Stock Analysis Report

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National Health Investors

Executive Summary

Incorporated in 1991, National Health Investors, Inc. More Details

Snowflake Analysis

Solid track record established dividend payer.

Similar Companies

Share Price & News

How has National Health Investors's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: NHI is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: NHI's weekly volatility (6%) has been stable over the past year.

Market Performance

7 Day Return






US Market

1 Year Return






US Market

Return vs Industry: NHI underperformed the US REITs industry which returned -8% over the past year.

Return vs Market: NHI underperformed the US Market which returned 20.4% over the past year.

Shareholder returns

7 Day3.5%0.4%2.8%
30 Day17.0%7.0%8.0%
90 Day4.8%3.3%6.8%
1 Year-13.2%-19.1%-4.9%-8.8%22.4%19.7%
3 Year0.9%-15.5%18.3%4.2%47.3%37.5%
5 Year46.3%10.6%47.7%18.0%93.6%72.3%

Long-Term Price Volatility Vs. Market

How volatile is National Health Investors's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is National Health Investors undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: NHI ($66.8) is trading below our estimate of fair value ($134.04)

Significantly Below Fair Value: NHI is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: NHI is good value based on its PE Ratio (15.6x) compared to the US REITs industry average (37.6x).

PE vs Market: NHI is good value based on its PE Ratio (15.6x) compared to the US market (19.7x).

Price to Earnings Growth Ratio

PEG Ratio: NHI is poor value based on its PEG Ratio (4.9x)

Price to Book Ratio

PB vs Industry: NHI is overvalued based on its PB Ratio (2x) compared to the US REITs industry average (1.6x).

Next Steps

Future Growth

How is National Health Investors forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NHI's forecast earnings growth (3.2% per year) is above the savings rate (2.2%).

Earnings vs Market: NHI's earnings (3.2% per year) are forecast to grow slower than the US market (22.1% per year).

High Growth Earnings: NHI's earnings are forecast to grow, but not significantly.

Revenue vs Market: NHI's revenue (6.8% per year) is forecast to grow slower than the US market (10.2% per year).

High Growth Revenue: NHI's revenue (6.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if NHI's Return on Equity is forecast to be high in 3 years time

Next Steps

Past Performance

How has National Health Investors performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NHI has high quality earnings.

Growing Profit Margin: NHI's current net profit margins (57.3%) are higher than last year (50.2%).

Past Earnings Growth Analysis

Earnings Trend: NHI's earnings have grown by 3.8% per year over the past 5 years.

Accelerating Growth: NHI's earnings growth over the past year (22.2%) exceeds its 5-year average (3.8% per year).

Earnings vs Industry: NHI earnings growth over the past year (22.2%) exceeded the REITs industry 2%.

Return on Equity

High ROE: NHI's Return on Equity (12.6%) is considered low.

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Financial Health

How is National Health Investors's financial position?

Financial Position Analysis

Short Term Liabilities: NHI's short term assets ($143.5M) exceed its short term liabilities ($72.6M).

Long Term Liabilities: NHI's short term assets ($143.5M) do not cover its long term liabilities ($1.6B).

Debt to Equity History and Analysis

Debt Level: NHI's debt to equity ratio (102.2%) is considered high.

Reducing Debt: NHI's debt to equity ratio has increased from 97.2% to 102.2% over the past 5 years.

Debt Coverage: NHI's debt is not well covered by operating cash flow (15.1%).

Interest Coverage: NHI's interest payments on its debt are well covered by EBIT (4.1x coverage).

Balance Sheet

Next Steps


What is National Health Investors's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: NHI's dividend (6.6%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: NHI's dividend (6.6%) is in the top 25% of dividend payers in the US market (4.05%)

Stability and Growth of Payments

Stable Dividend: NHI's dividend payments have been volatile in the past 10 years.

Growing Dividend: NHI's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (76.5%), NHI's payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: NHI's dividends in 3 years are forecast to be covered by earnings (75.6% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


D. Mendelsohn (58 yo)





Mr. D. Eric Mendelsohn serves as the Chief Executive Officer and President at National Health Investors Inc. since October 05, 2015. Previously, Mr. Mendelsohn served as an Interim Chief Executive Officer ...

CEO Compensation Analysis

Compensation vs Market: D.'s total compensation ($USD1.81M) is below average for companies of similar size in the US market ($USD5.17M).

Compensation vs Earnings: D.'s compensation has been consistent with company performance over the past year.

Leadership Team

D. Mendelsohn
President & CEO5.25yrsUS$1.81m0.099%
$ 2.9m
John Spaid
Executive VP of Finance & CFO4.67yrsUS$712.16k0.025%
$ 746.8k
Kevin Pascoe
Chief Investment Officer3.75yrsUS$910.60k0.068%
$ 2.0m
Kristin Gaines
Chief Credit Officer10.75yrsUS$844.70k0.10%
$ 3.0m
David Travis
Senior VP & Chief Accounting Officer0.50yrno datano data
Dana Hambly
Director of Investor Relations1.25yrsno datano data
Kimberly Ouimet
Director of Corporate Compliance & Human Resources5.83yrsno datano data
Michelle Kelly
Senior Vice President of Investments3.17yrsno datano data
Susan Sidwell
Corporate Secretaryno datano datano data
Colleen Schaller
Real Estate Transaction Manager1.25yrsno datano data


Average Tenure


Average Age

Experienced Management: NHI's management team is considered experienced (3.8 years average tenure).

Board Members

W. Adams
Chairman of the Board29.83yrsUS$194.92k1.88%
$ 55.8m
Robert Adams
Independent Director0.50yrno data1.41%
$ 41.7m
Charlotte Swafford
$ 6.6m
Robert McCabe
Independent Director19.75yrsUS$204.92k0.037%
$ 1.1m
Robert Webb
Independent Director29.83yrsUS$194.92k0.21%
$ 6.2m
James Jobe
Independent Director7.58yrsUS$194.92k0.032%
$ 958.5k


Average Tenure


Average Age

Experienced Board: NHI's board of directors are seasoned and experienced ( 13.7 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: NHI insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

National Health Investors, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: National Health Investors, Inc.
  • Ticker: NHI
  • Exchange: NYSE
  • Founded: 1991
  • Industry: Health Care REITs
  • Sector: Real Estate
  • Market Cap: US$2.961b
  • Shares outstanding: 44.73m
  • Website: https://www.nhireit.com

Number of Employees


  • National Health Investors, Inc.
  • 222 Robert Rose Drive
  • Murfreesboro
  • Tennessee
  • 37129
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NHINYSE (New York Stock Exchange)YesCommon StockUSUSDOct 1991
WX6DB (Deutsche Boerse AG)YesCommon StockDEEUROct 1991


Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discre...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/26 01:18
End of Day Share Price2020/11/25 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.