National Research Corporation (NRC) 10-Year Financial Performance & Capital Metrics

NRC • • Industrial / General

HealthcareHealthcare ITHealthcare Data Analytics & AIHealthcare Business Intelligence

AboutNational 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 actionable information and analysis to healthcare organizations across a range of mission-critical, constituent-related elements, including patient experience, service recovery, care transitions, health risk assessments, employee engagement, reputation management, and brand loyalty. The company also offers market insights solutions that allow the tracking of awareness, perception, and consistency of healthcare brands; assessment of competitive differentiators; and enhanced segmentation tools to evaluate needs, wants, and behaviors of communities through real-time competitive assessments and enhanced segmentation tools. In addition, it provides experience solutions, such as patient and resident experience, workforce engagement, health risk assessments, transitions, and improvement tools. Further, the company offers health risk assessment solutions that enable clients to segment populations and manage care for those who are most at risk, engage individuals, enhance preventative care, and manage wellness programs; and transitions solutions, which enable organizations to identify and manage high-risk patients to reduce readmissions, enhance patient satisfaction and support safe care transitions. Additionally, it provides transparency solutions that allow healthcare organizations to share picture of their organization and ensure content informs in consumer decision-making; and governance solutions for not-for-profit hospital and health system boards of directors, executives, and physician leadership. The company serves integrated health systems, post-acute providers, and payer organizations. National Research Corporation was founded in 1981 and is headquartered in Lincoln, Nebraska.Show more

Revenue $143M -3.7%
EBITDA $41M -10.3%
Net Income $25M -20.0%
EPS (Diluted) 1.04 -16.8%
Gross Margin 60.2% -3.4%
EBITDA Margin 28.81% -6.8%
Operating Margin 24.6% -8.7%
Net Margin 17.32% -16.9%
ROE 61.77% +20.7%
ROIC 30.56% -22.8%
Debt/Equity 2.06 +158.7%
Interest Coverage 13.56 -70.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 51.1%
✓Momentum leader: RS Rating 83 (top 17%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.3%
✓Share count reduced 3.8% through buybacks
✓Healthy 5Y average net margin of 22.5%

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Expensive at 16.2x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.77%

