NATIONAL HEALTHCARE CORP

National HealthCare Corporation (NYSE American: NHC) operates an integrated network of post-acute and senior healthcare facilities across nine states, primarily in the Southeastern and Midwestern United States. Founded in 1971, the company provides a comprehensive continuum of care including skilled nursing facilities, assisted living communities, independent living facilities, homecare agencies, hospice services, and behavioral health hospitals. The company website is www.nhccare.com.

As of December 31, 2025, NHC operates 80 skilled nursing facilities with 10,329 licensed beds, 26 assisted living facilities with 1,413 units, nine independent living facilities with 777 retirement apartments, three behavioral health hospitals with 102 licensed beds, 34 homecare agencies, and 33 hospice agencies. The company employs approximately 15,278 full-time and part-time employees across its operations. NHC owns 43 skilled nursing facilities, leases 29, and manages eight, providing diversified revenue streams and operational flexibility.

The company operates two reportable segments: inpatient services, which includes skilled nursing, assisted living, independent living, and behavioral health operations, and homecare and hospice services. In fiscal 2025, healthcare services generated 96.8 percent of net operating revenues, with the remaining 3.2 percent derived from management services, accounting and financial services to third-party operators, insurance services, and rental income from ten healthcare properties leased to third-party operators.

Revenue sources are diversified across government and private payors, with Medicare representing 31 percent of net patient revenues, Medicaid 30 percent, managed care 12 percent, and private pay and other sources 27 percent. NHC also operates Caris Healthcare, a wholly owned hospice subsidiary serving over 1,647 patients daily, and NHC Advantage, an Institutional Special Needs Plan serving approximately 1,300 Medicare Advantage members. The company maintains five regional pharmacy locations and operates a Tennessee-domiciled insurance company providing workers' compensation coverage and a Cayman Islands-licensed subsidiary providing liability coverage to its facilities.