National Healthcare Corp
nhccare.comWhat Do They Do?
Operates skilled nursing facilities, assisted and independent living communities, and behavioral health hospitals, providing post-acute, senior and behavioral health care to patients and residents.
10-K for FY2025, filed Feb 26, 2026National HealthCare Corporation, which we also refer to as NHC or the Company, began business in 1971. Our principal business is the…View ↗
Skilled Nursing Facilities. The most significant portion of our business and the base for our other health care services is the operation…View ↗
Assisted Living Facilities. Our assisted living facilities provide personal care services and assistance with general activities of daily…View ↗
Independent Living Facilities. Our independent living facilities offer specially designed residential units for the active and ambulatory…View ↗
Behavioral Health Hospitals. Our comprehensive continuum of care includes behavioral health services to both adults and geriatric patients…View ↗
How Do They Make Money?
Patients and third-party payors pay for care as it is provided; NHC generally bills monthly after services or discharge. Inpatient and hospice care is billed by day, while homecare charges are based on days of care or visits.
10-K for FY2025, filed Feb 26, 2026For inpatient and hospice services, revenue is recognized on a daily basis as each day represents a separate contract and performance…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$1.5B
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10-K for FY2025, filed Feb 26, 2026
$1.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Inpatient Services Segment
Usage-based
10-K for FY2025, filed Feb 26, 2026 |
87%
FY2022: 84%
|
Inpatient Services Segment, FY2025
$1.3B Sources
|
Usage-based |
|
Homecare Services Segment
Usage-based
10-K for FY2025, filed Feb 26, 2026 |
10%
FY2022: 12%
|
Homecare Services Segment, FY2025
$154.1M Sources
|
Usage-based |
Who Are Their Customers?
Patients receive care at NHC facilities or at home. Medicare, Medicaid, managed-care plans, insurers and private patients pay for care; NHC contracts with managed-care organizations and insurance carriers.
10-K for FY2025, filed Feb 26, 2026National HealthCare Corporation, which we also refer to as NHC or the Company, began business in 1971. Our principal business is the…View ↗
Homecare Agencies. Our home health agencies (“homecares”) assist those who wish to stay at home or in assisted living residences but still…View ↗
Medicare is a health insurance program for the aged and certain other chronically disabled individuals operated by the federal government.…View ↗
Medicaid is a medical assistance program for the indigent, operated by individual states with the financial participation of the federal…View ↗
Private pay, managed care, and other payment sources include commercial insurance, individual patient funds, managed care plans and the…View ↗
We contract with managed care organizations ("MCO's") and insurance carriers for the provision of healthcare services by our owned, leased…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$128.4MView ↗
10-K for FY2025, filed Feb 26, 2026
$120MView ↗
10-K for FY2025, filed Feb 26, 2026
$148.6MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Jul 1, 2026
Completed the transaction to acquire assets from National Health Investors
NHC announced the transaction's closing and drew on its term loan and revolving facility to fund part of the purchase price.
Sources
8-K, filed Jul 1, 2026
Item 2.01 Completion of Acquisition or Disposition of Assets.View ↗
Growing. Revenue grew 41% in 4 years, from $1.1B in FY2021 to $1.5B in FY2025, about 9% a year.
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