National Healthcare Properties (NHPAP) Stock Analysis & Winston Score

National Healthcare Properties is a real estate investment trust (REIT) that owns healthcare-related buildings and properties across the United States. Instead of running hospitals or clinics itself, it buys properties like senior housing, medical offices, and care facilities, then leases them to healthcare operators. This makes it a landlord for the healthcare industry.

The company earns money primarily through rent collected from its tenants, which are typically healthcare operators and senior living providers. It operates mainly in the United States and, with a market cap around $0.6 billion, is a smaller player in the healthcare REIT space compared to giants like Welltower or Ventas. The very thin operating margin and near-zero ROIC suggest the company is still in an early or transitional stage, and its main risk is tenant credit quality — if the healthcare operators leasing its buildings struggle financially, rent payments and property values could both come under pressure.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-50.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$107M cash & investments at current burn rate

Revenue declining

National Healthcare Properties's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 28.2M (2021) → 28.3M (2025)

Score breakdown

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Quality

Gross Margin

-2.4%

Thin — -2.4% gross margin

Operating Margin

12.0%

Modest — 12.0% operating margin

ROCE

0.6%

Weak — 0.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-2.8%

Shrinking sales (-2.8% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-6.4%

Burning cash (-6.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.75

Elevated debt (1.75)

Interest Cover

0.01x

Dangerous — barely covers interest (0.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

7.82%

Healthy income — 7.82% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+0.0%

Dividend flat

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