National Health Investors, Inc. (NHI)

National Health Investors Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	697.46	142.18	137.99	135.65	66.4	111.8
Depreciation & Amortization	96.66	80.94	71.44	69.97	70.88	80.8
Other Amortization	6.27	6.33	6.68	5.17	11.84	5.38
Gain (Loss) on Sale of Assets	-567.4	-0.46	-6.68	-14.72	-28.34	-32.5
Gain (Loss) on Sale of Investments	-	-	-6.26	-	-	-
Asset Writedown	9.87	-	0.65	1.64	51.56	51.82
Stock-Based Compensation	7.03	5.58	4.18	4.61	8.61	8.42
Income (Loss) on Equity Investments	-2.34	-3.66	-0.4	-0.56	-0.57	1.55
Change in Accounts Payable	6.32	5.49	3.29	5.93	0.43	3.35
Change in Other Net Operating Assets	-15.56	0.06	-1.9	-0.71	-3.53	-4.05
Other Operating Activities	-5.29	-1.6	-0.08	-22.64	7.66	-15.96
Operating Cash Flow	234.12	236.56	207.77	184.45	185.34	210.86
Operating Cash Flow Growth	3.41%	13.86%	12.64%	-0.48%	-12.10%	-9.17%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Acquisition of Real Estate Assets	-508.67	-294.03	-157.93	-49.56	-10.99	-50.35
Sale of Real Estate Assets	666.56	-	6.18	57.03	168.96	238.86
Net Sale / Acq. of Real Estate Assets	157.89	-294.03	-151.75	7.48	157.97	188.52
Investment in Marketable & Equity Securities	2.34	3.66	0.4	3.06	0.57	1.21
Investing Cash Flow	126.07	-269.15	-192.32	-11.63	197.95	185.28

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	1,040	449.7	564	225	491.78
Long-Term Debt Repaid	-	-1,022	-438.94	-576.43	-318.39	-752.39
Net Debt Issued (Repaid)	-72	18.15	10.76	-12.43	-93.39	-260.61
Issuance of Common Stock	91.54	181.53	142.39	-	-	47.9
Repurchase of Common Stock	-5.5	-0.46	-5.82	-	-152.24	-
Common Dividends Paid	-178.04	-169.7	-156.51	-156.24	-161.77	-182.9
Other Financing Activities	0.47	-3.82	-4.4	-1.05	6.14	-7.39

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Cash Flow	196.67	-6.88	1.89	3.1	-17.97	-6.86

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Levered Free Cash Flow	-24.26	195.47	169.52	192.49	194.1	108.16
Unlevered Free Cash Flow	8.4	227.9	203.17	226.2	217.89	135.56

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	54.2	51.5	55.37	51.9	42.66	43.68
Cash Income Tax Paid	0.2	0.2	0.2	0.2	0.2	0.1
Change in Working Capital	-8.12	7.26	0.25	5.33	-2.7	-0.44

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Sep 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 15, 2026

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