A Business at a Glance
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NATIONAL RESEARCH CORP
NRC
$476M
Mkt Cap
$21.04
+1.01%
NATIONAL RESEARCH CORP (NRC) has a current P/E ratio of 29.6, compared to its historical median P/E of 27.3. The stock is currently considered Fair based on its historical valuation range.
NATIONAL RESEARCH CORP (NRC) has a 5-year average return on invested capital (ROIC) of 48.9%. This indicates strong capital allocation and a potential competitive advantage.
NATIONAL RESEARCH CORP (NRC) has a market capitalization of $474M. It is classified as a small-cap stock.
Yes, NATIONAL RESEARCH CORP (NRC) pays a dividend with a trailing twelve-month yield of 2.50%. The company also returns capital through share buybacks, with a buyback yield of 3.63%.
Based on historical P/E analysis, NATIONAL RESEARCH CORP (NRC) appears fair. The current P/E of 29.6 is 8% above its historical median of 27.3. The estimated fair value CAGR (P/E method) is -5.0%.
NATIONAL RESEARCH CORP (NRC) operates in the Services-Commercial Physical & Biological Research industry, within the Industrials sector.
NATIONAL RESEARCH CORP (NRC) reported annual revenue of $137 million in its most recent fiscal year, based on SEC EDGAR filings.
Special Note Regarding Forward-Looking Statements Certain matters discussed in this Annual Report on Form 10-K are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can generally be identified as such because the context of the statement includes phrases such as National Research Corporation, doing business as NRC Health (“NRC Health,” the “Company,” “we,” “our,” “us” or similar terms), “believes,” “expects,” “may,” “could,” “anticipates,” “estimates,” “plans,” “creates,” “intends,” or the use of words such as “would,” “will,” “may,” “could,” “goal,” “focus,” or “should,” or other words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 139M | 137M | 143M | 149M | 152M | 148M |
| Net Income | 8.6M | - | 25M | 31M | 32M | 37M |
| EPS | $0.38 | $50.00 | $1.04 | $1.25 | $1.27 | $1.46 |
| Free Cash Flow | 17M | 16M | 19M | 22M | 26M | 41M |
| ROIC | 13.4% | - | 33.7% | 42.0% | 52.4% | 67.5% |
| Gross Margin | - | 61.9% | 60.2% | 62.3% | 62.4% | 64.6% |
| Debt/Equity | 5.78 | 5.45 | 1.91 | 0.65 | 0.37 | 0.32 |
| Dividends/Share | $0.53 | $0.52 | $0.48 | $1.48 | $0.84 | $0.48 |
| Operating Income | 20M | 23M | 35M | 40M | 47M | 50M |
| Operating Margin | 14.1% | 16.4% | 24.6% | 27.0% | 30.7% | 34.0% |
| ROE | 63.7% | - | 61.8% | 51.2% | 40.4% | 50.0% |
| Shares Outstanding | 23M | 23M | 24M | 25M | 25M | 26M |
| Metric | 2020 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 99M | 102M | 109M | 118M | 120M | 128M | 133M | 148M | 152M | 149M | 143M | 137M | 139M |
| Gross Margin | 57.8% | 56.4% | 58.3% | 58.3% | 60.2% | 63.7% | 63.1% | 64.6% | 62.4% | 62.3% | 60.2% | 61.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 25M | 27M | 28M | 30M | 31M | 33M | 34M | 39M | 43M | 47M | 45M | 55M | 58M |
| EBIT | 28M | 26M | 31M | 34M | 35M | 43M | 43M | 50M | 47M | 40M | 35M | 23M | 20M |
| Op. Margin | 28.6% | 25.8% | 28.5% | 29.1% | 29.5% | 33.6% | 32.0% | 34.0% | 30.7% | 27.0% | 24.6% | 16.4% | 14.1% |
