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National Research (NRC) Financials

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$21.83 +0.18 (+0.83%)
Closing price 07/13/2026 04:00 PM Eastern
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Annual Income Statements for National Research

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 18 21 23 30 32 37 37 32 31 25 12
Consolidated Net Income / (Loss)		 18 21 23 30 32 37 37 32 31 25 12
Net Income / (Loss) Continuing Operations		 18 21 23 30 32 37 37 32 31 25 12
Total Pre-Tax Income 		27 31 34 35 41 41 49 43 40 33 18
Total Operating Income		 26 31 34 35 43 43 50 47 40 35 23
Total Gross Profit		 102 109 118 120 128 133 148 152 149 143 137
Total Revenue		 102 109 118 120 128 133 148 152 149 143 137
Operating Revenue		 102 109 118 120 128 133 148 152 149 143 137
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 76 78 83 84 85 91 98 105 109 108 115
Selling, General & Admin Expense		 27 28 30 31 33 34 39 43 47 45 55
Depreciation Expense		 4.11 4.23 4.59 5.46 5.54 7.51 6.37 5.28 5.90 6.02 7.62
Other Operating Expenses / (Income)		 45 46 49 48 46 49 52 57 56 57 52
Total Other Income / (Expense), net		 0.91 0.16 0.06 -0.57 -2.52 -1.21 -1.65 -3.73 -0.08 -2.50 -4.75
Interest Expense		 0.22 0.19 0.08 1.51 2.09 1.81 1.67 1.21 0.86 2.60 4.76
Interest & Investment Income		 0.06 0.05 0.10 0.06 0.04 0.02 0.01 0.17 0.82 0.13 0.11
Other Income / (Expense), net		 1.07 0.30 0.05 0.89 -0.46 0.59 0.00 -2.69 -0.04 -0.03 -0.10
Income Tax Expense		 9.75 11 11 4.66 8.11 4.21 11 11 8.99 7.91 6.25
Basic Earnings per Share		 - $0.49 $0.54 $2.39 $1.30 $1.48 $1.47 $1.28 $1.26 $1.05 $50.00
Weighted Average Basic Shares Outstanding		 7M 20.71M 20.77M 27.09M 24.81M 25.17M 25.42M 24.92M 24.54M 23.70M 22.38M
Diluted Earnings per Share		 - $0.48 $0.52 $2.31 $1.26 $1.45 $1.46 $1.27 $1.25 $1.04 $50.00
Weighted Average Diluted Shares Outstanding		 7M 21.04M 21.63M 28.08M 25.65M 25.70M 25.64M 25.05M 24.67M 23.74M 22.40M
Weighted Average Basic & Diluted Shares Outstanding		 7M 7M 42.50M 27.80M 25.03M 25.42M 25.19M 24.59M 23.85M 22.95M 22.75M
Cash Dividends to Common per Share		 - - - - $0.78 $0.21 $0.48 $0.84 $1.48 $0.48 $0.52

Quarterly Income Statements for National Research

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 7.88 8.86 6.36 6.18 5.69 6.56 5.79 -0.11 4.12 1.80 3.22
Consolidated Net Income / (Loss)		 7.88 8.86 6.36 6.18 5.69 6.56 5.79 -0.11 4.12 1.80 3.22
Net Income / (Loss) Continuing Operations		 7.88 8.86 6.36 6.18 5.69 6.56 5.79 -0.11 4.12 1.80 3.22
Total Pre-Tax Income 		10 11 8.19 8.32 7.30 8.88 7.72 0.58 6.27 3.27 4.38
Total Operating Income		 9.96 12 8.76 8.87 7.98 9.59 8.60 1.59 7.74 4.67 5.57
Total Gross Profit		 38 38 35 35 36 37 34 34 35 35 35
Total Revenue		 38 38 35 35 36 37 34 34 35 35 35
Operating Revenue		 38 38 35 35 36 37 34 34 35 35 35
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 28 26 27 26 28 27 25 32 27 31 29
Selling, General & Admin Expense		 12 11 11 11 11 11 10 18 12 14 13
Depreciation Expense		 1.56 1.43 1.45 1.51 1.55 1.52 1.54 1.74 2.20 2.15 2.17
Other Operating Expenses / (Income)		 15 14 14 13 15 14 13 13 12 14 14
Total Other Income / (Expense), net		 0.08 -0.24 -0.57 -0.54 -0.68 -0.71 -0.87 -1.01 -1.47 -1.40 -1.19
Interest Expense		 0.16 0.27 0.61 0.56 0.71 0.73 0.90 1.03 1.46 1.37 1.26
Interest & Investment Income		 0.26 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.04 0.03 0.04
Other Income / (Expense), net		 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 0.01 0.00 -0.05 -0.06 0.03
Income Tax Expense		 2.16 2.61 1.84 2.15 1.61 2.32 1.94 0.69 2.15 1.47 1.16
Basic Earnings per Share		 $0.32 $0.36 $0.27 $0.26 $0.24 $0.28 $0.25 ($0.01) $0.18 $49.58 $0.14
Weighted Average Basic Shares Outstanding		 24.56M 24.54M 23.87M 23.87M 23.72M 23.70M 22.97M 22.66M 22.13M 22.38M 21.80M
Diluted Earnings per Share		 $0.32 $0.36 $0.27 $0.26 $0.24 $0.27 $0.25 ($0.01) $0.18 $49.58 $0.14
Weighted Average Diluted Shares Outstanding		 24.70M 24.67M 23.96M 23.92M 23.75M 23.74M 22.97M 22.66M 22.13M 22.40M 21.91M
Weighted Average Basic & Diluted Shares Outstanding		 24.56M 23.85M 23.88M 23.87M 23.48M 22.95M 22.79M 23.06M 22.66M 22.75M 22.54M
Cash Dividends to Common per Share		 $1.12 - $0.12 $0.12 $0.12 - $0.12 $0.12 $0.12 - $0.16

Annual Cash Flow Statements for National Research

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 2.10 -9.12 1.71 -22 0.53 21 20 -29 -18 -2.42 -0.09
Net Cash From Operating Activities		 22 27 28 40 41 41 46 36 38 35 26
Net Cash From Continuing Operating Activities		 22 27 28 40 41 41 46 36 38 35 26
Net Income / (Loss) Continuing Operations		 18 21 23 30 32 37 37 32 31 25 12
Consolidated Net Income / (Loss)		 18 21 23 30 32 37 37 32 31 25 12
Depreciation Expense		 4.11 4.23 4.59 5.46 5.54 7.51 6.37 5.28 5.90 6.02 7.62
Amortization Expense		 - - - - - - - - 0.04 0.03 0.10
Non-Cash Adjustments To Reconcile Net Income		 1.84 2.24 3.81 0.73 1.26 2.00 0.62 1.28 0.41 0.71 3.61
Changes in Operating Assets and Liabilities, net		 -1.67 -0.14 -3.25 3.61 1.72 -6.13 1.88 -2.09 0.80 3.08 3.51
Net Cash From Investing Activities		 -1.33 -3.75 -6.12 -5.97 -4.66 -3.72 -8.51 -9.84 -16 -20 -11
Net Cash From Continuing Investing Activities		 -1.33 -3.75 -6.12 -5.97 -4.66 -3.72 -8.51 -9.84 -16 -20 -11
Purchase of Property, Plant & Equipment		 -2.94 -3.97 -4.57 -5.97 -4.66 -3.98 -5.51 -9.84 -16 -15 -11
Acquisitions		 0.00 0.00 -0.25 - 0.00 0.00 -3.00 0.00 0.00 -4.83 0.00
Sale of Property, Plant & Equipment		 - - - - - - 0.00 0.00 0.00 0.00 0.00
Net Cash From Financing Activities		 -17 -33 -21 -54 -36 -16 -18 -56 -41 -17 -16
Net Cash From Continuing Financing Activities		 -17 -33 -21 -54 -36 -16 -18 -56 -41 -17 -16
Repayment of Debt		 -2.50 -2.29 -2.47 -5.76 -25 -3.60 -4.09 -4.40 -20 -56 -21
Repurchase of Common Equity		 -1.67 - - - 0.00 0.00 -4.14 -28 -19 -31 -20
Payment of Dividends		 -13 -31 -17 -17 -31 -11 -9.16 -21 -36 -11 -11
Issuance of Debt		 - 0.00 0.00 43 21 - 0.00 0.00 34 82 37
Other Financing Activities, net		 0.15 0.34 -1.78 -74 -1.33 -1.38 -0.77 -2.61 0.29 -0.34 -0.80
Effect of Exchange Rate Changes		 -1.59 0.29 0.86 -1.12 0.61 -0.24 0.00 -0.18 -0.00 0.00 0.00
Cash Interest Paid		 0.21 0.19 0.08 1.28 2.01 1.74 1.68 1.23 0.80 2.44 4.49
Cash Income Taxes Paid		 9.38 9.96 13 2.64 6.95 5.22 11 12 8.93 8.23 3.81

