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. In the quarter to June 2026, revenue grew 3.98%, EPS fell 3,091.5%, free cash flow grew 101.5% and total debt rose 11.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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National Research Corporation (NRC) Piotroski F-score
National Research Corporation's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 2.00 |
| FY2024 | 4 | (2.00) |
| FY2023 | 6 | 0.00 |
| FY2022 | 6 | 0.00 |
| FY2021 | 6 | 0.00 |
| FY2020 | 6 | (3.00) |
| FY2019 | 9 | 3.00 |
| FY2018 | 6 | (1.00) |
| FY2017 | 7 | (2.00) |
| FY2016 | 9 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 8.45% | 19.44% | Pass | 1 |
| Positive operating cash flow | 26.45m | 34.63m | Pass | 1 |
| Rising return on assets | 8.45% | 19.44% | Fail | 0 |
| Cash flow above net income | 15.16m | 9.84m | Pass | 1 |
| Falling long-term leverage | 0.56 | 0.45 | Fail | 0 |
| Rising current ratio | 0.55 | 0.55 | Pass | 1 |
| No new shares issued | 22,383,000 | 23,703,000 | Pass | 1 |
| Rising gross margin | 61.88% | 60.20% | Pass | 1 |
| Rising asset turnover | 1.03 | 1.12 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| WEAV Weave Communications, Inc. compare | 6 |
| NRC National Research Corporation | 6 |
| CTEV Claritev Corporation compare | 5 |
| PHR Phreesia, Inc. compare | 5 |
| EVH Evolent Health, Inc compare | 5 |
| CSLT Castlight Health, inc. compare | 5 |
| SOPH SOPHiA GENETICS SA compare | 2 |
| MDRX Veradigm Inc. compare | 1 |
| CARL Carlsmed, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover