National Healthcare Corp (NYSE-American: NHC) is a long-term care company that operates skilled nursing facilities and related health care services. Revenue comes primarily from net patient revenues generated by the 72 skilled nursing facilities (SNFs) it owns or leases, supplemented by management fee income from eight additional facilities it manages for third parties. NHC charges approximately 6% of facility net operating revenues for its management services, per the 10-K filed 2026-02-26. Within its SNFs, NHC provides 24-hour nursing care delivered by registered nurses, licensed practical nurses, and certified nursing assistants, alongside licensed therapy, nutrition, social services, and ancillary support services. The filing identifies skilled nursing facility operations as the most significant portion of the business and the base from which other health care services extend. NHC is listed on the NYSE-American exchange.

Revenue model

Net patient revenues from 72 owned or leased skilled nursing facilities are the primary revenue stream, reported as net patient revenues. Management fee income, recorded as other revenues, is earned at approximately 6% of net operating revenues from eight managed facilities (per 10-K filed 2026-02-26).

Products and services

Skilled nursing facility care including 24-hour nursing services, licensed therapy services, nutrition services, social services, activities, housekeeping, and laundry. Third-party facility management services charged at approximately 6% of facility net operating revenues.

Customers and end markets

Patients in skilled nursing facilities requiring physician-prescribed medical and rehabilitative care. End market is long-term and post-acute care.

Value-chain role

Direct operator of skilled nursing facilities and manager of third-party long-term care facilities.

Geographic exposure

United States. Specific state or regional breakdown not supported by the provided filing excerpts.

Source: SEC 10-K, filed 2026-02-26

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