National HealthCare (NHC) Cash Flow: Operating & Free Cash Flow

National HealthCare (NHC) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), National HealthCare generated $185.08M of operating cash flow and spent $36.45M on capital expenditures. That left free cash flow of $148.63M, up 86.5% from $79.70M a year earlier, or 9.8% of revenue. It returned $53.43M to shareholders through $38.70M in dividends and $14.73M in share buybacks.

National HealthCare Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for National HealthCare Corporation (NHC) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	122.61	102.09	65.29	19.98	139.09	41.87	67.98	58.70	55.68
Depreciation & Amortization	44.92	41.99	42.03	40.49	40.67	42.02	42.42	41.89	42.65
Deferred Income Tax	6.48	17.94	5.77	6.00	-6.29	-10.59	4.05	0.72	-4.71
Stock Based Compensation	4.40	4.16	2.78	2.61	2.62	2.45	1.88	1.78	1.68
Change in Working Capital	33.40	-25.72	17.40	-73.70	-40.74	110.40	3.95	-4.00	-6.72
Change in Accounts Receivable	-3.68	-26.44	-8.56	-3.86	4.09	4.53	4.30	-9.40	-9.49
Change in Inventory	1.24	-0.60	-0.30	1.49	0.20	-1.25	0.03	-0.32	0.36
Change in Accounts Payable	-2.73	6.30	3.97	-5.53	-1.43	1.43	-0.86	3.47	-2.62
Change in Other Working Capital	38.55	-4.98	12.42	-65.80	-95.20	38.37	0.48	2.25	5.03
Other Operating Activities	-26.72	-33.15	-16.28	13.37	-95.20	-10.47	-20.17	-0.65	5.89
Net Cash from Operating Activities	185.08	107.30	111.22	8.74	62.39	203.26	100.10	98.44	94.47
Investing Activities
Capital Expenditures	-36.45	-27.60	-27.90	-30.20	-39.40	-21.87	-26.40	-29.77	-32.35
Acquisitions	-5.63	-215.90	-7.36	4.43	-29.06	-0.20	-15.81	3.33	-0.25
Purchases of Investments	-65.19	-35.06	-29.50	-33.79	-108.19	-50.81	-12.47	-13.31	-31.24
Sales/Maturities of Investments	72.89	50.88	47.40	49.96	101.92	40.99	44.50	4.54	50.20
Other Investing Activities	0.51	-9.02	-0.20	3.63	8.84	2.06	-4.08	1.55	4.08
Net Cash from Investing Activities	-33.86	-236.69	-17.57	-5.98	-65.89	-63.88	-14.27	-33.66	-9.56
Financing Activities
Debt Repayment	-97.00	136.14	-4.99	-4.70	-4.42	-14.17	-48.92	-48.70	-23.48
Common Stock Issued	14.21	14.27	0.31	2.11	3.44	1.76	2.35	2.87	2.52
Common Stock Repurchased	-14.73	-13.50	-2.48	-9.90	-0.84	-0.05	-0.87	-0.87	0.00
Dividends Paid	-38.70	-36.96	-35.56	-34.60	-32.03	-31.92	-31.21	-29.83	-28.24
Other Financing Activities	0.27	0.40	0.17	-0.55	-1.42	2.50	-1.09	-0.75	0.12
Net Cash from Financing Activities	-135.96	100.34	-42.55	-47.64	-35.26	-41.89	-79.75	-77.27	-49.07
Summary
Net Change in Cash	15.27	-29.05	51.10	-44.88	-38.76	97.49	6.09	-12.50	35.83
Cash at Beginning of Period	96.92	125.97	74.87	119.74	158.50	61.01	54.92	67.42	31.59
Cash at End of Period	112.19	96.92	125.97	74.87	119.74	158.50	61.01	54.92	67.42
Free Cash Flow	148.63	79.70	83.32	-21.46	23.00	181.39	73.70	68.66	62.12
Supplemental Disclosures
Interest Paid	-	3.42	0.29	0.49	0.85	1.43	-	-	-
Income Taxes Paid	-	17.53	14.57	8.77	22.88	16.52	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About National HealthCare Cash Flow

What is National HealthCare's free cash flow?

National HealthCare generated free cash flow of $148.63M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $185.08M minus $36.45M of capital expenditures. That was up 86.5% from $79.70M a year earlier. Free cash flow equaled 9.8% of revenue.

How much does National HealthCare spend on capital expenditures?

National HealthCare spent $36.45M on capital expenditures in fiscal 2025, compared with $27.60M a year earlier. That equals 19.7% of operating cash flow.

Does National HealthCare pay dividends or buy back shares?

Yes. In fiscal 2025 National HealthCare returned $38.70M in dividends and $14.73M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition