Discounted Cash Flow

National Health Investors Inc. REIT

NHI · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $248.5m $151.5m $-217.5m 61.0% $3.88
2017 $278.7m (12.1%) $159.4m (5.2%) $21.5m (109.9%) 57.2% (-6.2%) $3.90 (0.5%)
2018 $294.6m (5.7%) $154.3m (-3.2%) $60.2m (179.7%) 52.4% (-8.4%) $3.68 (-5.6%)
2019 $318.1m (8.0%) $160.5m (4.0%) $3.8m (-93.7%) 50.4% (-3.7%) $3.70 (0.5%)
2020 $332.8m (4.6%) $185.1m (15.4%) $115.4m (2962.5%) 55.6% (10.3%) $4.14 (11.9%)
2021 $298.7m (-10.2%) $111.8m (-39.6%) $160.5m (39.1%) 37.4% (-32.7%) $2.45 (-40.8%)
2022 $35.8m (-88.0%) $66.4m (-40.6%) $174.3m (8.6%) 185.5% (395.6%) $1.48 (-39.6%)
2023 $48.8m (36.4%) $135.7m (104.3%) $134.9m (-22.6%) 277.9% (49.8%) $3.13 (111.5%)
2024 $54.4m (11.5%) $138.0m (1.7%) $49.8m (-63.1%) 253.6% (-8.8%) $3.14 (0.3%)
2025 $80.1m (47.1%) $142.2m (3.0%) $-57.5m (-215.3%) 177.6% (-30.0%) $3.03 (-3.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model