$211.81

-11.89 (-5.32%)

Pre-Market: $211.88 (+0.06, +0.03%)

Weekly Expected Move ±5.4%

$210 $223 $236 $249 $262

AMEX · Healthcare · Medical - Care Facilities · Tech Score Neutral · Power 50 · $3.3B mcap · 13M float · 0.970% daily turnover · Short 75% of daily vol

Credit Risk of going bust: lower than 92% of companies Debt: 0.9% of company value Bonds: none of note held by US funds details ▾

Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $0.16 (down 99.9%), National HealthCare Corporation would be worth roughly what it owes.
Total debt $31.4M against a stock market value of $3.32B.
Distance to default 15.47 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $15.7M (short-term plus half of long-term), stock volatility 34.7%; Altman Z'' 7.23. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

52.9 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 12.6% · 5Y Avg: 8.5%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. NHC shows a Weak competitive edge (52.9/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 12.6% suggests modest returns relative to capital deployed.

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A-

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. NHC receives an overall rating of A-. Strongest factors: ROE (4/5), ROA (5/5), D/E (4/5). Areas of concern: P/E (2/5), P/B (2/5).

Rating Change History

Date	From	To
2026-10-12	B+	A-
2026-10-01	A-	B+
2026-08-10	B	A-
2026-08-07	A-	B
2026-05-11	B	A-
2026-05-08	A-	B
2026-03-02	B+	A-
2026-03-02	B	B+
2026-02-27	A-	B
2026-02-18	B+	A-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 72 Grade A+

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. NHC scores highest in Safety (100/100) and lowest in Profitability (47/100). An overall grade of A+ places NHC among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

7.45

Safe Zone

Piotroski F-Score

8/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✓ ✓

Beneish M-Score

-1.77

Possible Manipulator

Ohlson O-Score

-9.82

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AAA

Score: 96.2/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.35x

Accruals: -3.1%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. NHC scores 7.45, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. NHC scores 8/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. NHC's score of -1.77 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. NHC's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. NHC receives an estimated rating of AAA (score: 96.2/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). NHC's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

23.46x

PEG

0.71x

P/S

2.13x

P/B

2.95x

P/FCF

22.88x

P/OCF

17.76x

EV/EBITDA

13.35x

EV/Revenue

2.00x

EV/EBIT

16.60x

EV/FCF

21.28x

Earnings Yield

4.18%

FCF Yield

4.37%

Shareholder Yield

2.14%

Graham Number

$118.63

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 23.5x earnings, NHC commands a growth premium. Graham's intrinsic value formula yields $118.63 per share, 79% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.757

NI / EBT

Interest Burden

0.986

EBT / EBIT

EBIT Margin

0.121

EBIT / Rev

Asset Turnover

1.006

Rev / Assets

Equity Multiplier

1.445

Assets / Equity

ROE

13.1%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. NHC's ROE of 13.1% is driven by Asset Turnover (1.006), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

15.00%

Fair P/E

38.50x

Intrinsic Value

$340.40

Price/Value

0.62x

Margin of Safety

37.91%

Premium

-37.91%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NHC's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. NHC actually compounded EPS at 61.9% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. NHC trades at a -38% premium to its adjusted intrinsic value of $340.40, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 23.5x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$211.81

Median 1Y

$237.63

5th Pctile

$137.53

95th Pctile

$409.34

Ann. Volatility

31.4%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Stephen F. Flatt Chief Executive Officer	$577,000	$505,215	$2,685,370
R. Michael Ussery President & Chief Operating Officer (Retired)	$521,000	$446,846	$2,382,174
Brian F. Kidd SVP & Chief Financial Officer	$307,000	$246,395	$1,407,048
Josh A. McCreary SVP, General Counsel & Secretary	$301,000	$238,383	$1,373,015
B. Anderson Flatt SVP & Chief Information Officer	$270,000	$219,417	$1,292,065

