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NRC Health (NRC) stock

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NASDAQ: NRC Nasdaq Health Care Services Next results ~February 2, 2027

C+ Fundamentals grade

NRC Health is a US-listed company in the health care services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$8.3

Cash-flow model

Base case. Range ~$5.2–$12 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 66% below it.

Price used: $24.26, November 2, 2026

NRC Health valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds59 adding, 51 cuttingOf 19 active managers that changed their stake, 7 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter NRC Health files

Where NRC Health stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $140m, down 0.2% on a year earlier, a smaller fall than the 1.9% decline a quarter earlier. That puts it 28 of 34 for growth among the health care services companies we cover. Free-cash-flow margin rose to 15.5% from 6.6% a year earlier. Operating margin narrowed to 10.5% from 19.8%. The diluted share count is down 5.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 7 financial-health checks. Our cash-flow model value is $7.98 a share, against a share price of $23.84. At that price, our model says the market is pricing in about 16.9% a year of cash-flow growth for five years, faster than the -1.1% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

NRC Health's trailing-twelve-month revenue fell 0.2% year on year, with a free-cash-flow margin of 15.5%. Where it stands out: free-cash-flow margin of 15.5% ranks 3 of 40 health care services companies we cover. Where it lags: long-term debt as % of assets of 63.2% ranks 30 of 31 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$8.3 per share in the base case (~$5.2–$12 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 133.4% while net income fell 68.7%: a 202pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 5.2% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $24.26 is 66% above our value per share of $8.
  • Revenue shrinking. Revenue fell 0.2% over the last 12 months.
  • Margins narrowing. Operating margin is down 9.3 points on a year ago.
  • High earnings multiple. The shares trade at 95 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 56% and a beta of 0.5 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 63.2% ranks 30 of 31 health care services companies we cover (median 27.7%).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.21 against an average estimate of $0.18: beat by 16.7%
Revenue
$35m, up 4.0% on a year earlier
Share reaction
+4.5% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Next report
October 27, 2026; average EPS estimate $0.24

NRC Health's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+8.1%
  • 1 month+19.2%
  • This year+32.5%
  • 1 year+87.8%
  • 5 years-43.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$140M
Operating margin
10.5%
Net margin
4.0%
EPS (TTM, diluted)
$0.26

Growth

Revenue growth
−0.2%
Change in growth rate
+1.7 pts
Share count change
−5.2%

Cash

Free cash flow (TTM)
$21.6M
FCF margin
15.5%
Stock pay % of revenue
8.4%

Earnings

Last results
October 27, 2026
Next results (est.)
February 2, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Leadership
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

NRC Health valuation models and calculator

What the price is pricing in

The share price implies about 17.1% a year of cash-flow growth for five years.That is faster than the -1.1% a year revenue growth NRC Health has delivered.

  • Priced in17.1%
  • Last 12 months-0.2%
  • 3 years a year-1.9%
  • 5 years a year-1.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($24.04, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$8.3
Price used
$24.04close November 3, 2026
Implied change
▼ 65%
Uncertainty
High

How we got here: a discounted-cash-flow model of NRC Health's free cash flow after stock-based pay with after-tax interest added back ($16M, FY2026 Q2 TTM), growing 4.7% and 2.4% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$5.2–~$12 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of NRC Health's free cash flow after stock-based pay ( $16M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value NRC Health as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.68 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$8.3 ~$5.2–$12 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$5.6 ~$5.5–$8.8 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$20 ~$17–$25 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$11 ~$5.6–$20 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare NRC Health with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −32%
  • Revenue growth 5 points higher ▲ +42%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $6$10$15$22$30$41
8.5% $4$7$10$15$21$29
10% $2$5$7$11$15$21

