National Health Investors, Inc. (NHI) 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

+227.7%

$222.88

vs $68.01 price

Levered DCF

$200.09

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.55

Distress 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	25.2×	22.07×	17.84×	100.42×	42.26×	22.83×	33.95×	20.53×
P/B	2.35×	2.22×	1.93×	1.84×	1.74×	2.04×	2.36×	2.28×
P/S	9.46×	9.07×	7.58×	8.4×	8.79×	9.29×	11.12×	10.75×
EV / EBITDA	16.75×	15.75×	13.61×	19.39×	15.94×	14.32×	17.11×	16.42×
Gross margin	36.7%	96.7%	96.4%	96.5%	96.1%	97.1%	98.2%	99.6%
Operating margin	51.5%	54.9%	55.9%	47.7%	62.0%	67.6%	69.2%	71.0%
Net margin	37.6%	41.2%	42.4%	23.9%	37.4%	55.6%	50.4%	52.4%
Current ratio	2.48×	0.96×	1.16×	3.42×	7.34×	2.01×	2.55×	5.37×
Debt / equity	0.76×	0.84×	0.91×	0.9×	0.83×	1×	0.96×	0.93×
Interest coverage	3.4×	3.28×	3.22×	3.13×	3.85×	0×	3.91×	4.27×
Dividend yield	4.7%	5.2%	6.4%	6.9%	7.0%	6.3%	5.1%	5.2%
Payout ratio	119.4%	113.4%	115.2%	243.6%	163.6%	105.1%	112.0%	107.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	10.1%	10.8%	5.2%	7.4%	12.2%	10.7%	11.1%
Return on invested capital	7.0%	7.3%	7.4%	5.4%	6.7%	7.4%	7.4%	7.8%
Return on assets	5.1%	5.3%	5.5%	2.6%	3.9%	5.9%	5.3%	5.6%
Free cash flow yield	6.2%	6.3%	7.5%	7.7%	8.0%	7.5%	6.3%	1.9%
Earnings yield	4.0%	4.5%	5.6%	2.8%	4.3%	6.0%	4.5%	4.9%
Enterprise value	$4.7B	$4.2B	$3.5B	$3.5B	$3.8B	$4.6B	$5B	$4.5B
Net debt / EBITDA	4.06×	4.25×	4.28×	6.31×	5.04×	4.6×	4.95×	4.74×
Cash conversion cycle (days)	280	-831	-693	-549	-227	-574	-1,338	-6,078