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

15,278

+2.1% YoY

Revenue / Employee

$98,870

Rev: $1,510,535,000

Profit / Employee

$7,855

NI: $120,015,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	18.0%	16.3%	15.5%	3.4%	3.6%	2.5%	2.1%	3.6%	5.1%	7.5%	9.0%	10.0%	13.3%	10.8%	11.2%	10.7%	9.9%	11.7%	11.8%	13.1%	13.08%
ROA	10.9%	10.0%	9.8%	2.2%	2.4%	1.7%	1.4%	2.4%	3.5%	5.2%	6.3%	7.0%	8.7%	7.2%	7.5%	7.2%	6.5%	7.9%	8.0%	9.1%	9.05%
ROIC	6.1%	5.8%	5.4%	3.9%	2.9%	2.9%	2.4%	3.3%	4.3%	5.4%	5.8%	7.0%	6.1%	6.6%	7.8%	9.0%	10.5%	11.4%	12.3%	12.6%	12.56%
ROCE	14.4%	13.2%	12.5%	3.4%	3.8%	2.6%	2.1%	3.8%	5.6%	8.1%	9.8%	11.0%	12.8%	10.9%	11.5%	11.5%	11.2%	13.3%	11.2%	12.4%	12.37%
Gross Margin	36.1%	37.2%	36.4%	35.5%	36.1%	36.6%	37.7%	38.0%	36.7%	38.0%	38.4%	38.2%	37.3%	36.6%	39.0%	39.6%	39.1%	39.7%	38.4%	40.7%	40.71%
Operating Margin	4.8%	3.4%	5.3%	1.7%	1.5%	3.4%	3.7%	4.9%	4.5%	6.7%	5.3%	7.7%	6.2%	7.2%	8.2%	9.1%	7.9%	8.6%	8.4%	12.0%	11.99%
Net Margin	-1.3%	5.9%	5.7%	1.2%	-0.9%	2.4%	4.3%	5.8%	3.6%	9.4%	8.8%	9.2%	12.6%	1.6%	8.6%	6.3%	10.3%	6.4%	9.4%	9.9%	9.88%
EBITDA Margin	1.0%	11.7%	11.4%	5.0%	2.3%	6.8%	9.6%	11.5%	8.4%	16.1%	15.6%	15.8%	20.7%	5.4%	15.2%	12.0%	17.5%	11.6%	14.8%	16.0%	15.98%
FCF Margin	3.7%	2.3%	-2.1%	-2.1%	-2.4%	-2.0%	2.1%	3.4%	6.6%	7.3%	6.8%	7.6%	6.0%	4.7%	6.6%	6.9%	9.8%	9.8%	11.0%	9.4%	9.40%
OCF Margin	6.7%	6.2%	2.1%	2.0%	1.1%	0.8%	4.7%	5.8%	8.8%	9.7%	9.2%	10.0%	8.3%	6.8%	8.6%	9.0%	12.1%	12.2%	13.7%	12.1%	12.11%
ROE 3Y Avg	snapshot only																				10.82%
ROE 5Y Avg	snapshot only																				7.90%
ROA 3Y Avg	snapshot only																				7.56%
ROIC 3Y Avg	snapshot only																				9.82%
ROIC Economic	snapshot only																				9.93%
Cash ROA	snapshot only																				12.28%
Cash ROIC	snapshot only																				21.27%
CROIC	snapshot only																				16.50%
NOPAT Margin	snapshot only																				7.15%
Pretax Margin	snapshot only																				11.89%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				3.00%
SBC / Revenue	snapshot only																				0.35%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	6.36	6.79	7.40	31.85	28.19	37.76	44.32	28.06	20.92	20.58	17.43	17.85	15.49	16.24	13.24	15.85	18.80	17.87	20.37	23.91	23.456
P/S Ratio	0.96	0.93	0.93	0.92	0.83	0.79	0.78	0.82	0.85	1.20	1.21	1.39	1.57	1.28	1.04	1.14	1.27	1.41	1.65	2.15	2.128
P/B Ratio	1.07	1.04	1.08	1.10	1.02	0.97	0.95	1.01	1.06	1.51	1.53	1.73	1.96	1.69	1.42	1.62	1.81	2.01	2.31	2.99	2.947
P/FCF	26.35	40.91	-45.25	-44.36	-34.76	-39.49	37.67	24.10	12.91	16.50	17.75	18.33	26.13	27.06	15.78	16.54	12.96	14.43	14.96	22.88	22.883
P/OCF	14.44	15.08	43.91	46.84	72.89	96.94	16.69	14.19	9.61	12.36	13.24	13.85	18.92	18.65	12.07	12.72	10.51	11.59	12.09	17.76	17.759
EV/EBITDA	4.21	4.44	5.11	11.73	10.48	11.58	12.38	9.84	8.22	9.49	8.48	8.78	9.03	9.06	7.20	8.20	9.18	9.00	10.52	13.35	13.348
EV/Revenue	0.88	0.84	0.89	0.86	0.79	0.74	0.73	0.75	0.75	1.09	1.10	1.23	1.55	1.27	1.01	1.08	1.16	1.27	1.47	2.00	2.000
EV/EBIT	5.25	5.64	6.55	24.06	20.62	28.45	34.41	19.49	13.81	13.97	11.79	11.76	11.29	11.77	9.22	10.63	12.02	11.39	13.37	16.60	16.595
EV/FCF	24.12	37.02	-43.11	-41.31	-33.09	-36.85	35.54	21.84	11.41	14.94	16.10	16.19	25.88	27.03	15.33	15.69	11.81	12.94	13.34	21.28	21.283
Earnings Yield	15.7%	14.7%	13.5%	3.1%	3.5%	2.6%	2.3%	3.6%	4.8%	4.9%	5.7%	5.6%	6.5%	6.2%	7.6%	6.3%	5.3%	5.6%	4.9%	4.2%	4.18%
FCF Yield	3.8%	2.4%	-2.2%	-2.3%	-2.9%	-2.5%	2.7%	4.1%	7.7%	6.1%	5.6%	5.5%	3.8%	3.7%	6.3%	6.0%	7.7%	6.9%	6.7%	4.4%	4.37%
PEG Ratio	snapshot only																				0.711
Price/Tangible Book	snapshot only																				3.600
EV/OCF	snapshot only																				16.518
EV/Gross Profit	snapshot only																				5.066
Acquirers Multiple	snapshot only																				21.555
Shareholder Yield	snapshot only																				2.14%
Graham Number	snapshot only																				$118.63