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$56.83$37.03$36.35$33.36$36.57$16.64$18.31$24.26
Market value$1.5bn$952m$932m$836m$902m$395m$410m$533m
+ Net debt (− = net cash)$25m$84000−$23m$2m$37m$58m$79m$91m
Enterprise value$1.5bn$952m$909m$838m$940m$454m$489m$624m
Multiples
Price / sales 11.4x7.1x6.3x5.5x6.1x2.8x3.0x3.8x
Price / earnings 45.0x25.6x24.9x26.3x29.1x15.9x36.3x94.9x
Price / free cash flow 40.2x26.0x22.8x31.6x40.4x20.6x26.0x24.6x
EV / EBITDA 30.5x———20.5x11.0x16.2x26.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

88 /100

Strong moat

How hard NRC Health's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 24.1% of total assets over 10 years.

  • Durability 15 / 20

    Operating margin has been a median 29.2%; its worst year was 10.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.3% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.4% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (94 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.39 −22% $147m —
Next $1.06 +9% $155m +5%

Next year's EPS estimate has moved +1.0% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +18.2% on 90 days ago. In the last 30 days, 0 analysts raised NRC Health's forecast and 1 cut it.

Consensus EPS forecast NRC Health, last 90 days
$0.00 $0.50 $1.00 $1.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.33 Current fiscal year, 60 days ago: $0.33 Current fiscal year, 30 days ago: $0.33 Current fiscal year, 7 days ago: $0.33 Current fiscal year, Now: $0.39 $0.39 Next fiscal year, 90 days ago: $1.05 Next fiscal year, 60 days ago: $1.05 Next fiscal year, 30 days ago: $1.05 Next fiscal year, 7 days ago: $1.05 Next fiscal year, Now: $1.06 $1.06

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.33$1.05
60 days ago $0.33$1.05
30 days ago $0.33$1.05
7 days ago $0.33$1.05
Now $0.39$1.06

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.18 $0.21 +16.7%
Jun 2026 $0.14 $0.31 +121.4%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows NRC Health's revenue by +4.7% next year and +2.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.0%, weight 45%) and the company's own record (+2.0%, weight 55%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611

Counts of recommendations published by analysts covering NRC Health, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
48.1%
of tradable shares
Days to cover
6.33
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
53%
of shares
Held by insiders
51.9%
of shares
Employees
357
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +87.8%

$12.92 on October 31, 2025 to $24.26

ThenNowEffect
Revenue (last 12 months) $140m $140m −0.2%
Net margin 12.8% 4.0% −68.6%
P/E multiple 16.7x 94.9x +468.1%
Share count 23m 22m +5.5%

Biggest factor: p/e multiple.

Last 3 years −36.8%

$38.40 on November 3, 2023 to $24.26

ThenNowEffect
Revenue (last 12 months) $148m $140m −5.7%
Net margin 19.6% 4.0% −79.6%
P/E multiple 32.6x 94.9x +191.1%
Share count 25m 22m +12.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NRC−2%−8%+10%−55%+10%+33%
Industry peers (median)−2%−28%+6%−6%−9%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NRC58%50%33%33%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NRC−26%−24%−16%−58%−45%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 84% from January 28, 2020 to April 21, 2025. Getting back needed a 529% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$11.73 – $24.26
From 52-week high
0.0%
vs 50-day average
+14.5%
vs 200-day average
+28.0%
Volatility (1 year)
56%
Beta vs S&P 500
0.46

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±10.1%
After a week
4 up, 7 down
typical move ±10.5%
After a month
7 up, 4 down
typical move ±18.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +4.5% +0.9% — —
July 28, 2026 −14.0% −1.3% −7.9% +3.4%
April 28, 2026 −3.3% −0.5% +9.5% +14.9%
February 3, 2026 −30.3% −1.3% −33.5% −35.9%
October 27, 2025 +13.6% +1.4% +13.6% +54.5%
July 28, 2025 −4.5% −0.3% −1.7% +10.7%
April 28, 2025 +10.7% +0.7% +19.2% +24.1%
January 27, 2025 −8.1% −0.6% −8.9% −17.3%
October 25, 2024 +2.6% +0.3% −0.8% +7.3%
August 6, 2024 −11.7% +0.2% −7.3% −7.2%
May 7, 2024 −15.3% +0.1% −11.0% −23.7%
February 13, 2024 +2.2% −0.5% +1.6% +1.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How NRC Health’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

