National Healthcare Corp. (NHC) intrinsic value & 10-year financials
National Healthcare Corp. (NHC) has a Graham intrinsic value of $162.12 per share. At $242.82 on Oct 17, 2026, the stock trades 50% above that value. Over the last 10 fiscal years revenue grew 5.9% a year to $1.5B, with an average return on invested capital of 5.4%.
- Graham intrinsic value
- $162.12
- Share price (Oct 17, 2026)
- $242.82
- Price vs Graham value
- 50% above
- Market cap
- $3.8B
- Revenue (FY2025)
- $1.5B
- Revenue growth (10-yr CAGR)
- 5.9%
- ROIC (10-yr avg)
- 5.4%
- Free cash flow (FY2025)
- $148.6M
NHC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5B | $120.0M | $7.67 | $148.6M | 8.7% | 9.1% |
| FY2024 | $1.3B | $101.9M | $6.53 | $79.7M | 6.9% | 6.6% |
| FY2023 | $1.1B | $66.8M | $4.34 | $83.3M | 5.3% | 4.8% |
| FY2022 | $1.0B | $22.4M | $1.45 | -$21.5M | 3.1% | 2.6% |
| FY2021 | $965.5M | $138.6M | $8.99 | $23.0M | 5.3% | 5.4% |
| FY2020 | $931.8M | $41.9M | $2.72 | $181.4M | 5.2% | 4.4% |
| FY2019 | $947.9M | $68.2M | $4.44 | $73.7M | 5.2% | 4.5% |
| FY2018 | $932.8M | $59.0M | $3.87 | $68.7M | 6.0% | 5.8% |
| FY2017 | $916.7M | $56.2M | $3.69 | $62.1M | 5.9% | 5.4% |
| FY2016 | $877.7M | $50.5M | $3.32 | $28.3M | 6.9% | 5.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NATIONAL HEALTHCARE CORP has demonstrated mature, steady growth, with revenue compounding at 5.9% annually over the past decade.
NATIONAL HEALTHCARE CORP has historically struggled to out-earn its cost of capital, averaging just 5.4% ROIC.
NATIONAL HEALTHCARE CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NATIONAL HEALTHCARE CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $162.12 per share.