$76.42

-0.13 (-0.17%)

Weekly Expected Move ±4.9%

$67 $71 $75 $78 $82

NYSE · Real Estate · REIT - Healthcare Facilities · Alpha Radar Neutral · Power 46 · $3.7B mcap · 46M float · 0.825% daily turnover · Short 48% of daily vol

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.

NO EDGE

35.6 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 7.3% · 5Y Avg: 4.8%

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. NHI has No discernible competitive edge (35.6/100). The business operates without significant structural advantages. The primary source of advantage is Cost Advantage. ROIC of 7.3% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$86

Avg Target

$86

High

Based on 8 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 6Hold: 11Sell: 1Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$86.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-03-27	Wells Fargo	—	$85	$86	+1	+4.6%	$82.20
2026-01-20	National Bank	Omotayo Okusanya	$90	$85	-5	+6.0%	$80.17
2026-01-05	Cantor Fitzgerald	—	Initiated	$85	—	+10.6%	$76.85
2025-12-15	Truist Financial	Michael Lewis	$77	$83	+6	+6.4%	$78.03
2025-12-04	KeyBanc	—	Initiated	$88	—	+11.6%	$78.85
2025-11-25	Wells Fargo	John Kilichowski	$63	$85	+22	+7.0%	$79.47
2025-10-01	National Bank	—	$67	$90	+23	+13.2%	$79.50
2025-07-02	Truist Financial	—	$78	$77	-1	+9.2%	$70.52
2024-09-24	Bank of America Securities	Joshua Dennerlein	Initiated	$92	—	+8.6%	$84.71
2024-08-30	Truist Financial	Michael Lewis	$58	$78	+20	-3.4%	$80.74
2024-04-03	Truist Financial	Michael Lewis	$61	$58	-3	-3.2%	$59.89
2024-03-12	National Bank	John Kim	$58	$67	+9	+12.5%	$59.56
2024-02-26	Wells Fargo	Connor Siversky	Initiated	$63	—	+9.1%	$57.76
2022-12-09	National Bank	Tayo Okusanya	Initiated	$58	—	+2.6%	$56.54
2022-09-26	Truist Financial	—	Initiated	$61	—	+10.0%	$55.44
2022-04-18	BMO Capital	John Kim	Initiated	$61	—	+11.7%	$54.59

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.

B+

May 22, 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. NHI receives an overall rating of B+. Strongest factors: DCF (5/5), ROE (4/5), ROA (5/5). Areas of concern: P/E (1/5), P/B (1/5).

Rating Change History

Date	From	To
2026-05-20	A-	B+
2026-05-18	B+	A-
2026-05-11	A-	B+
2026-05-07	B+	A-
2026-05-05	A-	B+
2026-04-21	B+	A-
2026-04-01	A-	B+
2026-02-27	B	A-
2026-02-26	B+	B
2026-01-14	B	B+

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.

★ ★ ★ ★ ★ 66 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

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. NHI scores highest in Momentum (83/100) and lowest in Safety (50/100). An overall grade of A places NHI 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

2.13

Grey Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✗ ✓

Beneish M-Score

-1.42

Possible Manipulator

Ohlson O-Score

-8.02

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

A-

Score: 67.8/100

Trend: Stable

Earnings Quality

100/100

OCF/NI: 1.67x

Accruals: -3.6%

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. NHI scores 2.13, placing it in the Grey Zone (safe > 2.99, distress < 1.81). Financial distress is possible and warrants monitoring. 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. NHI scores 7/9, 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. NHI's score of -1.42 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. NHI'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. NHI receives an estimated rating of A- (score: 67.8/100), with a stable 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). NHI'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

24.93x

PEG

-11.33x

P/S

9.19x

P/B

2.44x

P/FCF

17.36x

P/OCF

15.91x

EV/EBITDA

17.53x

EV/Revenue

12.58x

EV/EBIT

25.06x

EV/FCF

22.42x

Earnings Yield

3.77%

FCF Yield

5.76%

Shareholder Yield

4.41%

Graham Number

$46.38

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 24.9x earnings, NHI commands a growth premium. Graham's intrinsic value formula yields $46.38 per share, 65% 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

1.009

NI / EBT

Interest Burden

0.725

EBT / EBIT

EBIT Margin

0.502

EBIT / Rev

Asset Turnover

0.149

Rev / Assets

Equity Multiplier

1.874

Assets / Equity

ROE

10.3%

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. NHI's ROE of 10.3% is driven by a balanced combination of operating margin, asset efficiency, and leverage. A tax burden ratio of 1.01 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

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.

