National Health Investors (NHI) FY2025 results: revenue $376 million, up 12.1% on the year
National Health Investors Inc. (NHI) reported revenue of $376 million for fiscal 2025, the year ended 31 December 2025, up 12.1% on the year before. Net income was $142 million, up 3.0%, and diluted earnings per share $3.02. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$376 million
+12.1% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$142 million
+3.0% on the year
FY2018FY2025
Diluted EPS
$3.02
-3.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new.
Q4 FFO per share slightly lower: NAREIT FFO per diluted share was $1.22 against $1.24 a year earlier; Normalized FFO per diluted share was $1.22 against $1.12.
Full-year Normalized FFO higher: Normalized FFO per diluted share for 2025 was $4.91 against $4.44 in 2024.
Nine ALFs bought in February: Nine ALFs with 460 units bought for $105.5 million including $1.0 million closing costs, managed by Allegro Living Management under a management agreement.
Leverage at 3.8 times: Net debt to adjusted EBITDA was 3.8x, which management described as well within its updated target range.
Signed LOIs of $110.6 million: About $110.6 million of signed letters of intent at an average initial yield of about 7.5%, primarily structured as SHOP investments.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
237
208
184
+13.9%
Capital expenditure
294
158
49.6
+86.2%
Free cash flow
-57.5
49.8
135
Free cash flow margin
-15.3%
14.9%
42.2%
Cash from investing
-269
-192
-11.6
Cash from financing
25.7
-13.6
-170
Depreciation and amortisation
80.9
71.4
70.0
+13.3%
Share-based compensation
5.6
4.2
4.6
+33.3%
Buybacks
n/a
0.0
0.0
Dividends paid
170
157
156
+8.4%
Dividend per share
$3.64
$3.60
$3.60
+1.1%
Diluted shares, weighted
47m
44m
43m
+6.7%
Shares outstanding at period end
48m
46m
43m
+5.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,522
1,366
1,254
+11.3%
Non-controlling interest
8.2
8.9
10.4
-8.4%
Redeemable equity
10.2
9.8
9.7
+4.1%
Debt
1,164
1,146
1,135
+1.6%
Other liabilities
93.2
83.2
79.4
+12.0%
Total liabilities and equity
2,797
2,614
2,488
+7.0%
Fixed assets
2,474
2,211
2,107
+11.9%
Loans
203
269
245
-24.4%
Cash and equivalents
19.6
24.3
22.3
-19.2%
Other assets
100
110
114
-8.8%
Total assets
2,797
2,614
2,488
+7.0%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.