NRC · National Research Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.80M | - | $34.61M | $34.04M | $33.55M | - | $35.82M | $35.02M | $35.31M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $13.42M | - | $12.27M | $17.73M | $10.36M | - | $10.99M | $11.22M | $11.25M | - |
| Total Operating Expenses | $29.23M | - | $26.87M | $32.45M | $24.95M | - | $27.84M | $26.16M | $26.55M | - |
| D&A | $2.17M | - | $2.19M | $1.74M | $1.54M | - | $1.55M | $1.51M | $1.45M | - |
| Operating Income | $5.57M | - | $7.74M | $1.59M | $8.60M | - | $7.98M | $8.87M | $8.76M | - |
| Interest Expense | $1.25M | - | $1.46M | $1.03M | $899.0K | - | $160.0K | $192.0K | $605.0K | - |
| Income Tax | $1.16M | - | $2.15M | $687.0K | $1.94M | - | $1.61M | $2.15M | $1.83M | - |
| Net Income | $3.09M | - | $3.99M | ($190.0K) | $5.79M | - | $5.69M | $6.17M | $6.36M | - |
| EPS - Basic | $0.14 | - | $0.18 | ($0.01) | $0.25 | - | $0.24 | $0.26 | $0.27 | - |
| EPS - Diluted | $0.14 | - | $0.18 | ($0.01) | $0.25 | - | $0.24 | $0.26 | $0.27 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.55M | $4.14M | $2.22M | $5.27M | $2.50M | $4.23M | $3.46M | $485.0K | $1.70M | $6.65M |
| Accounts Receivable | $10.83M | $11.11M | $12.75M | $12.42M | $11.33M | $11.05M | $11.06M | $10.06M | $11.13M | $12.38M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $2.23M | $1.17M | $1.09M | $1.18M | $2.03M | $1.19M | $2.59M | $1.24M | $2.40M | $1.30M |
| Current Assets | $19.98M | $20.21M | $20.40M | $25.32M | $20.40M | $19.60M | $20.70M | $16.95M | $20.01M | $24.36M |
| Total Assets | $134.56M | $134.88M | $135.72M | $141.39M | $135.18M | $132.54M | $131.80M | $119.10M | $120.91M | $122.44M |
| Current Liabilities | $38.47M | $36.62M | $38.57M | $35.93M | $37.77M | $35.86M | $44.28M | $45.73M | $48.85M | $36.20M |
| Long-term Debt | $74.02M | $75.02M | $76.03M | $77.03M | $58.67M | $57.90M | $44.91M | $25.66M | $27.57M | $36.79M |
| Total Liabilities | $121.06M | $120.89M | $121.41M | $120.06M | $105.50M | $101.25M | $97.17M | $78.90M | $83.97M | $73.48M |
| Stockholders' Equity | $13.49M | $13.99M | $14.31M | $21.33M | $29.67M | $31.28M | $34.62M | $40.20M | $36.95M | $48.95M |
| Retained Earnings | ($17.68M) | ($17.30M) | ($15.47M) | ($16.89M) | ($14.01M) | ($17.06M) | ($20.86M) | ($23.73M) | ($27.04M) | ($30.53M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.18M | - | - | - | $6.65M | - | - | - | $12.04M | - |
| Investing Cash Flow | ($1.83M) | - | - | - | ($2.99M) | - | - | - | ($4.14M) | - |
| Financing Cash Flow | ($6.94M) | - | - | - | ($5.39M) | - | - | - | ($12.85M) | - |
| CapEx | $1.83M | - | - | - | $2.99M | - | - | - | $4.14M | - |
| Free Cash Flow | $5.35M | - | - | - | $3.66M | - | - | - | $7.90M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 16.0% | - | 22.4% | 4.7% | 25.6% | - | 22.3% | 25.3% | 24.8% | - |
| EBITDA margin | 22.2% | - | 28.7% | 9.8% | 30.2% | - | 26.6% | 29.6% | 28.9% | - |
| Net margin | 8.9% | - | 11.5% | -0.6% | 17.2% | - | 15.9% | 17.6% | 18.0% | - |
| Free cash flow margin | 15.4% | - | - | - | 10.9% | - | - | - | 22.4% | - |
| FCF / Net income | 1.73 | - | - | - | 0.63 | - | - | - | 1.24 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 38.6% | - | 35.5% | 52.1% | 30.9% | - | 30.7% | 32.0% | 31.9% | - |
| Effective tax rate | 27.2% | - | 35.0% | 138.2% | 25.1% | - | 22.0% | 25.8% | 22.4% | - |
| Return on assets | 2.3% | - | 2.9% | -0.1% | 4.3% | - | 4.3% | 5.2% | 5.3% | - |
| Return on equity | 22.9% | - | 27.9% | -0.9% | 19.5% | - | 16.4% | 15.4% | 17.2% | - |
