Incorporated in 1991, National Health Investors, Inc.
National Health Investors Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$56.61|
|52 Week High||US$53.70|
|52 Week Low||US$78.56|
|1 Month Change||-3.95%|
|3 Month Change||-16.57%|
|1 Year Change||-6.85%|
|3 Year Change||-24.34%|
|5 Year Change||-28.83%|
|Change since IPO||177.84%|
Recent News & Updates
National Health Investors: The Most Bearish Bull Thesis I Hope To Ever Write
The bad news has continued to pile on for the senior housing/care sector. The Delta variant is surging, occupancy remains depressed, workers are hard to come by and keep, labor costs are rising, and rents are being deferred or reduced. The end is not yet in sight for the senior housing/care sector's woes. And yet, the long-term case for senior housing REITs like NHI remains intact due to aging demographics. NHI is particularly cheap, but it is actually a strong company with conservative financial management.
National Health: Not Out Of The Woods Yet
We review the Q2 results to evaluate the health of this company. With rent coverage in the doldrums, what is next for this business? We talk about the risks and provide an entry point for those interested.
|NHI||US REITs||US Market|
Return vs Industry: NHI underperformed the US REITs industry which returned 36.1% over the past year.
Return vs Market: NHI underperformed the US Market which returned 33% over the past year.
Stable Share Price: NHI is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: NHI's weekly volatility (3%) has been stable over the past year.
About the Company
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 discretionary senior housing and medical investments. NHI's portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.
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 ($56.61) is trading below our estimate of fair value ($149.25)
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 (16.8x) compared to the US REITs industry average (49.7x).
PE vs Market: NHI is good value based on its PE Ratio (16.8x) compared to the US market (17.5x).
Price to Earnings Growth Ratio
PEG Ratio: NHI is poor value based on its PEG Ratio (2x)
Price to Book Ratio
PB vs Industry: NHI is good value based on its PB Ratio (1.7x) compared to the US REITs industry average (2x).
How is National Health Investors forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: NHI's forecast earnings growth (8.6% per year) is above the savings rate (2%).
Earnings vs Market: NHI's earnings (8.6% per year) are forecast to grow slower than the US market (14.9% per year).
High Growth Earnings: NHI's earnings are forecast to grow, but not significantly.
Revenue vs Market: NHI's revenue (7.9% per year) is forecast to grow slower than the US market (9.8% per year).
High Growth Revenue: NHI's revenue (7.9% 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
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 (48.6%) are lower than last year (57.7%).
Past Earnings Growth Analysis
Earnings Trend: NHI's earnings have grown by 2% per year over the past 5 years.
Accelerating Growth: NHI's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: NHI had negative earnings growth (-18.9%) over the past year, making it difficult to compare to the REITs industry average (3.9%).
Return on Equity
High ROE: NHI's Return on Equity (9.9%) is considered low.
How is National Health Investors's financial position?
Financial Position Analysis
Short Term Liabilities: NHI's short term assets ($155.0M) exceed its short term liabilities ($67.0M).
Long Term Liabilities: NHI's short term assets ($155.0M) do not cover its long term liabilities ($1.5B).
Debt to Equity History and Analysis
Debt Level: NHI's debt to equity ratio (92.4%) is considered high.
Reducing Debt: NHI's debt to equity ratio has increased from 92.1% to 92.4% over the past 5 years.
Debt Coverage: NHI's debt is not well covered by operating cash flow (15.6%).
Interest Coverage: NHI's interest payments on its debt are well covered by EBIT (4x coverage).
What is National Health Investors's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: NHI's dividend (7.79%) is higher than the bottom 25% of dividend payers in the US market (1.35%).
High Dividend: NHI's dividend (7.79%) is in the top 25% of dividend payers in the US market (3.65%)
Stability and Growth of Payments
Stable Dividend: NHI's dividend payments have been volatile in the past 10 years.
Growing Dividend: NHI's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (86.5%), NHI's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: NHI's dividends in 3 years are forecast to be covered by earnings (64.9% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
D. Mendelsohn (59 yo)
Mr. D. Eric Mendelsohn has been a Director at National Health Investors, Inc since February 17, 2021. Mr. Mendelsohn serves as the Chief Executive Officer and President at National Health Investors Inc. si...
CEO Compensation Analysis
Compensation vs Market: D.'s total compensation ($USD1.79M) is below average for companies of similar size in the US market ($USD5.25M).
Compensation vs Earnings: D.'s compensation has been consistent with company performance over the past year.
Experienced Management: NHI's management team is considered experienced (4.6 years average tenure).
Experienced Board: NHI's board of directors are considered experienced (8.4 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
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.7%.
National Health Investors, Inc.'s employee growth, exchange listings and data sources
- Name: National Health Investors, Inc.
- Ticker: NHI
- Exchange: NYSE
- Founded: 1991
- Industry: Health Care REITs
- Sector: Real Estate
- Market Cap: US$2.596b
- Shares outstanding: 45.85m
- Website: https://www.nhireit.com
Number of Employees
- National Health Investors, Inc.
- 222 Robert Rose Drive
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/09/22 00:12|
|End of Day Share Price||2021/09/21 00:00|
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.