Quarterly Cash Flow Statements for National Research

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -19 2.83 -4.95 -1.21 2.98 0.77 -1.73 2.77 -3.06 1.92 -1.59
Net Cash From Operating Activities		 9.82 12 12 6.79 9.42 6.38 6.65 -1.14 14 7.18 7.18
Net Cash From Continuing Operating Activities		 9.82 12 12 6.79 9.42 6.38 6.65 -1.14 14 7.18 7.18
Net Income / (Loss) Continuing Operations		 7.88 8.86 6.36 6.18 5.69 6.56 5.79 -0.11 4.12 1.80 3.22
Consolidated Net Income / (Loss)		 7.88 8.86 6.36 6.18 5.69 6.56 5.79 -0.11 4.12 1.80 3.22
Depreciation Expense		 1.55 1.43 1.45 1.51 1.55 1.52 1.54 1.74 2.20 2.15 2.17
Amortization Expense		 - - 0.01 - - - 0.02 0.03 0.03 0.03 0.03
Non-Cash Adjustments To Reconcile Net Income		 0.51 -0.90 2.56 -0.93 0.47 -1.37 -0.18 1.49 2.37 -0.07 0.63
Changes in Operating Assets and Liabilities, net		 -0.12 2.32 1.67 0.03 1.72 -0.33 -0.51 -4.30 5.05 3.27 1.13
Net Cash From Investing Activities		 -4.47 -3.77 -4.14 -5.27 -6.43 -4.44 -2.99 -3.01 -3.59 -1.12 -1.83
Net Cash From Continuing Investing Activities		 -4.47 -3.77 -4.14 -5.27 -6.43 -4.44 -2.99 -3.01 -3.59 -1.12 -1.83
Purchase of Property, Plant & Equipment		 -4.47 -3.77 -4.14 -5.27 -1.60 -4.44 -2.99 -3.01 -3.59 -1.12 -1.83
Net Cash From Financing Activities		 -24 -5.11 -13 -2.73 -0.02 -1.16 -5.39 6.92 -13 -4.14 -6.94
Net Cash From Continuing Financing Activities		 -24 -5.11 -13 -2.73 -0.02 -1.16 -5.39 6.92 -13 -4.14 -6.94
Repayment of Debt		 -1.15 -16 -7.62 -10 -21 -16 -33 -24 -5.95 43 -3.53
Repurchase of Common Equity		 -0.31 -15 -15 - -8.55 -7.40 -4.92 -5.99 -9.27 -0.00 -1.94
Payment of Dividends		 -28 -2.95 -2.91 -2.87 -2.86 -2.82 -2.77 -2.73 -2.78 -2.70 -3.63
Issuance of Debt		 5.00 29 13 11 33 26 36 40 5.00 -44 2.50
Other Financing Activities, net		 -0.05 -0.01 -0.33 -0.00 -0.00 -0.00 -0.15 -0.00 -0.24 -0.41 -0.35
Cash Interest Paid		 -0.05 0.20 0.52 0.57 0.61 0.74 0.77 0.97 1.38 1.36 1.25
Cash Income Taxes Paid		 2.27 2.45 0.08 4.25 1.95 1.96 0.08 3.08 0.37 0.28 0.03

Annual Balance Sheets for National Research

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 128 121 127 108 111 133 158 130 122 133 135
Total Current Assets		 55 47 52 28 29 54 74 44 24 20 20
Cash & Equivalents		 42 33 35 13 14 35 54 25 6.65 4.23 4.14
Accounts Receivable		 11 12 15 12 12 14 14 14 12 11 11
Prepaid Expenses		 1.48 1.59 2.31 2.93 2.04 2.65 3.88 2.39 4.23 3.48 3.91
Current Deferred & Refundable Income Taxes		 0.16 0.01 0.38 0.35 0.07 1.24 0.75 0.73 0.16 0.14 0.53
Other Current Assets		 0.03 0.04 0.04 0.22 1.89 1.62 0.98 1.11 0.94 0.69 0.52
Plant, Property, & Equipment, net		 11 12 12 14 14 12 12 17 28 38 40
Total Noncurrent Assets		 62 62 63 65 68 68 71 69 70 75 74
Goodwill		 58 58 58 58 58 57 62 62 62 66 66
Intangible Assets		 3.78 3.12 2.76 2.10 1.73 1.41 1.79 1.61 1.47 2.62 2.23
Other Noncurrent Operating Assets		 0.29 0.77 1.91 5.54 8.34 8.92 8.02 6.26 6.79 5.90 5.82
Total Liabilities & Shareholders' Equity		 128 121 127 108 111 133 158 130 122 133 135
Total Liabilities		 54 38 37 89 78 69 72 58 73 101 121
Total Current Liabilities		 44 32 32 47 38 32 40 33 36 36 37
Short-Term Debt		 2.48 2.77 1.14 3.67 4.38 4.06 4.28 4.49 7.21 4.79 4.01
Accounts Payable		 0.61 0.77 0.59 0.61 1.28 1.10 1.94 1.15 1.30 1.19 1.17
Accrued Expenses		 2.71 3.07 2.88 2.83 3.41 3.18 5.45 3.98 4.89 5.09 2.90
Dividends Payable		 18 4.21 4.22 17 5.24 0.00 3.04 2.96 2.91 2.77 3.63
Current Deferred Revenue		 15 15 17 16 16 16 17 15 15 16 16
Current Deferred & Payable Income Tax Liabilities		 0.70 0.66 0.00 0.64 0.37 - - 0.00 0.22 0.35 0.55
Current Employee Benefit Liabilities		 4.39 4.54 6.60 5.80 6.09 6.46 7.14 4.55 3.95 4.77 7.22
Other Current Liabilities		 - - - 0.20 1.05 1.30 1.32 1.09 0.88 1.10 0.95
Total Noncurrent Liabilities		 9.66 6.30 4.97 42 40 37 32 25 37 65 84
Long-Term Debt		 3.34 0.86 0.00 34 30 27 22 18 29 58 75
Noncurrent Deferred & Payable Income Tax Liabilities		 5.74 4.67 4.03 6.28 7.40 7.27 7.00 5.27 4.14 3.53 5.98
Other Noncurrent Operating Liabilities		 0.58 0.78 0.94 1.39 2.44 3.62 2.54 2.05 3.67 3.97 3.26
Total Equity & Noncontrolling Interests		 74 83 90 19 33 64 85 72 49 31 14
Total Preferred & Common Equity		 74 83 90 19 33 64 85 72 49 31 14
Preferred Stock		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 74 83 90 19 33 64 85 72 49 31 14
Common Stock		 44 47 51 157 162 172 174 175 178 180 184
Retained Earnings		 65 72 78 -106 -93 -61 -36 -25 -31 -17 -17
Treasury Stock		 -32 -33 -37 -29 -34 -44 -50 -78 -99 -132 -153

