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National Health InvestorsNHI +1.63%79 Cyclically Adjusted PS Ratio is 8.36 as of Sep. 01, 2026, which is 15% below its 10-year median of 9.78. GuruFocus rates NHI with a GF Score™ of 79/100 and a GF Value™ of $85.01 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 540 REITs companies, National Health Investors ranks worse than 71.67% on this metric.
The historical rank and industry rank for National Health Investors's Cyclically Adjusted PS Ratio or its related term are showing as below:
NHI'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 6.25 Med: 9.78 Max: 22.32
Current: 8.23
During the past years, National Health Investors's highest Cyclically Adjusted PS Ratio was 22.32. The lowest was 6.25. And the median was 9.78.
NHI's Cyclically Adjusted PS Ratio is ranked worse than 71.67% of 540
companies
in the REITs industry
Industry Median: 5.695
vs NHI: 8.23
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
National Health Investors's adjusted revenue per share data for the three months ended in Jun. 2026 was $2.502. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is $8.64 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
National Health Investors (NYSE:NHI) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
National Health Investors Cyclically Adjusted PS Ratio Related Terms
National Health Investors Cyclically Adjusted PS Ratio Historical Data
* Premium members only.
The historical data trend for National Health Investors's Cyclically Adjusted PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
National Health Investors Cyclically Adjusted PS Ratio Chart
NHI vs MPT, LTC, DHC: Cyclically Adjusted PS Ratio Comparison
For the REIT - Healthcare Facilities subindustry, National Health Investors's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Health Investors Cyclically Adjusted PS Ratio vs REITs Industry
For the REITs industry and Real Estate sector, National Health Investors's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where National Health Investors's Cyclically Adjusted PS Ratio falls into.
National Health Investors Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 8.36 mean?
National Health Investors (NHI) has a Cyclically Adjusted PS Ratio of 8.36 as of Sep. 01, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on National Health Investors and its competitors. This is 15% below median its historical median of 9.78. Over the past decade, National Health Investors' Cyclically Adjusted PS Ratio has ranged from 6.25 to 22.32. According to the industry distribution chart, National Health Investors ranks #387 out of 540 companies in the REITs industry, placing it in the top 71.7%.
Is National Health Investors' Cyclically Adjusted PS Ratio too high?
National Health Investors' current Cyclically Adjusted PS Ratio of 8.36 is 15% below median its 10-year median of 9.78. Over the past 10 years, this metric has ranged from a low of 6.25 to a high of 22.32. The REITs industry median Cyclically Adjusted PS Ratio is 5.70. National Health Investors' value of 8.36 is 46.8% above this industry median. Based on the distribution chart, National Health Investors ranks #387 out of 540 companies in the REITs industry, which is below the industry midpoint. Overall, National Health Investors has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does National Health Investors' Cyclically Adjusted PS Ratio compare to MPT and LTC?
According to the REITs industry distribution chart, National Health Investors ranks #387 out of 540 companies for Cyclically Adjusted PS Ratio. This places National Health Investors in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 5.70. National Health Investors' value of 8.36 is 46.8% above this benchmark. Historically, National Health Investors' own Cyclically Adjusted PS Ratio has ranged from 6.25 to 22.32 over the past decade. While the company's 10-year median is 9.78 vs. the industry median of 5.70, National Health Investors has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a REITs company?
The median Cyclically Adjusted PS Ratio among REITs companies is 5.70, based on 540 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Health Investors's current Cyclically Adjusted PS Ratio of 8.36 is 46.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on National Health Investors and its competitors. For the REITs industry, the median Cyclically Adjusted PS Ratio is 5.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Health Investors's current Cyclically Adjusted PS Ratio is 8.36, which is 15% below median its own 10-year median of 9.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Health Investors stock overvalued right now?
Based on GuruFocus' analysis, National Health Investors (NHI) is currently considered Modestly Undervalued. The stock's GF Value™ is $85.01, compared to a current price of $72.27 — trading 15% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 8.36, which is 15% below median its 10-year median of 9.78 and 46.8% above the REITs industry median of 5.70. National Health Investors' overall GF Score™ is 79/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For National Health Investors (NHI), the current Cyclically Adjusted PS Ratio is 8.36 as of Sep. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Health Investors (NHI) Overvalued in 2026?
Based on GuruFocus' analysis, National Health Investors stock appears to be undervalued.
The current stock price of $72.27 is trading 15% below its estimated GF Value™ of $85.01.
GuruFocus considers National Health Investors to be Modestly Undervalued.
Key valuation signals for NHI:
Cyclically Adjusted PS Ratio: 8.36 (15% below median its 10-year median of 9.78)
GF Value™: $85.01 vs. price of $72.27 (15% below fair value)
Industry Position: 46.8% above the REITs median (#387 of 540)
No single metric tells the full story. See the NHI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Health Investors Inc is a self-managed REIT that owns, leases, operates, and finances the development of senior housing communities and medical facilities. It operates through two segments: Real Estate Investments and Senior Housing Operating Portfolio (SHOP). The Real Estate Investments segment, which generates the majority of revenue, includes real estate leases, mortgages, and other notes receivable related to independent living facilities, assisted living facilities, entrance fee communities, senior living campuses, skilled nursing facilities, and a hospital. The SHOP segment consists of ventures that own and operate independent living facilities. The company's revenues are derived from rental income, interest and other income, and resident fees and services.
79GF Score
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