5Y2.25%

3Y-1.11%

TTM-3.5%

Profit (Net Income) CAGR

10Y3.16%

5Y-5.22%

3Y-12.87%

TTM-39.58%

EPS CAGR

10Y9.23%

5Y-3.77%

3Y-10.69%

TTM-37.58%

ROCE

10Y Avg43.17%

5Y Avg44.11%

3Y Avg41.88%

Latest38.48%

Peer Comparison

Healthcare Business Intelligence

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NRCNational Research Corporation	482.6M	21.30	20.48	-3.72%	11.76%	114.31%	3.97%	2.06
WORXSCWorx Corp.	2.91M	0.18	-0.24	-21.43%	-139.71%	-64.87%		0.01
DHDefinitive Healthcare Corp.	251.03M	2.43	-0.69	0.31%	-77.88%	-48.42%	18.27%	0.42
HCATHealth Catalyst, Inc.	165.51M	2.34	-2.03	3.6%	-34.05%	-32.42%		1.10
ZCMDZhongchao Inc.	12.21M	0.47	-3.95	-18.37%	-26.94%	-34.62%		0.00
EVHEvolent Health, Inc.	439.71M	3.94	-4.86	30.09%	-6.24%	-15.22%		0.71
FORAForian Inc.	66.18M	2.13	-17.75	-1.6%	-3.03%	-2.74%	0.43%	0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	102.34M	109.38M	117.56M	119.69M	127.98M	133.28M	147.95M	151.57M	148.58M	143.06M
Revenue Growth %	0.04%	0.07%	0.07%	0.02%	0.07%	0.04%	0.11%	0.02%	-0.02%	-0.04%
Cost of Goods Sold+	44.61M	45.58M	49.07M	47.58M	46.44M	49.19M	52.35M	57.05M	56.02M	56.93M
COGS % of Revenue	0.44%	0.42%	0.42%	0.4%	0.36%	0.37%	0.35%	0.38%	0.38%	0.4%
Gross Profit+	57.73M	63.81M	68.49M	72.11M	81.55M	84.09M	95.6M	94.52M	92.56M	86.13M
Gross Margin %	0.56%	0.58%	0.58%	0.6%	0.64%	0.63%	0.65%	0.62%	0.62%	0.6%
Gross Profit Growth %	0.01%	0.11%	0.07%	0.05%	0.13%	0.03%	0.14%	-0.01%	-0.02%	-0.07%
Operating Expenses+	31.29M	32.61M	34.27M	36.83M	38.51M	41.41M	45.33M	47.98M	52.52M	50.93M
OpEx % of Revenue	0.31%	0.3%	0.29%	0.31%	0.3%	0.31%	0.31%	0.32%	0.35%	0.36%
Selling, General & Admin	27.18M	28.39M	29.69M	31.37M	32.97M	34.44M	38.96M	42.7M	46.58M	44.91M
SG&A % of Revenue	0.27%	0.26%	0.25%	0.26%	0.26%	0.26%	0.26%	0.28%	0.31%	0.31%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.07M	302K	50K	885K	5.54M	7.03M	6.37M	5.28M	5.94M	6.02M
Operating Income+	26.45M	31.2M	34.22M	35.27M	43.03M	42.68M	50.27M	46.54M	40.05M	35.19M
Operating Margin %	0.26%	0.29%	0.29%	0.29%	0.34%	0.32%	0.34%	0.31%	0.27%	0.25%
Operating Income Growth %	-0.07%	0.18%	0.1%	0.03%	0.22%	-0.01%	0.18%	-0.07%	-0.14%	-0.12%
EBITDA+	30.56M	35.42M	38.8M	40.74M	48.57M	50.18M	56.64M	51.82M	45.94M	41.22M
EBITDA Margin %	0.3%	0.32%	0.33%	0.34%	0.38%	0.38%	0.38%	0.34%	0.31%	0.29%
EBITDA Growth %	-0.05%	0.16%	0.1%	0.05%	0.19%	0.03%	0.13%	-0.09%	-0.11%	-0.1%
D&A (Non-Cash Add-back)	4.11M	4.22M	4.59M	5.46M	5.54M	7.5M	6.37M	5.28M	5.9M	6.02M
EBIT	26.45M	31.2M	34.22M	35.27M	43.03M	43.28M	50.29M	44.02M	40.09M	35.28M
Net Interest Income+	-160K	-143K	14K	-1.45M	-2.05M	-1.79M	-1.65M	-1.04M	-42K	-2.47M
Interest Income	60K	47K	96K	62K	37K	18K	14K	168K	820K	125K
Interest Expense	220K	190K	82K	1.51M	2.09M	1.81M	1.67M	1.21M	862K	2.6M
Other Income/Expense	913K	159K	64K	-566K	-2.52M	-1.21M	-1.65M	-3.73M	-83K	-2.5M
Pretax Income+	27.36M	31.36M	34.28M	34.71M	40.52M	41.47M	48.62M	42.81M	39.96M	32.69M
Pretax Margin %	0.27%	0.29%	0.29%	0.29%	0.32%	0.31%	0.33%	0.28%	0.27%	0.23%
