National Research Corp (NRC)
NASDAQ:NRC
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National Research
(NASDAQ:NRC)
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Rating:53Neutral
Price Target:
$17.00
▼(-12.78% Downside)
Action:ReiteratedDate:04/29/26
The score is held back primarily by weakened profitability trends and a highly leveraged balance sheet, partially offset by positive free cash flow. Earnings call commentary and corporate updates point to improving leading indicators and expected 2026 revenue recovery, while technicals and valuation are both mixed and do not strongly change the outlook.
Positive Factors
Recurring revenue visibility
Sustained TRCV growth and 99% recurring revenue materially increase revenue predictability and reduce volatility. This durable contract base supports forward cash flow visibility, improves planning for go‑to‑market investments, and raises the probability that ARR-like metrics will convert into stable recognized revenue over time.
Negative Factors
Elevated leverage and thin equity
A much higher debt burden and a thin equity base reduce financial flexibility and raise refinancing and interest‑rate sensitivity. This structural capital‑stack weakness constrains the company’s ability to fund growth initiatives, increases bankruptcy risk in stress scenarios, and amplifies earnings volatility from financing costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue visibility
Sustained TRCV growth and 99% recurring revenue materially increase revenue predictability and reduce volatility. This durable contract base supports forward cash flow visibility, improves planning for go‑to‑market investments, and raises the probability that ARR-like metrics will convert into stable recognized revenue over time.
Read all positive factors
National Research (NRC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$392.36M
Dividend Yield2.52%
Average Volume (3M)102.91K
Price to Earnings (P/E)28.7
Beta (1Y)0.66
Revenue Growth-1.88%
EPS Growth-61.50%
CountryUS
Employees368
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)0.41
Shares Outstanding22,536,695
10 Day Avg. Volume100,181
30 Day Avg. Volume102,911
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)30.03
Price to Sales (P/S)3.06
P/FCF Ratio26.69
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue3.37
Enterprise Value/Gross Profit6.04
Enterprise Value/Ebitda16.83
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
National Research Business Overview & Revenue Model
Company Description
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 actionable inf...
How the Company Makes Money
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National Research Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful progress across leading indicators (TRCV +8%, new sales +86%, highest retention in 7+ years), strong profitability (29% adjusted EBITDA margin) and clear product/organizational momentum (Rounding TRCV nearly doubled, AI initiatives, strategic hires). The primary negatives were a 4% full-year revenue decline and lingering impacts from elevated TRCV attrition in H2 2024 that created tough comps and pressured 2025 revenue. Management framed the revenue weakness as largely cyclical and expectant of recovery in 2026 as TRCV converts to recognized revenue. Overall, positive operational and financial fundamentals outweigh the near-term revenue drag.Positive Updates
TRCV Growth and Predictability
Total recurring contract value (TRCV) reached $144.1M, up 8% year-over-year and 2% sequentially, marking the fifth consecutive quarter of sequential TRCV growth; 99% of revenue is recurring, reinforcing revenue visibility and predictability.
Negative Updates
Year-over-Year Revenue Decline
Full-year revenue for 2025 was $137.4M, down 4% versus 2024. Fourth-quarter revenue was $35.2M, down 5% year-over-year (though up 2% sequentially), reflecting near-term top-line pressure.
Read all updates
Q4-2025 Updates
Positive
Negative
TRCV Growth and Predictability
Total recurring contract value (TRCV) reached $144.1M, up 8% year-over-year and 2% sequentially, marking the fifth consecutive quarter of sequential TRCV growth; 99% of revenue is recurring, reinforcing revenue visibility and predictability.