Adj. Growth Rate

12.70%

Fair P/E

33.90x

Intrinsic Value

$103.41

Price/Value

0.78x

Margin of Safety

21.81%

Premium

-21.81%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NHI's realized 12.7% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $103.41, NHI appears undervalued with a 22% margin of safety. The adjusted fair P/E of 33.9x compares to the current market P/E of 24.9x.

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

$76.42

Median 1Y

$75.42

5th Pctile

$42.07

95th Pctile

$135.78

Ann. Volatility

35.9%

Analyst Target

$86.00

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

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
D. Eric Mendelsohn CEO and President	$700,000	$586,720	$3,652,795
John L. Spaid Chief Financial Officer	$520,000	$476,710	$2,180,555
Kevin C. Pascoe Chief Investment Officer	$400,000	$403,370	$1,987,215
David L. Travis Chief Accounting Officer	$330,000	$403,370	$1,438,600
Kristin S. Gaines Chief Transaction Officer	$225,000	$293,360	$1,326,552

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

+6.7% YoY

Revenue / Employee

$11,829,031

Rev: $378,529,000

Profit / Employee

$4,443,031

NI: $142,177,000

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	Q2'21	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	Current
ROE	10.2%	9.5%	7.4%	5.6%	4.5%	4.7%	4.8%	6.7%	8.0%	7.6%	10.7%	10.5%	10.1%	10.0%	10.5%	10.8%	10.9%	11.2%	9.8%	10.3%	10.26%
ROA	5.0%	4.6%	3.8%	2.8%	2.3%	2.4%	2.5%	3.5%	4.1%	3.9%	5.4%	5.3%	5.1%	5.1%	5.4%	5.5%	5.6%	5.8%	5.3%	5.5%	5.47%
ROIC	6.9%	6.6%	7.7%	7.3%	6.5%	6.4%	6.0%	6.2%	7.0%	7.1%	7.6%	7.5%	7.8%	7.8%	7.4%	7.5%	7.5%	7.4%	7.2%	7.3%	7.33%
ROCE	6.4%	6.0%	5.6%	4.5%	4.0%	4.1%	4.5%	5.8%	6.6%	6.6%	8.8%	8.6%	8.5%	8.4%	8.8%	8.9%	9.0%	9.1%	7.3%	7.6%	7.57%
Gross Margin	97.1%	95.7%	94.1%	95.7%	96.4%	96.9%	96.8%	96.8%	95.9%	96.4%	96.5%	96.6%	96.7%	96.6%	96.7%	96.8%	96.8%	97.1%	33.6%	31.1%	31.12%
Operating Margin	62.6%	63.1%	94.5%	55.9%	42.1%	55.2%	50.9%	56.3%	54.6%	56.3%	56.3%	55.5%	57.9%	56.1%	50.0%	53.6%	53.7%	49.1%	47.2%	45.2%	45.23%
Net Margin	52.7%	41.7%	9.3%	11.8%	36.2%	45.2%	2.6%	41.9%	51.1%	36.6%	40.3%	38.0%	41.5%	34.4%	50.4%	38.3%	40.8%	36.6%	35.8%	34.6%	34.61%
EBITDA Margin	87.5%	85.3%	53.8%	50.6%	82.6%	82.0%	43.4%	79.2%	90.9%	76.0%	79.3%	76.3%	78.2%	72.4%	88.0%	74.3%	77.9%	73.2%	69.0%	68.4%	68.37%
FCF Margin	68.9%	67.4%	70.2%	66.2%	70.6%	68.3%	65.7%	59.8%	54.4%	55.5%	55.6%	58.8%	60.6%	60.1%	60.4%	61.3%	60.5%	61.8%	59.0%	56.1%	56.12%
OCF Margin	69.8%	68.7%	70.9%	66.9%	72.3%	69.7%	66.6%	61.4%	55.8%	57.1%	57.7%	60.9%	62.8%	62.0%	62.1%	62.3%	61.4%	64.1%	63.7%	61.2%	61.25%
ROE 3Y Avg	snapshot only																				10.20%
ROE 5Y Avg	snapshot only																				8.70%
ROA 3Y Avg	snapshot only																				5.34%
ROIC 3Y Avg	snapshot only																				5.94%
ROIC Economic	snapshot only																				7.30%
Cash ROA	snapshot only																				8.82%
Cash ROIC	snapshot only																				9.26%
CROIC	snapshot only																				8.48%
NOPAT Margin	snapshot only																				48.49%
Pretax Margin	snapshot only																				36.42%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				3.39%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q2'21	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	Current
P/E Ratio	15.49	13.60	18.91	25.96	34.00	29.68	29.15	21.05	18.20	19.03	16.35	19.18	21.77	27.74	22.00	23.42	22.70	25.71	25.27	26.50	24.933
P/S Ratio	7.45	6.24	7.08	7.62	8.34	7.60	6.96	6.73	6.55	6.45	6.93	7.94	8.52	10.70	9.05	9.64	9.31	10.65	9.55	9.74	9.193
P/B Ratio	1.58	1.28	1.40	1.46	1.52	1.40	1.52	1.53	1.58	1.58	1.77	2.02	2.21	2.81	2.22	2.42	2.37	2.77	2.36	2.58	2.438
P/FCF	10.81	9.27	10.08	11.51	11.81	11.13	10.60	11.26	12.05	11.63	12.47	13.51	14.06	17.80	14.98	15.72	15.39	17.22	16.18	17.36	17.362
P/OCF	10.67	9.08	9.99	11.39	11.53	10.92	10.44	10.95	11.74	11.30	12.02	13.03	13.56	17.26	14.58	15.48	15.16	16.61	14.98	15.91	15.908
EV/EBITDA	13.83	12.78	14.23	16.96	18.85	17.90	17.13	14.78	13.70	13.78	12.81	14.19	15.40	18.39	15.74	16.51	16.02	17.64	17.14	17.53	17.529
EV/Revenue	12.01	10.96	11.14	11.82	12.76	11.98	11.01	10.63	10.22	10.08	10.41	11.43	11.93	14.08	12.40	12.91	12.52	13.80	12.59	12.58	12.583
EV/EBIT	19.67	18.47	21.66	27.67	31.69	29.48	28.39	22.32	19.74	19.92	17.53	19.49	21.26	25.46	21.57	22.69	22.16	24.50	24.34	25.06	25.062
EV/FCF	17.43	16.27	15.87	17.85	18.06	17.54	16.78	17.79	18.80	18.16	18.73	19.44	19.69	23.43	20.52	21.05	20.71	22.33	21.34	22.42	22.423
Earnings Yield	6.5%	7.4%	5.3%	3.9%	2.9%	3.4%	3.4%	4.8%	5.5%	5.3%	6.1%	5.2%	4.6%	3.6%	4.5%	4.3%	4.4%	3.9%	4.0%	3.8%	3.77%
FCF Yield	9.3%	10.8%	9.9%	8.7%	8.5%	9.0%	9.4%	8.9%	8.3%	8.6%	8.0%	7.4%	7.1%	5.6%	6.7%	6.4%	6.5%	5.8%	6.2%	5.8%	5.76%
Price/Tangible Book	snapshot only																				2.580
EV/OCF	snapshot only																				20.544
EV/Gross Profit	snapshot only																				20.540
Acquirers Multiple	snapshot only																				25.947
Shareholder Yield	snapshot only																				4.41%
Graham Number	snapshot only																				$46.38