NRC Health in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) NRC Health
$135M $140M $145M $150M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $148.7M Revenue (TTM), FY23 Q4: $148.6M Revenue (TTM), FY24 Q1: $147.4M Revenue (TTM), FY24 Q2: $146.3M Revenue (TTM), FY24 Q3: $144.2M Revenue (TTM), FY24 Q4: $143.1M Revenue (TTM), FY25 Q1: $141.3M Revenue (TTM), FY25 Q2: $140.3M Revenue (TTM), FY25 Q3: $139.1M Revenue (TTM), FY25 Q4: $137.4M Revenue (TTM), FY26 Q1: $138.6M Revenue (TTM), FY26 Q2: $140M $140M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $148.7M
FY23 Q4 $148.6M
FY24 Q1 $147.4M
FY24 Q2 $146.3M
FY24 Q3 $144.2M
FY24 Q4 $143.1M
FY25 Q1 $141.3M
FY25 Q2 $140.3M
FY25 Q3 $139.1M
FY25 Q4 $137.4M
FY26 Q1 $138.6M
FY26 Q2 $140M
Revenue growth, TTM YoY NRC Health
-6% -4% -2% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -2.0% Revenue growth, TTM YoY, FY23 Q4: -2.0% Revenue growth, TTM YoY, FY24 Q1: -1.5% Revenue growth, TTM YoY, FY24 Q2: -1.5% Revenue growth, TTM YoY, FY24 Q3: -3.1% Revenue growth, TTM YoY, FY24 Q4: -3.7% Revenue growth, TTM YoY, FY25 Q1: -4.2% Revenue growth, TTM YoY, FY25 Q2: -4.1% Revenue growth, TTM YoY, FY25 Q3: -3.5% Revenue growth, TTM YoY, FY25 Q4: -4.0% Revenue growth, TTM YoY, FY26 Q1: -1.9% Revenue growth, TTM YoY, FY26 Q2: -0.2% -0.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -2.0%
FY23 Q4 -2.0%
FY24 Q1 -1.5%
FY24 Q2 -1.5%
FY24 Q3 -3.1%
FY24 Q4 -3.7%
FY25 Q1 -4.2%
FY25 Q2 -4.1%
FY25 Q3 -3.5%
FY25 Q4 -4.0%
FY26 Q1 -1.9%
FY26 Q2 -0.2%
Operating margin (TTM) NRC Health
10% 15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 27.3% Operating margin (TTM), FY23 Q4: 27.0% Operating margin (TTM), FY24 Q1: 27.0% Operating margin (TTM), FY24 Q2: 26.9% Operating margin (TTM), FY24 Q3: 25.9% Operating margin (TTM), FY24 Q4: 24.6% Operating margin (TTM), FY25 Q1: 24.8% Operating margin (TTM), FY25 Q2: 19.8% Operating margin (TTM), FY25 Q3: 19.8% Operating margin (TTM), FY25 Q4: 16.4% Operating margin (TTM), FY26 Q1: 14.1% Operating margin (TTM), FY26 Q2: 10.5% 10.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 27.3%
FY23 Q4 27.0%
FY24 Q1 27.0%
FY24 Q2 26.9%
FY24 Q3 25.9%
FY24 Q4 24.6%
FY25 Q1 24.8%
FY25 Q2 19.8%
FY25 Q3 19.8%
FY25 Q4 16.4%
FY26 Q1 14.1%
FY26 Q2 10.5%
FCF margin (TTM) NRC Health
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 13.8% FCF margin (TTM), FY23 Q4: 15.0% FCF margin (TTM), FY24 Q1: 17.4% FCF margin (TTM), FY24 Q2: 15.5% FCF margin (TTM), FY24 Q3: 17.5% FCF margin (TTM), FY24 Q4: 13.4% FCF margin (TTM), FY25 Q1: 10.6% FCF margin (TTM), FY25 Q2: 6.6% FCF margin (TTM), FY25 Q3: 8.4% FCF margin (TTM), FY25 Q4: 11.5% FCF margin (TTM), FY26 Q1: 12.6% FCF margin (TTM), FY26 Q2: 15.5% 15.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 13.8%
FY23 Q4 15.0%
FY24 Q1 17.4%
FY24 Q2 15.5%
FY24 Q3 17.5%
FY24 Q4 13.4%
FY25 Q1 10.6%
FY25 Q2 6.6%
FY25 Q3 8.4%
FY25 Q4 11.5%
FY26 Q1 12.6%
FY26 Q2 15.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar NRC Health took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $137M
  2. Selling, general and admin $54.8M · 39.9%
  3. Other operating costs $60M · 43.7%
  4. Operating income $22.6M · 16.4%
  5. Income tax $6.2M · 4.5%
  6. Interest and other $5.1M · 3.7%
  7. Net income $11.3M · 8.2%

