National Health Investors Inc
National Health Investors Inc (NHI) is listed on NYSE and classified in REIT - Healthcare Facilities, part of the Real Estate sector. It is headquartered in Murfreesboro, United States and has 32 employees. The company is worth $3.29B and trades at 18.8x its earnings of the last twelve months; the median for its sector is 22.1x. Revenue was $375.63M in fiscal 2025, up 12.1% from the year before. Net income was $142.18M. The share price is 26.7% below its 52-week high of $91.38. It pays a dividend yielding 5.62%. 5 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Two Sigma (Two Sigma Investments), at $25.58M. In that quarter, 1 of them opened or added to the position and 2 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +26.9% over 5Y.
today you would have $1,639.21▲ +63.9%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 18 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $76.37 | $69.30 | $55.85 | $52.22 | $57.47 | $69.17 | $81.48 | $75.54 | $75.38 | $74.17 | $60.87 | $69.96 | $56.10 | $56.53 | $43.98 | $45.02 | $36.99 | $27.43 |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 0.0% a year plus a 5.6% dividend yield. Growth capped at 25%.
Median P/E of 22.1 among peers in the sector.
Median P/E of 18.6 across this company’s own years on record.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Real Estate, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | $35.12 | 7.7x | 1.0x | 2.33% | 14.13% | $3.26B |
| CURBCurbline Properties Corp. | $28.86 | 103.1x | 1.6x | 2.36% | 1.46% | $3.32B |
| PKPark Hotels & Resorts Inc. | $16.66 | — | 1.1x | 6.00% | -4.86% | $3.35B |
| HIWHighwoods Properties Inc |
| P/E | 18.6x | 25.3x | 22.1x | 17.8x | 35.3x | 23.6x | 16.7x | 22.2x | 20.6x | 19.5x | 19.2x | 15.4x | 23.0x | 15.0x | 17.3x | 15.1x | 18.0x | 15.9x | 13.3x |
| P/S | 11.1x | 9.8x | 9.4x | 7.6x | 8.1x | 8.8x | 9.4x | 11.4x | 11.0x | 11.2x | 11.9x | 10.2x | 14.8x | 15.7x | 16.9x | 14.6x | 15.1x | — | — |
| P/B | 2.4x | 2.4x | 2.3x | 1.9x | 1.8x | 1.7x | 2.1x | 2.4x | 2.3x | 2.4x | 2.4x | 2.1x | 2.5x | 2.4x | 3.4x | 2.8x | 2.8x | — | — |
| EPS | $3.02 | $3.13 | $3.13 | $1.48 | $2.44 | $4.14 | $3.67 | $3.67 | $3.87 | $3.87 | $3.95 | $3.04 | $3.74 | $3.26 | $2.92 | $2.50 | $2.32 | $2.07 |
| Dividend yield | 5.43% | 4.77% | 5.19% | 6.45% | 6.89% | 6.62% | 6.38% | 5.15% | 5.30% | 5.04% | 4.85% | 5.59% | 4.40% | 5.56% | 4.67% | 6.17% | 5.24% | 6.22% | 8.82% |
| Payout | 103.94% | 120.53% | 115.02% | 115.02% | 243.24% | 155.86% | 106.57% | 114.44% | 108.99% | 98.19% | 93.02% | 86.08% | 101.32% | 83.42% | 80.98% | 92.98% | 94.40% | 99.14% | 116.91% |
| Profit margin | 57.22% | 37.85% | 41.17% | 42.41% | 23.87% | 37.43% | 55.62% | 50.45% | 52.39% | 57.19% | 60.99% | 65.02% | 57.24% | 90.12% | 97.23% | 96.89% | 84.07% | 102.29% | 101.00% |
| ROE | 12.15% | 9.34% | 10.10% | 10.82% | 5.23% | 7.42% | 12.24% | 10.71% | 11.11% | 12.05% | 12.53% | 13.14% | 9.77% | 13.85% | 19.85% | 18.29% | 15.69% | 14.78% | 13.39% |
Median of the years shown; P/E years above 200x are left out.
Dividend growing 0.7% a year against a 7.0% required return, from the stock’s beta.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
5 methods answered, across 2 families.
Room for errors in the reported numbers.
-15.9% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| $30.47 |
| 19.4x |
| 1.4x |
| 6.56% |
| 6.82% |
| $3.42B |
| LXPLXP Industrial Trust | $61.09 | 60.5x | 1.9x | 4.58% | 3.50% | $3.6B |
| IRTIndependence Realty Trust Inc | $15.17 | 84.3x | 1.1x | 4.75% | 1.26% | $3.67B |