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	1.65	1.62	1.77	1.76	1.64	1.79	1.84	1.86	1.87	1.89	2.02	2.06	1.80	1.81	1.90	1.72	1.75	1.77	17.27	22.06	22.064
Quick Ratio	1.61	1.59	1.73	1.73	1.60	1.75	1.81	1.83	1.83	1.86	1.99	2.03	1.77	1.77	1.87	1.69	1.72	1.77	17.27	22.06	22.064
Debt/Equity	0.19	0.18	0.18	0.17	0.15	0.14	0.13	0.12	0.11	0.10	0.09	0.08	0.24	0.22	0.20	0.17	0.12	0.08	0.04	0.03	0.028
Net Debt/Equity	-0.09	-0.10	-0.05	-0.08	-0.05	-0.06	-0.05	-0.10	-0.12	-0.14	-0.14	-0.20	-0.02	-0.00	-0.04	-0.08	-0.16	-0.21	-0.25	-0.21	-0.209
Debt/Assets	0.12	0.12	0.12	0.11	0.10	0.10	0.09	0.09	0.08	0.07	0.06	0.06	0.15	0.14	0.13	0.11	0.08	0.06	0.03	0.02	0.020
Debt/EBITDA	0.84	0.87	0.87	1.94	1.64	1.84	1.85	1.33	1.01	0.71	0.57	0.48	1.10	1.18	1.05	0.90	0.68	0.41	0.18	0.13	0.134
Net Debt/EBITDA	-0.39	-0.47	-0.25	-0.87	-0.53	-0.83	-0.74	-1.02	-1.08	-0.99	-0.87	-1.16	-0.09	-0.01	-0.21	-0.44	-0.90	-1.04	-1.27	-1.00	-1.004
Interest Coverage	184.28	178.56	186.43	54.53	64.94	49.37	46.18	94.66	157.54	274.88	400.74	688.19	91.57	33.99	24.31	23.92	24.41	38.56	66.14	73.58	73.579
Equity Multiplier	1.58	1.55	1.50	1.50	1.48	1.46	1.44	1.45	1.45	1.44	1.43	1.42	1.59	1.56	1.54	1.53	1.49	1.43	1.40	1.37	1.369
Cash Ratio	snapshot only																				14.536
Debt Service Coverage	snapshot only																				91.478
Cash to Debt	snapshot only																				8.465
FCF to Debt	snapshot only																				4.665
Defensive Interval	snapshot only																				312.8 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.72	0.73	0.78	0.77	0.80	0.80	0.82	0.83	0.86	0.88	0.90	0.90	0.86	0.92	0.96	1.00	0.96	0.99	0.99	1.01	1.006
Inventory Turnover	80.16	75.07	80.61	89.44	85.94	87.58	87.99	95.23	94.49	98.43	106.16	107.50	100.33	98.74	115.34	124.26	117.59	203.80	229.74	239.08	239.076
Receivables Turnover	10.80	10.88	10.72	10.84	10.89	10.96	10.50	10.78	10.96	10.95	10.22	11.18	10.63	10.64	10.28	11.60	11.49	11.07	10.92	11.15	11.145
Payables Turnover	24.12	29.89	32.09	28.28	26.26	34.79	35.24	33.63	38.60	39.41	43.27	40.35	38.94	36.29	40.43	41.91	40.72	38.17	43.15	43.86	43.862
DSO	34	34	34	34	34	33	35	34	33	33	36	33	34	34	36	31	32	33	33	33	32.7 days
DIO	5	5	5	4	4	4	4	4	4	4	3	3	4	4	3	3	3	2	2	2	1.5 days
DPO	15	12	11	13	14	10	10	11	9	9	8	9	9	10	9	9	9	10	8	8	8.3 days
Cash Conversion Cycle	23	26	27	25	24	27	29	27	28	28	31	27	29	28	30	26	26	25	27	26	26.0 days
Operating Cycle	snapshot only																				34.3 days
Cash Velocity	snapshot only																				5.864
Capital Intensity	snapshot only																				0.986

