National HealthCare Corporation (NHC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-20.4%

$161.31

vs $202.54 price

Levered DCF

$101.88

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

7.27

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.67×	16.25×	21.2×	40.75×	7.52×	24.24×	19.34×	20.27×
P/B	1.98×	1.69×	1.56×	1.05×	1.15×	1.28×	1.7×	1.63×
P/S	1.4×	1.28×	1.24×	0.85×	1.03×	1.04×	1.32×	1.22×
EV / EBITDA	9.81×	9.83×	10.69×	14.41×	5.75×	11.1×	11.24×	8.96×
Gross margin	39.3%	37.5%	37.6%	36.1%	34.1%	37.9%	40.5%	40.6%
Operating margin	8.5%	6.6%	5.0%	3.0%	5.0%	4.9%	4.9%	5.7%
Net margin	7.9%	7.9%	5.9%	2.1%	13.7%	4.3%	6.8%	6.0%
Current ratio	1.77×	1.81×	1.89×	1.79×	1.62×	1.62×	1.75×	2.04×
Debt / equity	0.08×	0.22×	0.1×	0.14×	0.18×	0.24×	0.3×	0.11×
Interest coverage	20.15×	20.74×	176.34×	56.65×	60.27×	34.42×	15.64×	11.94×
Dividend yield	1.8%	2.2%	2.5%	3.8%	3.1%	3.1%	2.4%	2.5%
Payout ratio	32.2%	36.3%	53.2%	154.2%	23.1%	76.2%	45.8%	50.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	10.4%	7.4%	2.6%	15.3%	5.3%	8.8%	8.0%
Return on invested capital	7.4%	4.8%	3.7%	2.1%	4.0%	3.5%	3.4%	4.7%
Return on assets	7.9%	6.7%	5.1%	1.8%	9.9%	3.1%	5.3%	5.5%
Free cash flow yield	7.0%	4.8%	5.9%	-2.3%	2.2%	17.8%	5.6%	5.7%
Earnings yield	5.7%	6.2%	4.7%	2.4%	13.3%	4.1%	5.2%	4.9%
Enterprise value	$2.1B	$1.8B	$1.4B	$984.2M	$1.1B	$1.1B	$1.5B	$1.1B
Net debt / EBITDA	-0.11×	0.76×	-0.1×	0.99×	0.31×	0.49×	1.36×	-0.87×
Cash conversion cycle (days)	24	31	29	29	27	26	26	29