10 Year Financial Data of National Health Investors, Inc. (NHI)

71.4 (1y: +49%)

Market Cap	1.98 B	P/E(ttm)	22.60
Enterprise Value	2.17 B	P/B	4.35

NHI- NYSE (USA)
National Health Investors, Inc.

Currently 1/5

Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$71.40

3 Severe Warning Signs 8 Medium Warning Signs 1 Good Sign

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	-8.9	11.6	13.8
EBITDA Growth (%)	1.8	11.3	6.4
Free Cash Flow Growth (%)	0	0	-7000
Book Value Growth (%)	0.7	1.3	2.2

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	6.02	5.65	5.65	5.43	2.24	2.27	2.33	2.83	2.98	3.48	3.54	0.87	0.78	0.92	0.83	1.01
EBITDA per Share	2.70	2.55	1.76	2.23	2.79	2.05	2.11	2.51	2.66	3.12	3.00	0.74	0.69	0.73	0.88	0.70
Free Cashflow per Share	2.15	2.01	1.68	1.99	2.30	2.27	-0.45	-0.76	0.04	-0.87	-0.69	0.59	0.04	-1.24	-0.26	0.77
Earnings per Share ($)	1.57	2.03	1.96	2.49	3.47	2.07	2.32	2.50	2.92	3.26	3.17	0.66	0.61	0.52	1.48	0.56
Dividends Per Share	1.60	1.70	1.80	1.92	2.00	2.20	2.20	2.36	2.50	2.64	2.69	0.65	0.65	0.67	0.67	0.70
Book Value per Share	15.18	15.46	15.27	15.54	16.06	15.49	15.74	15.96	15.96	16.42	16.39	16.03	16.00	15.77	16.41	16.39
Month End Stock Price	24.88	29.18	25.96	33.00	27.90	27.43	36.99	45.02	43.98	56.53	65.45	48.78	50.92	51.44	56.53	65.45
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	10.70	13.20	12.80	16.00	21.60	13.40	14.80	15.70	18.30	19.80	13.60	16.40	15.20	13.20	36.00	13.60
Return on Assets %	7.00	8.90	9.30	11.60	19.30	12.60	14.00	13.60	14.00	12.90	8.80	12.80	11.20	8.40	23.20	8.80
Return on Capital - Joel Greenblatt %	29.40	47.70	27.90	87.40	117	30.70	24.10	18.70	16.40	13.40	11.60	17.60	16.00	11.20	15.60	11.60
Debt to Equity	0.40	0.37	0.28	0.26	0.02	0.01	--	0.09	0.22	0.45	0.44	0.24	0.27	0.44	0.45	0.44

Gross Margin %	--	--	--	--	--	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
Operating Margin %	35.40	35.90	23.10	33.30	105	77.70	77.20	74.60	74.80	71.90	53.40	71.20	72.00	56.30	87.00	53.40
Net Margin %	27.00	36.20	34.60	45.90	155	91.30	100.00	88.60	98.10	93.60	56.10	76.20	77.70	56.30	178	56.10

Days Sales Outstanding	346	278	289	256	841	10.00	12.40	2.20	43.60	46.60	44.30	42.10	46.20	39.30	48.60	44.30

Debt to Revenue	1.01	1.00	0.75	0.75	0.15	0.06	--	0.48	1.18	2.10	7.24	4.35	5.51	7.61	8.78	7.24
Interest Exp. to Revenue %	8.09	-8.00	-5.44	-5.40	-7.42	-0.49	1.80	6.62	-4.65	4.06	3.01	-2.07	-3.43	4.02	2.95	3.01