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	0.6%	3.1%	10.3%	11.4%	8.8%	6.3%	2.3%	1.2%	2.4%	6.3%	8.7%	8.3%	11.3%	13.7%	17.6%	23.8%	22.1%	16.9%	11.0%	6.9%	6.92%
Net Income	4.4%	2.3%	47.4%	-81.4%	-78.8%	-83.8%	-85.8%	3.1%	40.4%	2.0%	3.3%	1.9%	1.8%	52.6%	32.8%	14.1%	-18.5%	17.7%	14.6%	33.8%	33.84%
EPS	4.4%	2.3%	46.7%	-81.5%	-78.9%	-83.7%	-85.7%	4.2%	41.5%	2.0%	3.3%	1.8%	1.7%	50.9%	32.2%	13.8%	-18.5%	17.9%	13.2%	31.6%	31.61%
FCF	-80.3%	-87.3%	-1.1%	-1.3%	-1.7%	-1.9%	2.0%	2.7%	3.8%	4.9%	2.6%	1.4%	1.7%	-26.6%	13.6%	12.2%	99.3%	1.4%	85.9%	46.0%	45.96%
EBITDA	1.7%	99.9%	14.2%	-65.8%	-60.7%	-64.4%	-65.2%	5.4%	23.2%	92.0%	1.4%	100.0%	1.1%	39.2%	27.3%	16.5%	-10.6%	17.1%	10.7%	21.5%	21.54%
Op. Income	5.2%	5.8%	4.9%	-16.7%	-41.4%	-37.4%	-44.5%	-8.7%	44.0%	79.1%	1.3%	92.1%	72.2%	50.1%	60.8%	57.8%	53.6%	49.7%	28.7%	28.6%	28.64%
OCF Growth	snapshot only																				44.63%
Asset Growth	snapshot only																				-1.62%
Equity Growth	snapshot only																				9.82%
Debt Growth	snapshot only																				-81.80%
Shares Change	snapshot only																				1.70%
Dividend Growth	snapshot only																				3.81%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	0.5%	1.0%	2.2%	2.7%	2.8%	2.5%	2.3%	3.0%	3.9%	5.2%	7.1%	6.9%	7.4%	8.7%	9.4%	10.7%	11.6%	12.2%	12.4%	12.8%	12.77%
Revenue 5Y	1.5%	1.8%	2.4%	2.6%	2.4%	2.2%	2.1%	2.2%	2.5%	3.1%	3.5%	3.5%	4.4%	5.4%	6.5%	8.0%	8.8%	9.1%	9.9%	10.1%	10.10%
EPS 3Y	33.8%	32.4%	16.5%	-25.5%	-24.1%	-30.9%	-2.2%	-2.6%	16.9%	16.6%	-3.6%	-18.2%	-6.8%	-10.2%	-6.9%	49.8%	46.3%	73.8%	85.6%	61.9%	61.89%
EPS 5Y	23.6%	21.9%	21.4%	-8.8%	-8.4%	-16.9%	-14.4%	-9.6%	-6.5%	2.2%	-0.7%	4.1%	10.9%	8.0%	39.5%	24.4%	28.7%	23.0%	6.0%	-3.9%	-3.93%
Net Income 3Y	34.1%	33.0%	16.9%	-25.3%	-24.0%	-31.0%	-2.1%	-2.7%	16.8%	16.8%	-3.3%	-18.0%	-6.2%	-9.7%	-6.6%	50.1%	47.0%	74.9%	87.2%	63.8%	63.78%
Net Income 5Y	23.8%	22.4%	21.8%	-8.5%	-8.1%	-16.8%	-14.3%	-9.5%	-6.4%	2.5%	-0.4%	4.3%	11.3%	8.4%	40.0%	24.7%	29.2%	23.4%	6.6%	-3.4%	-3.38%