| Return on invested capital | 4.6% | - | 5.6% | 0.8% | 7.3% | - | 7.8% | 10.0% | 10.5% | - |
| Liquidity | ||||||||||
| Current ratio | 0.52 | 0.55 | 0.53 | 0.70 | 0.54 | 0.55 | 0.47 | 0.37 | 0.41 | 0.67 |
| Quick ratio | 0.52 | 0.55 | 0.53 | 0.70 | 0.54 | 0.55 | 0.47 | 0.37 | 0.41 | 0.67 |
| Cash ratio | 0.07 | 0.11 | 0.06 | 0.15 | 0.07 | 0.12 | 0.08 | 0.01 | 0.03 | 0.18 |
| Leverage | ||||||||||
| Debt / Equity | 5.48 | 5.36 | 5.31 | 3.61 | 1.98 | 1.85 | 1.30 | 0.64 | 0.75 | 0.75 |
| Debt / Assets | 0.55 | 0.56 | 0.56 | 0.54 | 0.43 | 0.44 | 0.34 | 0.22 | 0.23 | 0.30 |
| Debt / EBITDA | 9.57 | - | 7.65 | 23.13 | 5.79 | - | 4.71 | 2.47 | 2.70 | - |
| Interest coverage | 4.4x | - | 5.3x | 1.5x | 9.6x | - | 49.9x | 46.2x | 14.5x | - |
| Equity multiplier | 9.97 | 9.64 | 9.48 | 6.63 | 4.56 | 4.24 | 3.81 | 2.96 | 3.27 | 2.50 |
| Liabilities / Assets | 0.90 | 0.90 | 0.89 | 0.85 | 0.78 | 0.76 | 0.74 | 0.66 | 0.69 | 0.60 |
| Efficiency | ||||||||||
| Asset turnover | 0.26 | - | 0.25 | 0.24 | 0.25 | - | 0.27 | 0.29 | 0.29 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 114d | - | 134d | 133d | 123d | - | 113d | 105d | 115d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 121.3x | - | 71.0x | - | 51.2x | - | 95.3x | 88.3x | 146.7x | - |
| P / B | 27.6x | - | 19.8x | 17.8x | 9.9x | - | 15.7x | 13.7x | 25.7x | - |
| P / S | 10.7x | - | 8.2x | 11.2x | 8.8x | - | 15.2x | 15.7x | 26.9x | - |
| EV / EBITDA | 57.3x | - | 35.9x | 135.9x | 34.5x | - | 61.3x | 55.3x | 95.5x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 3.7% | - | -3.4% | -2.8% | -5.0% | - | -5.6% | -3.2% | -3.2% | - |
| Revenue CAGR (3y) | -1.6% | - | -2.8% | -3.0% | -4.4% | - | -1.7% | -1.3% | -0.1% | - |
| Revenue CAGR (5y) | -0.4% | - | 1.3% | 1.8% | -0.2% | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -35.2% | - | -3.0% | -82.1% | -1.9% | - | -19.8% | -5.3% | -2.8% | - |
| Net income growth (YoY) | -46.6% | - | -29.8% | - | -9.0% | - | -27.8% | -15.1% | -8.6% | - |
| EPS growth (YoY) | -44.0% | - | -25.0% | - | -7.4% | - | -25.0% | -10.3% | -3.6% | - |
| EPS CAGR (3y) | -20.6% | - | -18.3% | - | -9.7% | - | -14.2% | -9.4% | -9.1% | - |
| EPS CAGR (5y) | -17.2% | - | -13.4% | - | -11.5% | - | -5.0% | -2.2% | -3.3% | - |
| FCF growth (YoY) | 46.1% | - | - | - | -53.7% | - | - | - | 73.5% | - |
| FCF CAGR (5y) | -16.5% | - | - | - | -5.8% | - | - | - | 5.1% | - |
| Book value growth (YoY) | -54.5% | -55.3% | -58.7% | -46.9% | -19.7% | -36.1% | -40.2% | -48.3% | -50.5% | -32.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$137.39M totalSubscription Services$125.62M · 91.4%
Service$5.72M · 4.2%
Fixed Non Subscription Services$5.37M · 3.9%
Unit Price Services$673.0K · 0.5%
Peer comparison
Same SIC group: Services-Commercial Physical & Biological Research
Comparing NATIONAL RESEARCH CORP against the 5 most active filers in the same SIC group.
Dividends
$0.56/share trailing 12 months · +16.7% YoY
| Ex-date | Per share |
|---|---|
| Mar 27, 2026 | $0.1600 |
| Dec 26, 2025 | $0.1600 |
| Sep 26, 2025 | $0.1200 |
| Jun 27, 2025 | $0.1200 |
| Mar 28, 2025 | $0.1200 |
| Dec 27, 2024 | $0.1200 |
| Sep 27, 2024 | $0.1200 |
| Jun 28, 2024 | $0.1200 |
| Mar 27, 2024 | $0.1200 |
| Dec 28, 2023 | $0.1200 |
| Sep 28, 2023 | $0.1200 |
| Sep 15, 2023 | $1.0000 |
| Jun 29, 2023 | $0.1200 |
| Mar 30, 2023 | $0.1200 |
| Dec 29, 2022 | $0.1200 |
| Sep 29, 2022 | $0.2400 |
| Jun 29, 2022 | $0.2400 |
| Mar 30, 2022 | $0.2400 |
| Dec 29, 2021 | $0.1200 |
| Sep 29, 2021 | $0.1200 |
| Jun 29, 2021 | $0.1200 |
| Apr 16, 2021 | $0.1200 |
| Mar 30, 2020 | $0.2100 |
| Dec 30, 2019 | $0.2100 |