NHI
Real EstateNational Health Investors, Inc. · REIT - Healthcare Facilities · $4B
What is National Health Investors, Inc.?
National Health Investors is a real estate investment trust focused on senior housing and medical facilities across the United States. Incorporated in 1991 and headquartered in Murfreesboro, Tennessee, NHI provides financing and ownership structures for need-driven healthcare real estate.
NHI generates income by owning and financing healthcare real estate through sale-leaseback transactions, joint ventures, and mortgage or mezzanine lending. Its tenants and borrowers operate senior living communities and medical facilities, paying rent or interest that flows back to NHI. As a REIT, the company is required to distribute the majority of its taxable income to shareholders, making dividend income central to its investment proposition.
National Health Investors was incorporated in 1991 and is headquartered in Murfreesboro, Tennessee.
- Independent, assisted, and memory care senior housing communities
- Entrance-fee continuing care retirement communities
- Skilled nursing facilities
- Medical office buildings and specialty hospitals
- Mortgage and mezzanine financing for healthcare operators
Is NHI a Good Stock to Buy?
UQS Score rates NHI as Good overall, reflecting a balanced profile with notable strengths and some areas of caution.
NHI's Quality and Risk pillars both register as Good, suggesting the business generates relatively stable income and maintains a manageable risk profile compared to healthcare REIT peers. The need-driven nature of senior housing provides a degree of demand resilience that supports this stability.
The Growth pillar rates as Weak, indicating limited near-term expansion momentum, while the Moat and Valuation pillars both sit at Neutral — neither a clear competitive fortress nor an obvious bargain relative to the sector.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does NHI pay dividends?
Yes — National Health Investors, Inc. pays a dividend.
NHI pays a regular dividend, consistent with its REIT structure that mandates distributing most taxable income to shareholders. Senior housing REITs have historically attracted income-focused investors for this reason. The sustainability of NHI's dividend is tied to occupancy trends and operator health across its portfolio — factors the full UQS analysis examines in detail.
When does NHI report earnings?
National Health Investors reports earnings on a quarterly cadence, typical for US-listed REITs.
NHI's recent results reflect the broader recovery in senior housing occupancy following pandemic-era disruptions. Rental income and financing revenues remain the primary drivers, with operator performance across its portfolio influencing quarter-to-quarter outcomes.
For the most recent quarter's results and guidance updates, visit National Health Investors' investor relations page directly.
NHI Price History
+68.8% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in National Health Investors, Inc.?
Based on National Health Investors, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
NHI Long-term Outlook
NHI's fundamental outlook is shaped by its Good Risk profile and Weak Growth pillar. The senior housing sector benefits from long-term demographic tailwinds as the aging US population expands demand for assisted living and memory care. However, NHI's near-term growth trajectory appears constrained, and the Neutral Valuation pillar suggests the market has already priced in much of the demographic story. Investors weighing NHI should consider both the income stability its structure provides and the limited upside from portfolio expansion.
Growth drivers
- Aging US population driving sustained demand for senior housing
- Sale-leaseback deal flow as healthcare operators seek capital
- Occupancy recovery across assisted living and memory care assets
Key risks
- Operator financial stress reducing rent coverage and dividend safety
- Interest rate sensitivity affecting REIT valuations and refinancing costs
- Limited growth pipeline constraining portfolio expansion
NHI vs Peers
NHI competes within the healthcare REIT space alongside several focused peers, each with a distinct portfolio mix and financing approach.
Sabra concentrates heavily on skilled nursing and behavioral health facilities, giving it a different operator-risk profile than NHI's more diversified senior housing focus.
Healthcare Realty focuses almost exclusively on outpatient medical office buildings, making it a purer play on physician-anchored real estate rather than senior living.
Chartwell operates Canadian retirement residences directly rather than using a landlord-tenant model, exposing it to different regulatory and operational dynamics than NHI.
Frequently Asked Questions
What does National Health Investors do?
National Health Investors is a real estate investment trust that owns and finances senior housing and medical properties. It uses sale-leaseback transactions, joint ventures, and mortgage lending to generate income from healthcare operators across the United States.
Does NHI pay dividends?
Yes, NHI pays a regular dividend. As a REIT, it is required to distribute the majority of its taxable income to shareholders. Income-focused investors often consider healthcare REITs like NHI for this reason, though dividend sustainability depends on operator performance and occupancy levels.
When does NHI report earnings?