EBITDA 3Y	20.7%	16.4%	6.2%	-17.7%	-16.5%	-20.0%	-2.1%	-2.0%	8.9%	11.0%	-1.9%	-10.4%	0.5%	-1.6%	1.8%	34.9%	32.2%	46.3%	49.7%	41.5%	41.47%
EBITDA 5Y	10.7%	9.2%	8.4%	-8.4%	-7.8%	-11.0%	-8.4%	-5.9%	-3.2%	1.5%	-0.1%	3.3%	8.6%	6.4%	23.2%	17.0%	19.4%	17.4%	5.9%	0.4%	0.38%
Gross Profit 3Y	-3.7%	-3.3%	-2.0%	-1.2%	-0.9%	-1.3%	-1.1%	1.5%	2.9%	4.9%	8.9%	8.8%	9.5%	10.7%	11.1%	12.6%	13.9%	15.4%	15.1%	15.1%	15.13%
Gross Profit 5Y	-1.2%	-1.0%	-0.1%	0.4%	0.2%	-0.2%	-0.1%	0.4%	0.7%	1.5%	1.9%	2.0%	3.0%	3.8%	5.1%	7.6%	8.9%	9.9%	11.8%	12.2%	12.22%
Op. Income 3Y	-0.4%	-3.2%	-3.7%	-9.0%	-13.7%	-13.4%	-17.4%	-10.3%	-3.9%	5.9%	9.7%	13.5%	13.3%	19.0%	26.4%	40.4%	56.1%	59.1%	67.4%	57.4%	57.38%
Op. Income 5Y	-2.9%	-3.4%	-3.2%	-6.3%	-10.4%	-10.0%	-12.5%	-7.3%	-3.6%	0.4%	2.3%	5.7%	9.8%	11.8%	15.5%	16.9%	18.6%	21.7%	22.2%	24.3%	24.27%
FCF 3Y	-19.6%	-30.6%	—	—	—	—	-31.5%	-42.0%	-26.8%	-22.8%	-24.9%	10.6%	26.6%	38.6%	—	—	—	—	96.6%	58.0%	57.96%
FCF 5Y	—	-4.1%	—	—	—	—	-18.9%	-12.5%	0.8%	3.9%	3.2%	8.3%	1.2%	-3.7%	5.6%	-12.0%	-4.5%	-3.9%	-2.2%	17.2%	17.24%
OCF 3Y	-13.0%	-14.1%	-38.6%	-38.0%	-49.6%	-55.6%	-19.6%	-33.6%	-22.5%	-18.2%	-19.9%	10.1%	15.4%	12.5%	74.3%	83.7%	1.4%	1.8%	60.9%	44.1%	44.07%
OCF 5Y	2.0%	-7.2%	-23.7%	-26.0%	-35.7%	-37.9%	-12.0%	-9.4%	-0.6%	2.5%	2.0%	6.0%	1.1%	-2.4%	4.2%	-9.6%	-2.8%	-1.9%	0.0%	16.3%	16.32%
Assets 3Y	9.3%	9.1%	1.1%	0.9%	-0.3%	-0.3%	0.2%	-1.4%	-1.4%	-1.3%	-0.9%	-2.8%	3.3%	2.8%	4.5%	5.0%	6.7%	6.2%	6.4%	6.3%	6.27%
Assets 5Y	5.4%	5.2%	4.7%	4.2%	3.1%	3.1%	3.6%	3.6%	3.4%	3.9%	0.1%	0.4%	3.6%	3.4%	4.3%	3.2%	3.3%	2.3%	2.4%	1.1%	1.07%
Equity 3Y	7.5%	7.2%	6.5%	5.8%	4.4%	3.9%	5.7%	4.8%	4.6%	4.6%	4.6%	1.4%	3.2%	2.8%	3.5%	4.4%	6.3%	6.9%	7.5%	8.3%	8.28%
Book Value 3Y	7.3%	6.8%	6.2%	5.4%	4.2%	4.0%	5.6%	4.9%	4.7%	4.3%	4.4%	1.1%	2.5%	2.3%	3.3%	4.2%	5.8%	6.3%	6.6%	7.0%	7.04%
Dividend 3Y	-0.2%	-0.3%	0.3%	0.8%	1.7%	2.7%	2.2%	2.1%	1.5%	0.7%	0.7%	0.8%	0.5%	0.8%	1.1%	1.1%	1.0%	0.9%	0.8%	0.7%	0.65%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.77	0.81	0.51	0.54	0.67	0.71	0.56	0.63	0.76	0.78	0.72	0.75	0.80	0.80	0.77	0.75	0.80	0.88	0.93	0.91	0.913