Quarterly Balance Sheets for National Research

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 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 135 134 134 120 121 119 132 135 141 136 135
Total Current Assets		 49 45 41 25 20 17 21 20 25 20 20
Cash & Equivalents		 28 24 22 3.83 1.70 0.49 3.46 2.50 5.27 2.22 2.55
Accounts Receivable		 15 14 12 14 11 10 11 11 12 13 11
Prepaid Expenses		 3.59 6.08 5.55 5.74 6.38 4.92 4.87 5.85 4.97 4.46 5.66
Current Deferred & Refundable Income Taxes		 0.39 0.11 0.21 0.34 0.03 0.28 0.65 0.14 0.44 0.00 0.48
Other Current Assets		 1.36 1.04 0.83 0.37 0.78 1.21 0.66 0.59 2.22 0.97 0.46
Plant, Property, & Equipment, net		 16 19 23 26 32 34 36 40 42 41 40
Total Noncurrent Assets		 70 70 70 70 69 68 75 74 74 74 74
Goodwill		 62 62 62 62 62 62 66 66 66 66 66
Intangible Assets		 1.65 1.58 1.54 1.51 1.44 1.40 2.71 2.52 2.42 2.32 2.17
Other Noncurrent Operating Assets		 6.84 6.45 6.87 6.68 6.32 5.39 5.86 5.71 5.26 5.43 5.95
Total Liabilities & Shareholders' Equity		 135 134 134 120 121 119 132 135 141 136 135
Total Liabilities		 67 60 56 62 84 79 97 106 120 121 121
Total Current Liabilities		 41 36 34 41 49 46 44 38 36 39 38
Short-Term Debt		 4.43 4.55 4.61 9.67 15 17 9.23 6.54 3.93 4.01 4.02
Accounts Payable		 1.06 1.38 2.15 1.42 2.40 1.24 2.59 2.03 1.18 1.09 2.23
Accrued Expenses		 4.71 3.82 3.72 4.60 5.73 5.44 6.28 4.71 5.61 3.90 2.58
Dividends Payable		 5.93 2.95 2.95 2.95 2.87 2.87 2.82 2.74 2.78 2.70 3.61
Current Deferred Revenue		 17 16 15 16 15 15 17 16 16 18 17
Current Deferred & Payable Income Tax Liabilities		 0.31 1.65 - - 1.97 0.00 0.00 0.27 0.00 1.46 1.77
Current Employee Benefit Liabilities		 6.02 4.98 4.58 5.03 5.39 4.37 5.39 4.92 5.69 7.12 6.60
Other Current Liabilities		 1.25 0.90 0.90 0.90 0.81 0.74 0.67 1.06 1.14 0.47 0.48
Total Noncurrent Liabilities		 26 24 22 21 35 33 53 68 84 83 83
Long-Term Debt		 19 17 15 14 28 26 45 59 77 76 74
Noncurrent Deferred & Payable Income Tax Liabilities		 5.24 4.89 4.52 4.54 3.89 4.00 4.13 5.39 3.50 3.45 6.00
Other Noncurrent Operating Liabilities		 2.06 2.11 2.27 2.75 3.66 3.52 3.86 3.67 3.60 3.36 2.58
Total Equity & Noncontrolling Interests		 68 75 78 58 37 40 35 30 21 14 13
Total Preferred & Common Equity		 68 75 78 58 37 40 35 30 21 14 13
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 68 75 78 58 37 40 35 30 21 14 13
Common Stock		 175 176 177 177 180 180 180 181 181 182 186
Retained Earnings		 -29 -21 -17 -36 -27 -24 -21 -14 -17 -15 -18
Treasury Stock		 -76 - - -82 -116 -116 -125 -137 -143 -152 -154