Shares of revenue. Source: NRC Health's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 58 63 76 86 93 99 102 109 118 120 128 133 148 152 149 143 137 140
EBITDA 18 19 24 27 29 32 31 35 39 41 49 — — — 46 41 30 23
Operating income 14 14 19 23 25 28 26 31 34 35 43 43 50 47 40 35 23 15
Net income 8 12 12 15 15 18 18 21 23 30 32 37 37 32 31 25 11 6
Diluted EPS $1.26 $1.26 $1.69 $2.17 — — — — — — $1.26 $1.45 $1.46 $1.27 $1.25 $1.04 $50.00 $0.26
Growth (year on year)
Revenue — +9.9% +19.5% +14.1% +7.1% +6.7% +3.5% +6.9% +7.5% +1.8% +6.9% +4.1% +11.0% +2.4% −2.0% −3.7% −4.0% −0.2%
EBITDA — +5.9% +28.2% +15.2% +4.1% +12.5% −4.8% +15.9% +9.6% +5.0% +19.2% — — — — −10.3% −26.7% −31.5%
Operating income — +1.2% +35.2% +21.3% +9.2% +14.1% −6.5% +18.0% +9.7% +3.1% +22.0% −0.8% +17.8% −7.4% −14.0% −12.1% −35.8% −46.9%
Net income — +36.2% 0.0% +30.3% +2.8% +17.3% −3.0% +16.5% +11.8% +31.0% +7.9% +14.8% +0.7% −15.1% −2.6% −20.0% −54.4% −68.7%
Diluted EPS — 0.0% +34.1% +28.4% — — — — — — — +15.1% +0.7% −13.0% −1.6% −16.8% +>999% −67.0%
Margins
EBITDA margin 30.4% 29.3% 31.4% 31.7% 30.8% 32.5% 29.9% 32.4% 33.0% 34.0% 38.0% — — — 30.9% 28.8% 22.0% 16.7%
Operating margin 23.7% 21.9% 24.7% 26.3% 26.8% 28.6% 25.8% 28.5% 29.1% 29.5% 33.6% 32.0% 34.0% 30.7% 27.0% 24.6% 16.4% 10.5%
Net margin 14.7% 18.2% 15.3% 17.4% 16.7% 18.4% 17.2% 18.8% 19.5% 25.1% 25.3% 27.9% 25.3% 21.0% 20.8% 17.3% 8.2% 4.0%
Free-cash-flow margin 18.6% 20.6% 20.7% 19.4% 18.5% 24.0% 18.5% 20.9% 20.0% 28.3% 28.3% 27.5% 27.6% 17.4% 15.0% 13.4% 11.5% 15.5%
Cash flow
Cash from operations 14 15 18 19 19 26 22 27 28 40 41 41 46 36 38 35 26 30
Capital spending 3 2 3 2 2 2 3 4 5 6 5 4 6 10 16 15 11 8
Free cash flow 11 13 16 17 17 24 19 23 24 34 36 37 41 26 22 19 16 22
Stock-based pay 1 1 1 0 1 1 1 2 2 2 1 1 1 1 1 0 3 12
Free cash flow after stock pay 10 12 15 16 16 23 18 21 22 32 35 36 40 25 21 19 12 10
Balance sheet
Cash 3 4 8 8 22 40 42 33 35 13 14 35 54 25 7 4 4 3
Total debt 0 14 14 12 13 10 8 6 2 42 39 35 31 27 44 63 83 94
Net debt (negative = net cash) −3 11 6 4 −10 −30 −34 −27 −33 29 25 0 −23 2 37 58 79 91
Diluted shares 7m 7m 7m 7m — — — — — — 26m 26m 26m 25m 25m 24m 22m 22m
Returned to shareholders
Dividends 4 5 6 17 2 — 10 29 17 17 31 11 9 21 36 11 11 13
Buybacks 0 0 — — — — 2 — — — — — 4 28 19 31 20 19
Total returned 4 5 6 17 2 — 12 29 17 17 31 11 13 49 55 42 31 32

