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 healthcare brands; assessment of differentiators; and segmentation tools to evaluate the needs, wants, and behaviors of communities through assessments. It also provides patient experience solutions, a cross-continuum multi-mode digital platform that collects and measures data to improve patient experience, engagement, and loyalty; employee experience solutions, which combines health care with technology comprising engagement, pulse, lifecycle, culture of safety, and magnet RN satisfaction; and consumer experience solution that offers online reputation solutions, community insights, and cross-journey listening through nGage. In addition, the company offers Huey, an AI engine built for Human Understanding that serves as a healthcare experience management companion; and governance solutions provided through national conferences, publications, advisory services, and an online portal for not-for-profit health system boards of directors, executives, and physician leadership. Further, it provides patient experience, service recovery, care transitions, employee engagement, reputation management, rounding, and brand loyalty. The company was formerly known as National Research Corporation and changed its name to NRC Health April 2026. The company was founded in 1981 and is headquartered in Lincoln, Nebraska.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $137M | $30M | $12M | $16M | 82.9% | -4.0% | -53.2% |
| 2024 | $143M | $41M | $25M | $19M | 79.2% | -3.7% | -20.0% |
| 2023 | $149M | $47M | $31M | $22M | 63.3% | -2.0% | -2.6% |
| 2022 | $152M | $49M | $32M | $26M | 44.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 151.57 | 148.58 | 143.06 | 137.39 |
| Cost Of Revenue | 57.05 | 56.02 | 56.93 | 52.37 |
| Gross Profit | 94.52 | 92.56 | 86.13 | 85.02 |
| Operating Expense | 47.98 | 52.52 | 50.93 | 62.43 |
| Operating Income | 46.54 | 40.05 | 35.19 | 22.59 |
| EBITDA | 49.30 | 46.72 | 41.31 | 30.23 |
| EBIT | 44.02 | 40.82 | 35.28 | 22.61 |
| Pretax Income | 42.81 | 39.96 | 32.69 | 17.84 |
| Tax Provision | 11.02 | 8.99 | 7.91 | 6.25 |
| Net Income | 31.80 | 30.97 | 24.78 | 11.60 |
| Net Income Common Stockholders | 31.78 | 30.96 | 24.78 | 11.29 |
| Total Expenses | 105.03 | 108.53 | 107.87 | 114.80 |
| Interest Expense | 1.21 | 0.86 | 2.60 | 4.76 |
| Interest Income | 0.17 | 0.82 | 0.12 | 0.11 |
| Selling General And Administration | 42.70 | 46.62 | 44.91 | 54.80 |
| Normalized EBITDA | 51.87 | 46.72 | 41.31 | 30.23 |
| Normalized Income | 33.70 | 30.97 | 24.78 | 11.60 |
| Basic EPS | 1.28 | 1.26 | 1.05 | 0.50 |
| Diluted EPS | 1.27 | 1.25 | 1.04 | 0.50 |
| Tax Effect Of Unusual Items | -0.67 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.26 | 0.22 | 0.24 | 0.35 |
| Total Unusual Items | -2.57 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | -2.57 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 31.80 | 30.97 | 24.78 | 11.60 |
| Reconciled Depreciation | 5.28 | 5.90 | 6.02 | 7.62 |
| Reconciled Cost Of Revenue | 57.05 | 56.02 | 56.93 | 52.37 |
| Net Interest Income | -1.04 | -0.04 | -2.47 | -4.65 |
| Net Income From Continuing And Discontinued Operation | 31.80 | 30.97 | 24.78 | 11.60 |
| Total Operating Income As Reported | 46.54 | 40.05 | 35.19 | 22.59 |
| Diluted Average Shares | 25.05 | 24.67 | 23.74 | 22.40 |
| Basic Average Shares | 24.92 | 24.54 | 23.70 | 22.38 |
| Diluted NI Availto Com Stockholders | 31.78 | 30.96 | 24.78 | 11.29 |
| Otherunder Preferred Stock Dividend | 0.02 | 0.01 | 0 | 0.31 |
| Net Income Including Noncontrolling Interests | 31.80 | 30.97 | 24.78 | 11.60 |
| Net Income Continuous Operations | 31.80 | 30.97 | 24.78 | 11.60 |
| Other Income Expense | -2.69 | -0.04 | -0.03 | -0.10 |
| Other Non Operating Income Expenses | -0.12 | -0.04 | -0.03 | -0.10 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | -2.57 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -1.04 | -0.04 | -2.47 | -4.65 |
| Interest Expense Non Operating | 1.21 | 0.86 | 2.60 | 4.76 |
| Interest Income Non Operating | 0.17 | 0.82 | 0.12 | 0.11 |
| Depreciation Amortization Depletion Income Statement | 5.28 | 5.90 | 6.02 | 7.62 |
| Depreciation And Amortization In Income Statement | 5.28 | 5.90 | 6.02 | 7.62 |
| Operating Revenue | 151.57 | 148.58 | 143.06 | 137.39 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NRC Healththis co. | NRC | $373M | 42.41β premium | 26.76 | 82.9% | 12.41 |
| Cerus Corporation | CERS | $385M | - | 5.75 | -24.1% | -52.90 |
| Niagen Bioscience, Inc. | NAGE | $381M | 23.80 | 4.97 | 22.7% | 21.23 |
| Puma Biotechnology, Inc. | PBYI | $381M | 12.26 | 2.89 | 23.9% | 6.57 |
| Viemed Healthcare, Inc. | VMD | $381M | 26.73 |
| 2.66 |
| 10.4% |
| 7.66 |
| Rocket Pharmaceuticals, Inc. | RCKT | $380M | - | 1.36 | -80.5% | -0.98 |
| OrthoPediatrics Corp. | KIDS | $376M | - | 1.06 | -11.4% | -53.45 |
| The Oncology Institute, Inc. | TOI | $367M | - | -23.33 | 385.5% | -14.99 |
| Akebia Therapeutics, Inc. | AKBA | $365M | - | 11.06 | -16.4% | 13.87 |
| Peer Median | - | 23.80 | 2.77 | -0.5% | 2.79 | |