National Healthcare Properties

NHPAP

REIT - Healthcare Facilities · Real Estate

Price

$25.21

+0.01 (+0.06%)

Market Cap

$713.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

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.

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

+2.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+84.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.9B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

National Healthcare Properties is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-2.5%

Thin — -2.5% gross margin

Profit after running costs

Operating Margin

10.2%

Modest — 10.2% operating margin

Return on the money invested

ROCE

1.1%

Weak — 1.1% 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 growth

Sales YoY

-1.2%

Shrinking sales (-1.2% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.80

Moderate — manageable debt (0.80)

Covers its interest

Interest Cover

0.35x

Dangerous — barely covers interest (0.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

7.08%

Healthy income — 7.08% yield

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

Dividend record

Dividend Growth

+0.0%

Dividend flat

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