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National Research Corporation

NRC Healthcare Health Information Services

National Research Corporation’s revenue for fiscal 2025 (year ended December 2025) was $137.4 million, down 3.96% from fiscal 2024.

Revenue
+11.0%
EPS
+22.2%
Free cash flow
−31.4%
Total debt
+29.1%

Quarter to September 2026, against a year earlier

25.83 0.35 +1.37%
Market cap
$563.6M
P/E
87.6×
Fwd P/E
61.1×
Dividend yield
2.52%
F-score
6/9
Altman Z
3.33
Beneish M
−3.10
Dividend safety
45/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 43.15%

Capital & Financial Ratios $m

Size
Market Cap 563.61
Revenue ttm 143.79
Net income ttm 6.44
Free cash flow ttm 18.45
Net debt Q 94.51
Valuation
P/E 87.59 (above 35: high)
Forward P/E 61.10 (above 35: high)
Price / sales 3.84
Forward P/S Powerpack
Price / FCF 29.91
Price / book 0.00
Financial health
Current ratio Q 0.64 (below 1: weak)
Debt / equity Q (10.76) (negative: negative equity)
Interest coverage Q 5.81
Growth
Revenue growth Q +10.95% (above 0%: growing)
Operating income growth Q +15.12% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A +7.29%
EPS, past 5 yrs −19.18% (below 0%: weak)
EPS, next 5 yrs A −8.11% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.5×, against a ten-year median of 6.6×; over the ten years it ranged from 2.2× in 2025 to 13.8× in 2019.
P/E against its own 10 years 99.34%
10-year low 10-year high
P/S against its own 10 years 29.81%
10-year low 10-year high
EV/Sales against its own 10 years 34.14%
10-year low 10-year high
EV/FCF against its own 10 years 64.80%
10-year low 10-year high

Dividends

Yield
2.52%
Annual rate
0.64
Payout ratio
220.7%
Growth, 2017–25
+3.33%/yr
  1. 0.40 ’17
  2. 0.63 ’18 +57
  3. 0.78 ’19 +24
  4. 0.21 ’20 −73
  5. 0.48 ’21 +129
  6. 0.84 ’22 +75
  7. 0.48 ’23 −43
  8. 0.48 ’24 +0
  9. 0.52 ’25 +8
  10. 0.99 ’26e +90
paid forecast change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7 4 4 4
Receivables 13 11 12 18
Inventory — — — —
Other 1 1 1 1
24 20 20 27
2023 2024 2025 Q'26
Payables 1 1 1 1
ST’ Debt — — — —
Other 1 1 1 0
36 36 37 42

