National HealthCare to Acquire 32 Nursing Facilities for $560M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 21 2026
0mins
Should l Buy NHC?
National HealthCare announced entry into a Purchase and Sale Agreement to acquire the real estate of thirty-two skilled nursing facilities and three independent living facilities from National Health Investors, and its affiliates, or NHI. The purchase price is $560M. NHC, through affiliates, has been leasing and operating the facilities under a Master Agreement to Lease with NHI. he facilities subject to the agreement are located in Alabama, Florida, Kentucky, Missouri, South Carolina, Tennessee, and Virginia. NHC currently operates and will continue to operate all of these facilities, except four Florida skilled nursing facilities. The four Florida skilled nursing facilities will continue to be subject to a third-party operator's lease after the closing of the transaction. The transaction is expected to close in the Q3 subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
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Analyst Views on NHC
About NHC
National HealthCare Corporation is a senior healthcare company. The Company's principal business is the operation of skilled nursing facilities, assisted living facilities, independent living facilities, homecare and hospice agencies, and behavioral health hospitals. Its business activities include providing sub-acute and post-acute skilled nursing care, intermediate nursing care, rehabilitative care, memory and Alzheimer's care, senior living services, home health care services, hospice services, and behavioral health services. In addition, it provides management services, accounting and financial services, as well as insurance services to third-party operators of healthcare facilities. The Company operates or manages over 80 skilled nursing facilities with 10,341 licensed beds, 26 assisted living facilities with 1,413 units, nine independent living facilities, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies located in nine states.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
NHC Acquires 32 Skilled Nursing Facilities for $560 Million
- Acquisition Agreement: National HealthCare Corporation (NHC) has entered into a Purchase and Sale Agreement to acquire 32 skilled nursing facilities and 3 independent living facilities from National Health Investors (NHI) for $560 million, which is expected to enhance the company's asset portfolio and operational flexibility.
- Significant Financial Impact: The transaction is anticipated to be accretive to NHC's earnings and cash flow, with CEO Steve Flatt stating that this acquisition will reinforce the company's commitment to disciplined capital allocation and enhance long-term shareholder value.
- Geographic Coverage Expansion: The acquired facilities are located across several states including Alabama, Florida, and Kentucky, further solidifying NHC's operational network in these critical markets and ensuring its continued competitiveness in care services.
- Future Outlook: The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions including the expiration of the Hart-Scott-Rodino Antitrust Improvements Act review period, which will provide NHC with additional market opportunities and growth potential.
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- Stock Performance: The company has achieved a 50% return over the past six months, demonstrating strong market confidence in its future prospects, yet analysts suggest that its current valuation remains undervalued, indicating potential for further appreciation.
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- Net Income Improvement: The GAAP net income for 2025 was $120.015 million, up 17.5% from $101.927 million in 2024, while adjusted net income surged from $76.862 million to $104.067 million, reflecting a robust 35.4% increase and indicating enhanced profitability.
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National HealthCare Corporation Reports 16.1% Revenue Growth for 2025
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- Net Income Improvement: The GAAP net income attributable to NHC for 2025 was $120.015 million, up 17.7% from $101.927 million in 2024, while adjusted net income surged 35.4% from $76.862 million to $104.067 million, indicating a significant enhancement in profitability.
- Earnings Per Share Increase: The GAAP diluted earnings per share for 2025 reached $7.67, a 17.5% increase from $6.53 in 2024, while adjusted diluted earnings per share rose from $4.93 to $6.65, reflecting the company's ongoing improvement in earnings capacity.
- Operational Expansion: As of February 1, 2026, NHC operates 80 skilled nursing facilities with 10,329 beds, demonstrating the company's robust positioning and growth potential in the senior healthcare market.
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- Quarterly Dividend Announcement: National Healthcare has declared a quarterly dividend of $0.64 per share, consistent with previous distributions, indicating stable cash flow and profitability, which is likely to attract more investor interest.
- Payment Schedule: The dividend is payable on April 30, with a record date of March 31 and an ex-dividend date also on March 31, providing shareholders with a clear timeline that helps boost shareholder confidence.
- Dividend Growth Potential: The dividend scorecard and yield chart indicate that National Healthcare has achieved a 50% return over the past six months, while still being considered undervalued, which may attract income-seeking investors looking for stable returns.
- Quant Rating Support: Seeking Alpha's quant rating on National Healthcare further supports its investment value, suggesting the company's competitiveness and future growth potential in the market, which could lead to further stock price appreciation.
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- Acquisition Agreement: National HealthCare Corporation (NHC) has entered into a Purchase and Sale Agreement to acquire 32 skilled nursing facilities and 3 independent living facilities from National Health Investors (NHI) for $560 million, which is expected to enhance the company's asset portfolio and operational flexibility.
- Significant Financial Impact: The transaction is anticipated to be accretive to NHC's earnings and cash flow, with CEO Steve Flatt stating that this acquisition will reinforce the company's commitment to disciplined capital allocation and enhance long-term shareholder value.