Asset Turnover	0.26	0.25	0.27	0.25	0.12	0.14	0.14	0.15	0.14	0.14	0.04	0.04	0.04	0.04	0.03	0.04
Buyback Ratio	-1.00	-2.80	-4.30	-0.50	--	--	--	--	--	--	--	--	--	--	--	--
Dividend Payout Ratio	0.99	0.83	0.92	0.77	0.58	1.06	0.95	0.94	0.86	0.81	1.23	0.99	1.07	1.30	0.45	1.23
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	162	156	157	151	62.31	63.01	64.22	78.40	82.70	96.95	98.52	24.07	21.77	25.51	23.16	28.07
Gross Profit	--	--	--	--	--	63.01	64.22	78.40	82.70	96.95	98.52	24.07	21.77	25.51	23.16	28.07

Selling, General, &Admin. Expense	3.14	3.49	4.31	5.34	5.66	5.18	7.21	8.85	8.03	8.57	9.05	2.88	1.72	1.84	2.12	3.37
Earnings Before DDA	72.84	70.28	49.00	62.04	77.43	56.91	58.18	69.70	73.86	86.72	83.19	20.49	19.08	20.24	24.47	19.40

Depreciation, Depletion and Amortization	15.38	14.45	12.60	11.81	11.73	7.94	8.62	11.20	11.99	16.98	18.03	3.37	3.40	5.89	4.33	4.42

Operating Income	57.46	55.83	36.40	50.23	65.70	48.96	49.56	58.50	61.86	69.74	65.16	17.13	15.68	14.35	20.14	14.99
Interest Income/Expense	13.14	-12.44	-8.56	-8.13	-4.63	-0.31	1.16	5.19	-3.85	3.93	1.81	-0.50	-0.75	1.03	0.68	0.85
Net Income	43.81	56.38	54.41	69.23	96.44	57.51	64.23	69.42	81.13	90.73	88.13	18.35	16.93	14.35	41.10	15.74

Preferred dividends	1.59	0.51	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Earnings per Share ($)	1.57	2.03	1.96	2.49	3.47	2.07	2.32	2.50	2.92	3.26	3.17	0.66	0.61	0.52	1.48	0.56
Total Shares Outstanding	26.99	27.53	27.83	27.78	27.78	27.73	27.62	27.73	27.79	27.84	27.91	27.80	27.82	27.86	27.87	27.91
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	93.69	161	132	178	131	127	67.04	25.14	27.25	22.06	20.90	18.70	22.94	16.22	22.06	20.90
Accounts Receivable	154	118	124	106	144	1.73	2.19	0.47	9.89	12.37	13.65	11.14	11.05	11.03	12.37	13.65
Other Current Assets	-248	-280	-257	-283	-275	--	-0.00	4.93	--	0.00	-0.00	-0.00	--	--	0.00	-0.00
Total Current Assets	--	--	--	--	--	129	69.23	30.54	37.14	34.43	34.55	29.84	33.99	27.25	34.43	34.55

Property, Plant and Equipment	289	278	263	235	187	181	224	328	395	535	533	396	412	519	535	533
Other Long Term Assets	335	353	325	360	313	147	166	151	148	136	132	147	152	129	136	132
Total Assets	624	631	588	595	501	457	459	509	580	706	700	573	598	675	706	700

Accounts Payable	44.27	43.61	39.00	46.76	44.95	23.39	20.71	20.14	27.63	29.09	22.97	20.88	22.01	22.76	29.09	22.97
Current Portion of Long-Term Debt	--	--	--	--	--	3.99	--	--	--	--	--	9.48	--	--	--	--
Other Current Liabilities	-44.27	-43.61	-39.00	-46.76	-44.95	0.00	--	--	--	--	--	-0.00	9.48	--	--	--
Total Current Liabilities	--	--	--	--	--	27.38	20.71	20.14	27.63	29.09	22.97	30.36	31.49	22.76	29.09	22.97

Long-Term Debt	163	156	117	113	9.51	--	--	37.77	97.30	203	203	95.30	120	194	203	203
Other Long-Term Liabilities	51.27	50.28	45.51	50.30	45.08	0.11	4.04	8.94	11.15	16.46	16.42	1.63	1.64	18.82	16.46	16.42
Total Liabilities	215	206	163	164	54.59	27.49	24.75	66.84	136	249	243	127	153	236	249	243