Income Tax+	9.75M	10.84M	11.34M	4.66M	8.11M	4.21M	11.15M	11.02M	8.99M	7.91M
Effective Tax Rate %	0.64%	0.65%	0.67%	0.87%	0.8%	0.9%	0.77%	0.74%	0.78%	0.76%
Net Income+	17.61M	20.52M	22.94M	30.05M	32.41M	37.26M	37.47M	31.8M	30.97M	24.78M
Net Margin %	0.17%	0.19%	0.2%	0.25%	0.25%	0.28%	0.25%	0.21%	0.21%	0.17%
Net Income Growth %	-0.03%	0.17%	0.12%	0.31%	0.08%	0.15%	0.01%	-0.15%	-0.03%	-0.2%
Net Income (Continuing)	17.61M	20.52M	22.94M	30.05M	32.41M	37.26M	37.47M	31.8M	30.97M	24.78M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.41	0.48	0.52	1.07	1.26	1.45	1.46	1.27	1.25	1.04
EPS Growth %	-0.05%	0.17%	0.08%	1.06%	0.18%	0.15%	0.01%	-0.13%	-0.02%	-0.17%
EPS (Basic)	0.42	0.49	0.54	1.11	1.30	1.48	1.47	1.28	1.26	1.05
Diluted Shares Outstanding	24.5M	24.6M	25.23M	28.08M	25.65M	25.7M	25.64M	25.05M	24.67M	23.74M
Basic Shares Outstanding	24.22M	24.22M	24.28M	27.09M	24.81M	25.17M	25.42M	24.92M	24.54M	23.72M
Dividend Payout Ratio	0.57%	1.39%	0.74%	0.56%	0.97%	0.28%	0.24%	0.66%	1.17%	0.46%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	56.11M	47.06M	52.26M	28.06M	29.16M	54.11M	73.71M	43.72M	24.36M	19.6M
Cash & Short-Term Investments	42.15M	33.02M	34.73M	12.99M	13.52M	34.69M	54.36M	25.03M	6.65M	4.23M
Cash Only	42.15M	33.02M	34.73M	12.99M	13.52M	34.69M	54.36M	25.03M	6.65M	4.23M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	11.4M	12.42M	15.18M	11.97M	11.81M	15.47M	14.58M	15.3M	12.62M	11.2M
Days Sales Outstanding	40.66	41.46	47.13	36.52	33.68	42.36	35.97	36.84	31.01	28.56
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	191K	49K	410K	519K	1.79M	1.31M	883K	1.01M	856K	692K
Total Non-Current Assets+	72.99M	73.56M	75.06M	79.62M	81.53M	79.31M	83.83M	86.75M	98.08M	112.94M
Property, Plant & Equipment	11.13M	11.81M	12.36M	14.15M	15.16M	13.03M	13.37M	17.8M	30.27M	39.9M
Fixed Asset Turnover	9.20x	9.27x	9.51x	8.46x	8.44x	10.23x	11.07x	8.51x	4.91x	3.59x
Goodwill	57.79M	57.86M	58.02M	57.83M	57.94M	57.26M	61.61M	61.61M	61.61M	66.15M
Intangible Assets	3.78M	3.12M	2.76M	2.1M	1.73M	1.41M	1.79M	1.61M	1.47M	2.62M
Long-Term Investments	-1.05M	-4.86M	0	-6.28M	0	0	0	0	0	1.3M
Other Non-Current Assets	4.07M	3.89M	4.68M	7.64M	6.71M	7.61M	7.05M	5.7M	4.73M	2.98M
Total Assets+	129.1M	120.62M	127.32M	107.68M	110.69M	133.42M	157.54M	130.46M	122.44M	132.54M
Asset Turnover	0.79x	0.91x	0.92x	1.11x	1.16x	1.00x	0.94x	1.16x	1.21x	1.08x
Asset Growth %	-0%	-0.07%	0.06%	-0.15%	0.03%	0.21%	0.18%	-0.17%	-0.06%	0.08%
Total Current Liabilities+	44.17M	31.51M	32.31M	46.76M	38.16M	31.68M	40.39M	33.42M	36.2M	35.86M
Accounts Payable	614K	765K	593K	613K	1.28M	1.09M	1.94M	1.15M	1.3M	1.19M
Days Payables Outstanding	5.02	6.13	4.41	4.7	10.05	8.13	13.55	7.38	8.48	7.65
Short-Term Debt	2.4M	2.68M	1.07M	3.67M	5.13M	5.01M	5.24M	5.32M	7.82M	4.79M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	15.89M	14.21M	39.89M	8.94M	3.53M	8.85M	7.19M	8.08M	541K
Current Ratio	1.27x	1.49x	1.62x	0.60x	0.76x	1.71x	1.82x	1.31x	0.67x	0.55x