Leverage & Solvency

Metric	Q2'21	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	Current
Current Ratio	2.01	2.01	7.34	7.34	7.34	7.34	3.42	3.42	3.42	3.42	1.16	1.16	1.16	1.16	0.96	0.96	0.96	0.96	2.48	2.48	2.482
Quick Ratio	2.01	2.01	7.34	7.34	7.34	7.34	3.42	3.42	3.42	3.42	1.16	1.16	1.16	1.16	0.96	0.96	0.96	0.96	2.48	2.48	2.482
Debt/Equity	1.00	1.00	0.83	0.83	0.83	0.83	0.90	0.90	0.90	0.90	0.91	0.91	0.91	0.91	0.84	0.84	0.84	0.84	0.76	0.76	0.765
Net Debt/Equity	0.97	0.97	0.81	0.81	0.81	0.81	0.89	0.89	0.89	0.89	0.89	0.89	0.89	0.89	0.82	0.82	0.82	0.82	0.75	0.75	0.752
Debt/Assets	0.48	0.48	0.44	0.44	0.44	0.44	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.44	0.44	0.44	0.44	0.42	0.42	0.416
Debt/EBITDA	5.41	5.66	5.35	6.21	6.73	6.74	6.42	5.52	5.01	5.04	4.37	4.42	4.49	4.51	4.34	4.27	4.21	4.12	4.21	4.02	4.024
Net Debt/EBITDA	5.25	5.50	5.19	6.03	6.53	6.54	6.31	5.42	4.92	4.96	4.28	4.33	4.41	4.42	4.25	4.18	4.12	4.03	4.14	3.96	3.956
Interest Coverage	15.93	14.98	12.51	10.06	9.01	9.18	9.13	11.64	13.45	13.31	—	—	13.09	6.29	4.49	3.41	3.43	4.72	4.66	4.76	4.764
Equity Multiplier	2.06	2.06	1.88	1.88	1.88	1.88	1.97	1.97	1.97	1.97	1.98	1.98	1.98	1.98	1.91	1.91	1.91	1.91	1.84	1.84	1.838
Cash Ratio	snapshot only																				0.157
Debt Service Coverage	snapshot only																				6.811
Cash to Debt	snapshot only																				0.017
FCF to Debt	snapshot only																				0.194
Defensive Interval	snapshot only																				2201.1 days

