# National Health Investors, Inc. (NHI)

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

**Price:** USD 66.96 (+3.14% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 64.92 · day 65–67.15 · 52w 63.51–91.38 · market cap $3.29B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $432M, net income $167M (38.6% margin) (SEC filings).
- Valuation: P/E 19.7x (avg 21.8x at the last 3 fiscal year-ends), net debt $1.24B.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $167K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.38 on a 1–5 scale) (8 analysts), mean target USD 78.5 (range 65–90).
- Total return with dividends: 1Y -6.6% vs S&P 500 +14.9%; 5Y +58.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 1.51, revenue estimate $112M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $299M | $278M | $320M | $335M | $376M | $432M |
| Net income | $112M | $66.4M | $136M | $138M | $142M | $167M |
| EPS (diluted) | $2.44 | $1.48 | $3.13 | $3.13 | $3.02 | — |
| Free cash flow | $161M | $174M | $135M | $49.8M | -$57.5M | — |
| Net margin | 37.4% | 23.9% | 42.4% | 41.2% | 37.9% | 38.6% |
| Revenue growth | -10.2% | -6.9% | +15.0% | +4.8% | +12.1% | — |
| Cash + short-term investments | $37.4M | $19.3M | $22.3M | $24.3M | $19.6M | — |
| Total debt | $1.24B | $1.15B | $1.14B | $1.15B | $1.16B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.7x · P/S 7.6x · EV/Sales 10.5x · P/B 2.1x · Earnings yield 5.07% · Dividend yield (paid, TTM) 5.34% · Net debt $1.24B · EV $4.53B
P/E at fiscal year-ends: Dec 2025 25.3x, Dec 2024 22.1x, Dec 2023 17.9x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $167K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-15 | McCabe Robert A Jr | Director | 890 | $64K | 71.65 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-05 | Mendelsohn D. Eric | CEO and President | 1,500 | $103K | 68.84 | Too little history (no open-market trades in 2023–2025) |
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.

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 8 analysts; mean target USD 78.5 (low 65, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $78 → $68 |
| 2026-09-02 | Truist Securities | Target lowered | Buy | $81 → $80 |
| 2026-09-01 | Wells Fargo | Target lowered | Equal-Weight | $79 → $78 |
| 2026-06-25 | Deutsche Bank | Target lowered | Hold | $85 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -6.6% | +58.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -6.6% | +9.6% |
| Volatility (annualized) | 23.8% | 22.4% |
| Max drawdown | -27.1% (Feb 2026→Oct 2026) | -24.6% (Feb 2026→Oct 2026) |

## Peers (REIT - Healthcare Facilities)
LTC (LTC Properties, Inc.) USD 43.33 +2.70% · SBRA (Sabra Health Care REIT, Inc.) USD 19.6 +3.70% · DHC (Diversified Healthcare Trust) USD 7.87 +2.34% · HR (Healthcare Realty Trust Incorpo) USD 17.93 +4.00% · MPT (Medical Properties Trust, Inc.) USD 2.71 +3.04% · CTRE (CareTrust REIT, Inc.) USD 36.62 +2.72%

## More
Full page: https://nexqual.com/NHI · 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)


Other companies that name NHI in their own reports (relationship from NHI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | NATIONAL HEALTHCARE CORP (NHC) | 10-K 2026-02-26 | "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 |
|---|---|---|---|
| SHOP | $44.8M | 36.9% | +215.0% |
| Total revenue | $121.3M | 100% | — |
The lines above cover 36.9% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.51 | $1.96 | -23.0% | $112.2M | 3 |
| Next quarter (ends 2026-12-31) | $0.79 | $2.67 | -70.4% | $114.7M | 1 |
| Current fiscal year (ends 2026-12-31) | $4.05 | $3.77 | +7.7% | $457.3M | 4 |
| Next fiscal year (ends 2027-12-31) | $3.45 | $3.31 | +4.2% | $487.7M | 1 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±7.0%; last 8 reports averaged ±2.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 29.6% | ±7.0% |
| 2026-12-18 | 56 | 28.1% | ±8.9% |
| 2027-01-15 | 84 | 25.9% | ±10.3% |
| 2027-04-16 | 175 | 23.1% | ±12.9% |