National HealthCare (NHC) financial statements
National HealthCare reported revenue of $1.5B in fiscal 2025, up 5.9% a year over 9 years.
Net income was $120M and the operating margin 8.7%, against 6.9% in 2016.
Free cash flow was $149M, and the company returned $39M in dividends and $15M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from National HealthCare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $878M | $917M | $933M | $948M | $932M | $966M | $1.0B | $1.1B | $1.3B | $1.5B |
| Selling, general and admin | $29M | $30M | $29M | $27M | $20M | $20M | $21M | $21.41T | $26.24T | $27.50T |
| Operating income | $61M | $54M | $56M | $49M | $48M | $51M | $32M | $57M | $90M | $128M |
| Interest expense | $4M | $5M | $5M | $3M | $1M | $845,000 | $563,000 | $324,000 | $4M | $6M |
| Pre-tax income | $80M | $75M | $75M | $88M | $52M | $150M | $27M | $89M | $136M | $162M |
| Income tax | $30M | $19M | $16M | $20M | $10M | $11M | $7M | $23M | $34M | $40M |
| Net income | $51M | $56M | $59M | $68M | $42M | $139M | $22M | $67M | $102M | $120M |
| EPS (diluted) | $3.32 | $3.69 | $3.87 | $4.44 | $2.72 | $8.99 | $1.45 | $4.34 | $6.53 | $7.67 |
| Diluted shares | 15M | 15M | 15M | 15M | 15M | 15M | 15M | 15M | 16M | 16M |
| Operating margin | 6.9% | 5.9% | 6.0% | 5.2% | 5.2% | 5.3% | 3.1% | 5.3% | 7.2% | 8.7% |
| Net margin | 5.8% | 6.1% | 6.3% | 7.2% | 4.5% | 14.4% | 2.2% | 6.1% | 8.1% | 8.2% |
Balance sheet
Fiscal years, from National HealthCare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $164M | $198M | $183M | $203M | $147M | $108M | $59M | $107M | $76M | $93M |
| Receivables | $83M | $87M | $97M | $93M | $90M | $96M | $100M | $109M | $135M | $139M |
| Inventory | $8M | $7M | $7M | $7M | $9M | $9M | $7M | $7M | $9M | $8M |
| Total current assets | $291M | $329M | $322M | $341M | $457M | $427M | $354M | $406M | $424M | $462M |
| Property, plant and equipment | $560M | $549M | $535M | $535M | $520M | $521M | $507M | $493M | $684M | $674M |
| Goodwill | $18M | $18M | $21M | $21M | $21M | $168M | $168M | $168M | $170M | $170M |
| Total assets | $1.1B | $1.1B | $1.1B | $1.3B | $1.4B | $1.4B | $1.3B | $1.3B | $1.5B | $1.5B |
| Total current liabilities | $151M | $155M | $158M | $195M | $281M | $263M | $198M | $214M | $235M | $254M |
| Long-term debt | $120M | $100M | $55M | $0 | — | — | — | $0 | $130M | $32M |
| Total liabilities | $418M | $393M | $346M | $508M | $564M | $495M | $398M | $400M | $541M | $452M |
| Shareholders' equity | $670M | $703M | $733M | $779M | $795M | $903M | $874M | $909M | $980M | $1.1B |
| Net debt | $94M | $41M | $12M | -$40M | -$147M | -$108M | -$59M | -$107M | $61M | -$53M |
Cash flow
Fiscal years, from National HealthCare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $91M | $94M | $98M | $100M | $203M | $62M | $9M | $111M | $107M | $185M |
| Capital spending | $63M | $32M | $30M | $26M | $22M | $39M | $30M | $28M | $28M | $36M |
| Free cash flow | $28M | $62M | $69M | $74M | $181M | $23M | -$21M | $83M | $80M | $149M |
| Stock-based compensation | $509,000 | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $4M | $4M |
| Dividends paid | $26M | $28M | $30M | $31M | $32M | $32M | $35M | $36M | $37M | $39M |
| Share buybacks (net) | -$8M | $0 | -$867,000 | -$872,000 | -$53,000 | -$836,000 | -$10M | -$2M | -$14M | -$15M |
| Free cash flow margin | 3.2% | 6.8% | 7.4% | 7.8% | 19.5% | 2.4% | -2.1% | 7.7% | 6.4% | 10.1% |
| Dividends per share | $1.70 | $1.86 | $1.96 | $2.03 | $2.08 | $2.08 | $2.24 | $2.31 | $2.37 | $2.47 |
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Open NHC in InvestinglyQuestions
What was National HealthCare's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does National HealthCare generate?
$149M in fiscal 2025 (operating cash flow minus capital spending).
From National HealthCare's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.