| Net Income | 18M | 18M | 21M | 23M | 30M | 32M | 37M | 37M | 32M | 31M | 25M | N/A | 8.6M |
| Net Margin | 18.4% | 17.2% | 18.8% | 19.5% | 25.1% | 25.3% | 28.0% | 25.3% | 21.0% | 20.8% | 17.3% | N/A | 6.2% |
| Non-Recurring | -2K | 0 | -22K | -26K | -186K | 6K | 714K | -7K | -11K | 0 | -17K | -61K | -61K |
| Returns on Capital | |||||||||||||
| ROIC | 26.7% | 31.9% | 39.2% | 39.1% | 62.4% | 76.6% | 129.5% | 67.5% | 52.4% | 42.0% | 33.7% | N/A | 13.4% |
| ROE | 22.8% | 21.7% | 26.1% | 26.5% | 55.1% | 124.7% | 57.9% | 50.0% | 40.4% | 51.2% | 61.8% | N/A | 63.7% |
| ROA | 15.1% | 13.7% | 16.5% | 18.5% | 25.5% | 29.6% | 27.9% | 25.7% | 22.1% | 24.5% | 19.4% | N/A | 6.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 26M | 22M | 27M | 28M | 40M | 41M | 41M | 46M | 36M | 38M | 35M | 26M | 27M |
| Free Cash Flow | 24M | 19M | 23M | 24M | 34M | 36M | 37M | 41M | 26M | 22M | 19M | 16M | 17M |
| Owner Earnings | 22M | 16M | 21M | 22M | 33M | 34M | 32M | 45M | 35M | 31M | 28M | 16M | 49M |
| CapEx | 2.5M | 2.9M | 4.0M | 4.6M | 6.0M | 4.7M | 4.0M | 5.5M | 9.8M | 16M | 15M | 11M | 9.6M |
| Maint. CapEx | 3.8M | 4.1M | 4.2M | 4.6M | 5.5M | 5.5M | 7.5M | 320K | 180K | 5.9M | 6.0M | 7.6M | -27M |
| Growth CapEx | 0 | 0 | 0 | 0 | 508K | 0 | 0 | 5.2M | 9.7M | 9.9M | 9.4M | 3.1M | 37M |
| D&A | 3.8M | 4.1M | 4.2M | 4.6M | 5.5M | 5.5M | 7.5M | 320K | 180K | 5.9M | 6.0M | 7.6M | -27M |
| CapEx/OCF | 9.5% | 13.4% | N/A | N/A | 15.0% | 11.4% | 9.8% | 11.9% | 27.1% | 41.4% | 44.6% | N/A | 35.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 10M | 29M | 17M | 17M | 31M | 11M | 9.2M | 21M | 36M | 11M | 11M | 12M |
| Dividend Yield | N/A | N/A | N/A | N/A | 2.2% | 2.7% | 0.8% | 0.8% | 2.4% | 3.7% | 1.8% | N/A | 2.5% |
| Share Buybacks | 0 | 1.7M | 0 | 0 | 0 | 0 | 0 | 4.1M | 28M | 19M | 31M | 20M | 17M |
| Buyback Yield | N/A | 0.5% | 0.0% | 0.0% | N/A | N/A | N/A | 0.4% | 3.3% | 2.1% | 7.7% | 0.0% | 3.6% |
| Stock-Based Comp | 742K | 1.4M | 1.9M | 1.8M | 1.5M | 1.2M | 680K | 623K | 1.2M | 935K | 284K | 3.3M | 4.7M |
| Debt Repayment | 0 | 0 | 0 | 0 | 187K | 0 | 36K | 0 | 92K | 8K | 42K | 134K | 134K |
| Balance Sheet | |||||||||||||
| Net Debt | -25M | -30M | -23M | -33M | 21M | 17M | -35M | -27M | 1.8M | 25M | 55M | 72M | 75M |
| Cash & Equiv. | 40M | 42M | 33M | 35M | 13M | 14M | 35M | 54M | 25M | 6.7M | 4.2M | 4.1M | 2.5M |
| Long-Term Debt | 5.7M | 3.3M | 857K | 1.1M | 34M | 30M | 27M | 27M | 22M | 29M | 58M | 75M | 74M |
| Debt/Equity | 0.17 | 0.16 | 0.12 | 0.02 | 1.80 | 0.91 | 0.54 | 0.32 | 0.37 | 0.65 | 1.91 | 5.45 | 5.78 |
| Interest Coverage | 92.8 | 120.2 | 164.2 | 417.3 | 23.3 | 20.6 | 23.5 | 30.2 | 38.5 | 46.5 | 13.6 | 4.7 | 54.8 |
| Equity | 88M | 74M | 83M | 90M | 19M | 33M | 64M | 85M | 72M | 49M | 31M | 14M | 13M |
| Total Assets | 130M | 128M | 121M | 127M | 108M | 111M | 133M | 158M | 130M | 122M | 133M | 135M | 135M |
| Total Liabilities | 42M | 54M | 38M | 37M | 89M | 78M | 69M | 72M | 58M | 73M | 101M | 121M | 121M |
| Intangibles | 5.5M | 3.8M | 3.1M | 2.8M | 2.1M | 1.7M | 59M | 1.8M | 1.6M | 1.5M | 2.6M | 2.2M | 2.2M |
