National Research (NRC) Financials

$13.01 +0.24 (+1.87%)

As of 11:23 AM Eastern

Annual Income Statements for National Research

This table shows National Research's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	32	31	25
Consolidated Net Income / (Loss)	32	31	25
Net Income / (Loss) Continuing Operations	32	31	25
Total Pre-Tax Income	43	40	33
Total Operating Income	47	40	35
Total Gross Profit	152	149	143
Total Revenue	152	149	143
Operating Revenue	152	149	143
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	105	109	108
Selling, General & Admin Expense	43	47	45
Depreciation Expense	5.28	5.90	6.02
Other Operating Expenses / (Income)	57	56	57
Total Other Income / (Expense), net	-3.73	-0.08	-2.50
Interest Expense	1.21	0.86	2.60
Interest & Investment Income	0.17	0.82	0.13
Other Income / (Expense), net	-2.69	-0.04	-0.03
Income Tax Expense	11	8.99	7.91
Basic Earnings per Share	$1.28	$1.26	$1.05
Weighted Average Basic Shares Outstanding	24.92M	24.54M	23.70M
Diluted Earnings per Share	$1.27	$1.25	$1.04
Weighted Average Diluted Shares Outstanding	25.05M	24.67M	23.74M
Weighted Average Basic & Diluted Shares Outstanding	24.59M	23.85M	22.95M
Cash Dividends to Common per Share	$0.84	$1.48	$0.48

This table shows National Research's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	8.30	6.64	6.96	7.27	7.88	8.86	6.36	6.18	5.69	6.56
Consolidated Net Income / (Loss)	8.30	6.64	6.96	7.27	7.88	8.86	6.36	6.18	5.69	6.56
Net Income / (Loss) Continuing Operations	8.30	6.64	6.96	7.27	7.88	8.86	6.36	6.18	5.69	6.56
Total Pre-Tax Income	11	9.47	9.01	9.44	10	11	8.19	8.32	7.30	8.88
Total Operating Income	11	12	9.02	9.37	9.96	12	8.76	8.87	7.98	9.59
Total Gross Profit	38	38	36	36	38	38	35	35	36	37
Total Revenue	38	38	36	36	38	38	35	35	36	37
Operating Revenue	38	38	36	36	38	38	35	35	36	37
Total Operating Expenses	27	26	27	27	28	26	27	26	28	27
Selling, General & Admin Expense	11	11	12	12	12	11	11	11	11	11
Depreciation Expense	1.30	1.38	1.39	1.52	1.56	1.43	1.45	1.51	1.55	1.52
Other Operating Expenses / (Income)	15	14	14	13	15	14	14	13	15	14
Total Other Income / (Expense), net	-0.26	-2.77	-0.01	0.08	0.08	-0.24	-0.57	-0.54	-0.68	-0.71
Interest Expense	0.29	0.29	0.24	0.19	0.16	0.27	0.61	0.56	0.71	0.73
Interest & Investment Income	0.02	0.13	0.25	0.27	0.26	0.04	0.04	0.03	0.03	0.02
Other Income / (Expense), net	0.01	-2.62	-0.01	-0.00	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01
Income Tax Expense	2.55	2.83	2.05	2.17	2.16	2.61	1.84	2.15	1.61	2.32
Basic Earnings per Share	$0.34	$0.27	$0.28	$0.30	$0.32	$0.36	$0.27	$0.26	$0.24	$0.28
Weighted Average Basic Shares Outstanding	24.72M	24.92M	24.59M	24.58M	24.56M	24.54M	23.87M	23.87M	23.72M	23.70M
Diluted Earnings per Share	$0.33	$0.27	$0.28	$0.29	$0.32	$0.36	$0.27	$0.26	$0.24	$0.27
Weighted Average Diluted Shares Outstanding	24.85M	25.05M	24.74M	24.72M	24.70M	24.67M	23.96M	23.92M	23.75M	23.74M
Weighted Average Basic & Diluted Shares Outstanding	24.69M	24.59M	24.61M	24.57M	24.56M	23.85M	23.88M	23.87M	23.48M	22.95M

This table details how cash moves in and out of National Research's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-29	-18	-2.42
Net Cash From Operating Activities	36	38	35
Net Cash From Continuing Operating Activities	36	38	35
Net Income / (Loss) Continuing Operations	32	31	25
Consolidated Net Income / (Loss)	32	31	25
Depreciation Expense	5.28	5.90	6.02
Non-Cash Adjustments To Reconcile Net Income	1.28	0.44	0.74
Changes in Operating Assets and Liabilities, net	-2.09	0.80	3.08
Net Cash From Investing Activities	-9.84	-16	-20
Net Cash From Continuing Investing Activities	-9.84	-16	-20
Purchase of Property, Plant & Equipment	-9.84	-16	-15
Acquisitions	0.00	0.00	-4.83
Sale of Property, Plant & Equipment	0.00	0.00	0.00
Net Cash From Financing Activities	-56	-41	-17
Net Cash From Continuing Financing Activities	-56	-41	-17
Repayment of Debt	-4.40	-20	-56
Repurchase of Common Equity	-28	-19	-31
Payment of Dividends	-21	-36	-11
Issuance of Debt	0.00	34	82
Other Financing Activities, net	-2.61	0.29	-0.34
Effect of Exchange Rate Changes	-0.18	-0.00	0.00
Cash Interest Paid	1.23	0.80	2.44
Cash Income Taxes Paid	12	8.93	8.23