Efficiency & Turnover

Metric	Q2'21	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	Current
Asset Turnover	0.10	0.10	0.10	0.10	0.09	0.09	0.10	0.11	0.11	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.15	0.149
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	3.42	3.31	3.02	2.93	2.78	2.80	3.07	3.19	3.39	3.43	3.73	3.72	3.80	3.84	3.66	3.74	3.81	3.88	1.96	2.10	2.097
Payables Turnover	0.54	0.49	0.56	0.61	0.61	0.57	0.40	0.38	0.42	0.45	0.38	0.39	0.37	0.37	0.31	0.31	0.32	0.31	4.19	8.27	8.268
DSO	107	110	121	125	131	130	119	114	108	106	98	98	96	95	100	98	96	94	186	174	174.0 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	680	748	646	601	602	645	915	956	859	816	954	945	980	990	1178	1162	1150	1168	87	44	44.1 days
Cash Conversion Cycle	-573	-638	-526	-476	-471	-514	-796	-842	-752	-710	-856	-847	-884	-895	-1078	-1064	-1055	-1074	99	130	129.9 days
Cash Velocity	snapshot only																				20.532
Capital Intensity	snapshot only																				6.942

Growth (YoY)

Metric	Q2'21	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	Current
Revenue	-3.1%	-7.0%	-10.2%	-12.5%	-14.4%	-10.7%	-6.9%	0.0%	11.8%	12.2%	15.0%	10.3%	6.1%	5.7%	4.8%	7.5%	6.9%	8.1%	12.3%	17.5%	17.48%
Net Income	-18.9%	-25.0%	-39.6%	-46.8%	-56.3%	-50.2%	-40.6%	9.0%	64.2%	48.5%	1.0%	42.8%	15.4%	20.2%	1.7%	6.9%	12.0%	16.1%	3.0%	4.9%	4.89%
EPS	-21.0%	-27.0%	-40.9%	-47.3%	-56.2%	-48.5%	-37.2%	15.1%	73.0%	52.0%	1.0%	42.7%	14.9%	18.6%	-2.9%	1.2%	4.2%	7.3%	-0.5%	-0.9%	-0.87%
FCF	2.2%	-10.1%	-8.5%	-16.4%	-12.2%	-9.4%	-12.9%	-9.7%	-13.9%	-8.8%	-2.6%	8.5%	18.3%	14.4%	13.9%	12.2%	6.7%	11.2%	9.6%	7.5%	7.46%
EBITDA	-14.1%	-17.7%	-26.4%	-30.9%	-33.2%	-30.3%	-23.6%	3.2%	23.3%	22.6%	45.4%	23.5%	10.2%	10.6%	1.6%	4.4%	7.9%	10.5%	4.6%	7.8%	7.81%
Op. Income	-9.4%	-13.2%	-6.9%	-9.2%	-14.0%	-12.1%	-31.4%	-24.7%	-6.0%	-1.8%	24.9%	18.7%	10.4%	9.2%	2.8%	4.9%	0.9%	-1.2%	3.8%	4.8%	4.79%
OCF Growth	snapshot only																				15.50%
Asset Growth	snapshot only																				6.98%
Equity Growth	snapshot only																				11.35%
Debt Growth	snapshot only																				1.55%
Shares Change	snapshot only																				5.82%
Dividend Growth	snapshot only																				9.12%

Growth (CAGR)