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $136m
Short-term assets $23mLonger-term assets $113m
What it owes, and who funded it · $136m
Short-term liabilities $35mLonger-term liabilities $95mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $23m of assets due within a year against $35m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $23m short-term assets against $95m of longer-dated liabilities.
  • More cash than debt $3m of cash against $90m of debt.
  • Debt below 40% of shareholders' equity Debt is 1375% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 31% to 1375% over five years.
  • A year's operating cash flow covers at least 20% of debt $30m of operating cash flow against $90m of debt.
  • Operating profit covers interest at least five times over Operating income of $15m against $5m of interest.

From NRC Health's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$18.8M
Dividends (TTM)
$12.7M
Returned to shareholders
146%
of free cash flow
Buybacks, last 3 fiscal years
$70.2M
Diluted share count
−5.2%
year over year
Total shareholder yield
5.9%
dividends 2.4% + buybacks 3.5% of market value
Dividend payout ratio
226%
of net income paid out
Sales & admin spending
45.1%
of revenue
Days sales outstanding
24 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated NRC RDGT AIRS PETS SBC DLHC Median
Revenue, last 12 months $140m $132m $151m $169m $175m $254m $1.2bn
Revenue growth, last 12 months −0.2% 10.2% −8.7% −20.3% −6.9% −29.5% 7.3%
Revenue growth, 3-year average −1.9% — −5.9% −13.0% — −9.5% 11.3%
Revenue growth, latest quarter 4.0% — −2.5% −19.9% 13.4% −46.9% 8.5%
Gross margin — 3.6% — 27.9% 71.9% 24.3% 27.9%
Operating margin 10.5% −1.4% −8.4% −18.2% 37.3% −0.1% 2.3%
Operating margin, 3-year average 19.1% — −3.0% −12.6% 37.3% 3.5% 2.3%
Net margin 4.0% −0.9% −7.8% −17.3% 28.0% −8.5% 1.2%
Cash from operations / revenue 21.1% −1.1% 0.8% −14.1% 35.9% 5.5% 6.1%
Free-cash-flow margin 15.5% −1.1% 0.5% −16.4% 35.3% 5.5% 5.1%
Free-cash-flow margin, 3-year average 12.5% — 0.6% −7.3% — 6.6% 3.6%
Stock pay / revenue 8.4% 8.6% 0.8% 0.6% — 0.5% 1.1%
Change in share count −5.2% 96.6% 13.3% 2.9% 1.4% 2.2% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth -0.2% 7.3% 31 of 41
Change in growth rate Growth +1.7pp +1.1pp 20 of 41
Operating margin Profitability 10.5% 2.6% 7 of 40
Net margin Profitability 4.0% 1.2% 13 of 41
Free-cash-flow margin Cash generation 15.5% 5.1% 3 of 40
Stock pay as % of revenue Cash generation 8.4% 0.9% 33 of 35
Long-term debt as % of assets Balance sheet 63.2% 27.7% 30 of 31
Change in share count Balance sheet -5.2% 0.4% 6 of 39
Days sales outstanding Balance sheet 24 days 39 days 4 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$232M
Institutions reporting
122
Shares held vs prior quarter
▼ 0.9%
Positions opened / closed
17 / 11

