National Healthcare Properties (NHPBP) Stock Analysis & Winston Score

National Health Investors (ticker context: NHPBP is a preferred share series) is a real estate investment trust that owns healthcare-related properties across the United States. It leases those buildings to operators who run senior housing communities, skilled nursing facilities, and medical office buildings. The company does not operate the facilities itself — it simply owns the real estate and collects rent from healthcare operators.

The company makes most of its money from long-term triple-net leases, meaning tenants pay rent plus most property expenses. It operates entirely within the United States and has a market cap of roughly $0.6 billion, making it a smaller player in the healthcare REIT space. The main growth driver is the aging U.S. population, which should increase demand for senior care facilities over time, but the key risk is tenant financial stress — if the operators leasing its buildings struggle to pay rent, the company's income can drop quickly.

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

-3.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

EPS data limited

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

~8 years

$58M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$58M 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

37.2%

Modest — 37.2% gross margin

Operating Margin

-7.8%

Losing money on operations — -7.8%

ROCE

-0.4%

Weak — -0.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-3.3%

Shrinking sales (-3.3% 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

1.73

Elevated debt (1.73)

Interest Cover

0.05x

Dangerous — barely covers interest (0.1x)

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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