Latest Ratios: P/E Ratio 25.6x · EV/EBITDA 17.6x · ROE 9.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $3.6B | $3.1B | $2.4B | $2.3B | $2.6B | $3.1B | $3.6B | $3.2B | $3.1B | $2.9B |
| Enterprise Value | $4.9B | $4.7B | $4.2B | $3.5B | $3.5B | $3.8B | $4.6B | $5.0B | $4.5B | $4.3B | $4.0B |
| P/E Ratio → | 25.60 | 25.29 | 22.14 | 17.84 | 102.39 | 42.26 | 22.83 | 34.24 | 20.58 | 19.48 | 19.17 |
| P/S Ratio | 9.90 | 9.49 | 9.12 | 7.58 | 8.41 | 8.80 | 9.29 | 11.20 | 10.79 | 11.13 | 11.69 |
| P/B Ratio | 2.36 | 2.33 | 2.21 | 1.90 | 1.81 | 1.73 | 2.03 | 2.38 | 1.19 | 1.26 | 1.25 |
| P/FCF | 17.01 | 16.31 | 15.88 | 13.41 | 12.94 | 12.47 | 13.33 | 15.97 | 52.80 | 141.12 | — |
| P/OCF | 15.60 | 14.96 | 14.68 | 13.14 | 12.62 | 12.46 | 13.32 | 14.78 | 15.30 | 15.72 | 16.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.52 | 12.47 | 11.06 | 12.46 | 12.86 | 13.69 | 15.72 | 15.16 | 15.31 | 16.24 |
| EV / EBITDA | 17.55 | 17.00 | 16.37 | 14.21 | 17.03 | 14.44 | 14.79 | 16.84 | 14.94 | 15.36 | 15.30 |
| EV / EBIT | 25.11 | 23.91 | 21.68 | 18.62 | 32.15 | 23.99 | 19.40 | 23.37 | 22.33 | 21.13 | 20.91 |
| EV / FCF | — | 21.51 | 21.71 | 19.57 | 19.19 | 18.23 | 19.63 | 22.42 | 74.18 | 194.05 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.7% | 36.7% | 96.7% | 96.4% | 96.5% | 96.1% | 97.1% | 98.2% | 99.6% | 99.7% | 99.6% |
| Operating Margin | 51.5% | 51.5% | 54.9% | 55.9% | 47.7% | 62.0% | 67.6% | 69.2% | 71.0% | 71.0% | 71.5% |
| Net Profit Margin | 37.6% | 37.6% | 41.2% | 42.4% | 23.9% | 37.4% | 55.6% | 50.4% | 52.4% | 57.2% | 61.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 10.4% | 10.6% | 4.7% | 7.4% | 12.3% | 7.7% | 6.0% | 6.7% | 8.8% |
| ROA | 5.3% | 5.3% | 5.4% | 5.4% | 2.5% | 3.8% | 6.0% | 5.5% | 5.8% | 6.4% | 6.7% |
| ROIC | 5.6% | 5.6% | 5.6% | 5.6% | 3.9% | 4.9% | 5.7% | 4.8% | 4.1% | 4.2% | 4.8% |
| ROCE | 8.0% | 8.0% | 8.4% | 7.8% | 5.1% | 6.4% | 7.5% | 7.8% | 8.1% | 8.2% | 8.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.83 | 0.89 | 0.89 | 0.83 | 0.99 | 0.96 | 0.48 | 0.47 | 0.49 |
| Debt / EBITDA | 4.18 | 4.18 | 4.49 | 4.56 | 5.63 | 4.70 | 4.89 | 4.86 | 4.32 | 4.20 | 4.31 |
| Net Debt / Equity | — | 0.74 | 0.81 | 0.87 | 0.87 | 0.80 | 0.96 | 0.96 | 0.48 | 0.47 | 0.49 |
| Net Debt / EBITDA | 4.11 | 4.11 | 4.39 | 4.47 | 5.54 | 4.56 | 4.75 | 4.85 | 4.31 | 4.19 | 4.29 |
| Debt / FCF | — | 5.19 | 5.83 | 6.16 | 6.24 | 5.76 | 6.31 | 6.45 | 21.38 | 52.94 | — |
| Interest Coverage | 3.45 | 3.45 | 3.43 | 3.42 | 2.54 | 3.33 | — | 3.80 | 4.08 | — | 4.48 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.48 | 2.48 | 0.96 | 1.16 | 3.42 | 7.34 | 2.01 | 2.55 | 5.37 | 4.34 | 3.88 |
| Quick Ratio | 2.48 | 2.48 | 0.96 | 1.16 | 3.42 | 7.34 | 2.01 | 2.55 | 5.37 | 49.06 | 46.24 |
| Cash Ratio | 0.16 | 0.16 | 0.06 | 0.07 | 0.17 | 0.53 | 0.58 | 0.07 | 0.07 | 0.05 | 0.09 |
| Asset Turnover | — | 0.14 | 0.13 | 0.13 | 0.11 | 0.11 | 0.11 | 0.10 | 0.11 | 0.11 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 4.7% | 5.1% | 6.4% | 6.9% | 7.0% | 6.3% | 5.0% | 5.2% | 4.9% | 4.8% |
| Payout Ratio | 119.4% | 119.4% | 113.4% | 115.2% | 243.6% | 163.6% | 105.1% | 112.0% | 107.2% | 96.0% | 91.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 4.0% | 4.5% | 5.6% | 1.0% | 2.4% | 4.4% | 2.9% | 4.9% | 5.1% | 5.2% |
| FCF Yield | 5.9% | 6.1% | 6.3% | 7.5% | 7.7% | 8.0% | 7.5% | 6.3% | 1.9% | 0.7% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 6.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.7% | 4.7% | 5.1% | 6.4% | 13.4% | 7.0% | 6.3% | 5.0% | 5.2% | 4.9% | 4.8% |
| Shares Outstanding | — | $47M | $44M | $43M | $45M | $46M | $45M | $44M | $42M | $41M | $39M |
