October 10, 2026 · @misprise.com
Introduction
Is NHC stock still worth a look after nearly doubling in a year? National HealthCare Corporation (NYSE American: NHC) closed at $227.11 on October 9, 2026, up 93.4% over twelve months and just below its 52-week high of $236.75.
The rally came as the oldest publicly traded senior care operator in the US bought the real estate it used to rent in a $560 million deal, then lifted its dividend to 67 cents a quarter. This guide draws on company earnings releases and market data as of early October 2026.
You will learn how NHC trades technically, what its latest quarter shows, how its business model and growth plan work, and how its valuation compares with Ensign Group and PACS Group.
TL;DR
NHC stock trades near $227, about 25 times trailing earnings, a premium for a steady senior care operator. Growth now hinges on its $560 million property purchase paying off. Momentum and a 1.1% dividend yield support the case; Medicaid exposure, new floating-rate debt and thin trading are the main risks.
NHC Stock Analysis: Technicals, Fundamentals, Business Model and Competitors
Recent price and technical picture
NHC closed at $227.11 on October 9, 2026, flat over the past month (-0.06%) and 93.4% higher over one year. The 52-week range runs from $117.43 to $236.75, so the stock sits about 4% below its high.
Late-September data showed the price hugging its short-term averages: the 20-day average near $222.8 and the 50-day near $223.8, with the 200-day far lower at about $182.6. Volatility indicators flagged a range contraction, meaning the stock has been consolidating since its run to $234.17 in mid-August. In August, the 14-day RSI read 62 (neutral) and short interest stood at roughly 4.8% of the float.
Liquidity matters here. About 15.7 million shares are outstanding and average volume is near 105,000 shares a day, so modest orders can move the price. An August data snapshot also showed net insider selling of about $1.3 million over 90 days, which is worth watching but not unusual after a doubling.
Fundamentals and the latest quarter
NHC’s second quarter of 2026 (April to June) brought net operating revenue of $408.0 million, up 8.8% from $374.9 million a year earlier. Most of the increase came from the June 1 purchase of five skilled nursing facilities with 639 beds for $50.5 million. Same-facility revenue rose 3.0%.
Headline GAAP earnings looked stronger than the business really was. GAAP diluted EPS was $2.54 versus $1.52, but it included an $18.3 million catch-up of management fees and gains on the company’s marketable securities. Adjusted net income was $27.6 million, up 7.2%, and adjusted diluted EPS was $1.74 versus $1.65. Adjusted figures are the cleaner read on operations.
The first quarter showed the same steady pattern: revenue of $381.8 million (+2.2%), adjusted EPS of $1.91 versus $1.59, and skilled nursing occupancy of 90.0%. Medicare per diem rates rose 3.0% and Medicaid rates 3.7%.
On the balance sheet, NHC held $210.2 million of cash and marketable securities and had no long-term debt at June 30. Trailing twelve-month revenue is about $1.56 billion. At roughly $221 in mid-September, the market capitalization was about $3.5 billion, with a price-to-earnings ratio near 25.5, a price-to-book ratio of 3.2 and a dividend yield of about 1.1%.
Recent business operations news
The defining event was the $560 million purchase of 32 skilled nursing facilities and three independent living communities from landlord National Health Investors, which closed July 1, 2026 and ended the master lease on those buildings. Before the deal, NHC paid about $11.5 million of facility rent per quarter.
NHC funded the purchase with a new $550 million credit agreement: a $475 million senior unsecured term loan and a $75 million revolver, priced at Term SOFR plus 1.25% to 1.75%. A company with no long-term debt at the end of June is now a leveraged owner of its own real estate, and its interest cost floats with rates.
Shareholders also got a raise. The board declared a quarterly dividend of 67 cents per share, up from 64 cents, payable October 30, 2026 to holders of record on September 30. That works out to about $2.68 a year. Third-quarter results are typically reported in early November; check the investor relations page for the confirmed date.
Business model
NHC runs senior health care under one roof. Its affiliates operate 80 skilled nursing facilities with 10,323 beds, 26 assisted living communities, nine independent living communities, three behavioral health hospitals, 34 homecare agencies and 33 hospice agencies across nine mostly southeastern states. It reports two segments, inpatient services and homecare and hospice, and adds pharmacy, rehabilitation therapy, a captive insurance unit and management services sold to third-party operators.
Revenue is spread across payors. In the second quarter, Medicare supplied about 29% of net patient revenue, Medicaid 29%, managed care 14% and private pay and other 28%. Inpatient services produced about $337 million of the $378 million in net patient revenue, while homecare and hospice added about $41 million, up roughly 7%.
Labor is the main cost, roughly 59% of revenue. That makes occupancy, wage inflation and agency staffing the three variables that move margins most.
Expected growth
Growth has three sources. First, the five-facility purchase and the NHI buildings add scale in states NHC already knows, so integration risk is lower than entering new regions. Second, owning the real estate swaps rent for interest and depreciation, and whether that adds to earnings depends on where SOFR goes. Third, reimbursement and demographics help: CMS finalized a 3.2% Medicare payment increase for fiscal 2026 and proposed 2.4% for fiscal 2027, and an aging population keeps demand for post-acute care rising. The earnings releases reviewed give no formal full-year guidance, so expectations rest on these drivers.