This table details how cash moves in and out of National Research's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-4.58	-3.37	-1.30	-1.23	-19	2.83	-4.95	-1.21	2.98	0.77
Net Cash From Operating Activities	10	8.10	7.75	8.84	9.82	12	12	6.79	9.42	6.38
Net Cash From Continuing Operating Activities	10	8.10	7.75	8.84	9.82	12	12	6.79	9.42	6.38
Net Income / (Loss) Continuing Operations	8.30	6.64	6.96	7.27	7.88	8.86	6.36	6.18	5.69	6.56
Consolidated Net Income / (Loss)	8.30	6.64	6.96	7.27	7.88	8.86	6.36	6.18	5.69	6.56
Depreciation Expense	1.30	1.38	1.39	1.52	1.55	1.43	1.45	1.51	1.55	1.52
Non-Cash Adjustments To Reconcile Net Income	1.27	-0.08	0.30	0.54	0.51	-0.90	2.57	-0.93	0.47	-1.37
Changes in Operating Assets and Liabilities, net	-0.82	0.17	-0.90	-0.50	-0.12	2.32	1.67	0.03	1.72	-0.33
Net Cash From Investing Activities	-3.98	-1.97	-3.20	-4.34	-4.47	-3.77	-4.14	-5.27	-6.43	-4.44
Net Cash From Continuing Investing Activities	-3.98	-1.97	-3.20	-4.34	-4.47	-3.77	-4.14	-5.27	-6.43	-4.44
Purchase of Property, Plant & Equipment	-3.98	-1.97	-3.20	-4.34	-4.47	-3.77	-4.14	-5.27	-1.60	-4.44
Net Cash From Financing Activities	-10	-9.55	-5.86	-5.72	-24	-5.11	-13	-2.73	-0.02	-1.16
Net Cash From Continuing Financing Activities	-10	-9.55	-5.86	-5.72	-24	-5.11	-13	-2.73	-0.02	-1.16
Repayment of Debt	-1.08	-1.19	-1.11	-1.12	-1.15	-16	-7.62	-10	-21	-16
Repurchase of Common Equity	-3.15	-2.32	-1.97	-1.82	-0.31	-15	-15	-	-8.55	-7.40
Payment of Dividends	-5.94	-5.93	-2.96	-2.95	-28	-2.95	-2.91	-2.87	-2.86	-2.82
Issuance of Debt	-	-	0.00	-	5.00	29	13	11	33	26
Other Financing Activities, net	-0.30	-0.11	0.19	0.17	-0.05	-0.01	-0.33	-0.00	-0.00	-0.00
Cash Interest Paid	0.24	0.29	0.33	0.32	-0.05	0.20	0.52	0.57	0.61	0.74
Cash Income Taxes Paid	3.16	3.29	0.03	4.19	2.27	2.45	0.08	4.25	1.95	1.96

This table presents National Research's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	130	122	133
Total Current Assets	44	24	20
Cash & Equivalents	25	6.65	4.23
Accounts Receivable	14	12	11
Prepaid Expenses	2.39	4.23	3.48
Current Deferred & Refundable Income Taxes	0.73	0.16	0.14
Other Current Assets	1.11	0.94	0.69
Plant, Property, & Equipment, net	17	28	38
Total Noncurrent Assets	69	70	75
Goodwill	62	62	66
Intangible Assets	1.61	1.47	2.62
Other Noncurrent Operating Assets	6.26	6.79	5.90
Total Liabilities & Shareholders' Equity	130	122	133
Total Liabilities	58	73	101
Total Current Liabilities	33	36	36
Short-Term Debt	4.49	7.21	5.33
Accounts Payable	1.15	1.30	1.19
Accrued Expenses	3.98	4.89	5.09
Dividends Payable	2.96	2.91	2.77
Current Deferred Revenue	15	15	16
Current Deferred & Payable Income Tax Liabilities	0.00	0.22	0.35
Current Employee Benefit Liabilities	4.55	3.95	4.77
Other Current Liabilities	1.09	0.88	0.56
Total Noncurrent Liabilities	25	37	65
Long-Term Debt	18	29	58
Noncurrent Deferred & Payable Income Tax Liabilities	5.27	4.14	3.53
Other Noncurrent Operating Liabilities	2.05	3.67	3.97
Total Equity & Noncontrolling Interests	72	49	31
Total Preferred & Common Equity	72	49	31
Preferred Stock	0.00	0.00	0.00
Total Common Equity	72	49	31
Common Stock	175	178	180
Retained Earnings	-25	-31	-17
Treasury Stock	-78	-99	-132
Accumulated Other Comprehensive Income / (Loss)	0.00	0.00	0.00

