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National Healthcare Properties cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$6.8M in Q3 2026 · $25.0M over twelve months

Operating cash flow$15.7M
Capital spending−$9.0M
Free cash flow+$6.8M
Cash / net income0.8×

Analysis

In Q3 2026, National Healthcare Properties generated $15.7M of operating cash flow and spent $9.0M on capital projects, leaving free cash flow of $6.8M. That is $1.2M more than in Q3 2025 ($5.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $56.3M; the largest uses were net borrowing (+) / repaid (−) ($785M), other investing ($404M), capital spending ($31.3M); besides operations, cash came from other financing ($964M), asset & business sales ($242M); the cash balance rose by $41.5M.

Operating cash flow was $15.7M against net income of $20.2M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$24.4M, impairments +$6.9M, prepaid and other assets −$3.4M.

Free cash flow

National Healthcare Properties: free cash flow by quarterNational Healthcare Properties: free cash flow by quarter$946KQ4 2024−$26.9MQ1 2025$1.4MQ2 2025$5.6MQ3 2025−$1.8MQ4 2025$3.7MQ1 2026$16.3MQ2 2026$6.8MQ3 2026
Operating cash flow less capital spending.
National Healthcare Properties: operating cash flow against capital spendingNational Healthcare Properties: operating cash flow against capital spendingOperating cash flowCapital spending$6.5M$5.5MQ4 2024−$21.2M$5.7MQ1 2025$8.1M$6.7MQ2 2025$10.2M$4.6MQ3 2025$10.0M$11.8MQ4 2025$9.0M$5.3MQ1 2026$21.6M$5.3MQ2 2026$15.7M$9.0MQ3 2026
Latest (Q3 2026): Operating cash flow $15.7M, Capital spending $9.0M.

Capital allocation, year by year

National Healthcare Properties: where the cash came from (up) and went (down), by fiscal yearNational Healthcare Properties: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $38.9MFY2021: Net borrowing −$257MFY2021: Asset sales $130MFY2021: Capital spending −$19.1M$169MFY2021FY2022: Operating cash flow $28.3MFY2022: Net borrowing $20.3MFY2022: Asset sales $11.7MFY2022: Capital spending −$28.0M$60.4MFY2022FY2023: Operating cash flow $21.6MFY2023: Net borrowing $73.0MFY2023: Asset sales $4.8MFY2023: Capital spending −$22.4M$99.4MFY2023FY2024: Operating cash flow −$79.8MFY2024: Net borrowing −$17.6MFY2024: Asset sales $93.2MFY2024: Capital spending −$21.9M$93.2MFY2024FY2025: Operating cash flow $7.0MFY2025: Net borrowing −$359MFY2025: Asset sales $100MFY2025: Capital spending −$28.7M$107MFY2025
Over these 5 years operating cash flow totalled $15.9M; the largest uses were net borrowing ($634M) and capital spending ($120M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$125M
Debtnone
Net cash$125M
Due within a year$336M

National Healthcare Properties funds itself: free cash flow was $25.0M over the last twelve months, with $125M of cash and investments and no debt on the balance sheet ($336M due within a year, 0.4× covered by cash).

National Healthcare Properties: debt maturities by year (FY2025)National Healthcare Properties: debt maturities by year (FY2025)$336MYear 1$922KYear 2$423MYear 3$982KYear 4$1.0MYear 5$285MAfter year 5
Principal due in each year as disclosed in the annual report, against $125M of cash and investments now.

Where the cash came from and went

National Healthcare Properties: sources (+) and uses (−) of cash, Q3 2026National Healthcare Properties: sources (+) and uses (−) of cash, Q3 2026Other investing−$304MAsset & business sales$232MCash drawn (+) / kept (−)$158MNet borrowing (+) / repaid (−)−$118MOther financing$24.8MOperating cash flow$15.7MCapital spending−$9.0MTaxes on employees’ shares−$277KPartners−$59K
National Healthcare Properties: sources (+) and uses (−) of cash, TTM to Q3 2026National Healthcare Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$964MNet borrowing (+) / repaid (−)−$785MOther investing−$404MAsset & business sales$242MOperating cash flow$56.3MCash drawn (+) / kept (−)−$41.5MCapital spending−$31.3MTaxes on employees’ shares−$1.3MPartners$804K

From profit to cash

National Healthcare Properties: net income to operating cash flow, Q3 2026National Healthcare Properties: net income to operating cash flow, Q3 2026Net income$20.2MDepreciation & amortization$24.4MStock-based pay$2.1MImpairments$6.9MReceivables−$2.5MPayables$2.6MPrepaid and other assets−$3.4MOther liabilities$860KOperating cash flow$15.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$15.7M−$9.0M−$118M$158M$6.8M
Q2 2026$21.6M−$5.3M−$222K−$196M$16.3M
Q1 2026$9.0M−$5.3M−$1.7M$1.9M$3.7M
Q4 2025$10.0M−$11.8M—−$5.9M−$1.8M
Q3 2025$10.2M−$4.6M−$1.7M$634K$5.6M
Q2 2025$8.1M−$6.7M−$23.4M$23.2M$1.4M
Q1 2025−$21.2M−$5.7M−$1.7M−$52.3M−$26.9M
Q4 2024$6.5M−$5.5M−$19.4M$10.8M$946K

National Healthcare Properties: income statement and cash flow

National Healthcare Properties, Q3 2026: revenue $103M (+20% year over year), operating margin 30.9%. The chart follows the revenue to costs, profit and cash.

National Healthcare Properties: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.