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3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
National Health Investors's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 21.74%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for National Health Investors's 3-Year ROIIC % or its related term are showing as below:
FRA:WX6's 3-Year ROIIC % is ranked better than 90.94% of 684
companies
in the REITs industry
Industry Median: 3.64
vs FRA:WX6: 21.74
National Health Investors (FRA:WX6) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
National Health Investors 3-Year ROIIC % Related Terms
National Health Investors 3-Year ROIIC % Historical Data
* 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.
FRA:WX6 vs MPT, DHC, SBRA: 3-Year ROIIC % Comparison
For the REIT - Healthcare Facilities subindustry, National Health Investors's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs REITs Industry
For the REITs industry and Real Estate sector, National Health Investors's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where National Health Investors's 3-Year ROIIC % falls into.
National Health Investors 3-Year ROIIC % Calculation
National Health Investors's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 162.762 (Dec. 2025) - 125.331 (Dec. 2022) )
/
( 2296.482 (Dec. 2025) - 2287.479 (Dec. 2022) )
=
37.431
/
9.0030000000002
=
415.76%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
National Health Investors (FRA:WX6) has a 3-Year ROIIC % of 21.74 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on National Health Investors and its competitors. This is 199% above median its historical median of 7.28. According to the industry distribution chart, National Health Investors ranks #62 out of 684 companies in the REITs industry, placing it in the top 9.1%.
Is National Health Investors' 3-Year ROIIC % too high?
National Health Investors' current 3-Year ROIIC % of 21.74 is 199% above median its 10-year median of 7.28. The REITs industry median 3-Year ROIIC % is 3.64. National Health Investors' value of 21.74 is 497.3% above this industry median. Based on the distribution chart, National Health Investors ranks #62 out of 684 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, National Health Investors has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Health Investors' 3-Year ROIIC % compare to MPT and DHC?
According to the REITs industry distribution chart, National Health Investors ranks #62 out of 684 companies for 3-Year ROIIC %. This places National Health Investors in the top 9% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 3.64. National Health Investors' value of 21.74 is 497.3% above this benchmark. While the company's 10-year median is 7.28 vs. the industry median of 3.64, 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 3-Year ROIIC % for a REITs company?
The median 3-Year ROIIC % among REITs companies is 3.64, based on 684 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Health Investors's current 3-Year ROIIC % of 21.74 is 497.3% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on National Health Investors and its competitors. For the REITs industry, the median 3-Year ROIIC % is 3.64 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Health Investors's current 3-Year ROIIC % is 21.74, which is 199% above median its own 10-year median of 7.28. 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 (FRA:WX6) is currently considered Fairly Valued. The stock's GF Value™ is €70.35, compared to a current price of €66.00 — trading 6.2% below its estimated fair value. The current 3-Year ROIIC % is 21.74, which is 199% above median its 10-year median of 7.28 and 497.3% above the REITs industry median of 3.64. National Health Investors' overall GF Score™ is 85/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For National Health Investors (FRA:WX6), the current 3-Year ROIIC % is 21.74 as of Dec. 2025. 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 (FRA:WX6) Overvalued in 2026?
Based on GuruFocus' analysis, National Health Investors stock appears to be undervalued.
The current stock price of €66.00 is trading 6.2% below its estimated GF Value™ of €70.35.
GuruFocus considers National Health Investors to be Fairly Valued.
Key valuation signals for FRA:WX6:
3-Year ROIIC %: 21.74 (199% above median its 10-year median of 7.28)
GF Value™: €70.35 vs. price of €66.00 (6.2% below fair value)
Industry Position: 497.3% above the REITs median (#62 of 684)
No single metric tells the full story. See the FRA:WX6 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.
85GF Score
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