NRC

MKT CAP:$389M

National Research Corporation

Market Cap

$389M

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$17.25-$0.78 (-4.33%)

Apr 23, 2026

Company Details

National Research Corporation provides analytics and insights that facilitate measurement and enhancement of the patient and employee experience in the United States and Canada. Its portfolio of subscription-based solutions provides actiona...

CEO

Trent Green

IPO Date

May 23, 2013

Website

nrchealth.com

Key Metrics TTM

Revenue

$137M

-4.0% YoY

Net Income

$12M

EPS (Diluted)

$0.51

Free Cash Flow

$16M

Revenue / Share

$6.30

Gross Margin

56.3%

Operating Margin

16.4%

Net Margin

8.4%

FCF Margin

11.5%

P/S

2.8x

P/E

33.6x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Mar 5, 2026

$137M-4.0%EPS $0.52

Q4 2025

Mar 5, 2026

$35M-4.6%EPS $0.08

Q3 2025

Nov 7, 2025

$35M-3.4%EPS $0.18

Q2 2025

Aug 8, 2025

$34M-2.8%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$38M	$24M	$12M
Q2 22	$37M	$24M	$11M
Q3 22	$38M	$23M	$11M
Q4 22	$38M	$24M	$12M
Q1 23	$36M	$22M	$9M
Q2 23	$36M	$23M	$9M
Q3 23	$38M	$23M	$10M
Q4 23	$38M	$24M	$12M
Q1 24	$35M	$21M	$9M
Q2 24	$35M	$22M	$9M
Q3 24	$36M	$21M	$8M
Q4 24	$37M	$23M	$10M
Q1 25	$34M	$19M	$9M
Q2 25	$34M	$19M	$2M
Q3 25	$35M	$20M	$8M
Q4 25	$35M	$19M	$5M

Valuation

Quarter	P/S	P/E
Q1 22	6.4x	26.5x
Q2 22	6.5x	27.4x
Q3 22	6.6x	28.8x
Q4 22	6.6x	31.3x
Q1 23	7.3x	36.3x
Q2 23	7.3x	37.2x
Q3 23	7.3x	37.6x
Q4 23	6.3x	30.5x
Q1 24	6.5x	31.7x
Q2 24	3.7x	18.7x
Q3 24	3.8x	20.2x
Q4 24	2.9x	16.7x
Q1 25	2.1x	12.5x
Q2 25	2.8x	21.5x
Q3 25	2.1x	17.7x
Q4 25	3.1x	36.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$8M	$6M
Q2 22	$10M	$8M
Q3 22	$10M	$6M
Q4 22	$8M	$6M
Q1 23	$8M	$5M
Q2 23	$9M	$4M
Q3 23	$10M	$5M
Q4 23	$12M	$8M
Q1 24	$12M	$8M
Q2 24	$7M	$2M
Q3 24	$9M	$8M
Q4 24	$6M	$2M
Q1 25	$7M	$4M
Q2 25	-$1M	-$4M
Q3 25	$14M	$10M
Q4 25	$7M	$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$1M
Q3 22	$4M
Q4 22	$2M
Q1 23	$3M
Q2 23	$4M
Q3 23	$4M
Q4 23	$4M
Q1 24	$4M
Q2 24	$5M
Q3 24	$2M
Q4 24	$4M
Q1 25	$3M
Q2 25	$3M
Q3 25	$4M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+8.4%	+14.1%
Q2 22	+2.4%	+6.7%
Q3 22	-0.2%	+7.9%
Q4 22	-0.4%	+1.9%
Q1 23	-5.1%	+2.7%
Q2 23	-3.0%	+3.9%
Q3 23	+0.7%	+5.3%
Q4 23	-0.4%	+1.5%
Q1 24	-3.2%	-3.3%
Q2 24	-3.2%	-2.4%
Q3 24	-5.6%	-0.5%
Q4 24	-2.9%	+3.9%
Q1 25	-5.0%	-6.0%
Q2 25	-2.8%	+24.1%
Q3 25	-3.4%	-3.5%
Q4 25	-4.6%	+11.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$285.0K	0.7%
Q2 22	$334.0K	0.9%
Q3 22	$291.0K	0.8%
Q4 22	$290.0K	0.8%
Q1 23	$304.0K	0.8%
Q2 23	$305.0K	0.8%
Q3 23	$68.0K	0.2%
Q4 23	$258.0K	0.7%
Q1 24	-$36.0K	-0.1%
Q2 24	-$57.0K	-0.2%
Q3 24	$189.0K	0.5%
Q4 24	$188.0K	0.5%
Q1 25	$171.0K	0.5%
Q2 25	$307.0K	0.9%
Q3 25	$925.0K	2.7%
Q4 25	$2M	5.4%

OpEx Breakdown

Quarter	SG&A
Q1 22	$11M
Q2 22	$11M
Q3 22	$11M
Q4 22	$11M
Q1 23	$12M
Q2 23	$12M
Q3 23	$12M
Q4 23	$11M
Q1 24	$11M
Q2 24	$11M
Q3 24	$11M
Q4 24	$11M
Q1 25	$10M
Q2 25	$18M
Q3 25	$12M
Q4 25	$14M

Revenue by Geography

Quarter	United States
Q3 22	$38M
Q4 22	$38M
Q1 23	$36M
Q2 23	$36M
Q3 23	$38M
Q4 23	$38M
Q1 24	$35M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$47M	$0	$47M
Q2 22	$33M	$0	$33M
Q3 22	$28M	$0	$28M
Q4 22	$25M	$0	$25M
Q1 23	$24M	$0	$24M
Q2 23	$22M	$0	$22M
Q3 23	$4M	$0	$4M
Q4 23	$7M	$0	$7M
Q1 24	$2M	$0	$2M
Q2 24	$485.0K	$0	$485.0K
Q3 24	$3M	$0	$3M
Q4 24	$4M	$0	$4M
Q1 25	$3M	$0	$3M
Q2 25	$5M	$0	$5M
Q3 25	$2M	$0	$2M
Q4 25	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	25M	-0.8%	-1.1%
Q2 22	25M	-0.7%	-1.7%
Q3 22	25M	-1.4%	-3.1%
Q4 22	25M	-0.3%	-3.2%
Q1 23	25M	-0.1%	-2.6%
Q2 23	25M	-0.1%	-2.0%
Q3 23	25M	-0.1%	-0.6%
Q4 23	25M	-0.6%	-0.9%
Q1 24	24M	-2.4%	-3.1%
Q2 24	24M	-0.2%	-3.2%
Q3 24	24M	-0.7%	-3.8%
Q4 24	23M	-1.6%	-4.8%
Q1 25	23M	-1.7%	-4.1%
Q2 25	23M	-1.4%	-5.3%
Q3 25	23M	-0.3%	-4.9%
Q4 25	22M	-3.5%	-6.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$75.2K	511
Q2 22	$73.0K	511
Q3 22	$73.8K	511
Q4 22	$77.7K	491
Q1 23	$74.3K	491
Q2 23	$73.6K	491
Q3 23	$77.3K	491
Q4 23	$87.4K	435
Q1 24	$81.2K	435
Q2 24	$80.5K	435
Q3 24	$82.3K	435
Q4 24	$100.3K	368
Q1 25	$91.2K	368
Q2 25	$92.5K	368
Q3 25	$94.0K	368
Q4 25	$98.6K	357

Revenue / Employee