olivLaw · US equity research
NRC Health NRC
Services-Commercial Physical & Biological Research · SIC 8731 · Vertical: Services-Commercial Physical & Biological Research (SIC 8731)
NRC Health is a healthcare experience and market research company that sells subscription analytics to US health systems. After TRCV recovered to a record above 150 million dollars, the company is trying to show that revenue growth can return in 2026, though quarterly profitability remains under pressure.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, NRC Health (NRC) stock was 27.07 USD (+12.46% on the day), with market capitalisation 574.5 m USD, P/E 95.9 on diluted EPS of 0.28 USD over the last 12 months, dividend yield 2.36%, beta 0.73, 52-week range 12.03–27.07 USD. Latest reported quarter (Q3 2026): revenue of 38.4 m USD (+11.0% YoY), net income of 4.7 m USD (+14.1% YoY), diluted EPS 0.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 77.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 18.22 – 25.60
- above the upper band · %B 1.20 · band width 33.7%
- SMA 50 / 200
- 21.40 / 19.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.10 / 0.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +30.3% | −1.1% | +31.4 pp | — |
| 3 months | +38.5% | −0.5% | +39.0 pp | — |
| 6 months | +51.6% | +4.4% | +47.2 pp | — |
| Year to date | +44.2% | +12.3% | +31.9 pp | — |
| 1 year | +96.4% | +13.5% | +82.9 pp | +10.9% |
| 3 years | −35.0% | +76.4% | −111.4 pp | +18.0% |
| 5 years | −44.8% | +63.7% | −108.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36.9 m | 33.6 m | 34.0 m | 34.6 m | 35.2 m | 34.8 m | 35.4 m | 38.4 m |
| SG&A | 11.5 m | 10.4 m | 17.7 m | 12.3 m | 14.4 m | 13.4 m | 22.9 m | 12.0 m |
| Operating income | 9.6 m | 8.6 m | 1.6 m | 7.7 m | 4.7 m | 5.6 m | -3.2 m | 8.9 m |
| Depreciation & amortisation | 1.5 m | 1.5 m | 1.7 m | 2.2 m | 2.1 m | 2.2 m | 2.1 m | 2.1 m |
| Interest expense | 729.0 k | 899.0 k | 1.0 m | 1.5 m | 1.4 m | 1.3 m | 1.3 m | 1.5 m |
| Pre-tax income | 8.9 m | 7.7 m | 581.0 k | 6.3 m | 3.3 m | 4.4 m | -4.5 m | 7.4 m |
| Income tax | 2.3 m | 1.9 m | 687.0 k | 2.2 m | 1.5 m | 1.2 m | -1.3 m | 2.7 m |
| Net income | 6.6 m | 5.8 m | -106.0 k | 4.1 m | 1.8 m | 3.2 m | -3.3 m | 4.7 m |
| Diluted EPS | 0.28 ≈ | 0.25 | -0.01 | 0.18 | 0.08 ≈ | 0.14 | -0.15 | 0.21 |
| Operating cash flow | 6.4 m | 6.6 m | -1.1 m ≈ | 13.8 m ≈ | 7.2 m | 7.2 m | 1.4 m ≈ | 8.0 m ≈ |
| Capex | 4.4 m | 3.0 m | 3.0 m ≈ | 3.6 m ≈ | 1.1 m | 1.8 m | 1.3 m ≈ | 1.0 m ≈ |
| Dividends paid | 2.8 m | 2.8 m | 2.7 m ≈ | 2.8 m ≈ | 2.7 m | 3.6 m | 3.6 m ≈ | 3.5 m ≈ |
| Share repurchases | 7.4 m | 4.9 m | 6.0 m ≈ | 9.3 m ≈ | 1.0 k | 1.9 m | 7.6 m ≈ | 16.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 28-quarter history (min 12.4, median 31.8, max 85.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 119.7 m | 128.0 m | 133.3 m | 148.0 m | 151.6 m | 148.6 m | 143.1 m | 137.4 m |
| Revenue YoY | +1.8% | +6.9% | +4.1% | +11.0% | +2.4% | −2.0% | −3.7% | −4.0% |
| Net income | 30.0 m | 32.4 m | 37.3 m | 37.5 m | 31.8 m | 31.0 m | 24.8 m | 11.6 m |
| Net income YoY | +31.0% | +7.9% | +15.0% | +0.6% | −15.1% | −2.6% | −20.0% | −53.2% |
| Diluted EPS | unavailable | 1.26 | 1.45 | 1.46 | 1.27 | 1.25 | 1.04 | 50.00 |
| Diluted EPS YoY | unavailable | unavailable | +15.1% | +0.7% | −13.0% | −1.6% | −16.8% | +4,707.7% |
| net % | 25.1% | 25.3% | 28.0% | 25.3% | 21.0% | 20.8% | 17.3% | 8.4% |
| Free cash flow | 33.9 m | 36.3 m | 36.7 m | 40.8 m | 26.4 m | 22.3 m | 19.2 m | 15.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.1 m USD
- Financial debt
- 79.0 m USD
- Net debt
- 74.9 m USD
- Equity
- 14.0 m USD
- Total assets
- 134.9 m USD
- Debt / equity
- 5.65x
- Current ratio
- 0.55x
- ROE
- 51.2%
- ROA
- 8.7%
- FCF margin
- 11.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 133.3 m | 148.0 m | 151.6 m | 148.6 m | 143.1 m | 137.4 m | SEC (XBRL)· 05 Mar 2026verified |
| SG&A | 34.4 m | 39.0 m | 42.7 m | 46.6 m | 44.9 m | 54.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | 42.7 m | 50.3 m | 46.5 m | 40.0 m | 35.2 m | 22.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Depreciation & amortisation | — | — | — | 5.9 m | 6.0 m | 7.6 m | SEC (XBRL)· 05 Mar 2026verified |
