Start with its own history
At 20.31×, NHI is 37.2% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · NHIREIT - Healthcare FacilitiesUpdated Nov 5, 2026
National Health Investors, Inc. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
20.31×
37.2% belowthe 10-year annual average
Share price71.29
÷Earnings per share3.51
Price and EPS in quote currency. Calculation details
Investors are paying 20.31 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 32.35×
3-year average21.71×3 positive annual observations
5-year average41.56×5 positive annual observations
10-year average32.35×10 positive annual observations
Peer median · TTM26.40×6 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 25.20× | +14.2% |
| Dec 31, 2024 | 22.07× | +23.7% |
| Dec 31, 2023 | 17.84× | -82.2% |
| Dec 31, 2022 | 100.42× | +137.6% |
| Dec 31, 2021 | 42.26× | +85.1% |
| Dec 31, 2020 | 22.83× | -32.8% |
| Dec 31, 2019 | 33.95× | +65.4% |
| Dec 31, 2018 | 20.53× | +6.2% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 19.33× | +1.1% |
| Dec 31, 2016 | 19.12× | +24.4% |
| Dec 31, 2015 | 15.37× | -33.2% |
| Dec 31, 2014 | 23.01× | +53.4% |
| Dec 31, 2013 | 15.00× | -13.5% |
| Dec 31, 2012 | 17.34× | +15.5% |
| Dec 31, 2011 | 15.01× | -16.3% |
| Dec 31, 2010 | 17.94× | +13.0% |
| Dec 31, 2009 | 15.88× | +20.4% |
| Dec 31, 2008 | 13.19× | +64.5% |
| Dec 31, 2007 | 8.02× | -39.3% |
| Dec 31, 2006 | 13.20× | -0.3% |
| Dec 31, 2005 | 13.24× | -6.9% |
| Dec 31, 2004 | 14.23× | -9.6% |
| Dec 31, 2003 | 15.75× | +7.7% |
| Dec 31, 2002 | 14.62× | N/M |
| Dec 31, 2001 | N/M | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How NHI compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 NHI This stockNational Health Investors, Inc. | 20.31× |
 SBRASabra Health Care REIT, Inc. | 75.32× |
 VNOVornado Realty Trust | N/M |
 MPWMedical Properties Trust, Inc. | 4.91× |
 EPREPR Properties | 17.01× |
 ABRArbor Realty Trust | N/M |
 PSAPublic Storage | 35.78× |
 CWKCushman & Wakefield plc | 51.17× |
 GRP-UNGranite Real Estate Investment Trust | 14.55× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does NHI’s P/E tell you?
Compare like with like
The median of the 6 positive peer ratios above is 26.40×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take NHI into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("NHI", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 71.29 ÷ EPS 3.51 = 20.31×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
NHI P/E ratio: common questions
The essentials behind the numbers.
National Health Investors, Inc.'s current P/E is 20.31× based on the quote data last updated Nov 5, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.