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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $137.39M | $143.06M | $148.58M | $151.57M | $147.95M | $133.28M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $54.80M | $44.91M | $46.62M | $42.70M | $38.96M | $34.44M |
| Total Operating Expenses | $114.80M | $107.87M | $108.53M | $105.03M | $97.68M | $91.13M |
| D&A | $6.02M | - | - | - | - | - |
| Operating Income | $22.59M | $35.19M | $40.05M | $46.54M | $50.27M | $42.68M |
| Interest Expense | $4.76M | $2.60M | $862.0K | $1.21M | $1.67M | $1.81M |
| Income Tax | $6.25M | $7.91M | $8.99M | $11.02M | $11.15M | $4.21M |
| Net Income | $11.60M | $24.78M | $30.97M | $31.80M | $37.47M | $37.26M |
| EPS - Basic | $50.00 | $1.05 | $1.26 | $1.28 | $1.48 | - |
| EPS - Diluted | $50.00 | $1.04 | $1.25 | $1.27 | $1.45 | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.14M | $4.23M | $6.65M | $25.03M | $54.36M | $34.69M |
| Accounts Receivable | $11.11M | $11.05M | $12.38M | $14.46M | $13.73M | $13.92M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $1.17M | $1.19M | $1.30M | $1.15M | $1.94M | $1.09M |
| Current Assets | $20.21M | $19.60M | $24.36M | $43.72M | $73.71M | $54.11M |
| Total Assets | $134.88M | $132.54M | $122.44M | $130.46M | $157.54M | $133.42M |
| Current Liabilities | $36.62M | $35.86M | $36.20M | $33.42M | $40.39M | $31.68M |
| Long-term Debt | $75.02M | $57.90M | $36.79M | $22.32M | $26.62M | $26.55M |
| Total Liabilities | $120.89M | $101.25M | $73.48M | $58.43M | $72.20M | $69.11M |
| Stockholders' Equity | $13.99M | $31.28M | $48.95M | $72.03M | $85.34M | $64.31M |
| Retained Earnings | ($17.30M) | ($17.06M) | ($30.53M) | ($25.18M) | ($36.11M) | ($61.38M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $26.45M | $34.63M | $38.11M | $36.27M | $46.34M | $40.64M |
| Investing Cash Flow | ($10.71M) | ($20.28M) | ($15.78M) | ($9.84M) | ($8.51M) | ($3.72M) |
| Financing Cash Flow | ($15.84M) | ($16.76M) | ($40.71M) | ($55.58M) | ($18.16M) | ($15.50M) |
| CapEx | $10.71M | $15.45M | $15.78M | $9.84M | $5.51M | $3.98M |
| Free Cash Flow | $15.74M | $19.18M | $22.33M | $26.43M | $40.83M | $36.65M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 16.4% | 24.6% | 27.0% | 30.7% | 34.0% | 32.0% |
| EBITDA margin | 20.8% | - | - | - | - | - |
| Net margin | 8.4% | 17.3% | 20.8% | 21.0% | 25.3% | 28.0% |
| Free cash flow margin | 11.5% | 13.4% | 15.0% | 17.4% | 27.6% | 27.5% |
| FCF / Net income | 1.36 | 0.77 | 0.72 | 0.83 | 1.09 | 0.98 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 39.9% | 31.4% | 31.4% | 28.2% | 26.3% | 25.8% |
| Effective tax rate | 35.0% | 24.2% | 22.5% | 25.7% | 22.9% | 10.1% |
| Return on assets | 8.6% | 18.7% | 25.3% | 24.4% | 23.8% | 27.9% |
| Return on equity | 82.9% | 79.2% | 63.3% | 44.1% | 43.9% | 57.9% |
| Return on invested capital | 16.5% | 29.9% | 36.2% | 36.6% | 34.6% | 42.2% |
| Liquidity | ||||||
| Current ratio | 0.55 | 0.55 | 0.67 | 1.31 | 1.82 | 1.71 |
| Quick ratio | 0.55 | 0.55 | 0.67 | 1.31 | 1.82 | 1.71 |
| Cash ratio | 0.11 | 0.12 | 0.18 | 0.75 | 1.35 | 1.09 |
| Leverage | ||||||
| Debt / Equity | 5.36 | 1.85 | 0.75 | 0.31 | 0.31 | 0.41 |
| Debt / Assets | 0.56 | 0.44 | 0.30 | 0.17 | 0.17 | 0.20 |
| Debt / EBITDA | 2.62 | - | - | - | - | - |
| Interest coverage | 4.7x | 13.6x | 46.5x | 38.5x | 30.2x | 23.5x |
| Equity multiplier | 9.64 | 4.24 | 2.50 | 1.81 | 1.85 | 2.07 |
| Liabilities / Assets | 0.90 | 0.76 | 0.60 | 0.45 | 0.46 | 0.52 |
| Efficiency | ||||||
| Asset turnover | 1.02 | 1.08 | 1.21 | 1.16 | 0.94 | 1.00 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 30d | 28d | 30d | 35d | 34d | 38d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 0.4x | 17.0x | 31.6x | 29.4x | 28.6x | - |
| P / B | 30.0x | 13.4x | 19.9x | 13.0x | 12.5x | - |
| P / S | 3.1x | 2.9x | 6.6x | 6.2x | 7.2x | - |
| EV / EBITDA | 17.2x | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -4.0% | -3.7% | -2.0% | 2.4% | 11.0% | 11.4% |
| Revenue CAGR (3y) | -3.2% | -1.1% | 3.7% | 8.2% | 7.3% | 4.3% |
| Revenue CAGR (5y) | 0.6% | 3.6% | 4.4% | 5.2% | 6.2% | 5.4% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -35.8% | -12.1% | -14.0% | -7.4% | 17.8% | -0.8% |
| Net income growth (YoY) | -53.2% | -20.0% | -2.6% | -15.1% | 0.6% | 15.0% |
| EPS growth (YoY) | 4707.7% | -16.8% | -1.6% | -12.4% | - | - |
| EPS CAGR (3y) | 240.2% | -10.5% | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -17.9% | -14.1% | -15.5% | -35.3% | 11.4% | 1.1% |
| FCF CAGR (5y) | -15.5% | -12.0% | -8.0% | 2.4% | 12.3% | 14.1% |
| Book value growth (YoY) | -55.3% | -36.1% | -32.0% | -15.6% | 32.7% | 95.5% |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.39
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✗Asset turnover improved
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 |