Annual Metrics And Ratios for National Research

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 24,303,516.00 24,441,515.00 24,483,029.00 24,762,212.00 24,920,050.00 25,302,917.00 25,449,013.00 - - - 22,657,421.00
DEI Adjusted Shares Outstanding		 24,303,516.00 24,441,515.00 24,483,029.00 24,762,212.00 24,920,050.00 25,302,917.00 25,449,013.00 - - - 22,657,421.00
DEI Earnings Per Adjusted Shares Outstanding		 0.72 0.84 0.94 1.21 1.30 1.47 1.47 - - - 0.51
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.55% 6.88% 7.47% 1.81% 6.93% 4.14% 11.01% 2.44% -1.97% -3.72% -3.96%
EBITDA Growth		 -1.52% 12.95% 8.76% 7.12% 15.59% 5.52% 11.58% -13.27% -6.57% -10.28% -26.67%
EBIT Growth		 -2.80% 14.46% 8.79% 5.52% 17.74% 1.62% 16.21% -12.77% -8.78% -12.11% -36.02%
NOPAT Growth		 -6.92% 19.92% 12.18% 33.35% 12.71% 11.42% 1.02% -10.76% -10.22% -14.03% -44.96%
Net Income Growth		 -3.01% 16.51% 11.82% 30.96% 7.85% 14.98% 0.55% -15.12% -2.61% -19.98% -53.19%
EPS Growth		 0.00% 0.00% 8.33% 344.23% -45.45% 15.08% 0.69% -13.01% -1.57% -16.80% 4,707.69%
Operating Cash Flow Growth		 -16.46% 22.65% 4.65% 41.85% 2.68% -0.69% 14.05% -21.75% 5.10% -9.15% -23.61%
Free Cash Flow Firm Growth		 -4.12% -0.03% 3.81% 51.91% 21.63% 0.61% 4.07% -40.13% -7.41% -27.05% -8.65%
Invested Capital Growth		 -3.61% 2.29% 5.29% 0.63% -3.70% 2.46% 0.55% 19.11% 13.51% 13.62% 0.01%
Revenue Q/Q Growth		 1.23% 1.87% 1.32% 0.62% 1.57% 1.64% 2.44% -0.10% -0.10% -0.76% -1.23%
EBITDA Q/Q Growth		 8.17% 0.84% -0.66% 4.20% 3.35% 0.23% 1.88% -6.20% 4.86% -4.69% -12.32%
EBIT Q/Q Growth		 9.48% 0.70% -1.12% 4.09% 4.35% -3.38% 5.38% -6.93% 5.47% -5.67% -18.11%
NOPAT Q/Q Growth		 7.03% 1.96% 4.09% 3.98% 4.44% -1.82% 3.90% -3.46% 0.99% -6.84% -23.50%
Net Income Q/Q Growth		 11.58% -0.97% 3.58% 4.46% 2.85% -1.29% 3.94% -8.60% 7.71% -8.48% -29.11%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -1.36% 3.55% -7.30% 7.76% -7.96% 7,146.38%
Operating Cash Flow Q/Q Growth		 7.51% 6.82% -7.30% 22.43% -4.59% 11.75% -8.21% -9.87% 10.44% -13.34% 3.12%
Free Cash Flow Firm Q/Q Growth		 10.56% 28.19% -12.37% 34.32% -4.73% 11.63% -5.13% -24.63% 15.17% -27.25% 17.60%
Invested Capital Q/Q Growth		 3.09% -3.56% 2.67% -7.52% -2.77% -9.38% -4.27% 5.21% 1.33% 5.59% -2.45%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 30.90% 32.66% 33.05% 34.78% 37.59% 38.09% 38.29% 32.42% 30.89% 28.79% 22.00%
Operating Margin		 25.84% 28.52% 29.11% 29.47% 33.63% 32.02% 33.98% 30.71% 26.95% 24.60% 16.44%
EBIT Margin		 26.89% 28.80% 29.15% 30.21% 33.26% 32.46% 33.98% 28.93% 26.92% 24.58% 16.37%
Profit (Net Income) Margin		 17.21% 18.76% 19.52% 25.10% 25.32% 27.96% 25.32% 20.98% 20.84% 17.32% 8.44%
Tax Burden Percent		 64.36% 65.44% 66.92% 86.57% 79.98% 89.85% 77.06% 74.27% 77.50% 75.81% 65.00%
Interest Burden Percent		 99.42% 99.55% 100.04% 95.99% 95.18% 95.85% 96.71% 97.63% 99.90% 92.98% 79.33%
Effective Tax Rate		 35.64% 34.56% 33.08% 13.43% 20.02% 10.15% 22.94% 25.73% 22.50% 24.19% 35.00%
Return on Invested Capital (ROIC)		 29.66% 35.83% 38.72% 50.18% 57.44% 64.44% 64.13% 52.10% 40.30% 30.50% 15.87%
ROIC Less NNEP Spread (ROIC-NNEP)		 27.17% 35.35% 38.56% 42.40% 51.51% 54.47% 72.94% 74.55% 39.91% 26.49% 11.46%
Return on Net Nonoperating Assets (RNNOA)		 -7.92% -9.70% -12.17% 4.89% 67.26% 12.22% -14.06% -11.68% 10.90% 31.27% 35.37%
Return on Equity (ROE)		 21.74% 26.13% 26.55% 55.07% 124.70% 76.66% 50.07% 40.41% 51.20% 61.77% 51.24%
Cash Return on Invested Capital (CROIC)		 33.34% 33.57% 33.57% 49.55% 61.22% 62.01% 63.58% 34.65% 27.64% 17.75% 15.87%
Operating Return on Assets (OROA)		 21.37% 25.33% 27.64% 30.73% 38.93% 35.45% 34.56% 30.46% 31.64% 27.58% 16.82%
Return on Assets (ROA)		 13.67% 16.50% 18.51% 25.53% 29.63% 30.53% 25.75% 22.08% 24.49% 19.44% 8.68%
Return on Common Equity (ROCE)		 21.74% 26.12% 26.54% 55.07% 124.70% 76.66% 50.07% 40.41% 51.20% 61.77% 51.24%
Return on Equity Simple (ROE_SIMPLE)		 23.73% 24.78% 25.48% 157.45% 98.52% 57.93% 43.90% 44.15% 63.26% 79.22% 0.00%
Net Operating Profit after Tax (NOPAT)		 17 20 23 31 34 38 39 35 31 27 15
NOPAT Margin		 16.63% 18.66% 19.48% 25.51% 26.89% 28.77% 26.18% 22.81% 20.89% 18.65% 10.69%
Net Nonoperating Expense Percent (NNEP)		 2.49% 0.48% 0.16% 7.78% 5.93% 9.97% -8.81% -22.46% 0.39% 4.01% 4.41%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 36.69% 36.24% 28.23% 15.79%
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% 0.00%
SG&A Expenses to Revenue		 26.55% 25.95% 25.25% 26.21% 25.76% 25.84% 26.33% 28.17% 31.38% 31.39% 39.89%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 74.16% 71.48% 70.89% 70.53% 66.37% 67.98% 66.02% 69.29% 73.05% 75.40% 83.56%
Earnings before Interest and Taxes (EBIT)		 28 31 34 36 43 43 50 44 40 35 22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 32 36 39 42 48 51 57 49 46 41 30
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.48 4.89 8.96 45.09 46.19 15.63 11.63 12.12 19.45 13.24 30.12
Price to Tangible Book Value (P/TBV)		 26.33 18.57 27.59 0.00 0.00 177.91 45.25 99.12 0.00 0.00 0.00
Price to Revenue (P/Rev)		 3.25 3.70 6.87 7.19 11.87 7.54 6.71 5.76 6.41 2.89 3.07
Price to Earnings (P/E)		 18.87 19.72 35.18 28.64 46.89 26.98 26.49 27.45 30.74 16.71 36.33
Dividend Yield		 1.90% 2.05% 1.21% 1.81% 1.28% 2.01% 1.23% 2.38% 3.82% 2.72% 2.80%
Earnings Yield		 5.30% 5.07% 2.84% 3.49% 2.13% 3.71% 3.78% 3.64% 3.25% 5.98% 2.75%
Enterprise Value to Invested Capital (EV/IC)		 5.26 6.51 12.75 14.50 26.20 16.62 15.93 12.06 11.99 5.08 5.36
Enterprise Value to Revenue (EV/Rev)		 2.89 3.43 6.58 7.40 12.03 7.51 6.52 5.74 6.61 3.31 3.61
Enterprise Value to EBITDA (EV/EBITDA)		 9.36 10.51 19.91 21.27 32.01 19.72 17.03 17.71 21.39 11.49 16.42
Enterprise Value to EBIT (EV/EBIT)		 10.76 11.92 22.57 24.48 36.17 23.14 19.19 19.84 24.55 13.46 22.06
Enterprise Value to NOPAT (EV/NOPAT)		 17.39 18.39 33.78 28.99 44.74 26.11 24.90 25.17 31.64 17.73 33.80
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.53 13.98 27.54 22.22 37.64 24.64 20.81 24.00 25.76 13.66 18.76
Enterprise Value to Free Cash Flow (EV/FCFF)		 15.47 19.63 38.97 29.36 41.99 27.13 25.12 37.85 46.13 30.47 33.81
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.08 0.04 0.01 1.98 1.04 0.48 0.31 0.31 0.75 2.02 5.65
