NRC Health (NRC)
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For 45 years, NRC Health has asked patients at America's hospitals how it really went — a subscription business with 91 percent recurring revenue. But revenue has shrunk since 2022, and net income fell from $37.5 million (2021) to $11.6 million (2025). Now everything is new: a new name (it was "National Research Corporation" until 2026), a new CEO from Amazon One Medical — and contract value at an all-time high. On Reddit the stock is a whisper with 3 mentions in 24 hours (ApeWisdom, as of July 18, 2026); in our in-house stock scanner it is an eightfold trend hit (data as of July 10, 2026). We read the annual report (10-K), the quarterly report (10-Q), the proxy statement and the latest 8-Ks. Not investment advice — just the question of whether a new name and a record order book already make a turnaround.
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This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
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
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Sells AINRC 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.
„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.
„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.
Rated on July 18, 2026 · How the Rating Is Built
Quarterly Figures
| 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 |
- 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.
Assessment: Opportunities & Risks
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).
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.
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.
$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.
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.
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.
- 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 8 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.
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 |
| Website | nrchealth.com |
| IPO Date | 10. Oct 1997 |
| Next Earnings | 27. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Michael D. Hays | Founder & Chairman | 1955 |
| Trent S. Green | CEO, Principal Executive Officer & Director | 1972 |
| Shane R. Harrison | Executive VP, CFO, Treasurer & Secretary | 1977 |
| 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.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 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.