This table presents National Research's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	135	134	134	120	121	119	132
Total Current Assets	49	45	41	25	20	17	21
Cash & Equivalents	28	24	22	3.83	1.70	0.49	3.46
Accounts Receivable	15	14	12	14	11	10	11
Prepaid Expenses	3.59	6.08	5.55	5.74	6.38	4.92	4.87
Current Deferred & Refundable Income Taxes	0.39	0.11	0.21	0.34	0.03	0.28	0.65
Other Current Assets	1.36	1.04	0.83	0.37	0.78	1.21	0.66
Plant, Property, & Equipment, net	16	19	23	26	32	34	36
Total Noncurrent Assets	70	70	70	70	69	68	75
Goodwill	62	62	62	62	62	62	66
Intangible Assets	1.65	1.58	1.54	1.51	1.44	1.40	2.71
Other Noncurrent Operating Assets	6.84	6.45	6.87	6.68	6.32	5.39	5.86
Total Liabilities & Shareholders' Equity	135	134	134	120	121	119	132
Total Liabilities	67	60	56	62	84	79	97
Total Current Liabilities	41	36	34	41	49	46	44
Short-Term Debt	4.43	4.55	4.61	9.67	15	17	9.23
Accounts Payable	1.06	1.38	2.15	1.42	2.40	1.24	2.59
Accrued Expenses	4.71	3.82	3.72	4.60	5.73	5.44	6.28
Dividends Payable	5.93	2.95	2.95	2.95	2.87	2.87	2.82
Current Deferred Revenue	17	16	15	16	15	15	17
Current Deferred & Payable Income Tax Liabilities	0.31	1.65	-	-	1.97	0.00	0.00
Current Employee Benefit Liabilities	6.02	4.98	4.58	5.03	5.39	4.37	5.39
Other Current Liabilities	1.25	0.90	0.90	0.90	0.81	0.74	0.67
Total Noncurrent Liabilities	26	24	22	21	35	33	53
Long-Term Debt	19	17	15	14	28	26	45
Noncurrent Deferred & Payable Income Tax Liabilities	5.24	4.89	4.52	4.54	3.89	4.00	4.13
Other Noncurrent Operating Liabilities	2.06	2.11	2.27	2.75	3.66	3.52	3.86
Total Equity & Noncontrolling Interests	68	75	78	58	37	40	35
Total Preferred & Common Equity	68	75	78	58	37	40	35
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	68	75	78	58	37	40	35
Common Stock	175	176	177	177	180	180	180
Retained Earnings	-29	-21	-17	-36	-27	-24	-21
Treasury Stock	-76	-	-	-82	-116	-116	-125