Long-Term Debt to Equity		 0.05 0.01 0.00 1.79 0.91 0.41 0.26 0.25 0.60 1.85 5.36
Financial Leverage		 -0.29 -0.27 -0.32 0.12 1.31 0.22 -0.19 -0.16 0.27 1.18 3.09
Leverage Ratio		 1.59 1.58 1.43 2.16 4.21 2.51 1.94 1.83 2.09 3.18 5.91
Compound Leverage Factor		 1.58 1.58 1.44 2.07 4.01 2.41 1.88 1.79 2.09 2.95 4.69
Debt to Total Capital		 7.26% 4.19% 1.25% 66.48% 50.96% 32.25% 23.73% 23.54% 42.84% 66.90% 84.96%
Short-Term Debt to Total Capital		 3.09% 3.20% 1.25% 6.44% 6.53% 4.28% 3.82% 4.77% 8.42% 5.64% 4.32%
Long-Term Debt to Total Capital		 4.17% 0.99% 0.00% 60.04% 44.43% 27.97% 19.90% 18.78% 34.41% 61.26% 80.65%
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% 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% 0.00%
Common Equity to Total Capital		 92.70% 95.77% 98.75% 33.52% 49.05% 67.75% 76.27% 76.46% 57.16% 33.10% 15.04%
Debt to EBITDA		 0.18 0.10 0.03 0.91 0.71 0.60 0.47 0.45 0.80 1.54 2.62
Net Debt to EBITDA		 -1.15 -0.82 -0.86 0.60 0.43 -0.08 -0.49 -0.06 0.65 1.43 2.48
Long-Term Debt to EBITDA		 0.11 0.02 0.00 0.82 0.62 0.52 0.39 0.36 0.64 1.41 2.48
Debt to NOPAT		 0.34 0.18 0.05 1.24 0.99 0.80 0.69 0.64 1.18 2.37 5.38
Net Debt to NOPAT		 -2.13 -1.44 -1.47 0.81 0.60 -0.11 -0.72 -0.08 0.97 2.21 5.10
Long-Term Debt to NOPAT		 0.20 0.04 0.00 1.12 0.87 0.69 0.57 0.51 0.95 2.17 5.11
Altman Z-Score		 6.03 9.17 15.85 6.43 12.87 10.35 10.17 11.06 9.60 4.08 3.33
Noncontrolling Interest Sharing Ratio		 0.04% 0.04% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.25 1.49 1.62 0.60 0.76 1.71 1.83 1.31 0.67 0.55 0.55
Quick Ratio		 1.21 1.44 1.53 0.53 0.66 1.53 1.69 1.18 0.53 0.43 0.42
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 19 19 20 30 37 37 38 23 21 16 15
Operating Cash Flow to CapEx		 744.68% 675.64% 614.95% 667.36% 878.80% 1,019.98% 840.48% 368.73% 241.56% 224.14% 247.06%
Free Cash Flow to Firm to Interest Expense		 86.95 100.65 242.10 19.93 17.54 20.35 23.04 19.02 24.70 5.98 3.08
Operating Cash Flow to Interest Expense		 99.48 141.28 342.57 26.34 19.57 22.41 27.80 30.00 44.21 13.34 5.56
Operating Cash Flow Less CapEx to Interest Expense		 86.12 120.37 286.87 22.39 17.34 20.22 24.49 21.86 25.91 7.39 3.31
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.79 0.88 0.95 1.02 1.17 1.09 1.02 1.05 1.18 1.12 1.03
Accounts Receivable Turnover		 9.97 9.25 8.64 8.96 10.86 10.43 10.70 10.75 11.07 12.21 12.40
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 8.80 9.54 9.73 9.03 9.25 10.55 12.27 10.23 6.54 4.30 3.49
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 36.61 39.46 42.25 40.76 33.60 35.00 34.11 33.94 32.97 29.89 29.44
Days Inventory Outstanding (DIO)		 0.00 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 0.00
Cash Conversion Cycle (CCC)		 36.61 39.46 42.25 40.76 33.60 35.00 34.11 33.94 32.97 29.89 29.44
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 56 58 61 61 59 60 61 72 82 93 93
Invested Capital Turnover		 1.78 1.92 1.99 1.97 2.14 2.24 2.45 2.28 1.93 1.64 1.49
Increase / (Decrease) in Invested Capital		 -2.11 1.29 3.05 0.38 -2.26 1.45 0.33 12 9.75 11 0.01
Enterprise Value (EV)		 296 375 774 885 1,540 1,001 965 870 982 473 496
Market Capitalization		 332 405 807 860 1,519 1,005 992 873 952 414 421
Book Value per Share		 $3.05 $3.39 $3.68 $0.77 $1.32 $2.54 $3.35 $2.92 $1.99 $1.33 $0.62
Tangible Book Value per Share		 $0.52 $0.89 $1.19 ($1.65) ($1.07) $0.22 $0.86 $0.36 ($0.58) ($1.60) ($2.40)
Total Capital		 80 86 91 57 67 95 112 94 86 95 93
Total Debt		 5.81 3.62 1.14 38 34 31 27 22 37 63 79
Total Long-Term Debt		 3.34 0.86 0.00 34 30 27 22 18 29 58 75
Net Debt		 -36 -29 -34 25 21 -4.08 -28 -2.85 30 59 75
Capital Expenditures (CapEx)		 2.94 3.97 4.57 5.97 4.66 3.98 5.51 9.84 16 15 11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -29 -15 -14 -28 -18 -8.20 -17 -10 -11 -15 -17
Debt-free Net Working Capital (DFNWC)		 13 18 21 -15 -4.62 26 38 15 -4.63 -11 -12
Net Working Capital (NWC)		 11 16 20 -19 -9.00 22 33 10 -12 -16 -16
Net Nonoperating Expense (NNE)		 -0.59 -0.10 -0.04 0.49 2.01 1.09 1.27 2.77 0.06 1.90 3.08
Net Nonoperating Obligations (NNO)		 -18 -25 -29 42 26 -4.08 -25 0.11 33 62 79
Total Depreciation and Amortization (D&A)		 4.11 4.23 4.59 5.46 5.54 7.51 6.37 5.28 5.90 6.02 7.73
Debt-free, Cash-free Net Working Capital to Revenue		 -28.12% -13.44% -11.61% -23.41% -14.17% -6.15% -11.33% -6.75% -7.59% -10.60% -12.04%
Debt-free Net Working Capital to Revenue		 13.06% 16.74% 17.94% -12.56% -3.61% 19.88% 25.41% 9.76% -3.12% -7.64% -9.02%
Net Working Capital to Revenue		 10.64% 14.22% 16.97% -15.62% -7.03% 16.83% 22.52% 6.80% -7.97% -11.36% -11.94%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $1.08 $1.30 $1.48 $1.47 $1.28 $1.26 $1.05 $50.00
Adjusted Weighted Average Basic Shares Outstanding		 24.41M 24.45M 24.51M 23.56M 24.81M 25.17M 25.42M 24.92M 24.54M 23.70M 22.38M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $1.04 $1.26 $1.45 $1.46 $1.27 $1.25 $1.04 $50.00
Adjusted Weighted Average Diluted Shares Outstanding		 24.41M 24.45M 24.51M 24.45M 25.65M 25.70M 25.64M 25.05M 24.67M 23.74M 22.40M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 24.41M 24.45M 24.51M 24.85M 25.03M 25.42M 25.19M 24.59M 23.85M 22.95M 22.75M
Normalized Net Operating Profit after Tax (NOPAT)		 17 20 23 31 34 38 39 35 31 27 15
Normalized NOPAT Margin		 16.63% 18.66% 19.48% 25.51% 26.89% 28.41% 26.18% 22.81% 20.89% 18.65% 10.69%
Pre Tax Income Margin		 26.73% 28.67% 29.16% 29.00% 31.66% 31.11% 32.86% 28.25% 26.90% 22.85% 12.99%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 125.09 165.78 417.91 23.90 20.36 23.86 30.16 36.27 46.41 13.55 4.72
NOPAT to Interest Expense		 77.37 107.44 279.27 20.18 16.46 21.15 23.24 28.59 36.00 10.28 3.08
EBIT Less CapEx to Interest Expense		 111.73 144.87 362.21 19.95 18.13 21.66 26.85 28.14 28.10 7.60 2.48
NOPAT Less CapEx to Interest Expense		 64.02 86.53 223.56 16.24 14.23 18.95 19.93 20.46 17.70 4.33 0.84
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 72.93% 148.90% 73.52% 56.11% 96.58% 28.23% 24.45% 65.92% 117.42% 46.21% 94.64%
Augmented Payout Ratio		 82.43% 148.90% 73.52% 56.11% 96.58% 28.23% 35.50% 152.76% 179.09% 171.08% 268.60%

