NHCMEDIUM SIGNALFINANCIAL10-K

National Healthcare Corporation delivered strong operational performance with 49.7% operating income growth and significantly improved financial position through major debt reduction.

The company demonstrated robust business momentum with revenue growing 16.1% to $1.5B while dramatically improving profitability and financial flexibility. The 70.8% debt reduction from $137M to $40M, combined with increased cash generation, positions NHC for potential growth investments or shareholder returns.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

NHC showed comprehensive financial improvement across all key metrics, with revenue growing 16.1% to $1.5B and operating income surging 49.7% to $128.4M, indicating strong operational leverage. The company significantly strengthened its balance sheet by reducing total debt 70.8% to $40M while increasing cash 21.9% to $92.8M and generating 72.5% more operating cash flow at $185.1M. The substantial debt paydown explains the 1,176% increase in interest expense as a timing issue, while the overall financial profile suggests a healthcare company hitting its stride with improved margins, stronger cash generation, and enhanced financial flexibility.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+1176.2%
$324K$4.1M

Interest expense surged 1176.2% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
+72.5%
$107.3M$185.1M

Operating cash flow surged 72.5% — exceptional cash generation, highest quality earnings signal.

Total Debt
Balance Sheet
-70.8%
$137.0M$40.0M

Debt reduced 70.8% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Income
P&L
+49.7%
$85.8M$128.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+32.1%
$27.6M$36.4M

Capital expenditure jumped 32.1% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+21.9%
$76.1M$92.8M

Cash grew 21.9% — improving liquidity position supports investment and shareholder returns.

Net Income
P&L
+17.7%
$101.9M$120.0M

Net income grew 17.7% — bottom-line growth signals improving overall business health.

Total Liabilities
Balance Sheet
-16.5%
$541.3M$451.9M

Liabilities reduced 16.5% — deleveraging improves balance sheet strength and financial flexibility.

Revenue
P&L
+16.1%
$1.3B$1.5B

Revenue growing 16.1% — solid top-line momentum, watch margins for quality of growth.

Inventory
Balance Sheet
-13.8%
$9.0M$7.8M

Inventory reduced 13.8% — lean inventory management or demand outpacing supply.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
nhc20251231_10k.htm 0001047335 NATIONAL HEALTHCARE CORP false --12-31 FY 2025 NYSE American LLC true true true true true false 0.01 0.01 45,000,000 45,000,000 15,536,427 15,536,427 15,450,003 15,450,003 2.34 2.42 2.53 2 20 40 3 15 2 15 0 4 5 5 5 218 2 2 57,458 3 4 5 0 0 0 0 0 0 0 877 0 0 806 0 0 0 2022 2023 2024 2025 10 2 5.3 5 0.30 0.65 5 0 1,030,887 false false false false true true The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include Tennessee.
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 ITEM 7A.
Form 10-K Summary 85 Exhibit Index 82 Signatures 86 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Statements in this annual filing that are not historical facts are forward-looking statements.
In fiscal year 2025, 96.8% of our net operating revenues were derived from such health care services.
Year Ended December 31, 2025 2024 2023 Overall census 89.7% 88.6% 87.9% Rehabilitative Services.
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 29 ITEM 7A.
In fiscal 2024, 95.7% of our net operating revenues were derived from such health care services.
Year Ended December 31, 2024 2023 2022 Overall census 88.6% 87.9% 83.8% Rehabilitative Services.
We maintained a rehabilitation staff of over 1,200 highly trained, professional therapists in 2024.
However, we also provide services to 50 additional health care providers.
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