Earnings Stability	0.31	0.38	0.43	0.05	0.03	0.00	0.02	0.01	0.01	0.00	0.00	0.00	0.04	0.03	0.12	0.02	0.09	0.14	0.04	0.02	0.021
Margin Stability	0.94	0.94	0.93	0.94	0.94	0.94	0.94	0.95	0.95	0.95	0.95	0.95	0.95	0.95	0.95	0.97	0.98	0.97	0.97	0.96	0.965
Rev. Growth Consistency	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.50	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	0.00	1.00	1.00	1.00	1.000
FCF Positive Streak	1	1	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.50	0.81	0.50	0.50	0.50	0.50	0.99	0.84	0.50	0.50	0.50	0.50	0.50	0.87	0.94	0.93	0.93	0.94	0.86	0.865
Earnings Smoothness	0.00	0.00	0.62	0.00	0.00	0.00	0.00	0.97	0.66	0.01	0.00	0.03	0.06	0.58	0.72	0.87	0.80	0.84	0.86	0.71	0.711
ROE Trend	0.10	0.08	0.08	-0.08	-0.07	-0.08	-0.11	-0.07	-0.05	-0.02	0.00	0.06	0.08	0.05	0.05	0.04	0.01	0.02	0.02	0.03	0.025
Gross Margin Trend	-0.04	-0.04	-0.02	-0.01	-0.01	-0.01	0.01	0.01	0.01	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.02	0.015
FCF Margin Trend	-0.09	-0.11	-0.15	-0.15	-0.14	-0.12	-0.07	0.01	0.06	0.07	0.07	0.07	0.04	0.02	0.02	0.01	0.04	0.04	0.04	0.02	0.022
Sustainable Growth Rate	14.2%	12.5%	11.7%	-0.2%	-0.2%	-1.4%	-1.8%	-0.4%	1.1%	3.5%	5.0%	6.1%	9.4%	6.9%	7.3%	6.8%	6.2%	7.9%	8.1%	9.4%	9.37%
Internal Growth Rate	9.4%	8.3%	8.0%	—	—	—	—	—	0.7%	2.5%	3.6%	4.4%	6.6%	4.8%	5.2%	4.8%	4.2%	5.6%	5.8%	6.9%	6.93%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	0.44	0.45	0.17	0.68	0.39	0.39	2.66	1.98	2.18	1.66	1.32	1.29	0.82	0.87	1.10	1.25	1.79	1.54	1.68	1.35	1.346
FCF/OCF	0.55	0.37	-0.97	-1.06	-2.10	-2.45	0.44	0.59	0.74	0.75	0.75	0.76	0.72	0.69	0.77	0.77	0.81	0.80	0.81	0.78	0.776
FCF/Net Income	snapshot only																				1.045
OCF/EBITDA	snapshot only																				0.808
CapEx/Revenue	3.0%	3.9%	4.2%	4.0%	3.5%	2.8%	2.6%	2.4%	2.3%	2.4%	2.3%	2.5%	2.3%	2.1%	2.0%	2.1%	2.3%	2.4%	2.6%	2.7%	2.71%
CapEx/Depreciation	snapshot only																				0.925
Accruals Ratio	0.06	0.06	0.08	0.01	0.01	0.01	-0.02	-0.02	-0.04	-0.03	-0.02	-0.02	0.02	0.01	-0.01	-0.02	-0.05	-0.04	-0.06	-0.03	-0.031