| Retained Earnings | 74M | 65M | 72M | 78M | -106M | -93M | -61M | -36M | -25M | -31M | -17M | -17M | -18M |
| Working Capital | 25M | 11M | 16M | 20M | -19M | -9.0M | 22M | 33M | 10M | -12M | -16M | -16M | -18M |
| Current Assets | 53M | 55M | 47M | 52M | 28M | 29M | 54M | 74M | 44M | 24M | 20M | 20M | 20M |
| Current Liabilities | 28M | 44M | 32M | 32M | 47M | 38M | 32M | 40M | 33M | 36M | 36M | 37M | 38M |
| Per Share Data | |||||||||||||
| EPS | N/A | N/A | N/A | 0.27 | 1.21 | 1.26 | 1.45 | 1.46 | 1.27 | 1.25 | 1.04 | 50.00 | 0.38 |
| Owner EPS | N/A | N/A | N/A | 0.26 | 1.33 | 1.33 | 1.26 | 1.77 | 1.39 | 1.26 | 1.19 | 0.69 | 2.19 |
| Book Value | N/A | N/A | N/A | 1.08 | 0.77 | 1.28 | 2.50 | 3.33 | 2.88 | 1.98 | 1.31 | 0.62 | 0.60 |
| Cash Flow/Share | N/A | N/A | N/A | 0.34 | 1.61 | 1.59 | 1.58 | 1.81 | 1.45 | 1.54 | 1.45 | 1.17 | -0.82 |
| Dividends/Share | N/A | N/A | N/A | 0.20 | 0.68 | 1.22 | 0.41 | 0.48 | 0.84 | 1.48 | 0.48 | 0.52 | 0.53 |
| Shares Out. | N/A | N/A | N/A | 83.7M | 24.8M | 25.7M | 25.7M | 25.6M | 25.0M | 24.8M | 23.8M | 22.6M | 22.5M |
| Valuation | |||||||||||||
| P/E Ratio | 14.7 | 18.2 | N/A | N/A | 28.0 | 46.0 | 27.3 | 26.0 | 26.7 | 29.9 | 16.2 | N/A | 55.3 |
| P/FCF | N/A | N/A | N/A | N/A | 24.6 | 41.6 | 27.8 | 23.9 | 32.1 | 41.4 | 20.9 | N/A | 27.2 |
| EV/EBIT | 8.2 | 10.6 | N/A | N/A | 24.5 | 35.1 | 23.7 | 18.7 | 18.1 | 23.7 | 12.9 | N/A | 28.1 |
| Price/Book | 3.0 | 4.3 | N/A | N/A | 44.2 | 45.4 | 15.8 | 11.4 | 11.8 | 18.9 | 12.8 | N/A | 35.1 |
| Price/Sales | 2.9 | 2.7 | N/A | N/A | 6.4 | 9.1 | 9.4 | 7.3 | 5.7 | 6.7 | 4.4 | N/A | 3.4 |
| FCF Yield | 8.9% | 5.9% | N/A | N/A | 4.0% | 2.4% | 3.6% | 4.2% | 3.1% | 2.4% | 4.8% | N/A | 3.7% |
| Market Cap | 266M | 320M | 0 | 0 | 843M | 1.5B | 1.0B | 975M | 849M | 925M | 402M | 0 | 474M |
| Avg. Price | 11.75 | 11.16 | 0.00 | 0.00 | 30.77 | 45.68 | 48.86 | 42.33 | 34.26 | 40.16 | 26.64 | 0.00 | 21.04 |
| Year-End Price | 10.90 | 13.10 | 0.00 | 0.00 | 33.67 | 58.70 | 39.64 | 37.98 | 33.92 | 37.35 | 16.86 | 0.00 | 21.04 |
NATIONAL RESEARCH CORP passes 7 of 9 quality checks, indicating strong fundamentals.
NATIONAL RESEARCH CORP trades at 29.6x trailing earnings, compared to its 15-year median P/E of 27.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 41.0x vs a median of 27.8x. The company's 5-year average ROIC is 48.9% with a gross margin of 62.3%. Total shareholder yield (dividends + buybacks) is 6.1%. At current prices, the estimated annualized return to fair value is -11.9%.
NATIONAL RESEARCH CORP (NRC) generated $16 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NATIONAL RESEARCH CORP (NRC) has a debt-to-equity ratio of 5.45. This indicates higher leverage, which may increase financial risk.
NATIONAL RESEARCH CORP (NRC) reported earnings per share (EPS) of $50.00 in its most recent fiscal year.
NATIONAL RESEARCH CORP (NRC) has a 5-year average gross margin of 62.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for NATIONAL RESEARCH CORP (NRC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NATIONAL RESEARCH CORP (NRC) has a book value per share of $0.62, based on its most recent annual SEC filing.
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