This table displays calculated financial ratios and metrics derived from National Research's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	2.44%	-1.97%	-3.72%
EBITDA Growth	-13.27%	-6.57%	-10.28%
EBIT Growth	-12.77%	-8.78%	-12.11%
NOPAT Growth	-10.76%	-10.22%	-14.03%
Net Income Growth	-15.12%	-2.61%	-19.98%
EPS Growth	-13.01%	-1.57%	-16.80%
Operating Cash Flow Growth	-21.75%	5.10%	-9.15%
Free Cash Flow Firm Growth	-40.13%	-7.41%	-27.05%
Invested Capital Growth	19.11%	13.51%	13.62%
Revenue Q/Q Growth	-0.10%	-0.10%	-0.76%
EBITDA Q/Q Growth	-6.20%	4.86%	-4.69%
EBIT Q/Q Growth	-6.93%	5.47%	-5.67%
NOPAT Q/Q Growth	-3.46%	0.99%	-6.84%
Net Income Q/Q Growth	-8.60%	7.71%	-8.48%
EPS Q/Q Growth	-7.30%	7.76%	-7.96%
Operating Cash Flow Q/Q Growth	-9.87%	10.44%	-13.34%
Free Cash Flow Firm Q/Q Growth	-24.63%	15.17%	-27.25%
Invested Capital Q/Q Growth	5.21%	1.33%	5.59%
Profitability Metrics	-	-	-
Gross Margin	100.00%	100.00%	100.00%
EBITDA Margin	32.42%	30.89%	28.79%
Operating Margin	30.71%	26.95%	24.60%
EBIT Margin	28.93%	26.92%	24.58%
Profit (Net Income) Margin	20.98%	20.84%	17.32%
Tax Burden Percent	74.27%	77.50%	75.81%
Interest Burden Percent	97.63%	99.90%	92.98%
Effective Tax Rate	25.73%	22.50%	24.19%
Return on Invested Capital (ROIC)	52.10%	40.30%	30.50%
ROIC Less NNEP Spread (ROIC-NNEP)	74.55%	39.91%	26.49%
Return on Net Nonoperating Assets (RNNOA)	-11.68%	10.90%	31.27%
Return on Equity (ROE)	40.41%	51.20%	61.77%
Cash Return on Invested Capital (CROIC)	34.65%	27.64%	17.75%
Operating Return on Assets (OROA)	30.46%	31.64%	27.58%
Return on Assets (ROA)	22.08%	24.49%	19.44%
Return on Common Equity (ROCE)	40.41%	51.20%	61.77%
Return on Equity Simple (ROE_SIMPLE)	44.15%	63.26%	79.22%
Net Operating Profit after Tax (NOPAT)	35	31	27
NOPAT Margin	22.81%	20.89%	18.65%
Net Nonoperating Expense Percent (NNEP)	-22.46%	0.39%	4.01%
Return On Investment Capital (ROIC_SIMPLE)	36.69%	36.24%	28.23%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	28.17%	31.38%	31.39%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	69.29%	73.05%	75.40%
Earnings before Interest and Taxes (EBIT)	44	40	35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	49	46	41
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	12.12	19.45	13.24
Price to Tangible Book Value (P/TBV)	99.12	0.00	0.00
Price to Revenue (P/Rev)	5.76	6.41	2.89
Price to Earnings (P/E)	27.45	30.74	16.71
Dividend Yield	2.38%	3.82%	2.72%
Earnings Yield	3.64%	3.25%	5.98%
Enterprise Value to Invested Capital (EV/IC)	12.06	11.99	5.08
Enterprise Value to Revenue (EV/Rev)	5.74	6.61	3.31
Enterprise Value to EBITDA (EV/EBITDA)	17.71	21.39	11.49
Enterprise Value to EBIT (EV/EBIT)	19.84	24.55	13.46
Enterprise Value to NOPAT (EV/NOPAT)	25.17	31.64	17.73
Enterprise Value to Operating Cash Flow (EV/OCF)	24.00	25.76	13.66
Enterprise Value to Free Cash Flow (EV/FCFF)	37.85	46.13	30.47
Leverage & Solvency	-	-	-
Debt to Equity	0.31	0.75	2.02
Long-Term Debt to Equity	0.25	0.60	1.85
Financial Leverage	-0.16	0.27	1.18
Leverage Ratio	1.83	2.09	3.18
Compound Leverage Factor	1.79	2.09	2.95
Debt to Total Capital	23.54%	42.84%	66.90%
Short-Term Debt to Total Capital	4.77%	8.42%	5.64%
Long-Term Debt to Total Capital	18.78%	34.41%	61.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	76.46%	57.16%	33.10%
Debt to EBITDA	0.45	0.80	1.54
Net Debt to EBITDA	-0.06	0.65	1.43
Long-Term Debt to EBITDA	0.36	0.64	1.41
Debt to NOPAT	0.64	1.18	2.37
Net Debt to NOPAT	-0.08	0.97	2.21
Long-Term Debt to NOPAT	0.51	0.95	2.17
Altman Z-Score	11.06	9.60	4.08
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	1.31	0.67	0.55
Quick Ratio	1.18	0.53	0.43
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	23	21	16
Operating Cash Flow to CapEx	368.73%	241.56%	224.14%
Free Cash Flow to Firm to Interest Expense	19.02	24.70	5.98
Operating Cash Flow to Interest Expense	30.00	44.21	13.34
Operating Cash Flow Less CapEx to Interest Expense	21.86	25.91	7.39
Efficiency Ratios	-	-	-
Asset Turnover	1.05	1.18	1.12
Accounts Receivable Turnover	10.75	11.07	12.21
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	10.23	6.54	4.30
Accounts Payable Turnover	0.00	0.00	0.00
Days Sales Outstanding (DSO)	33.94	32.97	29.89
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	33.94	32.97	29.89
Capital & Investment Metrics	-	-	-
Invested Capital	72	82	93
Invested Capital Turnover	2.28	1.93	1.64
Increase / (Decrease) in Invested Capital	12	9.75	11
Enterprise Value (EV)	870	982	473
Market Capitalization	873	952	414
Book Value per Share	$2.92	$1.99	$1.33
Tangible Book Value per Share	$0.36	($0.58)	($1.60)
Total Capital	94	86	95
Total Debt	22	37	63
Total Long-Term Debt	18	29	58
Net Debt	-2.85	30	59
Capital Expenditures (CapEx)	9.84	16	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-10	-11	-15
Debt-free Net Working Capital (DFNWC)	15	-4.63	-11
Net Working Capital (NWC)	10	-12	-16
Net Nonoperating Expense (NNE)	2.77	0.06	1.90
Net Nonoperating Obligations (NNO)	0.11	33	62
Total Depreciation and Amortization (D&A)	5.28	5.90	6.02
Debt-free, Cash-free Net Working Capital to Revenue	-6.75%	-7.59%	-10.60%
Debt-free Net Working Capital to Revenue	9.76%	-3.12%	-7.64%
Net Working Capital to Revenue	6.80%	-7.97%	-11.36%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$1.28	$1.26	$1.05
Adjusted Weighted Average Basic Shares Outstanding	24.92M	24.54M	23.70M
Adjusted Diluted Earnings per Share	$1.27	$1.25	$1.04
Adjusted Weighted Average Diluted Shares Outstanding	25.05M	24.67M	23.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	24.59M	23.85M	22.95M
Normalized Net Operating Profit after Tax (NOPAT)	35	31	27
Normalized NOPAT Margin	22.81%	20.89%	18.65%
Pre Tax Income Margin	28.25%	26.90%	22.85%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	36.27	46.41	13.55
NOPAT to Interest Expense	28.59	36.00	10.28
EBIT Less CapEx to Interest Expense	28.14	28.10	7.60
NOPAT Less CapEx to Interest Expense	20.46	17.70	4.33
Payout Ratios	-	-	-
Dividend Payout Ratio	65.92%	117.42%	46.21%
Augmented Payout Ratio	152.76%	179.09%	171.08%

