National Research (NRC) Financials

$13.94 +0.35 (+2.55%)

As of 02:00 PM 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	25	31	32
Consolidated Net Income / (Loss)	25	31	32
Net Income / (Loss) Continuing Operations	25	31	32
Total Pre-Tax Income	33	40	43
Total Operating Income	35	40	47
Total Gross Profit	143	149	152
Total Revenue	143	149	152
Operating Revenue	143	149	152
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	108	109	105
Selling, General & Admin Expense	45	47	43
Depreciation Expense	6.02	5.90	5.28
Other Operating Expenses / (Income)	57	56	57
Total Other Income / (Expense), net	-2.50	-0.08	-3.73
Interest Expense	2.60	0.86	1.21
Interest & Investment Income	0.13	0.82	0.17
Other Income / (Expense), net	-0.03	-0.04	-2.69
Income Tax Expense	7.91	8.99	11
Basic Earnings per Share	$1.05	$1.26	$1.28
Weighted Average Basic Shares Outstanding	23.70M	24.54M	24.92M
Diluted Earnings per Share	$1.04	$1.25	$1.27
Weighted Average Diluted Shares Outstanding	23.74M	24.67M	25.05M
Weighted Average Basic & Diluted Shares Outstanding	22.95M	23.85M	24.59M
Cash Dividends to Common per Share	$0.48	$1.48	$0.84

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

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

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

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	133	122	130
Total Current Assets	20	24	44
Cash & Equivalents	4.23	6.65	25
Accounts Receivable	11	12	14
Prepaid Expenses	3.48	4.23	2.39
Current Deferred & Refundable Income Taxes	0.14	0.16	0.73
Other Current Assets	0.69	0.94	1.11
Plant, Property, & Equipment, net	38	28	17
Total Noncurrent Assets	75	70	69
Goodwill	66	62	62
Intangible Assets	2.62	1.47	1.61
Other Noncurrent Operating Assets	5.90	6.79	6.26
Total Liabilities & Shareholders' Equity	133	122	130
Total Liabilities	101	73	58
Total Current Liabilities	36	36	33
Short-Term Debt	5.33	7.21	4.49
Accounts Payable	1.19	1.30	1.15
Accrued Expenses	5.09	4.89	3.98
Dividends Payable	2.77	2.91	2.96
Current Deferred Revenue	16	15	15
Current Deferred & Payable Income Tax Liabilities	0.35	0.22	0.00
Current Employee Benefit Liabilities	4.77	3.95	4.55
Other Current Liabilities	0.56	0.88	1.09
Total Noncurrent Liabilities	65	37	25
Long-Term Debt	58	29	18
Noncurrent Deferred & Payable Income Tax Liabilities	3.53	4.14	5.27
Other Noncurrent Operating Liabilities	3.97	3.67	2.05
Total Equity & Noncontrolling Interests	31	49	72
Total Preferred & Common Equity	31	49	72
Preferred Stock	0.00	0.00	0.00
Total Common Equity	31	49	72
Common Stock	180	178	175
Retained Earnings	-17	-31	-25
Treasury Stock	-132	-99	-78
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 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	132	119	121	120	134	134	135
Total Current Assets	21	17	20	25	41	45	49
Cash & Equivalents	3.46	0.49	1.70	3.83	22	24	28
Accounts Receivable	11	10	11	14	12	14	15
Prepaid Expenses	4.87	4.92	6.38	5.74	5.55	6.08	3.59
Current Deferred & Refundable Income Taxes	0.65	0.28	0.03	0.34	0.21	0.11	0.39
Other Current Assets	0.66	1.21	0.78	0.37	0.83	1.04	1.36
Plant, Property, & Equipment, net	36	34	32	26	23	19	16
Total Noncurrent Assets	75	68	69	70	70	70	70
Goodwill	66	62	62	62	62	62	62
Intangible Assets	2.71	1.40	1.44	1.51	1.54	1.58	1.65
Other Noncurrent Operating Assets	5.86	5.39	6.32	6.68	6.87	6.45	6.84
Total Liabilities & Shareholders' Equity	132	119	121	120	134	134	135
Total Liabilities	97	79	84	62	56	60	67
Total Current Liabilities	44	46	49	41	34	36	41
Short-Term Debt	9.23	17	15	9.67	4.61	4.55	4.43
Accounts Payable	2.59	1.24	2.40	1.42	2.15	1.38	1.06
Accrued Expenses	6.28	5.44	5.73	4.60	3.72	3.82	4.71
Dividends Payable	2.82	2.87	2.87	2.95	2.95	2.95	5.93
Current Deferred Revenue	17	15	15	16	15	16	17
Current Deferred & Payable Income Tax Liabilities	0.00	0.00	1.97	-	-	1.65	0.31
Current Employee Benefit Liabilities	5.39	4.37	5.39	5.03	4.58	4.98	6.02
Other Current Liabilities	0.67	0.74	0.81	0.90	0.90	0.90	1.25
Total Noncurrent Liabilities	53	33	35	21	22	24	26
Long-Term Debt	45	26	28	14	15	17	19
Noncurrent Deferred & Payable Income Tax Liabilities	4.13	4.00	3.89	4.54	4.52	4.89	5.24
Other Noncurrent Operating Liabilities	3.86	3.52	3.66	2.75	2.27	2.11	2.06
Total Equity & Noncontrolling Interests	35	40	37	58	78	75	68
Total Preferred & Common Equity	35	40	37	58	78	75	68
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	35	40	37	58	78	75	68
Common Stock	180	180	180	177	177	176	175
Retained Earnings	-21	-24	-27	-36	-17	-21	-29
Treasury Stock	-125	-116	-116	-82	-	-	-76

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

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

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

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

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 5/27/2025 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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