Metric	Q2'21	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	Current
Revenue 3Y	3.6%	2.1%	0.5%	-1.0%	-3.2%	-3.6%	-4.4%	-3.8%	-2.5%	-2.3%	-1.3%	-1.2%	0.5%	2.0%	3.9%	5.9%	8.3%	8.7%	10.6%	11.7%	11.68%
Revenue 5Y	6.2%	5.1%	3.7%	2.5%	0.8%	0.3%	-0.0%	0.3%	1.3%	1.3%	1.7%	1.4%	1.5%	1.2%	1.1%	1.1%	1.0%	1.3%	2.5%	4.0%	4.04%
EPS 3Y	-2.8%	-5.3%	-12.4%	-19.2%	-25.3%	-23.3%	-24.9%	-20.0%	-15.7%	-17.0%	-8.8%	-4.7%	-4.5%	-2.5%	7.6%	18.5%	27.5%	24.6%	25.5%	12.7%	12.70%
EPS 5Y	-4.7%	-5.6%	-8.4%	-14.6%	-17.3%	-16.4%	-16.7%	-10.4%	-7.0%	-7.8%	-2.9%	-2.8%	-3.7%	-4.1%	-3.4%	-5.9%	-6.4%	-6.2%	-6.0%	-2.8%	-2.79%
Net Income 3Y	0.2%	-2.8%	-10.2%	-17.6%	-24.0%	-23.0%	-25.5%	-20.7%	-16.5%	-17.8%	-9.8%	-6.1%	-6.1%	-3.8%	7.3%	18.5%	28.5%	27.5%	28.9%	17.0%	17.00%
Net Income 5Y	-1.4%	-2.9%	-5.9%	-12.2%	-15.5%	-15.3%	-16.1%	-9.6%	-6.3%	-7.4%	-2.5%	-2.7%	-3.7%	-4.0%	-3.0%	-5.3%	-5.6%	-5.0%	-5.1%	-1.5%	-1.46%
EBITDA 3Y	0.7%	-1.2%	-5.7%	-10.2%	-13.0%	-13.5%	-15.0%	-13.2%	-10.9%	-11.1%	-6.5%	-4.1%	-3.2%	-1.8%	4.1%	10.0%	13.6%	14.5%	15.6%	11.6%	11.62%
EBITDA 5Y	4.3%	3.0%	-0.2%	-3.7%	-5.9%	-6.5%	-7.6%	-5.2%	-3.4%	-3.8%	-1.4%	-1.6%	-2.2%	-2.6%	-1.9%	-3.3%	-3.4%	-3.0%	-2.8%	-0.2%	-0.17%
Gross Profit 3Y	2.6%	1.1%	-0.7%	-2.2%	-4.4%	-4.6%	-4.9%	-4.2%	-3.0%	-2.6%	-1.6%	-1.4%	0.5%	1.9%	4.1%	6.2%	8.7%	9.0%	3.5%	-4.1%	-4.10%
Gross Profit 5Y	5.6%	4.5%	3.0%	1.7%	-0.1%	-0.5%	-0.7%	-0.3%	0.7%	0.6%	1.0%	0.7%	1.0%	0.8%	0.7%	0.8%	0.7%	1.2%	-1.7%	-5.1%	-5.08%
Op. Income 3Y	0.3%	-1.6%	-0.1%	-1.8%	-5.7%	-7.1%	-13.3%	-12.4%	-9.9%	-9.2%	-7.2%	-6.7%	-3.7%	-1.9%	-4.1%	-2.1%	1.6%	2.0%	10.1%	9.3%	9.28%
Op. Income 5Y	5.1%	3.8%	3.3%	1.8%	-1.1%	-2.2%	-6.3%	-5.9%	-4.0%	-3.8%	-3.1%	-3.3%	-2.8%	-3.0%	-3.5%	-3.5%	-4.0%	-4.2%	-3.1%	-2.2%	-2.25%
FCF 3Y	86.0%	68.9%	51.6%	59.2%	1.7%	3.2%	1.2%	46.5%	-8.2%	-9.4%	-8.1%	-6.4%	-3.7%	-1.9%	-1.1%	3.2%	2.8%	5.1%	6.7%	9.4%	9.36%
FCF 5Y	—	—	—	—	—	—	52.7%	6.2%	37.2%	31.8%	24.2%	31.7%	80.9%	1.4%	63.3%	30.8%	-0.5%	-1.1%	-0.6%	-0.3%	-0.26%
OCF 3Y	3.1%	0.9%	0.6%	-6.0%	-5.2%	-6.6%	-8.4%	-7.5%	-9.4%	-8.6%	-7.4%	-5.7%	-2.9%	-1.5%	-0.6%	3.4%	2.5%	5.7%	9.0%	11.6%	11.57%
OCF 5Y	6.0%	4.3%	3.6%	1.0%	1.0%	-0.1%	-1.2%	-2.1%	-3.4%	-3.1%	-2.4%	-3.6%	-2.5%	-2.9%	-2.9%	-1.0%	-1.5%	-0.4%	0.7%	1.2%	1.24%
Assets 3Y	7.0%	7.0%	1.1%	1.1%	1.1%	1.1%	-6.2%	-6.2%	-6.2%	-6.2%	-7.3%	-7.3%	-7.3%	-7.3%	-2.7%	-2.7%	-2.7%	-2.7%	3.7%	3.7%	3.71%
Assets 5Y	7.8%	7.8%	3.4%	3.4%	3.4%	3.4%	-0.3%	-0.3%	-0.3%	-0.3%	-2.0%	-2.0%	-2.0%	-2.0%	-3.0%	-3.0%	-3.0%	-3.0%	-2.2%	-2.2%	-2.17%
Equity 3Y	4.6%	4.6%	2.7%	2.7%	2.7%	2.7%	-5.3%	-5.3%	-5.3%	-5.3%	-6.1%	-6.1%	-6.1%	-6.1%	-3.2%	-3.2%	-3.2%	-3.2%	6.2%	6.2%	6.20%
Book Value 3Y	1.4%	1.9%	0.2%	0.7%	1.0%	2.3%	-4.7%	-4.5%	-4.4%	-4.4%	-5.0%	-4.7%	-4.4%	-4.7%	-2.9%	-3.2%	-4.0%	-5.4%	3.4%	2.3%	2.30%
Dividend 3Y	-1.2%	-2.6%	-4.4%	-6.0%	-7.6%	-5.3%	-3.3%	-2.0%	-0.6%	-0.7%	-0.0%	0.8%	1.5%	1.4%	0.4%	0.5%	0.3%	-0.5%	-0.0%	-0.8%	-0.83%