Quick Ratio	1.27x	1.49x	1.62x	0.60x	0.76x	1.71x	1.82x	1.31x	0.67x	0.55x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	10.71M	6.3M	4.96M	41.84M	39.64M	37.43M	31.82M	25.01M	37.28M	65.4M
Long-Term Debt	3.34M	857K	0	34.18M	29.8M	26.55M	22.27M	17.69M	29.47M	57.9M
Capital Lease Obligations	0	0	0	0	1.7M	1.67M	1.17M	372K	1.67M	1.17M
Deferred Tax Liabilities	6.79M	4.86M	4.03M	6.28M	7.4M	7.26M	7M	5.27M	4.14M	3.53M
Other Non-Current Liabilities	571K	5.45M	935K	1.39M	746K	1.94M	1.38M	1.67M	2M	2.59M
Total Liabilities	54.88M	37.82M	37.27M	88.6M	77.79M	69.11M	72.2M	58.43M	73.48M	101.25M
Total Debt+	2.4M	2.68M	1.07M	3.67M	36.62M	33.24M	28.68M	23.39M	38.96M	64.41M
Net Debt	-39.74M	-30.34M	-33.67M	-9.32M	23.11M	-1.45M	-25.68M	-1.64M	32.3M	60.18M
Debt / Equity	0.03x	0.03x	0.01x	0.19x	1.11x	0.52x	0.34x	0.32x	0.80x	2.06x
Debt / EBITDA	0.08x	0.08x	0.03x	0.09x	0.75x	0.66x	0.51x	0.45x	0.85x	1.56x
Net Debt / EBITDA	-1.30x	-0.86x	-0.87x	-0.23x	0.48x	-0.03x	-0.45x	-0.03x	0.70x	1.46x
Interest Coverage	120.21x	164.19x	417.30x	23.31x	20.58x	23.54x	30.16x	38.50x	46.46x	13.56x
Total Equity+	74.22M	82.81M	90.04M	19.08M	32.89M	64.31M	85.34M	72.03M	48.95M	31.28M
Equity Growth %	-0.15%	0.12%	0.09%	-0.79%	0.72%	0.96%	0.33%	-0.16%	-0.32%	-0.36%
Book Value per Share	3.03	3.37	3.57	0.68	1.28	2.50	3.33	2.88	1.98	1.32
Total Shareholders' Equity	74.22M	82.81M	90.04M	19.08M	32.89M	64.31M	85.34M	72.03M	48.95M	31.28M
Common Stock	30K	30K	30K	30K	30K	31K	31K	31K	31K	31K
Retained Earnings	65.31M	71.51M	77.57M	-106.34M	-93.36M	-61.38M	-36.11M	-25.18M	-30.53M	-17.06M
Treasury Stock	-32.23M	-32.83M	-36.95M	-29M	-33.73M	-43.73M	-50.15M	-78.27M	-98.76M	-131.93M
Accumulated OCI	-3M	-2.63M	-1.64M	-2.92M	-2.21M	-2.4M	-2.38M	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	21.89M	26.84M	28.09M	39.85M	40.92M	40.64M	46.34M	36.27M	38.11M	34.63M
Operating CF Margin %	0.21%	0.25%	0.24%	0.33%	0.32%	0.3%	0.31%	0.24%	0.26%	0.24%
Operating CF Growth %	-0.16%	0.23%	0.05%	0.42%	0.03%	-0.01%	0.14%	-0.22%	0.05%	-0.09%
Net Income	17.61M	20.52M	22.94M	30.05M	32.41M	37.26M	37.47M	31.8M	30.97M	24.78M
Depreciation & Amortization	4.11M	4.22M	4.59M	5.46M	5.54M	7.5M	6.37M	5.28M	5.9M	6.02M
Stock-Based Compensation	1.38M	1.93M	1.84M	1.51M	1.22M	680K	623K	1.2M	935K	284K
Deferred Taxes	-1.36M	865K	-684K	1.19M	1.14M	51K	33K	-1.24M	-717K	-406K
Other Non-Cash Items	-327K	-195K	207K	186K	-6K	-248K	7K	2.58M	-102K	100K
Working Capital Changes	472K	-499K	-806K	1.45M	616K	-4.61M	1.84M	-3.35M	1.02M	3.84M
Change in Receivables	-1.78M	-1.04M	-2.46M	2.77M	311K	-2.27M	343K	-733K	2.08M	1.76M
Change in Inventory	572K	-188K	1.32M	-1.4M	0	0	0	0	0	0
Change in Payables	-224K	-15K	12K	-39K	647K	-247K	4K	-589K	184K	-108K
Cash from Investing+	-1.33M	-3.75M	-6.12M	-5.97M	-4.66M	-3.72M	-8.51M	-9.84M	-15.78M	-20.28M
Capital Expenditures	-2.94M	-3.97M	-4.82M	-5.97M	-4.66M	-3.98M	-5.51M	-9.84M	-15.78M	-15.45M
CapEx % of Revenue	0.03%	0.04%	0.04%	0.05%	0.04%	0.03%	0.04%	0.06%	0.11%	0.11%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.61M	223K	-1.55M	-5.97M	0	260K	0	0	1K	0
