NRC Health key statistics and ratios

In fiscal 2025, NRC Health had return on equity of 49.9%, an operating margin of 16.4%, debt equal to 593.6% of equity and a current ratio of 0.55. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

NRC Health: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
Return on equity	19.2%	24.9%	22.2%	26.8%	24.1%	22.8%	21.7%	26.1%	26.5%	55.1%	124.7%	76.5%	50.0%	40.4%	51.2%	61.8%	49.9%	54.7%
Return on assets	—	12.1%	11.8%	15.0%	14.7%	15.1%	13.7%	16.5%	18.5%	25.5%	29.6%	30.5%	25.7%	22.1%	24.5%	19.4%	8.4%	4.1%
Asset turnover	—	0.66	0.77	0.86	0.88	0.82	0.79	0.88	0.95	1.02	1.17	1.09	1.02	1.05	1.18	1.12	1.03	1.03
Current ratio	—	0.66	0.91	0.67	1.54	1.90	1.25	1.49	1.62	0.60	0.76	1.71	1.82	1.31	0.67	0.55	0.55	0.65
Debt to equity	0.0%	29.5%	26.1%	21.9%	17.5%	11.8%	11.0%	7.5%	2.4%	218.2%	117.5%	54.1%	36.2%	37.2%	89.9%	200.4%	593.6%	>999%
Interest cover (operating income ÷ interest)	33.8x	28.2x	29.8x	42.0x	62.5x	92.8x	120.2x	164.2x	—	23.3x	20.6x	23.5x	30.2x	38.5x	46.5x	13.6x	4.7x	2.7x
Effective tax rate	35.3%	36.2%	36.3%	32.1%	36.8%	35.4%	35.6%	34.6%	33.1%	13.4%	20.0%	10.1%	22.9%	25.7%	22.5%	24.2%	35.0%	37.6%
SG&A as % of revenue	27.8%	31.9%	30.8%	27.2%	27.2%	25.3%	26.6%	25.9%	25.3%	26.2%	25.8%	25.8%	26.3%	28.2%	31.4%	31.4%	39.9%	45.1%
Capital spending as % of revenue	5.0%	2.4%	3.7%	2.7%	2.4%	2.5%	2.9%	3.6%	3.9%	5.0%	3.6%	3.0%	3.7%	6.5%	10.6%	10.8%	7.8%	5.6%
Free cash flow ÷ net income	126.7%	113.0%	135.5%	111.4%	110.6%	130.6%	107.6%	111.5%	102.5%	112.7%	111.9%	98.5%	109.0%	83.2%	72.1%	77.4%	139.4%	385.4%
Dividends ÷ net income	50.2%	43.8%	51.1%	115.2%	13.8%	—	57.1%	139.2%	73.5%	56.1%	96.6%	28.3%	24.5%	65.9%	117.4%	46.2%	97.2%	226.3%
Dividends and buybacks ÷ free cash flow	40.4%	41.8%	37.7%	103.4%	12.5%	—	61.9%	124.8%	71.7%	49.8%	86.3%	28.7%	32.6%	183.8%	248.3%	221.1%	197.9%	145.8%

US$ thousands unless shown otherwise. Fiscal quarters.

NRC Health: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	22.3%	26.0%	25.6%	4.7%	22.4%	13.3%	16.0%	−9.1%
Net margin	15.9%	17.8%	17.2%	−0.3%	11.5%	4.8%	9.3%	−9.3%
Free-cash-flow margin	21.8%	5.2%	10.9%	−12.2%	29.4%	17.2%	15.4%	0.2%
Current ratio	0.47	0.55	0.54	0.70	0.53	0.55	0.52	0.65
Debt to equity	129.7%	185.1%	197.7%	361.2%	531.1%	564.9%	548.5%	>999%
SG&A as % of revenue	30.7%	31.0%	30.9%	52.1%	35.5%	41.0%	38.6%	64.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from NRC Health's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to NRC Health.