| EBITDA | — | — | — | 45.9 m ≈ | 41.2 m ≈ | 30.2 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Interest expense | 1.8 m | 1.7 m | 1.2 m | 862.0 k | 2.6 m | 4.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Pre-tax income | 41.5 m | 48.6 m | 42.8 m | 40.0 m | 32.7 m | 17.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | 4.2 m | 11.2 m | 11.0 m | 9.0 m | 7.9 m | 6.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Net income | 37.3 m | 37.5 m | 31.8 m | 31.0 m | 24.8 m | 11.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | 1.45 | 1.46 | 1.27 | 1.25 | 1.04 | 50.00 | SEC (XBRL)· 05 Mar 2026verified |
| Weighted average diluted shares | 25.7 m | 25.6 m | 25.1 m | 24.7 m | 23.7 m | 22.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Dividend per share | 0.21 | 0.48 | 0.84 | 1.48 | 0.48 | 0.52 | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 34.7 m | 54.4 m | 25.0 m | 6.7 m | 4.2 m | 4.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 13.9 m | 13.7 m | 14.5 m | 12.4 m | 11.1 m | 11.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 54.1 m | 73.7 m | 43.7 m | 24.4 m | 19.6 m | 20.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 11.7 m | 12.4 m | 17.2 m | 28.2 m | 38.3 m | — | SEC (XBRL)· 09 May 2025verified |
| Goodwill | 57.3 m | 61.6 m | 61.6 m | 61.6 m | 66.2 m | 66.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.4 m | 1.8 m | 1.6 m | 1.5 m | 2.6 m | 2.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 133.4 m | 157.5 m | 130.5 m | 122.4 m | 132.5 m | 134.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 1.1 m | 1.9 m | 1.2 m | 1.3 m | 1.2 m | 1.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Short-term debt | — | — | — | — | — | 4.0 m | SEC (XBRL)· 04 Aug 2026verified |
| Long-term debt | 26.5 m | 26.6 m | 22.3 m | 29.5 m | 57.9 m | 75.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Current liabilities | 31.7 m | 40.4 m | 33.4 m | 36.2 m | 35.9 m | 36.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 69.1 m | 72.2 m | 58.4 m | 73.5 m | 101.3 m | 120.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Equity | 64.3 m † | 85.3 m † | 72.0 m † | 49.0 m † | 31.3 m † | 14.0 m † | SEC (XBRL)· 05 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 40.6 m | 46.3 m | 36.3 m | 38.1 m | 34.6 m | 26.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 4.0 m | 5.5 m | 9.8 m | 15.8 m | 15.4 m | 10.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Free cash flow | 36.7 m ≈ | 40.8 m ≈ | 26.4 m ≈ | 22.3 m ≈ | 19.2 m ≈ | 15.7 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Investing cash flow | -3.7 m | -8.5 m | -9.8 m | -15.8 m | -20.3 m | -10.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | -15.5 m | -18.2 m | -55.6 m | -40.7 m | -16.8 m | -15.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Dividends paid | 10.5 m | 9.2 m | 21.0 m | 36.4 m | 11.5 m | 11.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Share repurchases | — | 4.1 m | 27.6 m | 19.1 m | 30.9 m | 20.2 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 574.5 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet6
- Growth50
- Quality86
- Returns85
- Valuation19
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.83 – 27.70 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)7.91 – 15.63 (Mid 10.80)WACC 8.4% · starting FCFF 21.8 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 30.1%
- Peers: EV/EBITDA17.29 – 27.70 (Mid 20.08)3 companies used · median multiple 21.5x · quartiles 19.1x – 28.1xCRL, ICLR, IQV
- Peers: P/E9.98 – 18.76 (Mid 14.35)4 companies used · median multiple 50.8x · quartiles 35.3x – 66.4xICLR, INCY, IQV, MEDP
- Dividend discount (DDM)6.83 – 9.19 (Mid 7.84)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.5% | 73 (vs peers) | 7% |
| FCF conversion · Quality | 286.4% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -3.2% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 240.2% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.1x | 0 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 2.9x | 22 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 95.9x | 20 (vs peers) | 12% |
| EV/EBITDA · Valuation | 27.6x | 0 (on a fixed band) | 12% |
| FCF yield · Valuation | 3.2% | 40 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 6.8% | 97 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 73.0% | 67 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality86/100 · 2/3 factors with a value
- Returns85/100 · 2/2 factors with a value
- Valuation19/100 · 3/3 factors with a value
Memo
NRC Health (NRC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 137.4 m USD in 2025; YoY growth -4.0%; net margin 4.5%; ROE 248.1%; net debt/EBITDA 4.1x.
