NASDAQ : NRC
National Research Corporation — Financial statements
Healthcare · Health Information Services · United States
Last price 23.83 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 505.71M
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Financial statements
National Research Corporation (NRC) reported revenue of 143.79M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 143.79M | 137.39M | 143.06M | 148.58M | 151.57M | 147.95M |
| Cost of Revenue | 56.52M | 52.37M | 56.93M | 56.02M | 57.05M | 52.35M |
| Gross Profit | 87.27M | 85.02M | 86.13M | 92.56M | 94.52M | 95.60M |
| Selling, General & Admin | 56.07M | 48.02M | 44.65M | 46.58M | 42.69M | 38.81M |
| Operating Expenses | 64.57M | 55.64M | 50.67M | 52.48M | 47.96M | 44.86M |
| Operating Income | 22.70M | 29.38M | 35.45M | 40.09M | 46.56M | 50.74M |
| Interest Expense | -5.48M | -4.76M | -2.60M | -862.00K | -1.21M | -1.67M |
| Interest & Investment Income | 110.00K | 111.00K | 125.00K | 820.00K | 168.00K | 14.00K |
| Other Non Operating Income (Expenses) | -29.00K | -95.00K | -34.00K | -41.00K | -2.69M | 4.00K |
| EBT Excluding Unusual Items | 17.30M | 24.63M | 32.95M | 40.00M | 42.83M | 49.09M |
| Merger & Restructuring Charges | -119.00K | -119.00K | ||||
| Asset Writedown | -7.00K | -7.00K | -57.00K | -41.00K | -14.00K | -355.00K |
| Other Unusual Items | -6.78M | -6.78M | -83.00K | |||
| Pretax Income | 10.51M | 17.84M | 32.69M | 39.96M | 42.81M | 48.62M |
| Income Tax Expense | 4.07M | 6.25M | 7.91M | 8.99M | 11.02M | 11.15M |
| Net Income | 6.44M | 11.60M | 24.78M | 30.97M | 31.80M | 37.47M |
| Preferred Dividends & Other Adjustments | 308.00K | 308.00K | 2.00K | 8.00K | 16.00K | 18.00K |
| Net Income to Common | 6.13M | 11.29M | 24.78M | 30.96M | 31.78M | 37.45M |
| Shares Outstanding (Basic) | 21.83M | 22.38M | 23.70M | 24.54M | 24.92M | 25.42M |
| Shares Outstanding (Diluted) | 21.97M | 22.40M | 23.74M | 24.67M | 25.05M | 25.64M |
| EPS (Basic) | 0.28 | 0.50 | 1.05 | 1.26 | 1.28 | 1.47 |
| EPS (Diluted) | 0.27 | 0.50 | 1.04 | 1.25 | 1.27 | 1.46 |
| Free Cash Flow | 18.45M | 15.74M | 19.18M | 22.33M | 26.43M | 40.83M |
| Free Cash Flow Per Share | 0.84 | 0.70 | 0.81 | 0.91 | 1.05 | 1.59 |
| Dividend Per Share | 0.64 | 0.52 | 0.48 | 0.48 | 0.84 | 0.48 |
| Gross Margin | 60.69% | 61.88% | 60.20% | 62.30% | 62.36% | 64.62% |
| Operating Margin | 15.78% | 21.38% | 24.78% | 26.98% | 30.72% | 34.30% |
| Profit Margin | 4.26% | 8.22% | 17.32% | 20.84% | 20.97% | 25.31% |
| Free Cash Flow Margin | 12.83% | 11.46% | 13.41% | 15.03% | 17.44% | 27.60% |
| EBITDA | 31.20M | 37.00M | 41.48M | 45.98M | 51.83M | 56.79M |
| EBITDA Margin | 21.70% | 26.93% | 28.99% | 30.95% | 34.20% | 38.39% |
| D&A For EBITDA | 8.50M | 7.62M | 6.02M | 5.90M | 5.28M | 6.05M |
| EBIT | 22.70M | 29.38M | 35.45M | 40.09M | 46.56M | 50.74M |
| EBIT Margin | 15.78% | 21.38% | 24.78% | 26.98% | 30.72% | 34.30% |
| Effective Tax Rate | 38.73% | 35.00% | 24.19% | 22.50% | 25.73% | 22.94% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.63M | 4.14M | 4.23M | 6.65M | 25.03M | 54.36M |