Compound Annual Growth %

10y 5y 3y
Sales 2.99% 0.53% (3.22%)
Cash Flow 1.91% (8.23%) (9.99%)
Earnings (4.35%) (21.22%) (29.19%)
Book Value (15.37%) (26.29%) (42.09%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.21 Actual 0.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY18 0.26 0.28 Beat by 0.02
Q1 FY19 0.31 0.32 Beat by 0.01
Q2 FY19 0.26 0.29 Beat by 0.03
Q3 FY26 0.21 0.21 Met by 0.00
Q4 FY26 0.24 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.14 (0.15) 0.22 — —
’25 0.25 0.00 0.18 0.08 0.50
’24 0.27 0.26 0.24 0.28 1.04
’23 0.28 0.29 0.32 0.36 1.25
’22 0.34 0.33 0.33 0.27 1.27
’21 0.36 0.35 0.38 0.38 1.46
’20 0.46 0.30 0.37 0.32 1.45
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 35 35 38 — —
’25 34 34 35 35 137
’24 35 35 36 37 143
’23 36 36 38 38 149
’22 38 37 38 38 152
’21 35 36 38 38 148
’20 34 31 34 35 134
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 7 1 8 — —
’25 7 (1) 14 7 26
’24 12 7 9 6 35
’23 8 9 10 12 38
’22 8 10 10 8 36
’21 14 11 9 12 46
’20 6 8 11 16 41
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 5 0 7 — —
’25 4 (4) 10 6 16
’24 8 2 8 2 19
’23 5 4 5 8 22
’22 6 8 6 6 26
’21 13 10 8 10 41
’20 5 8 10 15 37
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 109 118 120 128 134 148 152 149 143 137 144 +2.6% 147 155 165 +6.3%
Gross margin, % 58.33 58.26 60.25 63.72 63.24 64.62 62.36 62.30 60.20 61.88 60.69 +3.5 pt
EBT 31 34 35 41 41 49 43 40 33 18 11 (6.1%)
EBT margin, % 28.67 29.16 29.00 31.66 30.99 32.86 28.25 26.90 22.85 12.99 7.31 (15.7) pt
Net income 21 23 30 32 37 37 32 31 25 12 6 (6.1%)
Per share, $
Per share, $ Revenue 4.52 4.84 4.42 5.16 5.32 5.82 6.08 6.05 6.04 6.14 6.62 +3.5%
Earnings 0.85 0.94 1.08 1.30 1.48 1.47 1.28 1.26 1.05 0.50 0.29 (5.7%)
Cash flow 1.11 1.16 1.47 1.65 1.61 1.82 1.46 1.55 1.46 1.18 1.09 +0.7%
Capex (0.16) (0.20) (0.22) (0.19) (0.16) (0.22) (0.39) (0.64) (0.65) (0.48) (0.24) +12.6%
Free cash flow 0.94 0.96 1.25 1.46 1.46 1.61 1.06 0.91 0.81 0.70 0.85 (3.2%)
Book value 3.42 3.71 0.70 1.33 2.56 3.36 2.89 1.99 1.32 0.63 (0.42) (17.2%)
Shares, m 24 24 27 25 25 25 25 25 24 22 22 (0.9%)
Valuation, ×
Valuation, × P/E 22.19 38.95 32.07 50.34 28.89 28.24 30.41 32.70 16.80 37.15 87.59 31.8
P/S 4.16 7.60 8.63 12.78 8.04 7.13 6.40 6.80 2.92 3.06 3.84 6.8
P/B 5.50 9.92 54.14 49.74 16.73 12.37 13.47 20.65 13.37 30.03 0.00 22.6
EV/Sales 3.87 7.31 8.81 12.91 7.98 6.92 6.35 6.96 3.30 3.57 4.49 6.8
EV/FCF 18.50 36.52 31.12 45.56 29.14 25.07 36.43 46.29 24.60 31.19 35.03 32.4
Cash, $m
Cash, $m Operating cash flow 27 28 40 41 41 46 36 38 35 26 24 (0.2%)
Capex (4) (5) (6) (5) (4) (6) (10) (16) (15) (11) (5) +11.6%
Free cash flow 23 23 34 36 37 41 26 22 19 16 18 (4.1%)
Balance, $m
Balance, $m Working capital 16 20 (19) (9) 22 33 10 (12) (16) (16) (15) n/m
Net debt (32) (35) 21 16 (8) (32) (7) 23 54 71 95 n/m
Shareholders’ equity 83 90 19 33 64 85 72 49 31 14 (9) (17.9%)
Returns, %
Returns, % ROA 16.50 18.51 25.53 29.53 30.48 25.75 22.08 24.49 19.44 8.45 0.00 (8.0) pt
ROIC 38.50 38.67 54.75 54.70 47.48 59.01 44.96 34.87 25.89 16.64 11.64 (21.9) pt
ROE 26.13 26.55 55.07 124.28 76.54 50.07 40.41 51.18 61.77 49.88 0.00 +23.8 pt
People
People Employees 404 430 434 464 485 511 491 435 368 357 — (1.4%)
Revenue/emp, $m 0.27 0.27 0.28 0.28 0.28 0.29 0.31 0.34 0.39 0.38 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