Growth Quality

Metric	Q2'21	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	Current
Revenue Stability	0.90	0.78	0.59	0.38	0.11	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.06	0.08	0.09	0.11	0.13	0.27	0.40	0.403
Earnings Stability	0.03	0.01	0.07	0.28	0.28	0.38	0.50	0.50	0.40	0.49	0.33	0.37	0.33	0.37	0.16	0.17	0.12	0.09	0.01	0.07	0.070
Margin Stability	0.99	0.99	0.98	0.98	0.98	0.98	0.99	0.98	0.98	0.98	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.91	0.82	0.823
Rev. Growth Consistency	0.00	0.00	0.00	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	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	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	1.00	1.00	1.00	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.92	0.90	0.84	0.81	0.50	0.50	0.84	0.96	0.50	0.81	0.50	0.83	0.94	0.92	0.99	0.97	0.95	0.94	0.99	0.98	0.980
Earnings Smoothness	0.79	0.71	0.51	0.39	0.22	0.33	0.49	0.91	0.51	0.61	0.31	0.65	0.86	0.82	0.98	0.93	0.89	0.85	0.97	0.95	0.952
ROE Trend	-0.02	-0.03	-0.04	-0.06	-0.07	-0.06	-0.05	-0.01	0.01	0.01	0.04	0.04	0.04	0.04	0.02	0.01	0.01	0.02	-0.01	-0.01	-0.007
Gross Margin Trend	-0.02	-0.01	-0.02	-0.02	-0.02	-0.01	-0.00	0.00	0.01	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	-0.18	-0.35	-0.353
FCF Margin Trend	0.35	0.32	0.33	0.23	0.04	-0.00	-0.04	-0.08	-0.15	-0.12	-0.12	-0.04	-0.02	-0.02	-0.00	0.02	0.03	0.04	0.01	-0.04	-0.040
Sustainable Growth Rate	-3.0%	-3.2%	-4.7%	-5.9%	-6.5%	-6.2%	-6.9%	-4.8%	-3.4%	-3.7%	-1.6%	-1.9%	-2.3%	-2.3%	-1.4%	-1.3%	-1.4%	-1.4%	-1.9%	-1.7%	-1.72%
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Cash Flow Quality