Read all positive updates
Company Guidance
Management's guidance emphasized that revenue growth should resume in 2026 driven by TRCV, which rose 8% year‑over‑year to $144.1M (up 2% sequential) and is 99% recurring after five consecutive quarters of sequential TRCV growth; they cited go‑to‑market changes (full‑year new sales +86% YoY), Rounding TRCV nearly doubling in 2025, cross‑sell/enablement adoption, AI enhancements, retention upside (highest gross dollar retention in >7 years) and new‑logo opportunities as key catalysts. Financially, they pointed to FY2025 revenue of $137.4M (down 4% YoY) with adjusted EBITDA $40.2M (29% margin) and Q4 revenue $35.2M (down 5% YoY, +2% sequential), Q4 adjusted EBITDA $8.7M, adjusted EPS $0.93 for the year ($0.16 in Q4), durable free cash flow, and a $0.12 quarterly dividend—expecting margin expansion as revenue recovers and capital allocation via reinvestment, dividends, opportunistic buybacks and strategic M&A.National Research Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
24
Negative
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 138.64M | 137.39M | 143.06M | 148.58M | 151.57M | 147.95M |
| Gross Profit | 77.43M | 77.39M | 86.13M | 92.56M | 94.52M | 95.60M |
| EBITDA | 27.80M | 30.23M | 41.31M | 45.98M | 49.30M | 56.66M |
| Net Income | 9.03M | 11.60M | 24.78M | 30.97M | 31.80M | 37.47M |
Balance Sheet | ||||||
| Total Assets | 134.56M | 134.88M | 132.54M | 122.44M | 130.46M | 157.54M |
| Cash, Cash Equivalents and Short-Term Investments | 2.55M | 4.14M | 4.23M | 6.65M | 25.03M | 54.36M |
| Total Debt | 78.03M | 79.03M | 64.41M | 38.96M | 23.39M | 28.68M |
| Total Liabilities | 121.06M | 120.89M | 101.25M | 73.48M | 58.43M | 72.20M |
| Stockholders Equity | 13.49M | 13.99M | 31.28M | 48.95M | 72.03M | 85.34M |
Cash Flow | ||||||
| Free Cash Flow | 17.43M | 15.74M | 19.18M | 22.33M | 26.43M | 40.83M |
| Operating Cash Flow | 26.98M | 26.45M | 34.63M | 38.11M | 36.27M | 46.34M |
| Investing Cash Flow | -9.55M | -10.71M | -20.28M | -15.78M | -9.84M | -8.51M |
| Financing Cash Flow | -17.39M | -15.84M | -16.76M | -40.71M | -55.58M | -18.16M |
National Research Technical Analysis
Positive
19.49
Price Trends
15.51
Positive
17.04
Positive
15.52
Positive
Market Momentum
0.39
Negative
62.43
Neutral
83.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRC, the sentiment is Positive. The current price of 19.49 is above the 20-day moving average (MA) of 17.22, above the 50-day MA of 15.51, and above the 200-day MA of 15.52, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 62.43 is Neutral, neither overbought nor oversold. The STOCH value of 83.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NRC.
National Research Risk Analysis
National Research disclosed 24 risk factors in its most recent earnings report. National Research reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
National Research Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $218.50M | 28.48 | 8.64% | 9.67% | -1.72% | -21.57% | |
67 Neutral | $301.26M | 13.59 | -49.30% | ― | 2.51% | -962.01% | |
66 Neutral | $386.83M | 73.44 | 2.49% | ― | 2.26% | ― | |
66 Neutral | $125.71M | 44.33 | 4.22% | ― | 18.78% | ― | |
53 Neutral | $392.36M | 28.72 | 58.50% | 2.52% | -1.88% | -61.50% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $106.70M | -0.94 | -54.67% | ― | 1.48% | -119.42% |
* Healthcare Sector Average
NRC
National Research
17.41
5.06
40.93%
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National Research Corporate Events
Executive/Board ChangesFinancial Disclosures
NRC Health Amends Executive Stock Awards and Bonuses
Negative
Apr 28, 2026
On April 27, 2026, NRC Health’s Compensation and Talent Committee amended previously granted stock awards to CEO Trent Green, COO and EVP Helen Hrdy, and Chief Corporate Development Officer and EVP Andrew Monich, originally issued in 2025 to...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
NRC Health Adopts New Name and Governance Structure
Positive
Apr 20, 2026
On April 15, 2026, National Research Corporation formally changed its corporate name to NRC Health through a charter amendment filed in Delaware, aligning its legal identity with the brand it has used since 2016 while keeping its NASDAQ ticker sym...
Business Operations and StrategyFinancial Disclosures
National Research Hits Record Recurring Contract Value Milestone
Positive
Mar 5, 2026
On March 4, 2026, NRC Health reported that its Total Recurring Contract Value surpassed $152 million, an all‑time high for the company and a 6% increase from the end of 2025. The figure also marked 13% year‑over‑year growth and r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.