Cash from Financing+	-16.87M	-32.5M	-21.12M	-54.5M	-36.35M	-15.5M	-18.16M	-55.58M	-40.71M	-16.76M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-10.05M	-28.55M	-16.87M	-16.86M	-31.3M	-10.52M	-9.16M	-20.96M	-36.37M	-11.45M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.55M	-1.45M	0	-2.04M	-1.1M	-1.09M	-275K	-2.04M	576K	-359K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	18.95M	22.87M	23.27M	33.88M	36.26M	36.65M	40.83M	26.43M	22.33M	19.18M
FCF Margin %	0.19%	0.21%	0.2%	0.28%	0.28%	0.28%	0.28%	0.17%	0.15%	0.13%
FCF Growth %	-0.2%	0.21%	0.02%	0.46%	0.07%	0.01%	0.11%	-0.35%	-0.15%	-0.14%
FCF per Share	0.77	0.93	0.92	1.21	1.41	1.43	1.59	1.06	0.91	0.81
FCF Conversion (FCF/Net Income)	1.24x	1.31x	1.22x	1.33x	1.26x	1.09x	1.24x	1.14x	1.23x	1.40x
Interest Paid	207K	192K	76K	1.28M	2.01M	1.74M	1.68M	1.23M	803K	2.44M
Taxes Paid	9.38M	9.96M	12.83M	2.63M	6.95M	5.22M	10.64M	12.23M	8.93M	8.22M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	21.74%	26.13%	26.55%	55.07%	124.7%	76.66%	50.07%	40.41%	51.2%	61.77%
Return on Invested Capital (ROIC)	46.94%	53.82%	47.16%	80.01%	98.17%	53.86%	61.55%	53.68%	39.61%	30.56%
Gross Margin	56.41%	58.33%	58.26%	60.25%	63.72%	63.09%	64.62%	62.36%	62.3%	60.2%
Net Margin	17.21%	18.76%	19.52%	25.1%	25.32%	27.96%	25.32%	20.98%	20.84%	17.32%
Debt / Equity	0.03x	0.03x	0.01x	0.19x	1.11x	0.52x	0.34x	0.32x	0.80x	2.06x
Interest Coverage	120.21x	164.19x	417.30x	23.31x	20.58x	23.54x	30.16x	38.50x	46.46x	13.56x
FCF Conversion	1.24x	1.31x	1.22x	1.33x	1.26x	1.09x	1.24x	1.14x	1.23x	1.40x
Revenue Growth	3.55%	6.88%	7.47%	1.81%	6.93%	4.14%	11.01%	2.44%	-1.97%	-3.72%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	97.1M	104.44M	112.89M	115.45M	124.37M	130.31M	144.99M	150.78M	148.58M	143.06M
UNITED STATES Growth	-	7.57%	8.08%	2.27%	7.72%	4.77%	11.27%	3.99%	-1.46%	-3.72%
CANADA	5.25M	4.94M	4.67M	4.24M	3.61M	2.97M	2.97M	793K	-	-
CANADA Growth	-	-5.85%	-5.37%	-9.39%	-14.69%	-17.74%	-0.17%	-73.27%	-	-

Frequently Asked Questions

Valuation & Price

National Research Corporation (NRC) has a price-to-earnings (P/E) ratio of 20.5x. This is roughly in line with market averages.

Growth & Financials

National Research Corporation (NRC) reported $139.1M in revenue for fiscal year 2024. This represents a 84% increase from $75.8M in 2011.

National Research Corporation (NRC) saw revenue decline by 3.7% over the past year.

Yes, National Research Corporation (NRC) is profitable, generating $16.4M in net income for fiscal year 2024 (17.3% net margin).

Dividend & Returns

Yes, National Research Corporation (NRC) pays a dividend with a yield of 2.26%. This makes it attractive for income-focused investors.

National Research Corporation (NRC) has a return on equity (ROE) of 61.8%. This is excellent, indicating efficient use of shareholder capital.

National Research Corporation (NRC) generated $11.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...