| Cash & Short-Term Investments | 3.63M | 4.14M | 4.23M | 6.65M | 25.03M | 54.36M |
| Accounts Receivable | 15.34M | 11.24M | 11.24M | 12.46M | 14.56M | 13.83M |
| Other Receivables | 528.00K | 141.00K | 161.00K | 733.00K | 752.00K | |
| Receivables | 15.34M | 11.77M | 11.38M | 12.62M | 15.30M | 14.58M |
| Prepaid Expenses | 3.91M | 3.48M | 4.23M | 2.39M | 3.88M | |
| Other Current Assets | 7.74M | 388.00K | 506.00K | 856.00K | 1.01M | 883.00K |
| Total Current Assets | 26.71M | 20.21M | 19.60M | 24.36M | 43.72M | 73.71M |
| Property, Plant & Equipment | 38.34M | 41.63M | 39.90M | 30.27M | 17.80M | 13.37M |
| Long-Term Investments | 1.30M | 1.30M | ||||
| Goodwill | 66.15M | 66.15M | 66.15M | 61.61M | 61.61M | 61.61M |
| Other Intangible Assets | 2.23M | 2.62M | 1.47M | 1.61M | 1.79M | |
| Long-Term Deferred Tax Assets | 14.00K | 14.00K | ||||
| Long-Term Deferred Charges | 2.50M | 1.56M | 1.45M | 2.44M | 3.77M | |
| Other Long-Term Assets | 8.01M | 2.16M | 2.71M | 1.97M | 3.26M | 1.98M |
| Total Assets | 139.21M | 134.88M | 132.54M | 122.44M | 130.46M | 157.54M |
| Accounts Payable | 6.39M | 1.17M | 1.19M | 1.30M | 1.15M | 1.94M |
| Accrued Expenses | 6.68M | 10.12M | 9.87M | 8.85M | 8.53M | 12.59M |
| Current Portion of Long-Term Debt | 4.77M | 4.01M | 4.79M | 7.21M | 4.49M | 4.28M |
| Current Portion of Leases | 461.00K | 560.00K | 603.00K | 833.00K | 963.00K | |
| Current Income Taxes Payable | 550.00K | 353.00K | 222.00K | |||
| Current Unearned Revenue | 20.28M | 16.20M | 15.79M | 14.83M | 15.20M | 17.21M |
| Other Current Liabilities | 3.73M | 4.11M | 3.31M | 3.18M | 3.21M | 3.40M |
| Total Current Liabilities | 41.84M | 36.62M | 35.86M | 36.20M | 33.42M | 40.39M |
| Long-Term Debt | 98.13M | 75.02M | 57.90M | 29.47M | 17.69M | 22.27M |
| Long-Term Leases | 744.00K | 1.17M | 1.67M | 372.00K | 1.17M | |
| Long-Term Unearned Revenue | 74.00K | 216.00K | ||||
| Long-Term Deferred Tax Liabilities | 5.98M | 3.53M | 4.14M | 5.27M | 7.00M | |
| Other Long-Term Liabilities | 8.36M | 2.44M | 2.59M | 2.00M | 1.68M | 1.38M |
| Total Liabilities | 148.34M | 120.89M | 101.25M | 73.48M | 58.43M | 72.20M |
| Common Stock | 32.00K | 32.00K | 31.00K | 31.00K | 31.00K | 31.00K |
| Additional Paid-In Capital | 192.86M | 183.88M | 180.25M | 178.21M | 175.45M | 173.94M |
| Retained Earnings | -23.21M | -17.30M | -17.06M | -30.53M | -25.18M | -36.11M |
| Treasury Stock | -178.81M | -152.62M | -131.93M | -98.76M | -78.27M | -50.15M |
| Comprehensive Income & Other | -2.38M | |||||
| Shareholders' Equity | -9.12M | 13.99M | 31.28M | 48.95M | 72.03M | 85.34M |
| Total Liabilities & Equity | 139.21M | 134.88M | 132.54M | 122.44M | 130.46M | 157.54M |
| Total Debt | 102.90M | 80.24M | 64.41M | 38.96M | 23.39M | 28.68M |
| Net Cash (Debt) | -99.27M | -76.10M | -60.18M | -32.30M | 1.64M | 25.68M |
| Net Cash Per Share | -4.52 | -3.40 | -2.53 | -1.31 | 0.07 | 1.00 |