Quarterly Metrics And Ratios for National Research

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 22,945,532.00 22,785,421.00 23,063,517.00 22,657,421.00 22,746,397.00
DEI Adjusted Shares Outstanding		 - - - - - - 22,945,532.00 22,785,421.00 23,063,517.00 22,657,421.00 22,746,397.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.25 0.00 0.18 0.08 0.14
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.67% -0.37% -3.18% -3.15% -5.60% -2.88% -4.99% -2.81% -3.38% -4.64% 3.73%
EBITDA Growth		 -7.40% 19.35% -1.87% -4.75% -17.25% -15.44% -0.50% -67.56% 4.11% -38.92% -23.28%
EBIT Growth		 -10.58% 21.54% -2.74% -5.44% -19.86% -18.07% -1.74% -82.02% -3.45% -51.93% -34.92%
NOPAT Growth		 -8.10% 5.37% -2.43% -8.82% -20.34% -21.63% -5.25% -104.41% -18.27% -63.79% -36.38%
Net Income Growth		 -5.09% 33.38% -8.69% -15.10% -27.78% -25.93% -9.00% -101.72% -27.53% -72.61% -44.32%
EPS Growth		 -3.03% 33.33% -3.57% -10.34% -25.00% -25.00% -7.41% -103.85% -25.00% 18,262.96% -44.00%
Operating Cash Flow Growth		 -2.32% 44.47% 55.26% -23.18% -4.02% -45.52% -44.79% -116.78% 46.08% 12.54% 8.03%
Free Cash Flow Firm Growth		 -238.96% 76.49% 169.94% 98.87% 75.79% -477.53% -635.58% -27,343.61% -51.60% 172.65% 178.04%
Invested Capital Growth		 17.86% 13.51% 6.95% 8.48% 9.03% 13.62% 18.61% 17.67% 7.62% 0.01% -2.65%
Revenue Q/Q Growth		 4.93% 0.15% -7.07% -0.83% 2.28% 3.04% -9.09% 1.45% 1.67% 1.69% -1.11%
EBITDA Q/Q Growth		 5.63% 14.17% -22.28% 1.62% -8.23% 16.66% -8.45% -66.87% 194.59% -31.64% 14.99%
EBIT Q/Q Growth		 6.19% 17.63% -25.15% 1.13% -10.01% 20.27% -10.23% -81.49% 383.23% -40.11% 21.53%
NOPAT Q/Q Growth		 8.29% 15.80% -24.83% -3.26% -5.40% 13.93% -9.13% -104.50% 1,855.02% -49.52% 59.64%
Net Income Q/Q Growth		 8.29% 12.47% -28.21% -2.89% -7.89% 15.35% -11.80% -101.83% 3,988.68% -56.40% 79.30%
EPS Q/Q Growth		 10.34% 12.50% -25.00% -3.70% -7.69% 12.50% -7.41% -104.00% 1,900.00% 27,444.44% -99.72%
Operating Cash Flow Q/Q Growth		 11.11% 19.26% 2.81% -43.62% 38.82% -32.30% 4.19% -117.14% 1,308.43% -47.84% 0.01%
Free Cash Flow Firm Q/Q Growth		 9.90% 84.14% 325.08% -103.51% -1,830.59% -278.22% -140.71% -80.06% 89.34% 257.17% 158.57%
Invested Capital Q/Q Growth		 3.39% 1.33% -2.09% 5.76% 3.91% 5.59% 2.82% 4.92% -4.97% -2.45% 0.08%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 30.30% 34.54% 28.89% 29.60% 26.56% 30.07% 30.28% 9.89% 28.65% 19.26% 22.40%
Operating Margin		 26.24% 30.81% 24.81% 25.31% 22.28% 25.98% 25.62% 4.67% 22.36% 13.26% 16.00%
EBIT Margin		 26.20% 30.78% 24.79% 25.28% 22.25% 25.97% 25.64% 4.68% 22.23% 13.09% 16.09%
Profit (Net Income) Margin		 20.76% 23.31% 18.01% 17.63% 15.88% 17.78% 17.25% -0.31% 11.91% 5.11% 9.26%
Tax Burden Percent		 78.45% 77.24% 77.61% 74.18% 77.96% 73.92% 74.93% -18.24% 65.71% 54.99% 73.58%
Interest Burden Percent		 100.97% 98.05% 93.59% 94.01% 91.57% 92.62% 89.77% 36.50% 81.54% 70.94% 78.21%
Effective Tax Rate		 21.55% 22.76% 22.39% 25.82% 22.04% 26.08% 25.07% 118.24% 34.29% 45.01% 26.42%
Return on Invested Capital (ROIC)		 40.98% 45.91% 36.58% 33.71% 29.64% 31.41% 30.95% -1.29% 22.34% 10.83% 17.39%
ROIC Less NNEP Spread (ROIC-NNEP)		 41.54% 44.79% 34.57% 31.93% 28.25% 30.30% 29.75% -1.00% 20.91% 9.73% 16.18%
Return on Net Nonoperating Assets (RNNOA)		 7.85% 12.23% 13.49% 12.19% 23.34% 35.76% 48.53% -1.99% 57.25% 30.03% 54.18%
Return on Equity (ROE)		 48.83% 58.15% 50.07% 45.90% 52.99% 67.17% 79.48% -3.29% 79.59% 40.87% 71.57%
Cash Return on Invested Capital (CROIC)		 24.74% 27.64% 33.07% 28.97% 25.27% 17.75% 13.00% 5.79% 13.64% 15.87% 15.68%
Operating Return on Assets (OROA)		 30.55% 36.16% 28.64% 29.27% 25.46% 29.14% 28.30% 5.04% 23.12% 13.45% 16.54%
Return on Assets (ROA)		 24.20% 27.39% 20.80% 20.41% 18.17% 19.95% 19.03% -0.34% 12.39% 5.25% 9.52%
Return on Common Equity (ROCE)		 48.83% 58.15% 50.07% 45.90% 52.99% 67.17% 79.48% -3.29% 79.59% 40.87% 71.57%
Return on Equity Simple (ROE_SIMPLE)		 49.69% 0.00% 82.19% 72.81% 78.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 7.81 9.04 6.80 6.58 6.22 7.09 6.44 -0.29 5.08 2.57 4.10
NOPAT Margin		 20.58% 23.80% 19.25% 18.78% 17.37% 19.21% 19.20% -0.85% 14.69% 7.29% 11.77%
Net Nonoperating Expense Percent (NNEP)		 -0.55% 1.13% 2.02% 1.78% 1.40% 1.11% 1.20% -0.30% 1.44% 1.10% 1.21%
Return On Investment Capital (ROIC_SIMPLE)		 - 10.56% - - - 7.50% 6.79% -0.28% 5.39% 2.76% 4.48%
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% 0.00%
SG&A Expenses to Revenue		 31.10% 29.13% 31.86% 32.04% 30.68% 31.03% 30.87% 52.10% 35.46% 41.04% 38.56%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 73.76% 69.19% 75.19% 74.69% 77.72% 74.02% 74.38% 95.33% 77.64% 86.74% 84.00%
Earnings before Interest and Taxes (EBIT)		 9.94 12 8.76 8.85 7.97 9.58 8.60 1.59 7.69 4.61 5.60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 11 13 10 10 9.51 11 10 3.37 9.92 6.78 7.80
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 18.52 19.45 26.19 13.63 15.76 13.24 9.57 17.95 20.59 30.12 28.62
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 7.21 6.41 6.56 3.75 3.79 2.89 2.01 2.73 2.12 3.07 2.79
Price to Earnings (P/E)		 37.28 30.74 31.87 18.72 20.15 16.71 11.73 21.35 18.01 36.33 42.75
Dividend Yield		 3.39% 3.82% 3.76% 6.45% 2.10% 2.72% 3.88% 2.86% 3.76% 2.80% 3.30%
Earnings Yield		 2.68% 3.25% 3.14% 5.34% 4.96% 5.98% 8.53% 4.68% 5.55% 2.75% 2.34%
Enterprise Value to Invested Capital (EV/IC)		 13.51 11.99 12.57 6.95 6.77 5.08 3.64 4.59 3.93 5.36 4.99
Enterprise Value to Revenue (EV/Rev)		 7.34 6.61 6.84 4.03 4.14 3.31 2.45 3.27 2.68 3.61 3.33
Enterprise Value to EBITDA (EV/EBITDA)		 24.95 21.39 22.05 13.05 13.80 11.49 8.42 13.45 10.81 16.42 16.58
Enterprise Value to EBIT (EV/EBIT)		 28.79 24.55 25.36 15.03 16.00 13.46 9.90 16.52 13.56 22.06 23.69
Enterprise Value to NOPAT (EV/NOPAT)		 35.53 31.64 32.66 19.50 20.82 17.73 13.17 22.55 19.41 33.80 37.88
Enterprise Value to Operating Cash Flow (EV/OCF)		 31.64 25.76 23.78 14.62 14.93 13.66 11.86 21.52 14.53 18.76 17.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 59.08 46.13 39.30 24.98 27.94 30.47 30.41 85.82 29.85 33.81 31.38
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.41 0.75 1.14 1.05 1.56 2.02 2.20 3.80 5.59 5.65 5.78
