NHI vs VTR: National Health Investors and Ventas compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ventas is the larger company, worth $38.1B, about 11.7 times National Health Investors.
- National Health Investors grew revenue faster over the last year (+215.0% vs +21.7%).
- On earnings, National Health Investors is the cheaper stock (21.4x vs 142.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NHI | VTR |
|---|---|---|
| Market cap | $3.2B | $38.1B |
| Share price | $64.85 | $80.04 |
| Revenue (last fiscal year) | $80M | $5.8B |
| Free cash flow (last fiscal year) | -$57M | $1.3B |
| Revenue growth, last year | +215.0% | +21.7% |
| Revenue growth per year, last 5 fiscal years | — | +11.1% |
| Operating margin | — | 3.3% |
| Net margin | 124.7% | 4.1% |
| Return on equity | 10.6% | 1.8% |
| P/E (trailing) | 21.4x | 142.3x |
| Price / free cash flow | 14.7x | 28.9x |
| EV / EBITDA | 17.3x | 21.4x |
| FCF growth the price implies | — | 10.1% |
| Dividend yield | 5.5% | 2.5% |
| Debt / equity | 0.88x | 0.99x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 4 |
| Insider purchases, last 12 months | 3 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
National Health Investors
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $0 | $161M | — |
| 2022 | $36M | $174M | — |
| 2023 | $49M | $135M | — |
| 2024 | $54M | $50M | — |
| 2025 | $80M | -$57M | — |
Ventas
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.8B | $841M | -4.2% |
| 2022 | $4.1B | $898M | -2.3% |
| 2023 | $4.5B | $860M | -2.6% |
| 2024 | $4.9B | $1.0B | -0.16% |
| 2025 | $5.8B | $1.3B | 3.5% |
Where the revenue comes from
National Health Investors · by segments, 2025
Investments$296M79%
SHOP$80M21%
Ventas · by segments, 2025
SHOP$4.3B74%
Outpatient medical and research portfolio (OM&R)$898M16%
NNN$602M10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NHI in InvestinglyQuestions
Which is bigger, National Health Investors or Ventas?
Ventas (VTR), at $38.1B against $3.2B.
Is NHI or VTR cheaper?
By trailing P/E, National Health Investors (21.4x) is cheaper than Ventas (142.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, NHI or VTR?
National Health Investors: revenue grew +215.0% over the last year, against +21.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.