| Filing Date Shares Outstanding | 21.22M | 22.75M | 22.95M | 23.85M | 24.58M | 24.39M |
| Total Common Shares Outstanding | 21.22M | 22.64M | 23.08M | 24.21M | 24.62M | 24.55M |
| Working Capital | -15.13M | -16.41M | -16.26M | -11.84M | 10.30M | 33.32M |
| Book Value Per Share | -0.43 | 0.62 | 1.36 | 2.02 | 2.93 | 3.48 |
| Tangible Book Value | -75.27M | -54.39M | -37.48M | -14.13M | 8.81M | 21.93M |
| Tangible Book Value Per Share | -3.55 | -2.40 | -1.62 | -0.58 | 0.36 | 0.89 |
| Land | 425.00K | 425.00K | 425.00K | 425.00K | 425.00K | |
| Buildings | 34.05M | 33.39M | 22.43M | 12.56M | 9.27M | |
| Machinery | 8.95M | 4.13M | 5.61M | 5.69M | 5.87M | |
| Construction In Progress | 519.00K | 950.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.44M | 11.60M | 24.78M | 30.97M | 31.80M | 37.47M |
| Depreciation & Amortization | 8.50M | 7.62M | 6.02M | 5.90M | 5.28M | 6.05M |
| Other Amortization | 108.00K | 102.00K | 28.00K | 39.00K | ||
| Loss (Gain) From Sale of Assets | 61.00K | 61.00K | 17.00K | 11.00K | 7.00K | |
| Asset Writedown & Restructuring Costs | 324.00K | |||||
| Stock-Based Compensation | 10.75M | 3.31M | 284.00K | 935.00K | 1.20M | 623.00K |
| Other Operating Activities | 2.41M | 2.83M | -323.00K | -717.00K | 1.33M | 33.00K |
| Change in Accounts Receivable | -2.59M | -53.00K | 1.76M | 2.08M | -733.00K | 343.00K |
| Change in Accounts Payable | 395.00K | 170.00K | -108.00K | 184.00K | -589.00K | 4.00K |
| Change in Unearned Revenue | 2.34M | 273.00K | 219.00K | -364.00K | -2.01M | 1.39M |
| Change in Income Taxes | -4.38M | -191.00K | 155.00K | 795.00K | 6.00K | 484.00K |
| Change in Other Net Operating Assets | -269.00K | 717.00K | 1.79M | -1.71M | -21.00K | -378.00K |
| Operating Cash Flow | 23.77M | 26.45M | 34.62M | 38.11M | 36.27M | 46.34M |
| Capital Expenditures | -5.32M | -10.71M | -15.45M | -15.78M | -9.84M | -5.51M |
| Sale of Property, Plant & Equipment | 1.00K | |||||
| Cash Acquisitions | -4.83M | -3.00M | ||||
| Investing Cash Flow | -5.32M | -10.71M | -20.28M | -15.78M | -9.84M | -8.51M |
| Short-Term Debt Issued | 37.00M | 49.50M | 15.00M | |||
| Long-Term Debt Issued | 47.68M | 32.00M | 19.00M | |||
| Total Debt Issued | 55.00M | 84.68M | 81.50M | 34.00M | ||
| Short-Term Debt Repaid | -37.00M | -49.50M | -15.00M | |||
| Long-Term Debt Repaid | -31.43M | -6.01M | -4.82M | -4.77M | -4.59M | |
| Total Debt Repaid | -32.26M | -68.44M | -55.51M | -19.82M | -4.77M | -4.59M |
| Net Debt Issued (Repaid) | 22.74M | 16.25M | 25.99M | 14.18M | -4.77M | -4.59M |
| Issuance of Common Stock | 139.00K | 132.00K | 584.00K | 446.00K | ||
| Repurchase of Common Stock | -25.97M | -20.59M | -31.26M | -19.10M | -27.81M | -4.86M |
| Common Dividends Paid | -13.47M | -10.98M | -11.45M | -36.37M | -20.96M | -9.16M |
| Other Financing Activities | -483.00K | -650.00K | -42.00K | -8.00K | -2.04M | |
| Financing Cash Flow | -17.04M | -15.84M | -16.76M | -40.71M | -55.58M | -18.16M |
| Foreign Exchange Rate Adjustments | -1.00K | -182.00K | 3.00K | |||