Metric	Q2'21	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	Current
OCF/Net Income	1.45	1.50	1.89	2.28	2.95	2.72	2.79	1.92	1.55	1.68	1.36	1.47	1.61	1.61	1.51	1.51	1.50	1.55	1.69	1.67	1.666
FCF/OCF	0.99	0.98	0.99	0.99	0.98	0.98	0.99	0.97	0.97	0.97	0.96	0.97	0.96	0.97	0.97	0.98	0.99	0.96	0.93	0.92	0.916
FCF/Net Income	snapshot only																				1.526
OCF/EBITDA	snapshot only																				0.853
CapEx/Revenue	0.9%	1.4%	0.7%	0.7%	1.7%	1.3%	1.0%	1.7%	1.4%	1.6%	2.1%	2.1%	2.2%	1.9%	1.7%	1.0%	0.9%	2.3%	4.7%	5.1%	5.13%
CapEx/Depreciation	snapshot only																				0.238
Accruals Ratio	-0.02	-0.02	-0.03	-0.04	-0.04	-0.04	-0.04	-0.03	-0.02	-0.03	-0.02	-0.02	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.04	-0.04	-0.036
Sloan Accruals	snapshot only																				0.043
Cash Flow Adequacy	snapshot only																				1.274
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	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	Current
Dividend Yield	8.3%	9.9%	8.6%	7.9%	7.2%	7.8%	8.4%	8.2%	7.8%	7.8%	7.0%	6.2%	5.6%	4.4%	5.2%	4.8%	5.0%	4.4%	4.7%	4.4%	4.79%
Dividend/Share	$4.34	$4.16	$3.99	$3.80	$3.61	$3.69	$3.73	$3.68	$3.63	$3.60	$3.60	$3.60	$3.59	$3.55	$3.44	$3.46	$3.45	$3.47	$3.61	$3.56	$3.66
Payout Ratio	1.3%	1.3%	1.6%	2.1%	2.5%	2.3%	2.4%	1.7%	1.4%	1.5%	1.2%	1.2%	1.2%	1.2%	1.1%	1.1%	1.1%	1.1%	1.2%	1.2%	1.17%
FCF Payout Ratio	90.0%	91.4%	87.2%	91.0%	85.1%	86.6%	88.6%	92.3%	94.2%	90.5%	87.9%	83.3%	79.1%	79.1%	77.2%	75.4%	76.6%	75.1%	76.4%	76.5%	76.52%
Total Payout Ratio	1.7%	1.8%	2.2%	2.8%	3.5%	4.4%	4.7%	3.4%	2.2%	1.5%	1.2%	1.2%	1.2%	1.3%	1.2%	1.2%	1.2%	1.1%	1.2%	1.2%	1.17%
Div. Increase Streak	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	0
Chowder Number	0.14	0.10	0.03	-0.04	-0.10	-0.06	-0.03	-0.00	0.03	0.03	0.04	0.04	0.05	0.05	0.05	0.06	0.08	0.10	0.13	0.14	0.135
Buyback Yield	2.8%	3.4%	3.1%	3.0%	3.1%	7.2%	7.9%	7.8%	4.1%	0.0%	0.0%	0.0%	0.0%	0.2%	0.2%	0.2%	0.2%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-0.7%	-0.6%	0.9%	3.0%	3.1%	7.2%	7.9%	7.8%	4.1%	0.0%	0.0%	0.0%	0.0%	0.2%	0.2%	-1.8%	-3.6%	-3.6%	-5.1%	-3.0%	-2.96%
Total Shareholder Return	7.6%	9.3%	9.5%	10.9%	10.3%	15.0%	16.2%	16.0%	11.9%	7.8%	7.0%	6.2%	5.6%	4.6%	5.3%	3.0%	1.3%	0.8%	-0.3%	1.5%	1.45%

DuPont Factors

Metric	Q2'21	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	Current
Tax Burden (NI/EBT)	1.00	1.00	1.00	1.00	1.00	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.009
Interest Burden (EBT/EBIT)	0.79	0.77	0.73	0.69	0.61	0.63	0.61	0.66	0.69	0.66	0.71	0.70	0.69	0.69	0.71	0.72	0.72	0.73	0.72	0.73	0.725
EBIT Margin	0.61	0.59	0.51	0.43	0.40	0.41	0.39	0.48	0.52	0.51	0.59	0.59	0.56	0.55	0.57	0.57	0.57	0.56	0.52	0.50	0.502
Asset Turnover	0.10	0.10	0.10	0.10	0.09	0.09	0.10	0.11	0.11	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.15	0.149
Equity Multiplier	2.05	2.05	1.97	1.97	1.97	1.97	1.92	1.92	1.92	1.92	1.98	1.98	1.98	1.98	1.95	1.95	1.95	1.95	1.87	1.87	1.874

