NHI
National Health Investors, Inc.
NHI's fundamentals are strong and it looks cheap: trading at 4.5x earnings, less than half its usual 23x. Analysts expect earnings to decline.
NHI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
NHI's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like NHI.
NHI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 4.5x | $64.55 | — |
| Cheap | 17x | $240 | +271% |
| Forward | 21x | $64.55 | — |
| Fair | 23x | $325 | +403% |
| Expensive | 28x | $397 | +515% |
Historical ranges are pointers, not guarantees.
NHI's PE is in its cheap range at 4.5x. Analysts expect earnings to fall, which would put today's price at 21x next year's earnings, in its fair range.
NHI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Decline | |
| Stable | |
| -- | |
| Limited | |
| High |
Analysts expect NHI's earnings to decline, with its revenue and profitability holding steady.
NHI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.10 | -78% |
| Q3 2026 | $14.24 | +348% |
| Q2 2026 | $3.46 | +10% |
| Q1 2026 | $3.10 | -1.9% |
| Q4 2025 | $3.02 | -3.5% |
| Q3 2025 | $3.18 | +9.3% |
| Q2 2025 | $3.14 | +6.8% |
| Q1 2025 | $3.16 | +3.6% |
| Q4 2024 | $3.13 | 0% |
NHI's earnings per share have jumped to their highest in seven years: $14.24 over the past year, up from $3.18 the year before.
NHI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $113.5M | +26% |
| Q2 2026 | $121.3M | +34% |
| Q1 2026 | $115.1M | +29% |
| Q4 2025 | $105.8M | +23% |
| Q3 2025 | $89.8M | +8.3% |
| Q2 2025 | $90.7M | +6.7% |
| Q1 2025 | $89.3M | +9.5% |
| Q4 2024 | $85.8M | +7.9% |
NHI's revenue has grown year over year for 10 quarters in a row: $113M last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 496% | N/A |
| Q2 2026 | 46% | N/A |
NHI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $65M | +8.6% |
| Q1 2026 | -$56M | -220% |
| Q2 2025 | $59.8M | -1.5% |
| Q1 2025 | $46.5M | +14% |
| Q3 2024 | $48.6M | -2.2% |
| Q2 2024 | $60.7M | +20% |
| Q1 2024 | $40.8M | +31% |
| Q4 2023 | $53.2M | +15% |
NHI's free cash flow was −$72M over the past year, against $216M the year before. Free cash flow isn't a meaningful measure for real estate companies like NHI.
NHI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.1% | +544K shares |
| 1 year | +3% | +1.4M shares |
| 3 years | +13% | +5.7M shares |
| 5 years | +7% | +3.2M shares |
| Available history | +11% | +4.7M shares |
NHI has 49M diluted shares, up 3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | — |
| Q3 2022 | $82M |
NHI Net Leverage
NHI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.3 | Neutral |
| Stochastic | 28.5 | Neutral |
NHI's weekly RSI is 37 (neutral) and its Stochastic is 28 (neutral).
NHI PE vs Real Estate Sector
| Metric | NHI | Sector median | Relative |
|---|---|---|---|
| PE | 4.5x | 24x | 81% below |
| PE % | 0 | 23 | 23 pts below |
NHI is trading at 4.5x earnings, a 81% discount to the Real Estate sector's median of 24x.
NHI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $66.7 | 3.2% below |
| 20 week MA | $71.3 | 9.5% below |
| 50 week MA | $76.2 | 15% below |
| 100 week MA | $74.8 | 14% below |
| 200 week MA | $67.8 | 4.8% below |
NHI is in a downtrend: it's below all five of its weekly moving averages, and 4.8% below its 200-week average.
NHI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $82.4 | $69.7 | -15% |
| 2021 | $69.7 | $56.0 | -20% |
| 2022 | $56.0 | $54.1 | -3.4% |
| 2023 | $54.1 | $55.9 | +3.3% |
| 2024 | $55.9 | $68.8 | +23% |
| 2025 | $68.8 | $77.1 | +12% |
| 2026 YTD | $77.1 | $64.6 | -16% |
NHI has finished lower in three of the last six years. It's down 16% so far in 2026.