Sloan Accruals	snapshot only																				0.094
Cash Flow Adequacy	snapshot only																				2.301
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	3.3%	3.4%	3.3%	3.4%	3.8%	4.1%	4.2%	3.9%	3.8%	2.6%	2.5%	2.2%	1.9%	2.2%	2.6%	2.3%	2.0%	1.8%	1.6%	1.2%	1.24%
Dividend/Share	$2.08	$2.07	$2.10	$2.13	$2.19	$2.25	$2.27	$2.29	$2.30	$2.30	$2.31	$2.33	$2.34	$2.36	$2.40	$2.42	$2.44	$2.47	$2.49	$2.51	$2.62
Payout Ratio	21.3%	23.1%	24.5%	1.1%	1.1%	1.5%	1.8%	1.1%	78.9%	53.2%	44.1%	39.4%	29.4%	36.3%	34.6%	36.0%	37.7%	32.2%	31.7%	28.4%	28.36%
FCF Payout Ratio	88.1%	1.4%	—	—	—	—	1.6%	94.4%	48.7%	42.7%	44.9%	40.5%	49.7%	60.4%	41.2%	37.5%	26.0%	26.0%	23.3%	27.1%	27.15%
Total Payout Ratio	21.5%	23.7%	25.1%	1.1%	1.3%	2.0%	2.5%	1.5%	91.1%	57.0%	56.3%	51.8%	40.3%	49.5%	39.5%	44.1%	47.2%	44.5%	55.4%	51.1%	51.11%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.04	0.04	0.05	0.07	0.10	0.12	0.11	0.10	0.08	0.05	0.05	0.05	0.06	0.06	0.07	0.06	0.06	0.07	0.07	0.07	0.068
Buyback Yield	0.0%	0.1%	0.1%	0.1%	0.8%	1.2%	1.5%	1.4%	0.6%	0.2%	0.7%	0.7%	0.7%	0.8%	0.4%	0.5%	0.5%	0.7%	1.2%	1.0%	0.95%
Net Buyback Yield	-0.3%	-0.3%	-0.2%	-0.1%	0.6%	0.9%	1.2%	1.3%	0.5%	0.2%	0.1%	-0.0%	-0.0%	-0.0%	-0.1%	-0.1%	-0.0%	0.0%	0.2%	0.1%	0.14%
Total Shareholder Return	3.1%	3.1%	3.1%	3.2%	4.3%	5.0%	5.4%	5.2%	4.2%	2.7%	2.6%	2.2%	1.9%	2.2%	2.5%	2.2%	2.0%	1.8%	1.7%	1.3%	1.33%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.91	0.92	0.93	0.83	0.78	0.82	0.84	0.77	0.75	0.75	0.75	0.75	0.74	0.75	0.75	0.75	0.74	0.74	0.76	0.76	0.757
Interest Burden (EBT/EBIT)	0.99	0.99	0.99	0.98	0.98	0.98	0.98	0.99	0.99	1.00	1.00	1.00	0.99	0.97	0.96	0.94	0.95	0.96	0.97	0.99	0.986
EBIT Margin	0.17	0.15	0.14	0.04	0.04	0.03	0.02	0.04	0.05	0.08	0.09	0.10	0.14	0.11	0.11	0.10	0.10	0.11	0.11	0.12	0.121
Asset Turnover	0.72	0.73	0.78	0.77	0.80	0.80	0.82	0.83	0.86	0.88	0.90	0.90	0.86	0.92	0.96	1.00	0.96	0.99	0.99	1.01	1.006
Equity Multiplier	1.65	1.63	1.58	1.56	1.53	1.51	1.47	1.48	1.46	1.45	1.43	1.43	1.52	1.50	1.49	1.47	1.54	1.49	1.47	1.45	1.445

