD 243.07 (+3.17% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 235.6 · day 234.75–244.5 · 52w 118.14–248.2 · market cap $3.81B · ASE

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.56B, net income $140M (9.0% margin), free cash flow $147M (SEC filings).
- Valuation: P/E 27.1x (avg 18.6x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $8.9M; 10 not under a Rule 10b5-1 plan ($8.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $175K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y +102.1% vs S&P 500 +14.9%; 5Y +289.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.07B | $1.09B | $1.14B | $1.31B | $1.52B | $1.56B |
| Operating income | $50.9M | $31.9M | $57.5M | $89.9M | $128M | $145M |
| Net income | $139M | $22.4M | $66.8M | $102M | $120M | $140M |
| EPS (diluted) | $8.99 | $1.45 | $4.34 | $6.53 | $7.67 | — |
| Free cash flow | $23.0M | -$21.5M | $83.3M | $79.7M | $149M | $147M |
| Operating margin | 4.7% | 2.9% | 5.0% | 6.9% | 8.5% | 9.3% |
| Net margin | 12.9% | 2.1% | 5.9% | 7.8% | 7.9% | 9.0% |
| Revenue growth | +4.5% | +1.1% | +5.1% | +14.5% | +16.1% | — |
| Cash + short-term investments | $143M | $81.8M | $113M | $76.1M | — | — |
| Total debt | — | — | $0K | $137M | $40.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.1x · P/S 2.4x · P/FCF 26.0x · P/B 3.4x · FCF yield 3.85% · Earnings yield 3.68% · Dividend yield (paid, TTM) 1.04% · Buyback yield (TTM) 0.84%
P/E at fiscal year-ends: Dec 2025 17.9x, Dec 2024 16.5x, Dec 2023 21.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-22 | Dodson Vicki L | Sr.VP Patient Srvcs | 4,834 | $1.1M | 31.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-11 | Kidd Brian F | SVP, CFO | 6,813 | $1.5M | 22.7% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-10 | McCreary Josh A | Senior VP & General Counsel | 2,719 | $610K | 21.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-12…2026-08-28 | Flatt Ben Anderson Sr | Senior VP & CIO | 7,000 | $1.6M | 30.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Gifford David R. | Director | 1,779 | $401K | 63.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-19 | Flatt Stephen Fowler | CEO | 1,500 | $356K | 2.2% | No | Too little history (no open-market trades in 2023) |
| 2026-06-22 | Hassan Emil E | Director | 5,937 | $1.2M | 8.3% | No | Too little history (no open-market trades in 2024) |
| 2026-06-16 | Hassan Emil E | Director | 1,563 | $313K | 2.1% | No | Too little history (no open-market trades in 2024) |
| 2026-05-21 | Laroche Richard F Jr | Director | 7,500 | $1.5M | 3.5% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-19 | Shelly Timothy J. | Sr.VP Operations | 1,853 | $365K | 58.9% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $175K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-01 | Piercey Lisa | Director | 949 | $175K | 184.26 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +102.1% | +289.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +102.6% | +31.2% |
| Volatility (annualized) | 33.7% | 27.1% |
| Max drawdown | -10.1% (May 2026→Jun 2026) | -33.1% (Aug 2024→Mar 2025) |

## Peers (Medical Care Facilities)
OPCH (Option Care Health, Inc.) USD 31.29 -0.00% · LFST (LifeStance Health Group, Inc.) USD 12.56 +1.87% · ACHC (Acadia Healthcare Company, Inc.) USD 31.88 +1.43% · AVAH (Aveanna Healthcare Holdings Inc) USD 13.32 +2.54% · CON (Concentra Group Holdings Parent) USD 39.97 +2.25% · GRDN (Guardian Pharmacy Services, Inc) USD 39.59 +1.56%

## More
Full page: https://nexqual.com/NHC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NHC's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1047335/000143774926005910/nhc20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | NATIONAL HEALTH INVESTORS INC (NHI) | "There is no assurance, however, that we will reach agreement with NHI on the base rent or other renewal terms." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Inpatient Services | $337.7M | 89.2% | +3.8% | $32.8M | 9.7% |
| Homecare Services | $41.1M | 10.9% | +7.1% | $8.2M | 19.9% |
| Corporate costs (not allocated) | — | — | — | $8.0M | — |
| Total revenue | $378.4M | 100% | — | $48.9M | 12.9% |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±8.5%; last 8 reports averaged ±5.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 38.0% | ±8.5% |
| 2026-12-18 | 56 | 33.1% | ±10.4% |
| 2027-02-19 | 119 | 30.7% | ±14.0% |
| 2027-05-21 | 210 | 31.7% | ±19.2% |