The risks are specific. About 29% of patient revenue is Medicaid, and a 2025 federal law tightens state provider-tax financing from fiscal 2028. Federal minimum-staffing rules, if reinstated, would raise costs. The new floating-rate debt adds interest-rate sensitivity that NHC did not have a quarter ago.
How NHC compares with competitors
NHC is a small, conservative operator next to the two largest listed skilled nursing peers. The figures below come from different aggregators and dates, so treat them as approximate and verify live numbers with your broker.
| Metric | NHC | Ensign Group (ENSG) | PACS Group (PACS) |
|---|---|---|---|
| Latest quarterly revenue growth | +8.8% (Q2 2026) | +17.3% (Q2 2026) | about +9% (latest quarter) |
| Revenue scale | about $1.56B (trailing 12 months) | $5.87B to $5.92B (2026 guidance) | about $5.4B (trailing 12 months) |
| Price-to-earnings | about 25.5 | mid-20s | about 26 to 28 |
| Market cap | about $3.5B | about $9.5B | about $7.0B |
| Occupancy | 90.0% (Q1 2026) | 84.1% same-facility (Q2 2026) | not compared |
| Dividend | about 1.1% yield | $0.065 per quarter | none |
The comparison tells a clear story. Ensign grows revenue about twice as fast, raised its 2026 earnings guidance to $7.75 to $7.85 per share and keeps expanding through acquisitions. PACS has also surged, with a one-year return near 200% in mid-2026. NHC grows more slowly but runs higher occupancy, pays a meaningful dividend and, until July, carried almost no debt.
On valuation, NHC’s price-to-earnings ratio is close to its faster-growing peers. Investors are paying for balance-sheet strength and stability rather than growth, which leaves less margin for error if rates, Medicaid funding or staffing rules turn against it. In home health and hospice, NHC also competes with Pennant Group, which raised its 2026 revenue guidance to between $1.171 billion and $1.190 billion.
Conclusion
NHC is a steady, dividend-paying senior care operator whose stock has nearly doubled on solid earnings and the $560 million purchase of its own buildings. At about 25 times earnings, the price already reflects that progress. The case for owning it rests on 90% occupancy, reimbursement gains and disciplined integration; the case against rests on new floating-rate debt, Medicaid funding changes and thin trading.
Your next step: watch the early-November third-quarter report for interest costs and occupancy, then compare NHC with its peers before deciding. For more context, see the NHC stock comparison page. This is not investment advice.
Compare Now
Don’t judge NHC in isolation. See how its valuation, growth and dividend stack up against Ensign Group, PACS Group and other senior care names before the next earnings report lands in early November. Put the numbers side by side and spot what the market may be mispricing, in minutes.
Compare NHC stock now at misprise.com/nhc-stock
Frequently Asked Questions
Is NHC stock a buy right now?
That depends on your goals and risk tolerance, and this is not investment advice. Bulls point to 90% occupancy, a raised dividend and owned real estate. Bears point to a price near its 52-week high, about 25 times earnings, Medicaid funding changes and new floating-rate debt. Compare it with peers first.
What does NHC do?
National HealthCare Corporation operates 80 skilled nursing facilities with 10,323 beds, plus assisted living, independent living, behavioral health, homecare and hospice across nine mostly southeastern states. It is the oldest publicly traded senior care company in the US and trades on NYSE American under the ticker NHC.
Does NHC pay a dividend?
Yes. NHC declared a quarterly dividend of 67 cents per share, payable October 30, 2026 to holders of record on September 30. That is roughly $2.68 a year, a yield of about 1.1% to 1.2% at recent prices, and up from 64 cents previously.
Why has NHC stock risen so much?
Shares gained about 93% in a year. Contributing factors include rising revenue, higher adjusted earnings, a larger dividend, 90% skilled nursing occupancy and the $560 million purchase of facilities NHC previously leased. A debt-free balance sheet before that deal also supported the shares.
When does NHC report earnings next?
NHC reported second-quarter 2026 results on August 7. Third-quarter results are typically released in early November. Confirm the exact date on the company’s investor relations page, and watch interest expense after the new term loan.
Sources
- NHC Reports Second Quarter 2026 Earnings, Business Wire, Aug 7, 2026
- NHC First Quarter 2026 Earnings Release, May 8, 2026
- Q1 2026 earnings summary, Quartr, 2026
- NHC stock price and guide, Walnut, Oct 9, 2026
- NHC peer comparison, Value Research, Sep 18, 2026
- NHC technical analysis, SwingTradeBot, Sep 25, 2026
- NHC indicators, Equibles, Aug 19, 2026
- Ensign Q2 2026 results, Quiver Quantitative, 2026
- PACS Group profile, MarketInOut, Jun 24, 2026
- Pennant Group guidance, Simply Wall St, 2026
