NATIONAL HEALTHCARE CORP

Listed Company

NHCCIK 0001047335NYSELarge AcceleratedServices-Skilled Nursing Care FacilitiesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.52B

Net Income

$120.02M

Total Assets

$1.53B

Equity

$1.07B

Shares Out

15.54M

Op. Cash Flow

$185.08M

Business

NATIONAL HEALTHCARE CORP operates a diversified senior health care platform that runs skilled nursing facilities, assisted and independent living communities, homecare and hospice agencies, and behavioral health hospitals. It offers sub-acute and post-acute skilled nursing, rehabilitative and therapy services, memory and Alzheimer’s care, senior living services, hospice and home health care, pharmacy operations, management, accounting and insurance services, and a Medicare Institutional Special Needs Plan. The company reports two operating segments: inpatient services (skilled nursing, assisted/independent living, behavioral hospitals) and homecare and hospice, with an “all other” category. It operates in nine states, primarily in the Southeastern and Midwestern United States, through owned, leased and managed facilities, regional pharmacies, and agency networks.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net patient revenues	1,470	1,252	1,088	1,029	966
Other revenues	48	46	54	45	45
Government stimulus income	0	9	0	11	—
Net operating revenues and stimulus income	1,518	1,307	1,142	1,086	1,074
Salaries, wages and benefits	921	811	712	686	666
Other operating	377	321	288	289	267
Facility rent	46	43	42	41	41
Depreciation and amortization	45	42	42	40	41
Total costs and expenses	1,389	1,217	1,084	1,054	1,023
Income from operations	128	90	57	32	51
Non-operating income	18	20	17	11	18
Interest expense	−6	−4	−324,000	—	—
Unrealized gains on marketable equity securities	22	31	15	−16	−14
Income before income taxes	162	136	89	27	—
Income tax provision	−40	−34	−23	−7	−11
Net income	123	102	65	20	139
Net (income) loss attributable to noncontrolling interest	−3	−159,000	2	2	−497,000
Net income attributable to National HealthCare Corporation	120	102	67	22	139
Basic (in dollars per share)	7.76	6.62	4.36	1.46	9.03
Diluted (in dollars per share)	7.67	6.53	4.34	1.45	8.99
Basic (in shares)	15	15	15	15	15
Diluted (in shares)	16	16	15	15	15
Dividends declared per common share (in dollars per share)	2.53	2.42	2.34	2.26	2.11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	93	76	—	107	59
Restricted cash and cash equivalents, current portion	18	20	—	18	15
Marketable equity securities	163	140	—	111	101
Restricted marketable equity securities	17	23	—	27	22
Restricted marketable debt securities, current portion	18	12	—	13	16
Accounts receivable	139	135	—	109	100
Inventories	8	9	—	7	7
Prepaid expenses and other assets	6	10	—	9	10
Total current assets	462	424	—	406	354
Property and equipment, gross	1,309	1,282	—	1,102	1,081
Less: Accumulated depreciation	−635	−597	—	−608	−575
Net property and equipment	674	684	—	493	507
Restricted cash and cash equivalents, less current portion	1	1	—	1	1
Restricted marketable debt securities, less current portion	105	108	—	109	103
Deposits and other assets	7	9	—	15	13
Operating lease right-of-use assets	48	79	—	94	121
Goodwill	170	170	—	168	168
Intangible assets	20	20	—	7	7
Investments in unconsolidated companies	39	28	—	16	2
Total other assets	391	416	—	411	415
Total assets	1,526	1,524	—	1,311	1,275
Trade accounts payable	23	25	—	19	17
Operating lease liabilities, current portion	34	32	—	29	29
Accrued payroll	104	93	—	84	73
Amounts due to third party payors	14	15	—	18	17
Accrued risk reserves, current portion	36	31	—	31	31
Other current liabilities	26	21	—	23	18
Dividends payable	10	9	—	9	9
Long-term debt due within one year	8	8	8	0	—
Total current liabilities	254	235	—	214	198
Long-term debt, less current portion	33	130	130	0	—
Operating lease liabilities, less current portion	13	46	—	63	91
Accrued risk reserves, less current portion	85	73	—	73	71
Refundable entrance fees	6	6	—	6	6
Deferred income taxes	43	36	—	17	11
Other noncurrent liabilities	18	17	—	26	20
Total liabilities	452	541	—	400	398
Common stock, $.01 par value; 45,000,000 shares authorized; 15,536,427 and 15,450,003 shares, respectively, issued and outstanding	155,000	154,000	—	153,000	153,000
Capital in excess of par value	236	233	—	228	227
Retained earnings	833	752	—	688	657
Accumulated other comprehensive loss	−779,000	−5	—	−7	−10
Total National HealthCare Corporation stockholders equity	1,069	980	—	909	874
Noncontrolling interest	6	3	—	2	3
Total equity	1,075	983	—	910	878
Total liabilities and equity	1,526	1,524	—	1,311	1,275

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	45	42	42	40	41
Equity in earnings of unconsolidated investments	−218,000	−589,000	−2	−477,000	−5
Distributions from unconsolidated investments	616,000	512,000	470,000	439,000	6
(Gains) losses on sale of marketable securities	−1	−1	667,000	1	−1
Gain on sale of unconsolidated company	0	−1	0	0	—
Gain on sale of property and equipment	−4	0	−6	—	—
Deferred income taxes	−6	−18	−6	−6	6
Stockbased compensation	4	4	3	3	3
Accounts receivable	−4	−26	−9	−4	4
Inventories	1	−599,000	−298,000	1	199,000
Prepaid expenses and other assets	5	6	−669,000	−11	−3
Operating lease obligations	695,000	273,000	−1	−430,000	0
Trade accounts payable	−3	6	2	−6	−2
Accrued payroll	11	5	12	−34	17
Amounts due to third party payors	−2	−3	2	−964,000	649,000
Accrued risk reserves	18	357,000	790,000	4	−1
Other current liabilities	5	−3	5	−2	−1
Other noncurrent liabilities	1	−10	6	3	−12
Net cash provided by operating activities	185	107	111	9	62
Purchases of property and equipment	−36	−28	−28	−30	−39
Investments in unconsolidated companies	−6	−14	−5	0	−350,000
Purchases of marketable securities	−65	−35	−30	−34	−108
Sale of marketable securities	73	52	47	50	—
Collections of (investments in) notes receivable	512,000	−9,000	−201,000	4	9
Proceeds from sale of assets	0	2	0	4	0
Net cash used in investing activities	−34	−237	−18	−6	−66
Borrowings under credit facility	0	150	0	0	0
Repayments under credit facility	−97	−13	0	0	0
Dividends paid to common stockholders	−39	−37	−36	−35	−32
Issuance of common shares	14	14	313,000	2	3
Repurchase of common shares	−15	−14	−2	−10	−836,000
Noncontrolling interest contributions	150,000	1	0	250,000	−964,000
Entrance fee deposits (refunds)	115,000	−313,000	169,000	−804,000	−452,000
Debt issuance costs	0	−400,000	0	0	—
Principal payments under finance lease obligations	0	−860,000	−5	−5	−4
Net cash (used in) / provided by financing activities	−136	100	−43	−48	−35
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	15	−29	51	−45	−39
Cash payments for interest	7	3	290,000	493,000	845,000
Cash payments for income taxes	25	18	15	9	23

Filings

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