Long-Term Debt to Equity		 0.24 0.60 0.75 0.64 1.30 1.85 1.98 3.61 5.31 5.36 5.48
Financial Leverage		 0.19 0.27 0.39 0.38 0.83 1.18 1.63 2.00 2.74 3.09 3.35
Leverage Ratio		 2.03 2.09 2.29 2.14 2.72 3.18 3.84 4.23 5.47 5.91 6.25
Compound Leverage Factor		 2.05 2.05 2.14 2.01 2.49 2.94 3.45 1.55 4.46 4.19 4.89
Debt to Total Capital		 29.17% 42.84% 53.24% 51.23% 60.99% 66.90% 68.73% 79.15% 84.83% 84.96% 85.26%
Short-Term Debt to Total Capital		 11.83% 8.42% 18.36% 20.10% 10.40% 5.64% 6.89% 3.84% 4.25% 4.32% 4.39%
Long-Term Debt to Total Capital		 17.34% 34.41% 34.89% 31.13% 50.60% 61.26% 61.84% 75.31% 80.58% 80.65% 80.87%
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% 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% 0.00%
Common Equity to Total Capital		 70.83% 57.16% 46.76% 48.77% 39.01% 33.10% 31.27% 20.85% 15.17% 15.04% 14.74%
Debt to EBITDA		 0.54 0.80 0.92 0.93 1.25 1.54 1.58 2.37 2.32 2.62 2.80
Net Debt to EBITDA		 0.46 0.65 0.88 0.92 1.17 1.43 1.52 2.22 2.26 2.48 2.71
Long-Term Debt to EBITDA		 0.32 0.64 0.60 0.57 1.04 1.41 1.43 2.26 2.21 2.48 2.66
Debt to NOPAT		 0.78 1.18 1.36 1.40 1.89 2.37 2.48 3.98 4.17 5.38 6.40
Net Debt to NOPAT		 0.65 0.97 1.31 1.38 1.77 2.21 2.38 3.72 4.05 5.10 6.19
Long-Term Debt to NOPAT		 0.46 0.95 0.89 0.85 1.57 2.17 2.23 3.79 3.96 5.11 6.07
Altman Z-Score		 11.26 8.84 7.77 5.07 4.23 3.44 2.57 2.69 2.35 2.90 2.73
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.61 0.67 0.41 0.37 0.47 0.55 0.54 0.70 0.53 0.55 0.52
Quick Ratio		 0.45 0.53 0.26 0.23 0.33 0.43 0.37 0.49 0.39 0.42 0.35
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4.44 -0.70 1.58 -0.06 -1.07 -4.06 -8.48 -15 -1.63 2.56 6.62
Operating Cash Flow to CapEx		 219.62% 310.56% 290.89% 128.79% 590.35% 143.54% 222.57% -37.84% 383.51% 640.41% 391.49%
Free Cash Flow to Firm to Interest Expense		 -27.74 -2.62 2.62 -0.10 -1.52 -5.58 -9.44 -14.80 -1.12 1.87 5.28
Operating Cash Flow to Interest Expense		 61.36 43.52 19.90 12.23 13.35 8.75 7.39 -1.10 9.42 5.24 5.72
Operating Cash Flow Less CapEx to Interest Expense		 33.42 29.51 13.06 2.73 11.09 2.65 4.07 -4.02 6.96 4.43 4.26
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.17 1.18 1.16 1.16 1.14 1.12 1.10 1.08 1.04 1.03 1.03
Accounts Receivable Turnover		 9.97 11.07 11.63 13.33 11.29 12.21 12.59 12.49 11.69 12.40 12.51
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 7.19 6.54 5.78 5.19 4.66 4.30 3.93 3.69 3.58 3.49 3.44
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 36.62 32.97 31.38 27.38 32.32 29.89 29.00 29.23 31.24 29.44 29.17
Days Inventory Outstanding (DIO)		 0.00 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 0.00
Cash Conversion Cycle (CCC)		 36.62 32.97 31.38 27.38 32.32 29.89 29.00 29.23 31.24 29.44 29.17
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 81 82 80 85 88 93 95 100 95 93 93
Invested Capital Turnover		 1.99 1.93 1.90 1.80 1.71 1.64 1.61 1.52 1.52 1.49 1.48
Increase / (Decrease) in Invested Capital		 12 9.75 5.21 6.63 7.30 11 15 15 6.71 0.01 -2.52
Enterprise Value (EV)		 1,092 982 1,008 590 596 473 347 458 373 496 462
Market Capitalization		 1,072 952 968 548 546 414 284 383 295 421 386
Book Value per Share		 $2.36 $1.99 $1.55 $1.68 $1.45 $1.33 $1.29 $0.94 $0.62 $0.62 $0.59
Tangible Book Value per Share		 ($0.21) ($0.58) ($1.09) ($0.96) ($1.44) ($1.60) ($1.70) ($2.07) ($2.35) ($2.40) ($2.41)
Total Capital		 82 86 79 82 89 95 95 102 94 93 92
Total Debt		 24 37 42 42 54 63 65 81 80 79 78
Total Long-Term Debt		 14 29 28 26 45 58 59 77 76 75 74
Net Debt		 20 30 40 42 51 59 63 76 78 75 75
Capital Expenditures (CapEx)		 4.47 3.77 4.14 5.27 1.60 4.44 2.99 3.01 3.59 1.12 1.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -10 -11 -16 -13 -18 -15 -13 -12 -16 -17 -17
Debt-free Net Working Capital (DFNWC)		 -6.40 -4.63 -14 -12 -14 -11 -11 -6.68 -14 -12 -14
Net Working Capital (NWC)		 -16 -12 -29 -29 -24 -16 -17 -11 -18 -16 -18
Net Nonoperating Expense (NNE)		 -0.07 0.19 0.44 0.40 0.53 0.53 0.65 -0.18 0.96 0.77 0.88
Net Nonoperating Obligations (NNO)		 23 33 43 45 53 62 65 78 81 79 79
Total Depreciation and Amortization (D&A)		 1.55 1.43 1.45 1.51 1.55 1.52 1.56 1.77 2.22 2.17 2.20
Debt-free, Cash-free Net Working Capital to Revenue		 -6.88% -7.59% -10.87% -8.68% -12.36% -10.60% -9.44% -8.52% -11.77% -12.04% -12.27%
Debt-free Net Working Capital to Revenue		 -4.30% -3.12% -9.72% -8.35% -9.95% -7.64% -7.67% -4.76% -10.17% -9.02% -10.44%
Net Working Capital to Revenue		 -10.80% -7.97% -19.56% -19.67% -16.36% -11.36% -12.29% -7.56% -13.06% -11.94% -13.33%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.32 $0.36 $0.27 $0.26 $0.24 $0.28 $0.25 ($0.01) $0.18 $49.58 $0.14
Adjusted Weighted Average Basic Shares Outstanding		 24.56M 24.54M 23.87M 23.87M 23.72M 23.70M 22.97M 22.66M 22.13M 22.38M 21.80M
Adjusted Diluted Earnings per Share		 $0.32 $0.36 $0.27 $0.26 $0.24 $0.27 $0.25 ($0.01) $0.18 $49.58 $0.14
Adjusted Weighted Average Diluted Shares Outstanding		 24.70M 24.67M 23.96M 23.92M 23.75M 23.74M 22.97M 22.66M 22.13M 22.40M 21.91M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 24.56M 23.85M 23.88M 23.87M 23.48M 22.95M 22.79M 23.06M 22.66M 22.75M 22.54M
Normalized Net Operating Profit after Tax (NOPAT)		 7.81 9.04 6.80 6.58 6.22 7.09 6.44 1.11 5.08 2.57 4.10
Normalized NOPAT Margin		 20.58% 23.80% 19.25% 18.78% 17.37% 19.21% 19.20% 3.27% 14.69% 7.29% 11.77%
Pre Tax Income Margin		 26.46% 30.18% 23.20% 23.77% 20.37% 24.05% 23.02% 1.71% 18.13% 9.29% 12.58%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 62.14 43.48 14.47 15.95 11.29 13.15 9.57 1.54 5.27 3.37 4.46
NOPAT to Interest Expense		 48.81 33.62 11.24 11.85 8.81 9.72 7.16 -0.28 3.48 1.88 3.27
EBIT Less CapEx to Interest Expense		 34.21 29.46 7.63 6.46 9.03 7.05 6.25 -1.37 2.81 2.55 3.00
NOPAT Less CapEx to Interest Expense		 20.88 19.61 4.40 2.35 6.55 3.63 3.84 -3.20 1.02 1.06 1.80
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 136.83% 117.42% 119.59% 123.79% 42.77% 46.21% 46.74% 62.38% 67.81% 94.64% 130.97%
Augmented Payout Ratio		 159.15% 179.09% 225.39% 227.34% 185.12% 171.08% 132.93% 212.16% 236.33% 268.60% 321.28%

