NRC Health
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that the record order book translates into growing revenue and rising margins in 2026 — and pays a growth-stock valuation up front. Whoever waits checks three things in every quarterly report (10-Q): does TRCV keep rising (most recently $152.1 million, March 31, 2026), does the revenue line follow the order book beyond the first positive quarter, and does net income turn once the rebuild costs roll off. As long as cash sits at $2.5 million and the term loan at roughly $78 million, this construction forgives no delayed turnaround. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
NRC Health is the fresh-start effect in its purest form: a new name, a new CEO from Amazon One Medical, a raised dividend and an order book at an all-time high (TRCV $152.1 million as of March 31, 2026) — set against three years of shrinking revenue, a profit cut to a third at $11.6 million, a CEO package the size of exactly that annual profit, and a balance sheet with $79.4 million of debt against $4.1 million of cash. Whoever invests pays roughly 50 times trailing earnings for a turnaround the leading indicator reports but the income statement has yet to deliver. Not investment advice.
Business model & market position
91 percent recurring subscription revenue, a broad customer base (top-10 customers only 20 percent of 2025 revenue), 45 years of benchmark data and CAHPS certification as the foundation — even in the third shrinking year, a 16 percent operating margin and $26.5 million of operating cash flow remained (10-K 2025).
Growth & profit
Revenue down three straight years since the 2022 peak ($151.6 → $137.4 million), net income cut to a third from $37.5 million (2021) to $11.6 million (2025), margin from 27 to 16 percent — self-inflicted per the 10-K through sales force changes and weak product innovation from 2020 through early 2024; Q1 2026 net income also below the prior year.
Turnaround indicators
Contract value (TRCV) stands at an all-time high of $152.1 million (March 31, 2026), Q1 2026 delivered the first revenue growth in six quarters (+3.7 percent), and management expects growth in revenue, margin and cash flow for 2026 — the leading indicator is strong; the proof in the income statement is outstanding.
Balance sheet & capital returns
$79.4 million term loan (6.22 percent) against $4.1 million cash and $14.0 million equity after $152.6 million of treasury stock (12/31/2025): buybacks and the dividend raised to 16 cents were increasingly paid with debt; covenants met, but the dividend policy is changeable "at any time" per the 10-K.
Governance & owners
46.8 percent of the shares with Hays family trusts (02/28/2026), bundled with one trustee — no takeover scenario, limited influence for outside shareholders; on the other side: the founder's salary frozen since 2005, supermajority hurdles struck in June 2026, say-on-pay approved by a wide margin. The $11.96 million CEO package for 2025 remains the fresh start's most expensive line item.
Worth Noting
NRC reached the research list via the Reddit hype scanner (3 mentions in 24 hours, ApeWisdom, as of July 18, 2026) — in our in-house stock scanner, the stock instead shows 7 hits, all in trend and momentum scanners (data as of July 10, 2026): the market is trading the turnaround, not the fundamentals.
Scanner metrics (P/E, P/S, Piotroski, Altman Z, fundamental grade, earnings-trend rating) are computed on trailing-twelve-month figures; the 2025 rebuild costs are in them, a potential earnings turn from 2026 onward naturally is not.
Price and valuation figures dated July 10, 2026 (about $20.50, about $461 million market value); analyses are evergreen, daily prices are not a buy argument. The company was named "National Research Corporation" until 2026 — older data sources partly still list the stock under that name.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at NRC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 11.40 $ to 22.80 $ · Last price: 20.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Health Information Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| NRC Health NRC | 0.5 | 54.7 | 23.7 | 61.8 | – | -4.0 | 35.7 |
| Veeva Systems Inc Class A VEEV | 41.1 | 44.0 | 33.4 | 75.0 | 30.9 | 16.3 | -3.9 |
| Tempus AI, Inc. TEM | 14.2 | – | 0.0 | 64.0 | -24.3 | 83.4 | -7.0 |
| BrightSpring Health Services, Inc. BTSG | 11.2 | 73.3 | 22.6 | 12.4 | 3.4 | 14.6 | 106.6 |
| 10X Genomics Inc TXG | 10.1 | – | 148.5 | 70.1 | -11.3 | 5.3 | 498.5 |
| HealthEquity Inc HQY | 7.9 | 39.6 | 16.8 | 71.3 | 29.3 | 9.5 | 2.4 |
| Hinge Health, Inc. HNGE | 7.6 | 11.9 | 71.9 | 84.5 | 19.0 | 50.6 | 59.2 |
| Doximity Inc DOCS | 4.8 | – | 18.7 | 88.1 | 21.6 | 13.1 | -63.4 |
| Waystar Holding Corp. WAY | 4.8 | – | 14.8 | 69.1 | 25.6 | 16.5 | -31.3 |
| Median of companies shown | 7.9 | 44.0 | 22.6 | 70.1 | 20.3 | 14.6 | 2.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 109 | 31 | 21 | 0.83 | 27 | 83 | 121 |
| 2017 | 118 | 34 | 23 | 0.91 | 28 | 90 | 127 |
