TacticScaleWhat National Healthcare Does & How It Makes Money (NHC)
Updated October 2026 · reflects National Healthcare's latest reported financials
Operator of nursing homes, senior living, and homecare and hospice services. It earns most of its revenue from patient care and resident fees at its nursing, senior living and behavioral health facilities, and from its homecare and hospice services.
How National Healthcare makes money
It earns most of its revenue from patient care and resident fees at its nursing, senior living and behavioral health facilities, and from its homecare and hospice services. Smaller income streams come from pharmacies, managed care insurance, management and accounting services for other operators, and leasing its properties to third parties.
What National Healthcare does
National HealthCare Corporation (NHC), founded in 1971 and based in Murfreesboro, Tennessee, provides care for older adults and other patients in facilities and at home. It reports two segments. The Inpatient segment covers skilled nursing facilities that offer rehab after strokes, heart attacks, orthopedic surgery and other conditions, memory care and sub-acute units, assisted and independent living communities, and behavioral health services for adult and geriatric patients with psychiatric, emotional or addictive disorders. The Homecare and Hospice segment helps patients who want to stay at home, and provides hospice and palliative care. NHC also runs pharmacies and offers managed care insurance. It provides management, accounting and financial services and leases some of its properties to third-party operators. Its business is closely linked to the growing number of older Americans who need nursing, rehab and end-of-life care.
Products & services
- Skilled nursing facilities
- Assisted and independent living communities
- Memory care and sub-acute nursing units
- Homecare and hospice agencies
- Behavioral health hospitals
- Pharmacy and managed care insurance services
What is National Healthcare worth?
On an owner-earnings DCF, National Healthcare's most-likely value is about $174 versus a recent price near $227 (23% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$94) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
National Health Investors (NHI) · Healthcare Services (HCSG) · HCA Healthcare (HCA) · The Ensign (ENSG) · CareTrust REIT (CTRE)