National Health Investors, Inc.
$4.71B- Market cap
- $3.48B
- Debt
- +$1.25B
- Cash
- −$19.62M
Capital structure 74% equity / 26% debt · EV / Revenue 12.55x · EV / EBITDA 18.53x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: NHI stock price at discount vs LGND $70.90 current versus $140.72 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at LGND's multiple
Implied fair value · at NHI's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple discount
Value edge
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: NHI FY 2025 (ended Dec 31, 2025) · LGND FY 2025 (ended Dec 31, 2025).
Trendline
Ten fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 74% equity / 26% debt · EV / Revenue 12.55x · EV / EBITDA 18.53x
Capital structure 94% equity / 6% debt · EV / Revenue 19.90x · EV / EBITDA 33.29x
LGND carries the larger enterprise value at $5.33B against $4.71B; NHI trades on the lower EV / Revenue multiple (12.55x vs 19.90x); NHI on the lower EV / EBITDA (18.53x vs 33.29x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
National Health Investors, Inc. · implied price per share
Latest annual free cash flow must be positive to qualify the filing-backed baseline.
LIGAND PHARMACEUTICALS INCORPORATED · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.82x
0.37x
Net debt / EBITDA
Leverage against operating earnings
4.85x
-2.24x
Cash and equivalents
Liquid reserves on the balance sheet
$19.62M
$733.52M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
$1.25B
$374.08M
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