| 2018 | 120 | 35 | 30 | 1.07 | 40 | 19 | 108 |
| 2019 | 128 | 43 | 32 | 1.26 | 41 | 33 | 111 |
| 2020 | 133 | 43 | 37 | 1.45 | 41 | 64 | 133 |
| 2021 | 148 | 50 | 37 | 1.46 | 46 | 85 | 158 |
| 2022 | 152 | 47 | 32 | 1.27 | 36 | 72 | 130 |
| 2023 | 149 | 40 | 31 | 1.26 | 38 | 49 | 122 |
| 2024 | 143 | 35 | 25 | 1.04 | 35 | 31 | 133 |
| 2025 | 137 | 23 | 12 | 0.52 | 26 | 14 | 135 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.28 | -22.20 | 37 | -2.90 | 17.80 | 6 | 2 |
| 2025: Q1 | 0.25 | -5.10 | 34 | -5.00 | 17.20 | 7 | 4 |
| 2025: Q2 | 0.00 | -101.80 | 34 | -2.80 | -0.30 | -1 | -4 |
| 2025: Q3 | 0.18 | -23.80 | 35 | -3.40 | 11.90 | 14 | 10 |
| 2025: Q4 | 0.08 | -70.60 | 35 | -4.60 | 5.10 | 7 | 6 |
| 2026: Q1 | 0.15 | -41.60 | 35 | 3.70 | 9.30 | 7 | 5 |
| 2026: Q2 | -0.15 | – | 35 | 4.10 | -9.30 | 1 | 0 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Dividends
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.33 | 0.33 – 0.33 | 143 | – | 1 |
| 12/31/2027 | 1.05 | 1.05 – 1.05 | 155 | 7.1% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 9.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $21.6M |
|---|---|
| Market cap | $475.0M |
| Free cash flow in year ten | $51.1M |
| Terminal value as a share of market value | 56.7% |
For comparison: over the past five years free cash flow shrank by 15.6% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
NRC Health verkauft eine Experience-Management-Plattform für das Gesundheitswesen, deren Produktbeschreibung im 10-K (Item 1 Business) ausdrücklich eine „next-generation suite of Artificial Intelligence (‚AI‘)-enabled products“ und die eigene KI-Engine „Huey“ als Bestandteil des kommerziellen Angebots führt — KI-Funktionen sind damit nachweislich Teil der verkauften Produkte und der Umsatzquelle. Die Risk Factors nennen KI zusätzlich als Substitutionsrisiko (Kunden könnten KI als Ersatz für die Dienste nutzen); nach der Vorrang-Regel gewinnt jedoch verkauft.
View the full file — quotes, sources, reviewed filings
„Our comprehensive platform includes a next-generation suite of Artificial Intelligence (“AI”)-enabled products that create a natural way to collect, analyze, and deliver feedback."
Unsere umfassende Plattform umfasst eine Suite KI-gestützter Produkte der nächsten Generation, die eine natürliche Art schaffen, Feedback zu erheben, zu analysieren und bereitzustellen.
10-K · 2026-03-05 · View SEC filing
„Huey, our AI engine built for Human Understanding®, serves as a healthcare experience management companion."
Huey, unsere für Human Understanding® entwickelte KI-Engine, dient als Begleiter für das Management von Gesundheitserfahrungen.
10-K · 2026-03-05 · View SEC filing
„We have made substantial investments to develop new solution offerings and technologies, including AI-enabled offerings."
Wir haben erhebliche Investitionen getätigt, um neue Lösungsangebote und Technologien zu entwickeln, darunter KI-gestützte Angebote.
10-K · 2026-03-05 · View SEC filing
Rated on July 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -3.2%
- More than 10% revenue growth is expected for the coming year 8.8%
- Share count grows by less than 3% a year -3.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 7.5%
- Gross margin at 40% or higher and without meaningful erosion 56.3%
- Goodwill from acquisitions does not grow faster than revenue 49.1%
- Net debt below twice EBITDA 2.5 x EBITDA
- Operating cash flow covers the profits of the last three years 32 m
- Return on capital at 15% or higher, or up versus two years ago 23.0%
- Insiders hold at least 10% or are net buyers 48.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 2.6%
- Exp. sales growth 3Y > 5% 6.0%
- EBIT growth 10Y > 5% -3.5%
- Exp. EBIT growth 3Y > 5% 42.4%
- Net debt < 4x EBIT 3.3x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 55.1%
- Return on equity > 15% –
- ROCE > 15% 23.0%
- Expected return > 10% 47.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
NRC Health provides analytics and insights to measure and improve patient and employee experience for healthcare organizations in the United States. The company offers market experience solutions, a subscription-based services for improved tracking of awareness, perception, and consistency of he…
- Employees
- 357
- Headquarters
- Lincoln, NE
- Address
- 1245 Q Street, 68508 Lincoln, United States
- Phone
- 402 475 2525
- Website
- nrchealth.com
- IPO Date
- 10/10/1997
- ISIN
- US6373722023
Management
| Name | Title | Birth Year |
|---|---|---|
| Michael D. Hays | Founder & Chairman | 1955 |
| Trent S. Green | CEO, Principal Executive Officer & Director | 1972 |
| Helen L. Hrdy | EVP & COO | 1965 |
| Andrew Monnich | EVP & Chief Corporate Development Officer | 1976 |
| Jason R. Rau | Executive Vice President of Sales | 1971 |
| Jordan N. Freeman | Chief Accounting Officer | 1988 |
| Jennifer Baron | Chief Experience Officer | – |
| David Burik | Executive Vice President of Strategic Insights | 1958 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.