NHC
National HealthCare CorporationHealthcare·Medical - Care Facilities
$184.42
$2.9B market cap
Revenue
$766.5M
Free Cash Flow
$59.3M
Rev Growth
+0.0%
FCF Margin
7.7%
P/FCF
48.6x
EV/FCF
44.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
National HealthCare Corporation operates, manages, and provides services to skilled nursing facilities, assisted living facilities, independent living facilities, homecare and hospice agencies, and a behavioral health hospital. Its skilled nursing facilities offer licensed therapy services, nutrition services, social services, activities, and housekeeping and laundry services, as well as medical services prescribed by physicians; and rehabilitative services, such as physical, speech, respiratory
2-Year Price History
$196.00+98.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 380.0 | 56.7 | -104.3 | 35.9 | 62.5 | 52.9 | -9.6 | 311.6 | 39.3 | 15.8 | -103.4% | 210.8x | -- |
| Act | 2025-Q4 | 386.5 | 44.7 | 33.1 | 24.9 | 16.8 | 6.4 | -10.4 | 309.2 | 87.1 | 15.7 | 24.1% | 54.8x | -- |
Valuation & Metrics
Market Stats
Price$184.42
Market Cap$2.9B
Enterprise Value$2.6B
P/S Ratio3.8x
P/FCF48.6x
EV/FCF44.0x
FCF Margin (TTM)7.7%
FCF Yield2.1%
Dividend Yield (TTM)1.4%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$766.5M
Net Income$60.7M
Free Cash Flow$59.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin13.2%
Net Margin7.9%
FCF Margin7.7%
CapEx % of Revenue2.6%
SBC % of Revenue0.1%
ROIC-39.6%
WC Change % Rev0.0%
Interest Coverage93.5x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.7M
Days to Cover5.4
Change (vs Prior)-9.8%
Need at least 2 settlement dates for chart
Employees
Headcount14,962
Revenue / Employee$51,233
Gross Profit / Employee$17,993
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
26.4%(+15.3% YoY)
220 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
27.4%(+11.1% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.1% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $303M | $121.95 | −$1.1M | −$10.0M | -0.2% | $5.69T |
| Morgan Stanley Institutional Investment Advisors LLC | $166M | $125.81 | +$3K | +$45.1M | +3.6% | $1.04B |
| DIMENSIONAL FUND ADVISORS LPPassive | $151M | $70.28 | −$1.8M | −$5.8M | -0.4% | $480.92B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $126M | $159.70 | +$126M | +$126M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $87.8M | $159.70 | +$87.8M | +$87.8M | — | $4.04T |
| FIRST TRUST ADVISORS LP | $84.7M | $136.86 | +$26.4M | +$80.7M | +0.1% | $139.72B |
| STATE STREET CORPPassive | $78.8M | $86.49 | +$1.0M | −$710K | -0.2% | $2.89T |
| M Holdings Securities, Inc. | $73.8M | $120.47 | −$129K | +$73.8M | +0.5% | $1.47B |
| RENAISSANCE TECHNOLOGIES LLC | $53.6M | $90.99 | −$2.3M | −$11.0M | +1.2% | $63.91B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $51.6M | $85.31 | +$771K | +$2.9M | +2.3% | $1.61T |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $28.5M | $69.91 | −$1.2M | −$1.7M | +0.7% | $645.81B |
| ALPS ADVISORS INC | $25.2M | $99.13 | −$1.2M | +$1.6M | +0.2% | $21.23B |
| Invesco Ltd. | $24.0M | $91.45 | +$13.8M | +$10.2M | -0.2% | $652.04B |
| NORTHERN TRUST CORPPassive | $21.8M | $105.94 | +$655K | −$7.9M | -0.2% | $755.34B |
| Bank of New York Mellon Corp | $19.2M | $85.53 | −$194K | +$333K | -0.2% | $543.21B |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $18.6M | $70.14 | −$400K | −$290K | -0.6% | $4.33B |
| MORGAN STANLEY | $17.2M | $83.52 | −$501K | +$3.0M | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $15.7M | $84.67 | +$2.0M | +$3.9M | -0.2% | $760.93B |
| AMERICAN CENTURY COMPANIES INC | $14.3M | $125.51 | +$4.9M | +$9.1M | +0.7% | $193.48B |
| TWO SIGMA INVESTMENTS, LP | $13.2M | $106.35 | +$10.1M | +$4.5M | -0.9% | $117.03B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.69%
avg per quarter
Holders (ex-self)
+0.79%
excl. this stock
Buyers (this Q)
+0.39%
108 buyers · $0.40B in
Sellers (this Q)
+0.39%
86 sellers · $-0.09B out
alpha coverage: 86% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+1.7%
how holders react when this stock falls
On quiet Qs
+14.1%
−10% to +10% baseline
On rallies (+10%+)
+1.1%
how they react when this stock rises
Holders' portfolio flow this Q
+2.1%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.9%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.9%
Holder mid (any stock)
-2.5%
Holder rally (any stock)
-2.6%
Biggest decreases this quarter
Pacer Advisors, Inc.exited−$6.9MLAZARD ASSET MANAGEMENT LLCexited−$5.0MEversept Partners, LPexited−$3.9MRENAISSANCE TECHNOLOGIES LLC−$2.3Mα+1.2DIMENSIONAL FUND ADVISORS LP−$1.8Mα-0.4DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)exited−$1.7MALPS ADVISORS INC−$1.2Mα+0.2CHARLES SCHWAB INVESTMENT MANAGEMENT INC−$1.2Mα+0.7BlackRock, Inc.−$1.1Mα-0.2DekaBank Deutsche Girozentraleexited−$1.0M
New buyers this quarter
Top-5 holders · 50.6%
BlackRock, Inc.--
Morgan Stanley Institutional Investment Advisors LLC--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD PORTFOLIO MANAGEMENT LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Morgan Stanley Institutional Investment Advisors LLC1.0MFIRST TRUST ADVISORS LP530KM Holdings Securities, Inc.462KRENAISSANCE TECHNOLOGIES LLC336KAMERICAN CENTURY COMPANIES INC90KCHARLES SCHWAB INVESTMENT MANAGEMENT INC179KInvesco Ltd.150KALPS ADVISORS INC158KBank of New York Mellon Corp120KSYSTEMATIC FINANCIAL MANAGEMENT LP116K
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$2.17M
3 txns · 2 insiders · 11,807 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-21 | SELL | LAROCHE RICHARD F JR | director | 7,500 | $195.14 | $1.46M | $40.15M |
| 2026-05-19 | SELL | Shelly Timothy J. | officer: Sr.VP Operations | 1,853 | $197.22 | $365K | $255K |
| 2025-12-17 | SELL | Shelly Timothy J. | officer: Sr.VP Operations | 2,454 | $139.42 | $342K | $0 |
Order Flow (FINRA, ~3w lag)
13.5%retail-2.5pp
26.4%dark-0.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
National Healthcare Corp: Related Party Lease Defaults and Non-Operating Gains Mask Core Operational Pressures
Overall Risk
7/10
Fraud
4/10
Dilution
2/10
Insolvency
6/10
Earnings Overstated
5/10
Hidden Liabilities
8/10
Legal
8/10
Audit Warnings
3/10
Hidden Upside
4/10
Contextually Acceptable
3/10