This table displays calculated financial ratios and metrics derived from National Research's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.20%	-0.40%	-5.12%	-3.03%	0.67%	-0.37%	-3.18%	-3.15%	-5.60%	-2.88%
EBITDA Growth	-13.96%	-22.79%	-20.40%	-14.01%	-7.40%	19.35%	-1.87%	-4.75%	-17.25%	-15.44%
EBIT Growth	-14.68%	-25.32%	-23.35%	-17.64%	-10.58%	21.54%	-2.74%	-5.44%	-19.86%	-18.07%
NOPAT Growth	-15.44%	-13.54%	-20.24%	-16.59%	-8.10%	5.37%	-2.43%	-8.82%	-20.34%	-21.63%
Net Income Growth	-14.07%	-31.06%	-18.44%	-12.61%	-5.09%	33.38%	-8.69%	-15.10%	-27.78%	-25.93%
EPS Growth	-13.16%	-27.03%	-17.65%	-12.12%	-3.03%	33.33%	-3.57%	-10.34%	-25.00%	-25.00%
Operating Cash Flow Growth	15.46%	-32.88%	-6.48%	-10.04%	-2.32%	44.47%	55.26%	-23.18%	-4.02%	-45.52%
Free Cash Flow Firm Growth	-75.89%	-131.21%	-151.91%	-232.69%	-238.96%	76.49%	169.94%	98.87%	75.79%	-477.53%
Invested Capital Growth	8.38%	19.11%	14.05%	18.38%	17.86%	13.51%	6.95%	8.48%	9.03%	13.62%
Revenue Q/Q Growth	1.07%	1.20%	-4.38%	-0.86%	4.93%	0.15%	-7.07%	-0.83%	2.28%	3.04%
EBITDA Q/Q Growth	-1.91%	-11.42%	-5.47%	4.69%	5.63%	14.17%	-22.28%	1.62%	-8.23%	16.66%
EBIT Q/Q Growth	-2.18%	-13.46%	-6.45%	4.01%	6.19%	17.63%	-25.15%	1.13%	-10.01%	20.27%
NOPAT Q/Q Growth	-1.72%	1.00%	-18.82%	3.51%	8.29%	15.80%	-24.83%	-3.26%	-5.40%	13.93%
Net Income Q/Q Growth	-0.29%	-19.97%	4.86%	4.44%	8.29%	12.47%	-28.21%	-2.89%	-7.89%	15.35%
EPS Q/Q Growth	0.00%	-18.18%	3.70%	3.57%	10.34%	12.50%	-25.00%	-3.70%	-7.69%	12.50%
Operating Cash Flow Q/Q Growth	2.33%	-19.36%	-4.33%	13.96%	11.11%	19.26%	2.81%	-43.62%	38.82%	-32.30%
Free Cash Flow Firm Q/Q Growth	-13.96%	-193.72%	24.34%	-117.51%	9.90%	84.14%	325.08%	-103.51%	-1,830.59%	-278.22%
Invested Capital Q/Q Growth	3.85%	5.21%	3.92%	4.26%	3.39%	1.33%	-2.09%	5.76%	3.91%	5.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	32.94%	28.83%	28.50%	30.10%	30.30%	34.54%	28.89%	29.60%	26.56%	30.07%
Operating Margin	29.47%	32.09%	24.72%	25.90%	26.24%	30.81%	24.81%	25.31%	22.28%	25.98%
EBIT Margin	29.50%	25.23%	24.68%	25.89%	26.20%	30.78%	24.79%	25.28%	22.25%	25.97%
Profit (Net Income) Margin	22.02%	17.41%	19.09%	20.11%	20.76%	23.31%	18.01%	17.63%	15.88%	17.78%
Tax Burden Percent	76.50%	70.12%	77.28%	77.01%	78.45%	77.24%	77.61%	74.18%	77.96%	73.92%
Interest Burden Percent	97.55%	98.42%	100.10%	100.87%	100.97%	98.05%	93.59%	94.01%	91.57%	92.62%
Effective Tax Rate	23.50%	29.88%	22.72%	22.99%	21.55%	22.76%	22.39%	25.82%	22.04%	26.08%
Return on Invested Capital (ROIC)	51.90%	51.40%	40.62%	41.07%	40.98%	45.91%	36.58%	33.71%	29.64%	31.41%
ROIC Less NNEP Spread (ROIC-NNEP)	54.00%	67.15%	40.67%	35.49%	41.54%	44.79%	34.57%	31.93%	28.25%	30.30%
Return on Net Nonoperating Assets (RNNOA)	-6.82%	-10.52%	-4.02%	-0.53%	7.85%	12.23%	13.49%	12.19%	23.34%	35.76%
Return on Equity (ROE)	45.08%	40.88%	36.60%	40.54%	48.83%	58.15%	50.07%	45.90%	52.99%	67.17%
Cash Return on Invested Capital (CROIC)	46.28%	34.65%	33.53%	26.72%	24.74%	27.64%	33.07%	28.97%	25.27%	17.75%
Operating Return on Assets (OROA)	30.75%	26.55%	25.69%	28.49%	30.55%	36.16%	28.64%	29.27%	25.46%	29.14%
Return on Assets (ROA)	22.94%	18.33%	19.87%	22.13%	24.20%	27.39%	20.80%	20.41%	18.17%	19.95%
Return on Common Equity (ROCE)	45.08%	40.88%	36.60%	40.54%	48.83%	58.15%	50.07%	45.90%	52.99%	67.17%
Return on Equity Simple (ROE_SIMPLE)	51.34%	0.00%	40.48%	37.53%	49.69%	0.00%	82.19%	72.81%	78.21%	0.00%
Net Operating Profit after Tax (NOPAT)	8.50	8.58	6.97	7.21	7.81	9.04	6.80	6.58	6.22	7.09
NOPAT Margin	22.55%	22.50%	19.10%	19.94%	20.58%	23.80%	19.25%	18.78%	17.37%	19.21%
Net Nonoperating Expense Percent (NNEP)	-2.10%	-15.75%	-0.05%	5.58%	-0.55%	1.13%	2.02%	1.78%	1.40%	1.11%