Common Stock	0.27	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28
Preferred Stock	18.70	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Retained Earnings	-61.26	-55.99	-51.52	-48.13	-30.79	-40.36	-39.61	-35.50	-29.65	-18.50	-22.13	-29.36	-30.51	-34.81	-18.50	-22.13
Additional Paid-In Capital	441	461	464	462	462	459	460	462	466	468	470	467	467	468	468	470
Total Equity	410	426	425	432	446	430	435	443	443	457	458	446	445	439	457	458
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	43.81	56.38	54.41	69.23	96.44	57.51	64.23	69.42	81.13	90.90	88.47	18.35	16.93	14.35	41.27	15.92
Depreciation, Depletion and Amortization	15.38	14.45	12.60	11.81	11.73	7.94	8.62	11.20	11.99	16.98	18.03	3.37	3.40	5.89	4.33	4.42
Cash Flow from Others	8.85	-13.74	-8.00	-23.23	-41.63	1.68	-3.64	-3.08	-16.27	-21.61	-17.64	-0.47	0.30	1.62	-23.07	3.51
Cash Flow from Operations	68.03	57.09	59.01	57.81	66.53	67.13	69.21	77.54	76.85	86.27	88.87	21.25	20.63	21.86	22.53	23.85

Investment for Property, Plant & Equipement	-10.01	-1.68	-12.26	-2.50	-2.49	-4.05	-81.57	-98.74	-75.81	-111	-108	-4.88	-19.42	-56.44	-29.86	-2.30
Cash Flow from Investing	64.72	65.74	0.33	47.17	21.43	52.17	-55.28	-92.03	-55.47	-99.81	-97.89	-4.06	-23.64	-64.18	-7.93	-2.15

Net Issuance of Stock	0.45	1.01	2.35	-3.17	--	-3.62	--	--	--	--	--	--	--	--	--	--
Net Issuance of Preferred Stock	--	--	--	-0.20	--	--	--	--	--	--	--	--	--	--	--	--
Net Issuance of Debt	--	--	--	--	--	-5.53	-3.99	37.77	59.54	86.70	88.70	-2.00	24.70	55.00	9.00	--
Cash Flow for Dividends	-43.00	-48.65	-53.26	-52.55	-67.44	-85.52	-64.55	-66.52	-67.89	-79.10	-79.93	-24.14	-18.06	-18.07	-18.82	-24.97
Other Financing	-39.58	-7.67	-37.18	-3.76	-104	0.24	0.08	0.18	0.20	-0.77	-0.62	--	-0.75	-0.00	-0.01	0.15
Cash Flow from Financing	-82.13	-55.31	-88.09	-59.68	-171	-94.42	-68.46	-28.57	-8.16	6.83	8.15	-26.14	5.89	36.92	-9.84	-24.82

Net Change in Cash	50.63	67.53	-28.75	45.30	-83.46	24.89	-54.52	-43.05	13.22	-6.71	-0.88	-8.96	2.87	-5.39	4.76	-3.12

Free Cash Flow	58.02	55.41	46.75	55.31	64.04	63.09	-12.36	-21.19	1.05	-24.34	-19.15	16.37	1.21	-34.58	-7.33	21.55
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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NHI Quarterly/Annuals Reports

NHI: 10-Q/A - NATIONAL HEALTH INVESTORS INC (0000877860) (Filer): (10-Q/A) - 2012-11-06
NHI: 10-Q - NATIONAL HEALTH INVESTORS INC (0000877860) (Filer): (10-Q) - 2012-11-02
NHI: 10-Q - NATIONAL HEALTH INVESTORS INC (0000877860) (Filer): (10-Q) - 2012-08-03
NHI: 10-Q - NATIONAL HEALTH INVESTORS INC (0000877860) (Filer): (10-Q) - 2012-05-10
NHI: 10-K - NATIONAL HEALTH INVESTORS INC (0000877860) (Filer): (10-K) - 2012-02-15

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