NRC

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National Research Corp.

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Key Metrics

Previous Close: $21.98
52-Week Range: $11.01 – $23.68
Market Cap: $482.65M
P/E (TTM): 90.92
EPS (TTM): 0.24
Dividend Yield: 2.91%

Advanced Metrics

Price/Book: 73.72
PEG Ratio: 1.32
Return on Equity: 42.03%
Return on Assets: 8.13%
Gross Margin: 61.75%
Operating Margin: -0.22%
Profit Margin: 4.18%
Current Ratio: 0.65
Debt/Equity: 13.81
Total Debt: $90.45M
Free Cash Flow: $20.28M
Revenue Growth: 4.00%
Earnings Growth: —
Enterprise Value: $569.77M

NRC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$151.57M	$148.58M	$143.06M	$137.39M
Cost of Revenue	$57.05M	$56.02M	$56.93M	$52.37M
Gross Profit	$94.52M	$92.56M	$86.13M	$85.02M
Selling, General & Admin	$42.70M	$46.62M	$44.91M	$54.80M
Operating Expenses	$47.98M	$52.52M	$50.93M	$62.43M
Operating Income	$46.54M	$40.05M	$35.19M	$22.59M
EBITDA	$49.30M	$46.72M	$41.31M	$30.23M
Pretax Income	$42.81M	$39.96M	$32.69M	$17.84M
Income Tax	$11.02M	$8.99M	$7.91M	$6.25M
Net Income	$31.80M	$30.97M	$24.78M	$11.60M
Diluted EPS	1.27	1.25	1.04	0.50
Diluted Shares	25.05M	24.67M	23.74M	22.40M

NRC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$25.03M	$6.65M	$4.23M	$4.14M
Receivables	$15.19M	$12.54M	$11.20M	$11.64M
Current Assets	$43.72M	$24.36M	$19.60M	$20.21M
Total Assets	$130.46M	$122.44M	$132.54M	$134.88M
Current Liabilities	$33.42M	$36.20M	$35.86M	$36.62M
Long-Term Debt	$17.69M	$29.47M	$57.90M	$75.02M
Total Debt	$22.18M	$36.68M	$62.68M	$79.03M
Total Liabilities	$58.43M	$73.48M	$101.25M	$120.89M
Retained Earnings	-$25.18M	-$30.53M	-$17.06M	-$17.30M
Shareholders' Equity	$72.03M	$48.95M	$31.28M	$13.99M
Working Capital	$10.30M	-$11.84M	-$16.26M	-$16.41M
Net Debt	—	$30.03M	$58.45M	$74.90M

NRC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$36.27M	$38.11M	$34.63M	$26.45M
Capital Expenditure	-$9.84M	-$15.78M	-$15.45M	-$10.71M
Free Cash Flow	$26.43M	$22.33M	$19.18M	$15.74M
Depreciation & Amortisation	$5.28M	$5.90M	$6.02M	$7.62M
Stock-Based Compensation	$1.20M	$935.00K	$284.00K	$3.31M
Investing Cash Flow	-$9.84M	-$15.78M	-$20.28M	-$10.71M
Financing Cash Flow	-$55.58M	-$40.71M	-$16.76M	-$15.84M
Dividends Paid	-$20.96M	-$36.37M	-$11.45M	-$10.98M
Share Repurchases	-$27.62M	-$19.10M	-$30.95M	-$20.18M
Net Change in Cash	-$29.15M	-$18.37M	-$2.42M	-$94.00K

NRC Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$34.04M	$34.61M	$35.19M	$34.80M	—
Cost of Revenue	$12.97M	$12.40M	$13.94M	$13.65M	—
Gross Profit	$21.06M	$22.20M	$21.26M	$21.16M	—
Selling, General & Admin	$17.73M	$12.27M	$14.45M	$13.42M	—
Operating Expenses	$19.48M	$14.47M	$16.59M	$15.59M	—
Operating Income	$1.59M	$7.74M	$4.67M	$5.57M	—
EBITDA	$3.35M	$9.93M	$6.78M	$7.80M	—
Pretax Income	$581.00K	$6.27M	$3.27M	$4.38M	—
Income Tax	$687.00K	$2.15M	$1.47M	$1.16M	—
Net Income	-$106.00K	$4.12M	$1.80M	$3.22M	—
Diluted EPS	-0.01	0.18	0.08	0.14	-0.15
Diluted Shares	22.66M	22.13M	21.81M	21.91M	22.01M

NRC Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$2.50M	$5.27M	$2.22M	$4.14M	$2.55M
Receivables	$11.47M	$12.85M	$12.75M	$11.64M	$11.31M
Current Assets	$20.40M	$25.32M	$20.40M	$20.21M	$19.98M
Total Assets	$135.18M	$141.39M	$135.72M	$134.88M	$134.56M
Current Liabilities	$37.77M	$35.93M	$38.57M	$36.62M	$38.47M
Long-Term Debt	$58.67M	$77.03M	$76.03M	$75.02M	$74.02M
Total Debt	$65.20M	$80.96M	$80.04M	$79.03M	$78.03M
Total Liabilities	$105.50M	$120.06M	$121.41M	$120.89M	$121.06M
Retained Earnings	-$14.01M	-$16.89M	-$15.47M	-$17.30M	-$17.68M
Shareholders' Equity	$29.67M	$21.33M	$14.31M	$13.99M	$13.49M
Working Capital	-$17.37M	-$10.61M	-$18.16M	-$16.41M	-$18.49M
Net Debt	$62.70M	$75.68M	$77.82M	$74.90M	$75.48M

NRC Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$6.65M	-$1.14M	$13.76M	$7.18M	$7.18M
Capital Expenditure	-$2.99M	-$3.01M	-$3.59M	-$1.12M	-$1.83M
Free Cash Flow	$3.66M	-$4.15M	$10.18M	$6.06M	$5.35M
Depreciation & Amortisation	$1.54M	$1.74M	$2.19M	$2.15M	$2.17M
Stock-Based Compensation	$171.00K	$307.00K	$925.00K	$1.91M	$1.61M
Investing Cash Flow	-$2.99M	-$3.01M	-$3.59M	-$1.12M	-$1.83M
Financing Cash Flow	-$5.39M	$6.92M	-$13.23M	-$4.14M	-$6.94M
Dividends Paid	-$2.77M	-$2.73M	-$2.78M	-$2.70M	-$3.63M
Share Repurchases	-$4.92M	-$5.99M	-$9.27M	-$1.00K	-$1.94M
Net Change in Cash	-$1.73M	$2.77M	-$3.06M	$1.92M	-$1.59M

Market Snapshot

About

National Research Corp. provides healthcare analytics and insights through patient and customer experience measurement solutions. The company offers survey-based research, data analytics, and improvement tools that help healthcare organizations measure satisfaction, loyalty, and quality of care. NRC serves hospitals, health systems, physicians, and health plans with solutions designed to improve patient experience, engagement, and clinical outcomes in a value-based care environment.