National Research Corporation vs peers in Health Information Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GDRX GoodRx Holdings, Inc. $1.2B 65.7× 46.0× −1.31% (below 0%: shrinking) −25.00% (below 0%: shrinking) +112.45% (above 0%: growing) 89.52% 11.79% Compare
OMDA Omada Health, Inc. $1.2B 267× 156× +43.12% (above 0%: growing) n/m +45.71% (above 0%: growing) 72.62% 4.04% Compare
HSTM HealthStream, Inc. $905.6M 42.0× 45.4× +8.94% (above 0%: growing) −8.90% (below 0%: shrinking) −4.80% (below 0%: shrinking) 63.98% 7.91% Compare
PHR Phreesia, Inc. $788.9M 74.4× 40.2× +10.41% (above 0%: growing) +200.00% (above 0%: growing) +43.51% (above 0%: growing) 66.64% 5.88% Compare
NRC National Research Corporation $563.6M 87.6× 61.1× +10.95% (above 0%: growing) +22.22% (above 0%: growing) −31.38% (below 0%: shrinking) 59.95% 23.20%
SOPH SOPHiA GENETICS SA $563.6M — (loss-making) — (loss-making) +24.69% (above 0%: growing) n/m −1.87% (below 0%: shrinking) 65.66% (73.45%) Compare
EVH Evolent Health, Inc $513.3M — (loss-making) — (loss-making) +51.27% (above 0%: growing) n/m +179.84% (above 0%: growing) 12.19% (0.85%) Compare
CARL Carlsmed, Inc. $418.3M — (loss-making) — (loss-making) +56.75% (above 0%: growing) n/m −6.84% (below 0%: shrinking) 76.78% (58.27%) Compare
CTEV Claritev Corporation $342.7M — (loss-making) — (loss-making) +6.59% (above 0%: growing) n/m +49.10% (above 0%: growing) 73.72% 9.09% Compare
Median of peers $676.2M 70.0× 45.7× +17.55% −8.90% +44.61% 69.63% 4.96%

All 44 Health Information Services stocks →

Pay and ownership Proxy statement filed 8 May 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 184.86k (43.48k) 29.28
2023 195.57k 202.17k 64.34
2022 181.17k 184.53k 59.60
2021 217.09k 207.81k 64.98

Ownership

Directors and executive officers, together 9.20%
Patrick E. Beans 46.90%
Amandla LLC 21.10%
Kayne Anderson Rudnick Investment Management LLC 11.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

National Research Corporation (NRC) Latest News

27 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 3 · · Business Wire

26 Oct

Impact 4 · · Business Wire

15 Oct

Impact 3 · · Business Wire

28 Sep

Impact 3 ·

25 Sep

Impact 3 · · GuruFocus.com

21 Sep

Impact 3 · · Business Wire

2 Sep

Impact 3 ·

10 Aug

Impact 4 ·

3 Aug

Impact 3 ·

30 Jul

Impact 3 ·

29 Jul

Impact 4 · transcript

28 Jul

Impact 4 · · MarketBeat
Impact 3 ·

19 May

Impact 3 ·

13 May

Impact 3 · · Simply Wall St.

1 May

Impact 3 · · Zacks

29 Apr

Impact 4 · · GuruFocus.com

28 Apr

Impact 3 · · MarketBeat
Impact 3 · · Business Wire

27 Apr

Impact 3 · · Business Wire

15 Apr

Impact 3 · · Zacks

7 Apr

Impact 3 · · Business Wire

19 Mar

Impact 4 · · Business Wire

13 Mar

Impact 3 · · Insider Monkey

9 Mar

Impact 4 · · Business Wire

9 Feb

Impact 4 · · Zacks

4 Feb

Impact 4 · · Business WireMarketBeatFortuneStockStorySimply Wall St.MarketBeatMotley FoolSimply Wall St.
stockrow.com/NRC · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com