Top buyers and sellers, Q2 2026: 59 institutions bought and 51 sold ; the biggest buyer was Farmers & Merchants Investments Inc (+331K shares) and the biggest seller Kayne Anderson Rudnick Investment Management LLC (−606K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Kayne Anderson Rudnick Investment Management LLC $43.8M 2.0M 18.9% ▼ 23.0%
Blackrock, Inc. $22.9M 1.1M 9.9% ▲ 8.8%
Morgan Stanley $18.5M 859K 8.0% ▼ 14.2%
Vanguard Capital Management LLC $14.4M 667K 6.2% ▲ 0.6%
Dimensional Fund Advisors LP $10.6M 491K 4.6% ▲ 0.3%
Willis Investment Counsel $9.4M 435K 4.0% ▲ 93.5%
Geode Capital Management, LLC $9.1M 420K 3.9% ▲ 6.7%
Qv Investors Inc. $8M 373K 3.5% ▼ 2.3%
Farmers & Merchants Investments Inc $7.1M 331K 3.1% ▲ 330549.0%
Renaissance Technologies LLC $7M 325K 3.0% ▼ 4.5%
State Street Corp $6.5M 298K 2.8% ▼ 0.8%
Heartland Advisors Inc $6.5M 300K 2.8% ▲ 26.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not NRC Health's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 3, 2026
  • October 27, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on NRC Health was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

NRC Health in brief

What does NRC Health do?
NRC Health is a US-listed company in the health care services industry. Its financial year ends in December.
What is NRC Health's stock ticker?
NRC Health trades under the ticker NRC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is NRC Health's revenue, and how fast is it growing?
Over its most recent trailing twelve months, NRC Health reported revenue of $140M, 0.2% lower than a year earlier, according to its SEC filings.
What is NRC Health's free cash flow?
NRC Health's free-cash-flow margin is 15.5% of revenue over the trailing twelve months, ranking 3 of the 40 health care services companies we cover.
What is NRC Health's fair value (intrinsic value) per share?
Our discounted-cash-flow model of NRC Health's free cash flow after stock-based pay gives ~$8.3 per share in the base case, and ~$5.2–$12 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are NRC Health's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Kayne Anderson Rudnick Investment Management LLC, Blackrock, Inc. and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is NRC Health buying back stock, and does it pay a dividend?
NRC Health spent $18.8M on share repurchases over the trailing twelve months, and its diluted share count fell 5.2% over the year.
What is NRC Health's market cap?
On November 2, 2026, NRC Health's market capitalisation was about $533M, with a price-to-earnings ratio of 94.9 and net debt of $90.7M. Market figures come from third-party market data and may be delayed.
Does NRC Health pay a dividend?
Yes: NRC Health paid $12.7M in dividends over the trailing twelve months, a dividend yield of 2.37% and a payout ratio of 226.3%.
How much debt does NRC Health have?
NRC Health's debt-to-equity ratio is 1374.7%, from its latest balance sheet (31.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are NRC Health's competitors?
In our Health Care Services peer group, the companies closest to NRC Health are Ridgetech Inc., Airsculpt Technologies, Inc., Petmed Express Inc, SBC Medical Group Holdings Inc and DLH Holdings Corp. The side-by-side comparison below sets their revenue, margins and growth against NRC Health's.
When is NRC Health's next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — NRC Health announces its own schedule.