National Health Investors, Inc. (NHI) Stock

National Health Investors, Inc. (NHI) is a Real Estate stock trading at $73.36 (as of 2026-08-21), with a market capitalization of $3.60B and a trailing P/E of 21.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

National Health Investors, Inc. is a real estate investment trust that provides capital through sale-leasebacks, joint ventures, and financing arrangements such as mortgages and mezzanine debt. It invests in senior housing and medical properties, including independent, assisted and memory care communities, retirement communities, skilled nursing facilities, medical office buildings, and specialty hospitals.

Understand National Health Investors, Inc.: how it makes money

National Health Investors (NHI) invests in need-driven and discretionary senior housing and medical real estate (including sale-leasebacks), and makes money mainly through cash rent and related lease revenue from those property investments.

NHI’s profit engine is the cash it collects under leases (cash lease revenue), which supports the net operating income from its real estate investment portfolio.

Revenue by segment (latest quarter)
RE Investments	$0.1B
Shop	$0.0B
Senior Housing Op	$0.0B

Business quality (Strong): Clear business model as a senior housing and medical real estate REIT with lease-based cash flow, but the provided snapshot does not include key operating metrics beyond cash lease revenue and net operating income components, limiting visibility into lease performance drivers.

Valuation: At 25× earnings, NHI trades 25% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Lease-based cash flow focus: The company’s reported operating amounts emphasize cash lease revenue and annualized cash lease revenue, which aligns with a recurring rent collection model.
Diversified healthcare property types: The portfolio spans independent, assisted, and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings, and specialty hospitals.

Bear case

Sensitivity to lease and property performance: Because results are driven by cash lease revenue and net operating income from investments, adverse changes in underlying property cash flows could pressure earnings.
Complex revenue components: Some provided revenue measures separate cash lease revenue from other lease accounting items and other revenue categories, which may make quarter-to-quarter comparisons harder.

Valuation — source: SEC EDGAR (first-party)
Price	$73.36
Market Cap	$3.60B
P/E Ratio	21.6
Price / Book	2.28
Price / Sales	8.34
FCF Yield	-1.6%
DCF Value (model)	$33.06
DCF Upside vs Price	-54.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$375.63M
Net Margin	37.9%
Revenue Growth (YoY)	33.8%
EPS Growth (YoY)	45.6%

Valuation vs Sector & Industry
Stock P/E	21.6
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-20.5%
vs Industry	-38.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($496.16M)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Real Estate
Industry	Trading
CEO	D. Eric Mendelsohn
Employees	30
Country	US
IPO Date	1991-10-09

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.