SHOP transition operational volatility
Based on reported figures, NHI's P/FFO multiple of 31.36 in 2026Q1 suggests a market premium that appears to price in the successful transition toward SHOP assets, though this valuation remains sensitive to the sustainability of the recent 21.0% FFO growth rate observed in the latest quarter.
The elevated P/FFO multiple relative to historical averages indicates that investors are assigning a higher value to the potential upside of the SHOP portfolio compared to the legacy triple-net model. This valuation warrants caution, as the market may be overestimating the speed of operational recovery in senior housing while underestimating the inherent volatility of managing these facilities directly.
According to recent financial statements, the NOI margin contracted sharply to 31.1% in 2026Q1, a significant deviation from the 96% levels maintained in prior periods, which may indicate that the integration of SHOP assets is introducing substantial operating expenses that were previously absent from the NNN model.
The shift in margin profile suggests that NHI is trading high-margin, passive rental income for lower-margin, operationally intensive revenue streams. Investors should monitor whether this margin compression is a temporary byproduct of the transition phase or a permanent structural change that could limit future FFO growth potential.
As reported in quarterly filings, the FFO payout ratio of 68.9% in 2026Q1 provides a comfortable buffer for dividend distributions, suggesting that despite the operational complexities of the SHOP transition, the company retains sufficient cash flow to maintain its current payout policy without immediate liquidity concerns.
The stability of the payout ratio, even during a period of significant portfolio restructuring, implies a disciplined approach to capital allocation. However, the sustainability of this dividend depends heavily on the company's ability to maintain FFO growth as it assumes more direct operational risk within its senior housing facilities.
The most commonly misapplied metric for NHI is the standard P/E ratio, which, at 25.68, fails to account for the significant non-cash depreciation charges inherent in healthcare real estate, thereby obscuring the true cash-generating capacity of the firm's underlying property portfolio.
Using P/E for a REIT like NHI is fundamentally misleading because it ignores the depreciation of physical assets that does not reflect actual economic value loss. Analysts should instead prioritize P/FFO or P/AFFO, which adjust for these non-cash items to provide a more accurate assessment of the company's ability to fund dividends and capital expenditures.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NHI stock.
National Health Investors, Inc.'s current P/E ratio is 25.6x. The historical average is 20.3x. This places it at the 90th percentile of its historical range.
National Health Investors, Inc.'s current EV/EBITDA is 17.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
National Health Investors, Inc.'s return on equity (ROE) is 9.7%. The historical average is 12.1%.
Based on historical data, National Health Investors, Inc. is trading at a P/E of 25.6x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Health Investors, Inc.'s current dividend yield is 4.67% with a payout ratio of 119.4%.
National Health Investors, Inc. has 36.7% gross margin and 51.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
National Health Investors, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.