Return On Investment Capital (ROIC_SIMPLE)	-	9.11%	-	-	-	10.56%	-	-	-	7.50%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	28.55%	27.63%	32.31%	33.09%	31.10%	29.13%	31.86%	32.04%	30.68%	31.03%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	70.53%	67.91%	75.28%	74.10%	73.76%	69.19%	75.19%	74.69%	77.72%	74.02%
Earnings before Interest and Taxes (EBIT)	11	9.62	9.00	9.36	9.94	12	8.76	8.85	7.97	9.58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	11	10	11	11	13	10	10	9.51	11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	13.91	12.12	13.79	13.29	18.52	19.45	26.19	13.63	15.76	13.24
Price to Tangible Book Value (P/TBV)	209.41	99.12	89.72	70.78	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.21	5.76	6.88	6.96	7.21	6.41	6.56	3.75	3.79	2.89
Price to Earnings (P/E)	27.10	27.45	34.06	35.41	37.28	30.74	31.87	18.72	20.15	16.71
Dividend Yield	2.21%	2.38%	1.72%	1.43%	3.39%	3.82%	3.76%	6.45%	2.10%	2.72%
Earnings Yield	3.69%	3.64%	2.94%	2.82%	2.68%	3.25%	3.14%	5.34%	4.96%	5.98%
Enterprise Value to Invested Capital (EV/IC)	13.67	12.06	13.70	13.18	13.51	11.99	12.57	6.95	6.77	5.08
Enterprise Value to Revenue (EV/Rev)	6.18	5.74	6.86	6.94	7.34	6.61	6.84	4.03	4.14	3.31
Enterprise Value to EBITDA (EV/EBITDA)	17.90	17.71	22.10	23.06	24.95	21.39	22.05	13.05	13.80	11.49
Enterprise Value to EBIT (EV/EBIT)	19.90	19.84	24.98	26.35	28.79	24.55	25.36	15.03	16.00	13.46
Enterprise Value to NOPAT (EV/NOPAT)	26.18	25.17	31.29	32.82	35.53	31.64	32.66	19.50	20.82	17.73
Enterprise Value to Operating Cash Flow (EV/OCF)	23.30	24.00	28.74	29.66	31.64	25.76	23.78	14.62	14.93	13.66
Enterprise Value to Free Cash Flow (EV/FCFF)	30.74	37.85	43.53	53.50	59.08	46.13	39.30	24.98	27.94	30.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.31	0.28	0.26	0.41	0.75	1.14	1.05	1.56	2.02
Long-Term Debt to Equity	0.28	0.25	0.22	0.20	0.24	0.60	0.75	0.64	1.30	1.85
Financial Leverage	-0.13	-0.16	-0.10	-0.01	0.19	0.27	0.39	0.38	0.83	1.18
Leverage Ratio	1.93	1.83	1.84	1.84	2.03	2.09	2.29	2.14	2.72	3.18
Compound Leverage Factor	1.88	1.80	1.84	1.86	2.05	2.05	2.14	2.01	2.49	2.94
Debt to Total Capital	25.56%	23.54%	22.01%	20.43%	29.17%	42.84%	53.24%	51.23%	60.99%	66.90%
Short-Term Debt to Total Capital	4.87%	4.77%	4.75%	4.71%	11.83%	8.42%	18.36%	20.10%	10.40%	5.64%
Long-Term Debt to Total Capital	20.69%	18.78%	17.27%	15.72%	17.34%	34.41%	34.89%	31.13%	50.60%	61.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	74.44%	76.46%	77.99%	79.57%	70.83%	57.16%	46.76%	48.77%	39.01%	33.10%
Debt to EBITDA	0.44	0.45	0.45	0.45	0.54	0.80	0.92	0.93	1.25	1.54
Net Debt to EBITDA	-0.10	-0.06	-0.06	-0.06	0.46	0.65	0.88	0.92	1.17	1.43
Long-Term Debt to EBITDA	0.36	0.36	0.36	0.34	0.32	0.64	0.60	0.57	1.04	1.41
Debt to NOPAT	0.65	0.64	0.64	0.64	0.78	1.18	1.36	1.40	1.89	2.37
Net Debt to NOPAT	-0.14	-0.08	-0.08	-0.08	0.65	0.97	1.31	1.38	1.77	2.21
Long-Term Debt to NOPAT	0.53	0.51	0.50	0.49	0.46	0.95	0.89	0.85	1.57	2.17
Altman Z-Score	9.58	10.20	11.55	12.32	11.26	8.84	7.77	5.07	4.23	3.44
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.31	1.25	1.21	0.61	0.67	0.41	0.37	0.47	0.55
Quick Ratio	1.07	1.18	1.05	1.02	0.45	0.53	0.26	0.23	0.33	0.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.19	-2.99	-2.27	-4.93	-4.44	-0.70	1.58	-0.06	-1.07	-4.06
Operating Cash Flow to CapEx	252.32%	412.21%	242.36%	203.57%	219.62%	310.56%	290.89%	128.79%	590.35%	143.54%
Free Cash Flow to Firm to Interest Expense	11.09	-10.47	-9.40	-25.66	-27.74	-2.62	2.62	-0.10	-1.52	-5.58
Operating Cash Flow to Interest Expense	34.90	28.34	32.17	46.02	61.36	43.52	19.90	12.23	13.35	8.75