Per Share

Metric	Q2'21	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	Current
EPS (Diluted TTM)	$3.36	$3.11	$2.44	$1.85	$1.47	$1.60	$1.53	$2.13	$2.55	$2.43	$3.13	$3.04	$2.93	$2.88	$3.04	$3.08	$3.05	$3.09	$3.02	$3.05	$3.05
Book Value/Share	$32.98	$32.98	$32.87	$32.87	$32.96	$33.94	$29.27	$29.27	$29.28	$29.28	$28.90	$28.88	$28.78	$28.51	$30.08	$29.78	$29.18	$28.69	$32.34	$31.34	$31.71
Tangible Book/Share	$32.98	$32.98	$32.87	$32.87	$32.96	$33.94	$29.27	$29.27	$29.28	$29.28	$28.90	$28.88	$28.78	$28.51	$30.08	$29.78	$29.18	$28.69	$32.34	$31.34	$31.34
Revenue/Share	$6.99	$6.77	$6.51	$6.31	$6.01	$6.24	$6.41	$6.67	$7.08	$7.17	$7.37	$7.35	$7.48	$7.48	$7.38	$7.48	$7.45	$7.47	$8.00	$8.30	$8.34
FCF/Share	$4.82	$4.56	$4.57	$4.18	$4.24	$4.27	$4.21	$3.98	$3.85	$3.98	$4.10	$4.32	$4.54	$4.49	$4.46	$4.59	$4.50	$4.62	$4.72	$4.66	$4.68
OCF/Share	$4.88	$4.65	$4.62	$4.22	$4.35	$4.35	$4.27	$4.10	$3.95	$4.09	$4.25	$4.48	$4.70	$4.63	$4.58	$4.66	$4.57	$4.79	$5.10	$5.08	$5.11
Cash/Share	$0.95	$0.95	$0.82	$0.82	$0.82	$0.84	$0.44	$0.44	$0.44	$0.44	$0.52	$0.51	$0.51	$0.51	$0.53	$0.53	$0.52	$0.51	$0.42	$0.40	$0.52
EBITDA/Share	$6.08	$5.80	$5.10	$4.40	$4.07	$4.18	$4.12	$4.79	$5.28	$5.25	$5.99	$5.92	$5.80	$5.72	$5.81	$5.85	$5.82	$5.84	$5.87	$5.96	$5.96
Debt/Share	$32.85	$32.85	$27.30	$27.30	$27.38	$28.19	$26.44	$26.45	$26.45	$26.45	$26.16	$26.14	$26.05	$25.80	$25.22	$24.98	$24.48	$24.06	$24.73	$23.97	$23.97
Net Debt/Share	$31.90	$31.91	$26.48	$26.48	$26.56	$27.35	$26.00	$26.00	$26.00	$26.00	$25.64	$25.62	$25.54	$25.30	$24.69	$24.45	$23.96	$23.55	$24.32	$23.57	$23.57

Academic Models

Metric	Q2'21	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	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.135
Altman Z-Prime	snapshot only																				3.731
Piotroski F-Score	4	5	4	4	5	6	5	7	6	6	6	5	6	6	6	7	7	7	6	7	7
Beneish M-Score	-2.50	-2.54	3.72	3.58	3.79	3.06	-3.00	-2.75	-2.66	-2.81	-2.47	-2.52	-2.56	-2.57	-2.54	-2.58	-2.59	-2.58	-1.56	-1.42	-1.417
Ohlson O-Score	snapshot only																				-8.024
ROIC (Greenblatt)	snapshot only																				1.09%
Net-Net WC	snapshot only																				$-19.50
EVA	snapshot only																				$-71185300.00

Credit

Metric	Q2'21	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	Current
Credit Rating	snapshot only																				A-
Credit Score	69.08	64.29	68.85	68.76	65.42	66.67	76.11	79.71	79.06	79.62	74.34	78.59	77.26	76.27	67.65	67.51	66.03	70.43	67.51	67.85	67.849
Credit Grade	snapshot only																				7
Credit Trend	snapshot only																				0.335
Implied Spread (bps)	snapshot only																				175.000
Industry Credit Rank	snapshot only																				90
Sector Credit Rank	snapshot only																				81

NHI NYSE

Edge Score

Analyst Insights

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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