- Geographic Coverage Expansion: The acquired facilities are located across several states including Alabama, Florida, and Kentucky, further solidifying NHC's operational network in these critical markets and ensuring its continued competitiveness in care services.
- Future Outlook: The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions including the expiration of the Hart-Scott-Rodino Antitrust Improvements Act review period, which will provide NHC with additional market opportunities and growth potential.
See More
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- Strong Financial Performance: New Hope Corp (NHPEF) achieved an underlying EBITDA of $215 million despite declining coal prices, demonstrating resilience in a challenging market and providing support for future investments and shareholder returns.
- Commitment to Shareholder Returns: The company declared a fully franked interim dividend of $0.10 per share, indicating its dedication to creating value for shareholders even amidst the challenges posed by falling coal prices.
- Production Stability: The ramp-up of the New Acland Mine significantly supported saleable coal production, with coal sales reaching 5.6 million tonnes, showcasing effective management in maintaining production capacity.
- Safety Performance Concerns: Despite ongoing investments in safety measures, the 12-month moving average TRIFR increased from 3.22 to 3.8, indicating a decline in safety performance that could impact the company's reputation and operational efficiency.
See More
National Healthcare Reports Strong Earnings, Significant Stock Potential
- Earnings Highlights: National Healthcare's FY GAAP EPS stands at $1.58 with revenue of $386.5 million, reflecting a 4.6% year-over-year growth, indicating a robust performance in both revenue generation and profitability.
- Stock Performance: The company has achieved a 50% return over the past six months, demonstrating strong market confidence in its future prospects, yet analysts suggest that its current valuation remains undervalued, indicating potential for further appreciation.
- Rating Analysis: Seeking Alpha's quantitative rating highlights National Healthcare's strong performance across various financial metrics, particularly in profitability and growth potential, reinforcing its competitive position within the healthcare sector.
- Dividend Performance: National Healthcare's dividend scorecard is notably strong, showcasing the company's commitment to returning value to shareholders, which also attracts investors seeking stable income streams.
See More
National HealthCare Corporation Reports 16.1% Revenue Growth for 2025
- Significant Revenue Growth: National HealthCare Corporation reported net operating revenues and grant income of $1.517 billion for 2025, marking a 16.1% increase from $1.307 billion in 2024, driven by an 8.4% rise in same-facility revenues and the acquisition of White Oak Manor in August 2024.
- Net Income Improvement: The GAAP net income for 2025 was $120.015 million, up 17.5% from $101.927 million in 2024, while adjusted net income surged from $76.862 million to $104.067 million, reflecting a robust 35.4% increase and indicating enhanced profitability.
- Earnings Per Share Growth: The GAAP diluted earnings per share reached $7.67 in 2025, a 17.5% increase from $6.53 in 2024, while adjusted diluted earnings per share rose from $4.93 to $6.65, showcasing the company's commitment to improving shareholder returns and profitability.
- Strong Quarterly Performance: For Q4 2025, the GAAP net income was $24.849 million, significantly up from $6.081 million in Q4 2024, and adjusted net income increased from $25.954 million to $28.774 million, reflecting a 10.9% growth and demonstrating the company's strong market performance.
See More
National HealthCare Corporation Reports 16.1% Revenue Growth for 2025
- Significant Revenue Growth: National HealthCare Corporation reported net operating revenues and grant income of $1.517 billion for 2025, marking a 16.1% increase from $1.307 billion in 2024, driven by an 8.4% rise in same-facility revenues and the acquisition of White Oak Manor in August 2024.
- Net Income Improvement: The GAAP net income attributable to NHC for 2025 was $120.015 million, up 17.7% from $101.927 million in 2024, while adjusted net income surged 35.4% from $76.862 million to $104.067 million, indicating a significant enhancement in profitability.
- Earnings Per Share Increase: The GAAP diluted earnings per share for 2025 reached $7.67, a 17.5% increase from $6.53 in 2024, while adjusted diluted earnings per share rose from $4.93 to $6.65, reflecting the company's ongoing improvement in earnings capacity.
- Operational Expansion: As of February 1, 2026, NHC operates 80 skilled nursing facilities with 10,329 beds, demonstrating the company's robust positioning and growth potential in the senior healthcare market.
See More
National Healthcare Declares Quarterly Dividend of $0.64
- Quarterly Dividend Announcement: National Healthcare has declared a quarterly dividend of $0.64 per share, consistent with previous distributions, indicating stable cash flow and profitability, which is likely to attract more investor interest.
- Payment Schedule: The dividend is payable on April 30, with a record date of March 31 and an ex-dividend date also on March 31, providing shareholders with a clear timeline that helps boost shareholder confidence.
- Dividend Growth Potential: The dividend scorecard and yield chart indicate that National Healthcare has achieved a 50% return over the past six months, while still being considered undervalued, which may attract income-seeking investors looking for stable returns.
- Quant Rating Support: Seeking Alpha's quant rating on National Healthcare further supports its investment value, suggesting the company's competitiveness and future growth potential in the market, which could lead to further stock price appreciation.
See More