Operating Cash Flow Less CapEx to Interest Expense	21.07	21.46	18.90	23.41	33.42	29.51	13.06	2.73	11.09	2.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.05	1.04	1.10	1.17	1.18	1.16	1.16	1.14	1.12
Accounts Receivable Turnover	9.59	10.75	9.93	11.88	9.97	11.07	11.63	13.33	11.29	12.21
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.15	10.23	9.25	8.20	7.19	6.54	5.78	5.19	4.66	4.30
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	38.06	33.94	36.76	30.73	36.62	32.97	31.38	27.38	32.32	29.89
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	38.06	33.94	36.76	30.73	36.62	32.97	31.38	27.38	32.32	29.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	69	72	75	78	81	82	80	85	88	93
Invested Capital Turnover	2.30	2.28	2.13	2.06	1.99	1.93	1.90	1.80	1.71	1.64
Increase / (Decrease) in Invested Capital	5.30	12	9.23	12	12	9.75	5.21	6.63	7.30	11
Enterprise Value (EV)	938	870	1,027	1,030	1,092	982	1,008	590	596	473
Market Capitalization	943	873	1,030	1,033	1,072	952	968	548	546	414
Book Value per Share	$2.74	$2.92	$3.04	$3.16	$2.36	$1.99	$1.55	$1.68	$1.45	$1.33
Tangible Book Value per Share	$0.18	$0.36	$0.47	$0.59	($0.21)	($0.58)	($1.09)	($0.96)	($1.44)	($1.60)
Total Capital	91	94	96	98	82	86	79	82	89	95
Total Debt	23	22	21	20	24	37	42	42	54	63
Total Long-Term Debt	19	18	17	15	14	29	28	26	45	58
Net Debt	-5.12	-2.85	-2.65	-2.53	20	30	40	42	51	59
Capital Expenditures (CapEx)	3.98	1.97	3.20	4.34	4.47	3.77	4.14	5.27	1.60	4.44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16	-10	-10	-11	-10	-11	-16	-13	-18	-15
Debt-free Net Working Capital (DFNWC)	12	15	14	12	-6.40	-4.63	-14	-12	-14	-11
Net Working Capital (NWC)	8.02	10	9.06	7.25	-16	-12	-29	-29	-24	-16
Net Nonoperating Expense (NNE)	0.20	1.94	0.00	-0.06	-0.07	0.19	0.44	0.40	0.53	0.53
Net Nonoperating Obligations (NNO)	0.81	0.11	0.31	0.42	23	33	43	45	53	62
Total Depreciation and Amortization (D&A)	1.30	1.38	1.39	1.52	1.55	1.43	1.45	1.51	1.55	1.52
Debt-free, Cash-free Net Working Capital to Revenue	-10.50%	-6.75%	-6.76%	-7.17%	-6.88%	-7.59%	-10.87%	-8.68%	-12.36%	-10.60%
Debt-free Net Working Capital to Revenue	8.21%	9.76%	9.09%	7.99%	-4.30%	-3.12%	-9.72%	-8.35%	-9.95%	-7.64%
Net Working Capital to Revenue	5.29%	6.80%	6.06%	4.88%	-10.80%	-7.97%	-19.56%	-19.67%	-16.36%	-11.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.27	$0.28	$0.30	$0.32	$0.36	$0.27	$0.26	$0.24	$0.28
Adjusted Weighted Average Basic Shares Outstanding	24.72M	24.92M	24.59M	24.58M	24.56M	24.54M	23.87M	23.87M	23.72M	23.70M
Adjusted Diluted Earnings per Share	$0.33	$0.27	$0.28	$0.29	$0.32	$0.36	$0.27	$0.26	$0.24	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	24.85M	25.05M	24.74M	24.72M	24.70M	24.67M	23.96M	23.92M	23.75M	23.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	24.69M	24.59M	24.61M	24.57M	24.56M	23.85M	23.88M	23.87M	23.48M	22.95M
Normalized Net Operating Profit after Tax (NOPAT)	8.50	8.58	6.97	7.21	7.81	9.04	6.80	6.58	6.22	7.09
Normalized NOPAT Margin	22.55%	22.50%	19.10%	19.94%	20.58%	23.80%	19.25%	18.78%	17.37%	19.21%
Pre Tax Income Margin	28.78%	24.83%	24.71%	26.12%	26.46%	30.18%	23.20%	23.77%	20.37%	24.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	38.61	33.65	37.35	48.77	62.14	43.48	14.47	15.95	11.29	13.15
NOPAT to Interest Expense	29.51	30.01	28.91	37.56	48.81	33.62	11.24	11.85	8.81	9.72
EBIT Less CapEx to Interest Expense	24.78	26.77	24.08	26.16	34.21	29.46	7.63	6.46	9.03	7.05
NOPAT Less CapEx to Interest Expense	15.68	23.14	15.64	14.96	20.88	19.61	4.40	2.35	6.55	3.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.99%	65.92%	69.06%	60.93%	136.83%	117.42%	119.59%	123.79%	42.77%	46.21%
Augmented Payout Ratio	136.61%	152.76%	144.85%	92.64%	159.15%	179.09%	225.39%	227.34%	185.12%	171.08%