Financials Breakdown Chart

Key Financial Trends

National Research Corp. (NASDAQ: NRC) showed a mixed start to 2026, with solid operating cash flow and profitability in Q1, but leverage remains elevated and cash declined during the quarter. Compared with the same quarter last year, revenue was roughly flat to slightly higher, while earnings were weaker than NRC’s stronger 2025 quarters. The company still generates meaningful cash from operations, but debt service and shareholder returns continue to absorb a lot of that cash.

  • Operating cash flow remained strong. NRC generated $7.2 million of operating cash flow in Q1 2026, up slightly from $7.18 million in Q4 2025 and ahead of the weak Q2 2025 result.
  • Quarterly net income was profitable. Q1 2026 net income came in at $3.2 million, or $0.14 per share.
  • Revenue was stable year over year. Q1 2026 revenue of $34.8 million was essentially in line with recent quarters and above Q2 2025 levels.
  • Operating income improved sequentially. Q1 2026 operating income rose to $5.6 million from $4.7 million in Q4 2025, helped by better cost control.
  • Debt was reduced during the quarter. NRC repaid $3.5 million of debt in Q1 2026, showing some balance-sheet discipline.
  • Capital spending stayed modest. Property and equipment purchases were $1.8 million, a manageable level relative to operating cash generation.
  • Cash decreased in Q1 2026. Despite positive operating cash flow, NRC’s cash balance fell to $2.5 million from $2.2 million at the end of Q3 2025 and $5.3 million at Q2 2025, reflecting financing outflows and dividends.
  • Margins were narrower than the strongest recent periods. Q1 2026 operating margin was about 16%, below the very strong Q3 2025 and Q1 2025 periods.
  • Share count has drifted lower over time. Weighted average shares in Q1 2026 were about 21.8 million, down from roughly 22.4 million in Q4 2025, suggesting some offset from buybacks.
  • Leverage remains high. NRC ended Q1 2026 with about $78.0 million of total debt, including $74.0 million of long-term debt, versus only $2.5 million of cash.
  • Debt-to-equity is still elevated. Total equity was only $13.5 million against $121.1 million of liabilities, leaving a very thin equity cushion.
  • Shareholder payouts are consuming cash. NRC paid $3.6 million in dividends and repurchased $1.9 million of stock in Q1 2026, limiting cash accumulation.
  • Interest expense is a meaningful burden. Q1 2026 interest expense was $1.3 million, which continues to take a noticeable bite out of pre-tax earnings.
  • Recent earnings have been choppy. NRC swung from a loss in Q2 2025 to stronger results later in 2025, but Q1 2026 earnings remained below the best recent quarter levels.

Longer-term trend: Over the past four years, NRC has generally produced steady revenue in the mid-$30 million range per quarter and consistently positive operating cash flow. However, the balance sheet has remained debt-heavy, and the company has used a lot of cash for dividends, buybacks, and debt management. For investors, the key watch items are whether operating margins can stay in the mid-teens or better, and whether management can gradually reduce leverage without sacrificing cash returns.

07/14/26 02:49 AM ETAI Generated. May Contain Errors.

National Research Financials - Frequently Asked Questions

According to the most recent income statement we have on file, National Research's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

The last 5 years of National Research's net income performance:
  • 2021: $37.47 million
  • 2022: $31.80 million
  • 2023: $30.97 million
  • 2024: $24.78 million
  • 2025: $11.60 million
Find out what analysts predict for National Research in the coming months.

National Research's total operating income in 2025 was $22.59 million, based on the following breakdown:
  • Total Gross Profit: $137.39 million
  • Total Operating Expenses: $114.80 million

Over the last 10 years, National Research's total revenue changed from $102.34 million in 2015 to $137.39 million in 2025, a change of 34.2%.

National Research's total liabilities were at $120.89 million at the end of 2025, a 19.4% increase from 2024, and a 124.6% increase since 2015.

In the past 10 years, National Research's cash and equivalents has ranged from $4.14 million in 2025 to $54.36 million in 2021, and is currently $4.14 million as of their latest financial filing in 2025.

Over the last 10 years, National Research's book value per share changed from 3.05 in 2015 to 0.62 in 2025, a change of -79.8%.


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Financial statements for NASDAQ:NRC last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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