| Net Cash Flow | 1.41M | -94.00K | -2.42M | -18.37M | -29.34M | 19.67M |
| Free Cash Flow | 18.45M | 15.74M | 19.18M | 22.33M | 26.43M | 40.83M |
| Free Cash Flow Margin | 12.83% | 11.46% | 13.41% | 15.03% | 17.44% | 27.60% |
| Free Cash Flow Per Share | 0.84 | 0.70 | 0.81 | 0.91 | 1.05 | 1.59 |
| Levered Free Cash Flow | 22.90M | 16.65M | 15.89M | 16.89M | 18.59M | 40.39M |
| Unlevered Free Cash Flow | 26.21M | 19.52M | 17.48M | 17.38M | 19.34M | 41.43M |
| Cash Interest Paid | 4.49M | 4.49M | 2.44M | 803.00K | 1.23M | 1.68M |
| Cash Income Tax Paid | 3.81M | 3.81M | 8.22M | 8.93M | 12.23M | 10.64M |
| Change in Working Capital | -4.51M | 916.00K | 3.81M | 986.00K | -3.35M | 1.84M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 506.35M | 425.28M | 414.12M | 971.03M | 920.51M | 1.06B |
| Enterprise Value | 605.62M | 503.62M | 464.96M | 991.66M | 916.39M | 1.03B |
| Last Close Price | 23.83 | 18.31 | 16.64 | 36.57 | 33.36 | 36.35 |
| PE Ratio | 89.02 | 37.66 | 16.71 | 31.36 | 28.96 | 28.20 |
| Forward PE | 24.07 | 34.39 | 34.39 | 34.39 | 34.39 | 34.39 |
| PS Ratio | 3.52 | 3.10 | 2.90 | 6.54 | 6.07 | 7.14 |
| PB Ratio | 30.40 | 13.24 | 19.84 | 12.78 | 12.38 | |
| P/TBV Ratio | 104.51 | 48.15 | ||||
| P/FCF Ratio | 27.41 | 27.01 | 21.59 | 43.48 | 34.83 | 25.87 |
| P/OCF Ratio | 21.28 | 16.08 | 11.96 | 25.48 | 25.38 | 22.79 |
| PEG Ratio | 2.93 | 2.93 | 2.93 | 2.93 | 2.93 | |
| EV/Sales Ratio | 4.21 | 3.67 | 3.25 | 6.67 | 6.05 | 6.99 |
| EV/EBITDA Ratio | 19.39 | 13.61 | 11.21 | 21.57 | 17.68 | 18.20 |
| EV/EBIT Ratio | 26.66 | 17.14 | 13.12 | 24.74 | 19.68 | 20.37 |
| EV/FCF Ratio | 32.79 | 31.99 | 24.25 | 44.40 | 34.67 | 25.32 |
| Debt / Equity Ratio | -11.28 | 5.74 | 2.06 | 0.80 | 0.33 | 0.34 |
| Debt / EBITDA Ratio | 3.30 | 2.14 | 1.53 | 0.84 | 0.45 | 0.50 |
| Debt / FCF Ratio | 5.58 | 5.10 | 3.36 | 1.74 | 0.89 | 0.70 |
| Net Debt / Equity Ratio | -10.88 | 5.44 | 1.92 | 0.66 | -0.02 | -0.30 |
| Net Debt / EBITDA Ratio | 3.18 | 2.06 | 1.45 | 0.70 | -0.03 | -0.45 |
| Net Debt / FCF Ratio | 5.38 | 4.83 | 3.14 | 1.45 | -0.06 | -0.63 |
| Asset Turnover | 1.05 | 1.03 | 1.12 | 1.18 | 1.05 | 1.02 |
| Quick Ratio | 0.45 | 0.43 | 0.43 | 0.53 | 1.21 | 1.71 |
| Current Ratio | 0.64 | 0.55 | 0.55 | 0.67 | 1.31 | 1.82 |
| Return on Equity (ROE) | 248.11% | 51.24% | 61.77% | 51.20% | 40.41% | 50.07% |
| Return on Assets (ROA) | 10.32% | 13.73% | 17.38% | 19.81% | 20.21% | 21.80% |
| Return on Invested Capital (ROIC) | 14.56% | 21.04% | 31.12% | 40.97% | 53.18% | 63.83% |
| Return on Capital Employed (ROCE) | 23.30% | 29.90% | 36.70% | 46.50% | 48.00% | 43.30% |
| Earnings Yield | 1.12% | 2.73% | 5.99% | 3.19% | 3.45% | 3.55% |
| FCF Yield | 3.65% | 3.70% | 4.63% | 2.30% | 2.87% | 3.87% |
| Dividend Yield | 2.69% | 2.77% | 2.68% | 1.20% | 2.25% | 1.12% |
| Payout Ratio | 238.78% | 94.64% | 46.21% | 117.42% | 65.92% | 24.45% |
| Buyback Yield / Dilution | 3.57% | 5.67% | 3.77% | 1.51% | 2.29% | 0.22% |
| Total Shareholder Return | 6.26% | 8.44% | 6.44% | 2.71% | 4.54% | 1.33% |