Frequently Asked Questions About National Research's Financials

When does National Research's financial year end?

According to the most recent income statement we have on file, National Research's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has National Research's net income changed over the last 2 years?

National Research's net income appears to be on a downward trend, with a most recent value of $24.78 million in 2024, falling from $31.80 million in 2022. The previous period was $30.97 million in 2023.

What is National Research's operating income?

National Research's total operating income in 2024 was $35.19 million, based on the following breakdown:

Total Gross Profit: $143.06 million
Total Operating Expenses: $107.87 million

How has National Research revenue changed over the last 2 years?

Over the last 2 years, National Research's total revenue changed from $151.57 million in 2022 to $143.06 million in 2024, a change of -5.6%.

How much debt does National Research have?

National Research's total liabilities were at $101.26 million at the end of 2024, a 37.8% increase from 2023, and a 73.3% increase since 2022.

How much cash does National Research have?

In the past 2 years, National Research's cash and equivalents has ranged from $4.23 million in 2024 to $25.03 million in 2022, and is currently $4.23 million as of their latest financial filing in 2024.

How has National Research's book value per share changed over the last 2 years?

Over the last 2 years, National Research's book value per share changed from 2.92 in 2022 to 1.33 in 2024, a change of -54.3%.

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This page (NASDAQ:NRC) was last updated on 5/5/2025 by MarketBeat.com Staff

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National Research (NRC) Financials

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National Research (NRC) Financials

Annual Income Statements for National Research

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Quarterly Cash Flow Statements for National Research

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Quarterly Balance Sheets for National Research

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Quarterly Metrics and Ratios for National Research

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