National Health Investors (NHI) financial statements
National Health Investors reported revenue of $80M in fiscal 2025, down 11.8% a year over 9 years.
Net income was $142M.
Free cash flow was -$57M, and the company returned $170M in dividends.
The diluted share count rose 20% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from National Health Investors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $248M | $279M | $295M | $318M | $0 | $0 | $36M | $49M | $54M | $80M |
| Selling, general and admin | $10M | $12M | $13M | $13M | $13M | $18M | $23M | $19M | $21M | $27M |
| Interest expense | $43M | $46M | $49M | $56M | $53M | $51M | $45M | $58M | $60M | $57M |
| Pre-tax income | $119M | $151M | $155M | $161M | — | — | — | — | — | — |
| Income tax | $854,000 | $124,000 | $138,000 | — | — | — | — | — | — | — |
| Net income | $152M | $159M | $154M | $160M | $185M | $112M | $66M | $136M | $138M | $142M |
| EPS (diluted) | $3.87 | $3.87 | $3.67 | $3.67 | $4.14 | $2.44 | $1.48 | $3.13 | $3.13 | $3.02 |
| Diluted shares | 39M | 41M | 42M | 44M | 45M | 46M | 45M | 43M | 44M | 47M |
| Net margin | 61.0% | 57.2% | 52.4% | 50.4% | — | — | 185.5% | 277.9% | 253.6% | 177.6% |
Balance sheet
Fiscal years, from National Health Investors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5M | $3M | $5M | $5M | $43M | $37M | $19M | $22M | $24M | $20M |
| Receivables | $9M | $2M | $6M | $3M | $3M | $3M | $4M | — | — | — |
| Property, plant and equipment | $2.2B | $2.3B | $2.4B | $2.6B | $2.7B | $2.3B | $2.1B | $2.1B | $2.2B | $2.5B |
| Total assets | $2.4B | $2.5B | $2.8B | $3.0B | $3.1B | $2.8B | $2.5B | $2.5B | $2.6B | $2.8B |
| Total liabilities | $1.2B | $1.2B | $1.4B | $1.5B | $1.6B | $1.3B | $1.2B | $1.2B | $1.2B | $1.3B |
| Shareholders' equity | $1.2B | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B | $1.3B | $1.3B | $1.4B | $1.5B |
| Net debt | -$5M | -$3M | -$5M | -$5M | -$43M | -$37M | -$19M | -$22M | -$24M | -$20M |
Cash flow
Fiscal years, from National Health Investors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $177M | $198M | $208M | $241M | $232M | $211M | $185M | $184M | $208M | $237M |
| Capital spending | $3M | $8M | $16M | $18M | $117M | $50M | $11M | $50M | $158M | $294M |
| Free cash flow | $173M | $190M | $192M | $223M | $115M | $161M | $174M | $135M | $50M | -$57M |
| Stock-based compensation | $2M | $3M | $2M | $4M | $3M | $8M | $9M | $5M | $4M | $6M |
| Dividends paid | $138M | $153M | $165M | $180M | $195M | $183M | $162M | $156M | $157M | $170M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$152M | $0 | $0 | — |
| Net borrowing | -$767,000 | -$251M | -$1M | -$1M | -$44M | -$293M | -$135M | -$415M | -$75M | -$201M |
| Free cash flow margin | 69.7% | 68.3% | 65.2% | 70.1% | — | — | 487.1% | 276.4% | 91.6% | -71.8% |
| Dividends per share | $3.53 | $3.72 | $3.93 | $4.11 | $4.35 | $4.00 | $3.61 | $3.60 | $3.55 | $3.61 |
Questions
What was National Health Investors's revenue in 2025?
$80M in fiscal 2025, from its 10-K filing.
How much free cash flow does National Health Investors generate?
-$57M in fiscal 2025 (operating cash flow minus capital spending).
From National Health Investors's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.