National Health Investors reports on a quarterly cadence, consistent with US-listed REITs. For exact dates and the most recent results, check the investor relations section of NHI's official website.
Is NHI a good stock to buy?
UQS Score rates NHI as Good overall. Its Quality and Risk pillars are both Good, reflecting income stability and manageable risk. However, the Growth pillar is Weak and both Moat and Valuation are Neutral. Whether it fits your portfolio depends on your income versus growth priorities. View the full breakdown on UQS Pro.
Is NHI overvalued?
NHI's Valuation pillar sits at Neutral, suggesting it is neither clearly cheap nor obviously expensive relative to sector peers. The full valuation analysis, including sector-relative metrics, is available to UQS Pro members.
How does NHI compare to its competitors?
NHI occupies a middle ground in the healthcare REIT space — more diversified than pure skilled-nursing peers like Sabra, and more operator-dependent than medical office specialists like Healthcare Realty. Its landlord model also differs from Canadian operator Chartwell's direct-management approach. UQS Pro shows side-by-side pillar comparisons.
What is NHI's market cap bracket?
NHI is classified as a mid-cap company. This places it below the largest diversified healthcare REITs but above smaller niche operators, giving it reasonable liquidity while remaining sensitive to sector-specific headwinds.
Who founded National Health Investors?
National Health Investors was incorporated in 1991. Founding details are part of the company's publicly available corporate history, which can be found on NHI's investor relations page or in SEC filings.
Is NHI a good long-term quality indicator?
NHI's Good Quality and Risk pillar ratings suggest a degree of durability in its income model, supported by need-driven demand for senior housing. The Weak Growth pillar, however, indicates limited expansion momentum. Long-term holders should weigh demographic tailwinds against operator risk and interest rate sensitivity.
What is the main competitive advantage of National Health Investors?
NHI's positioning in need-driven senior housing — where demand is supported by an aging population rather than discretionary spending — provides a degree of demand resilience. Its diversified financing structures, spanning ownership, mortgages, and mezzanine lending, also give it flexibility that pure-ownership REITs lack.
What sector does NHI belong to?
NHI operates in the Real Estate sector, specifically within the healthcare REIT sub-sector. Healthcare REITs are often analyzed separately from commercial or residential REITs due to their unique operator relationships and regulatory environment.
Is NHI a growth stock or value stock?
Based on UQS pillar labels, NHI leans toward an income and value profile rather than growth. Its Growth pillar is Weak, while Valuation sits at Neutral. Investors typically approach NHI for dividend income and demographic-driven stability rather than rapid earnings expansion.
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Pro Analysis
NHI — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 17, 2026 | 51.1 | 81.9 | 43.0 | 24.0 | 36.6 | 64.1 | -0.1 |
| May 14, 2026 | 51.2 | 81.8 | 43.0 | 24.0 | 36.6 | 64.5 | +0.5 |
| May 9, 2026 | 50.7 | 81.7 | 43.0 | 24.0 | 36.6 | 61.2 | -3.1 |
| May 7, 2026 | 53.8 | 78.5 | 43.0 | 24.2 | 62.3 | 62.0 | +0.2 |
| May 3, 2026 | 53.6 | 78.5 | 43.0 | 24.2 | 62.3 | 60.6 | 0.0 |
| Apr 26, 2026 | 53.6 | 78.5 | 43.0 | 24.2 | 62.3 | 60.5 | -0.1 |
| Apr 22, 2026 | 53.7 | 78.5 | 43.0 | 25.4 | 62.3 | 59.3 | -0.3 |
| Apr 19, 2026 | 54.0 | 78.5 | 43.0 | 26.8 | 62.3 | 59.7 | 0.0 |
| Apr 18, 2026 | 54.0 | 78.5 | 43.0 | 26.8 | 62.3 | 59.5 | -0.3 |
| Apr 14, 2026 | 54.3 | 78.5 | 43.0 | 26.8 | 62.3 | 61.2 | +0.2 |
NHI — Pillar Breakdown
Quality
— 81.4/100 (25%)National Health Investors, Inc. demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 24.0/100 (20%)National Health Investors, Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 36.6/100 (15%)National Health Investors, Inc. has some risk factors including moderate leverage or solvency concerns.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 62.3/100 (15%)National Health Investors, Inc. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 43/100 (25%)National Health Investors, Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for NHI.
Score Composition
Financial Data
More Stock Analysis
How is the NHI UQS Score Calculated?
The UQS (Unified Quality Score) for National Health Investors, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses National Health Investors, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether National Health Investors, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.