Short answer
NATIONAL HEALTHCARE CORP (NHC) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.5B (+16.1% year over year) and net income of $120M.
- Top risk flagged: Regulatory risk: Medicare reimbursement cuts mandated by the Budget Control Act of 2011 impose up to 2% annual reductions extended through 2030
FY2025 key financial metrics · XBRL
- Revenue
- $1.5B
- +16.1% YoY
- Net income
- $120M
- +17.7% YoY
- Operating margin
- 8.5%
- +1.9 pp YoY
- EPS (diluted)
- $7.67
- +17.5% YoY
- ROE
- 11.2%
- +0.8 pp YoY
- Operating cash flow
- $185M
- +72.5% YoY
Source: XBRL data from the NATIONAL HEALTHCARE CORP (NHC) FY2025 10-K on SEC EDGAR. USD.
NATIONAL HEALTHCARE CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Operation of skilled nursing, assisted and independent living, homecare, hospice, and behavioral health facilities across 9 states, primarily Southeastern and Midwestern U.S.
- New expansion: Acquisition of White Oak Management with 15 skilled nursing facilities, 2 assisted living, 4 independent living, and a long-term care pharmacy adding 1,928 skilled beds in SC and NC (Aug 2024)
- Strategic emphasis: Growth in post-acute and senior health care operations, hospice agency launches in multiple locations during 2023-2024, plus continued focus on quality via Medicare’s Five-Star system (62.5% 4-5 star rating vs 38.6% industry)
- Quantitative metric: Skilled nursing facility occupancy up to 89.7% in 2025 from 88.6% in 2024; homecare served average census 3,834 patients with 339,344 visits in 2025
- Noteworthy fact: FY2026 Medicare Skilled Nursing Facility payments rose 3.2% vs PY; however, FY2026 home health agency payments projected to decline 1.3%
Management Discussion & Analysis
- Revenue $1.52B in 2025, up 16.1% YoY from $1.31B in 2024; net patient revenues $1.47B, up 17.4% ($217.9M)
- Operating margin 8.4% in 2025 vs 6.9% in 2024; net income margin 8.0% in 2025 vs 7.8% in 2024
- Best performing: Inpatient Services with $1.32B revenue, $127.8M operating income in 2025; Worst: "All Other" category operating loss of $(29.5)M
- Cash flow from operations $185.1M in 2025 vs $107.3M in 2024; capital expenditures $33.9M; financing cash used $136.0M (likely for debt repayment/buybacks)
- Management highlights skilled nursing census growth, White Oak acquisition accretive, labor cost management; risks include ongoing healthcare labor shortages and inflationary pressures
Risk Factors
- Regulatory risk: Medicare reimbursement cuts mandated by the Budget Control Act of 2011 impose up to 2% annual reductions extended through 2030
- Geopolitical/macro threat: CMS Staffing Rule implementation delayed by One Big Beautiful Bill Act until October 1, 2034, creating uncertainty in labor cost planning
- Operational/supply chain risk: Dispute with lessor National Health Investors, Inc. over Master Lease non-compliance risks losing lease on multiple facilities
- Competitive market risk: Not-for-profit and governmental competitors benefit from tax-exempt financing and donations, intensifying competition for patients and referrals
- Financial risk: Increasing self-insurance exposure to professional liability and workers’ compensation claims with potential for liabilities exceeding reserves
Generated from the filing text; verify against the original. How to read a 10-K
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