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NRC

National Research Corporation

NRC

National Research Corporation • NASDAQ
$16.99 ▼ -1.62% (-0.28)
Market Cap $386.99 M
52w High $19.93
52w Low $9.76
Dividend Yield 0.48%
P/E 23.93
Volume 43.35K
Outstanding Shares 22.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $34.607M ▲ $12.27M ▼ $4.121M ▲ 11.908% ▲ $0.18 ▲ $9.928M ▲
Q2-2025 $34.038M ▲ $17.734M ▲ $-106K ▼ -0.311% ▼ $-0.005 ▼ $3.355M ▼
Q1-2025 $33.551M ▼ $10.356M ▼ $5.787M ▼ 17.248% ▼ $0.25 ▼ $10.164M ▼
Q4-2024 $36.906M ▲ $12.968M ▲ $6.56M ▲ 17.775% ▲ $0.28 ▲ $11.121M ▲
Q3-2024 $35.819M $12.534M $5.688M 15.88% $0.24 $9.548M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.219M ▼ $135.719M ▼ $121.405M ▲ $14.314M ▼
Q2-2025 $5.274M ▲ $141.387M ▲ $120.059M ▲ $21.328M ▼
Q1-2025 $2.502M ▼ $135.175M ▲ $105.503M ▲ $29.672M ▼
Q4-2024 $4.233M ▲ $132.539M ▲ $101.255M ▲ $31.284M ▼
Q3-2024 $3.461M $131.798M $97.175M $34.623M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.122M ▲ $13.764M ▲ $-3.589M ▼ $-13.23M ▼ $-3.055M ▼ $10.175M ▲
Q2-2025 $-106K ▼ $-1.139M ▼ $-3.01M ▼ $6.921M ▲ $2.772M ▲ $-4.149M ▼
Q1-2025 $5.787M ▼ $6.646M ▲ $-2.986M ▲ $-5.391M ▼ $-1.731M ▼ $3.66M ▲
Q4-2024 $6.56M ▲ $6.379M ▼ $-4.444M ▲ $-1.163M ▼ $772K ▼ $1.935M ▼
Q3-2024 $5.689M $9.422M $-6.429M $-17K $2.976M $7.826M

Five-Year Company Overview

Income Statement

Income Statement NRC’s income statement shows a steady, mature business rather than a fast‑growing one. Revenue has been roughly flat over the past several years, with a small step back most recently. Profitability remains solid, but earnings have drifted down from earlier peaks, suggesting some pressure on margins or higher spending to support growth initiatives like AI. Overall, this is a consistently profitable company, but not one showing strong top‑line or earnings momentum in the latest year.

Balance Sheet

Balance Sheet The balance sheet looks sound but a bit less conservative than a few years ago. Total assets have been fairly stable, while cash has come down from prior highs, indicating cash has been used for debt service, shareholder returns, or investment. Debt levels are moderate but have ticked up recently, and shareholders’ equity has declined from its peak, likely reflecting distributions to owners outpacing retained profits. Financial risk does not appear extreme, but there is less buffer than when cash and equity were higher.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been reliably positive and broadly in line with reported profits, which supports the quality of earnings. Free cash flow has also been consistently positive, even as the company has modestly increased investment in the business. Capital spending remains relatively low, reflecting NRC’s asset‑light, software‑ and data‑driven model. The business appears capable of funding its own growth and shareholder returns without relying heavily on external capital, as long as earnings remain stable.

Competitive Edge

Competitive Edge NRC occupies a specialized niche in healthcare experience measurement and analytics, with a moat built on decades of focus, deep client relationships, and a unique data asset. Its long history and reputation in patient experience, combined with proprietary, healthcare‑specific datasets, give it an edge that is difficult for newer or more generalist competitors to copy. High switching costs—because NRC’s tools are embedded in hospital workflows and quality programs—help support retention. The flip side is that NRC operates in a competitive space with well‑funded experience‑management and analytics firms, so maintaining that edge will depend on continued product innovation and visible value to health systems.

Innovation and R&D

Innovation and R&D Innovation is a central part of NRC’s story right now. The company has leaned heavily into AI with its Huey platform and related tools (like nGage, nQuire, and others) that turn unstructured feedback and large data sets into practical insights and suggested actions. This moves NRC beyond basic surveys into real‑time, predictive, and prescriptive analytics across patients, employees, and communities. The opportunity is meaningful: deeper integration with customers and more use cases per client. The risk is execution—NRC must prove that these AI tools deliver clear, measurable improvements for health systems and can keep pace with rapid advances from broader AI and software players.

Summary

NRC looks like a mature, profitable healthcare information services company that is trying to open a new chapter through AI‑driven innovation. Financially, revenue and profits have been stable but not growing strongly, while cash flow remains a clear positive. The balance sheet is still reasonable, though with less cash and equity cushion than a few years ago. Strategically, NRC’s long history, specialized healthcare focus, and proprietary data give it a solid competitive foundation, and its new AI products could deepen client value if adoption scales. The main things to watch are whether growth reaccelerates, whether margins stabilize as AI investments mature, and how effectively the company defends and extends its position in a competitive, rapidly evolving healthcare analytics market.

NEWS

November 20, 2025 · 9:00 AM UTC

NRC Health Appoints David Burik as Executive Vice President, Strategic Insights

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November 13, 2025 · 9:00 AM UTC

NRC Health Partners with BJC HealthCare to Advance Experience Excellence Across a Unified Network

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November 6, 2025 · 9:00 AM UTC

North Mississippi Health Services Chooses NRC Health to Elevate Care Experiences and Community Engagement

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October 27, 2025 · 5:00 PM UTC

NRC Health Announces Third Quarter 2025 Results

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October 15, 2025 · 9:40 AM UTC

Mercy Earns National Honor for Excellence in Patient Experience

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