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$9.79	$8.98	$8.58	$2.00	$2.06	$1.46	$1.23	$2.08	$2.92	$4.31	$5.24	$5.90	$7.93	$6.51	$6.93	$6.72	$6.46	$7.67	$7.84	$8.84	$8.84
Book Value/Share	$58.30	$58.48	$58.54	$57.98	$56.80	$56.92	$57.12	$57.69	$57.76	$58.68	$59.64	$60.80	$62.77	$62.57	$64.52	$65.51	$67.22	$68.31	$69.18	$70.74	$72.23
Tangible Book/Share	$46.89	$47.13	$47.21	$46.66	$45.45	$45.51	$45.70	$46.25	$46.32	$47.36	$48.33	$49.53	$50.68	$50.42	$52.30	$53.31	$55.07	$56.14	$57.11	$58.71	$58.71
Revenue/Share	$64.54	$65.47	$67.97	$69.35	$69.83	$69.95	$70.04	$70.94	$72.08	$73.71	$75.40	$75.71	$78.48	$82.86	$88.24	$93.47	$95.80	$97.01	$96.76	$98.27	$99.82
FCF/Share	$2.36	$1.49	$-1.40	$-1.44	$-1.67	$-1.40	$1.44	$2.43	$4.73	$5.38	$5.15	$5.75	$4.70	$3.91	$5.82	$6.44	$9.38	$9.50	$10.68	$9.24	$9.38
OCF/Share	$4.31	$4.04	$1.45	$1.36	$0.80	$0.57	$3.26	$4.12	$6.36	$7.18	$6.90	$7.61	$6.49	$5.67	$7.60	$8.37	$11.56	$11.83	$13.21	$11.90	$12.09
Cash/Share	$16.59	$16.58	$13.32	$14.19	$11.44	$11.89	$10.73	$12.62	$13.74	$14.44	$14.03	$17.36	$15.93	$13.80	$15.61	$16.51	$18.98	$19.76	$19.76	$16.76	$17.02
EBITDA/Share	$13.54	$12.41	$11.84	$5.06	$5.29	$4.45	$4.15	$5.39	$6.57	$8.47	$9.78	$10.61	$13.48	$11.65	$12.39	$12.32	$12.06	$13.66	$13.55	$14.73	$14.73
Debt/Share	$11.34	$10.79	$10.32	$9.82	$8.65	$8.20	$7.66	$7.14	$6.63	$6.03	$5.53	$5.10	$14.77	$13.71	$13.03	$11.07	$8.18	$5.57	$2.49	$1.98	$1.98
Net Debt/Share	$-5.25	$-5.79	$-3.00	$-4.38	$-2.80	$-3.69	$-3.07	$-5.49	$-7.11	$-8.41	$-8.50	$-12.26	$-1.16	$-0.09	$-2.58	$-5.45	$-10.81	$-14.20	$-17.26	$-14.78	$-14.78

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	7.449
Altman Z-Prime	snapshot only																				12.962
Piotroski F-Score	6	5	7	6	4	6	8	9	9	8	8	8	5	4	6	6	7	8	7	8	8
Beneish M-Score	-1.83	-1.97	-1.82	-2.43	-2.39	-2.38	-2.58	-2.59	-2.65	-2.54	-2.36	-2.48	-2.15	-2.41	-2.36	-2.26	-2.70	-1.70	-1.89	-1.77	-1.765
Ohlson O-Score	snapshot only																				-9.817
ROIC (Greenblatt)	snapshot only																				48.77%
Net-Net WC	snapshot only																				$-0.33
EVA	snapshot only																				$22709488.89

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				AAA
Credit Score	83.80	83.98	79.72	79.58	78.83	79.29	82.98	85.53	87.43	96.06	96.05	96.23	87.20	86.82	88.22	92.58	95.93	96.30	95.90	96.16	96.162
Credit Grade	snapshot only																				1
Credit Trend	snapshot only																				3.579
Implied Spread (bps)	snapshot only																				50.000
Industry Credit Rank	snapshot only																				92
Sector Credit Rank	snapshot only																				92

NHC AMEX

Edge Score

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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