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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Jun. 2026, National Health Investors has a Sloan Ratio of 6.88%, indicating the company is in the safe zone and there is no funny business with accruals.
National Health Investors (FRA:WX6) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Jun. 2026, National Health Investors has a Sloan Ratio of 6.88%, indicating the company is in the safe zone and there is no funny business with accruals.
National Health Investors Sloan Ratio % Related Terms
National Health Investors Sloan Ratio % 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, LTC, DHC: Sloan Ratio % Comparison
For the REIT - Healthcare Facilities subindustry, National Health Investors's Sloan Ratio %, along with its competitors' market caps and Sloan 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 Sloan Ratio % vs REITs Industry
For the REITs industry and Real Estate sector, National Health Investors's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where National Health Investors's Sloan Ratio % falls into.
National Health Investors Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
National Health Investors's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
National Health Investors's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was 28.120186791726 (Sep. 2025 ) + 32.787993691673 (Dec. 2025 ) + 34.277339133831 (Mar. 2026 ) + 47.880396388424 (Jun. 2026 ) = €143.1 Mil.
National Health Investors's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was 50.697277050571 (Sep. 2025 ) + 60.204781143303 (Dec. 2025 ) + 45.678046065331 (Mar. 2026 ) + 56.164230479771 (Jun. 2026 ) = €212.7 Mil.
National Health Investors's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was 39.143242892593 (Sep. 2025 ) + -161.16036560539 (Dec. 2025 ) + -88.79695908576 (Mar. 2026 ) + -37.28782671911 (Jun. 2026 ) = €-248.1 Mil.
* 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 (FRA:WX6) has a Sloan Ratio % of 6.88% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on National Health Investors and its competitors.
Is National Health Investors' Sloan Ratio % too high?
National Health Investors' current Sloan Ratio % is 6.88%. Overall, National Health Investors has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does National Health Investors' Sloan Ratio % compare to MPT and LTC?
National Health Investors' Sloan Ratio % of 6.88% can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a REITs company?
A good Sloan Ratio % depends on the REITs industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on National Health Investors and its competitors. National Health Investors's current Sloan Ratio % is 6.88%. 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 Modestly Undervalued. The stock's GF Value™ is €73.41, compared to a current price of €58.50 — trading 20.3% below its estimated fair value. The current Sloan Ratio % is 6.88%. National Health Investors' overall GF Score™ is 75/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For National Health Investors (FRA:WX6), the current Sloan Ratio % is 6.88% as of Jun. 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 (FRA:WX6) Overvalued in 2026?
Based on GuruFocus' analysis, National Health Investors stock appears to be undervalued.
The current stock price of €58.50 is trading 20.3% below its estimated GF Value™ of €73.41.
GuruFocus considers National Health Investors to be Modestly Undervalued.
Key valuation signals for FRA:WX6:
Sloan Ratio %: 6.88%
GF Value™: €73.41 vs. price of €58.50 (20.3% below fair value)
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.
75GF Score
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