The estimated value range is 8.94–17.19 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 12.58 USD, the price of 27.07 USD leaves a potential of -53.5% (value / price − 1) and a margin of safety of -115.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.5%
- FCF conversion: 286.4%
- EPS CAGR 3Y: 240.2%
- Shareholder yield (distributions): 6.8%
What contradicts it
- Revenue CAGR 3Y: -3.2%
- Net debt / EBITDA: 4.1x
- Interest coverage: 2.9x
- Current ratio: 0.6x
- P/E (TTM): 95.9x
- EV/EBITDA: 27.6x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC.
Versus the vertical median
Services-Commercial Physical & Biological Research (SIC 8731) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IQVIqvia Holdings Inc. | 43.5 bn | 32.0 | 21.7% | 8.1% | +5.9% | +15% / +23% |
| INCYIncyte Corporation | 25.0 bn | 65.2 | 7.8% | 6.7% | +21.2% | +18% / +126% |
| MEDPMedpace Holdings, Inc. | 18.4 bn | 36.4 | 117.9% | 18.2% | +20.0% | +11% / +143% |
| CRLCharles River Laboratories International, Inc. | 15.6 bn | 385.5 | 1.2% | 1.0% | −0.9% | +83% / +66% |
| ICLRICON plc | 15.6 bn | 70.0 | 2.5% | 2.8% | +0.8% | +10% / −24% |
| ABSIAbsci Corp | 1.8 bn | — | -57.7% | -7,756.4% | −38.2% | +231% / +528% |
| OABIOmniab, Inc. | 755.6 m | — | -16.5% | -108.1% | −29.3% | +186% / +18% |
| NRCNRC Health | 574.5 m | 95.9 | 248.1% | 4.5% | −4.0% | +96% / −35% |
| ONMDOnemednet Corporation | 269.2 m | — | — | -584.2% | +111.4% | −75% / −89% |
| MXCTMaxCyte, Inc. | 143.5 m | — | -20.4% | -114.8% | −14.5% | −21% / −71% |
| BIAFbioAffinity Technologies, Inc. | 23.7 m | — | -1,860.2% | -257.3% | −34.2% | −87% / −100% |
| ISPCiSpecimen Inc. | 2.1 m | — | -968.5% | -2,449.0% | −79.2% | −95% / −100% |
1- and 3-year price returns: for NRC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.86 Total return -41% · Per year -41% | 28.16 Total return 5% · Per year 5% | 42.57 Total return 59% · Per year 59% |
| 3 years | 13.10 Total return -49% · Per year -20% | 26.37 Total return 1% · Per year 0% | 44.09 Total return 67% · Per year 19% |
| 5 years | 10.82 Total return -57% · Per year -15% | 24.70 Total return -4% · Per year -1% | 45.68 Total return 76% · Per year 12% |
- Exit P/E± 6.59
- Net margin± 4.62
- Annual revenue growth± 4.09
- Annual dilution± 0.39
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (27 Oct 2026 · results).
In brief
NRC Health is a healthcare experience and market research company that sells subscription analytics to US health systems. After TRCV recovered to a record above 150 million dollars, the company is trying to show that revenue growth can return in 2026, though quarterly profitability remains under pressure.
SWOT
Strengths
- The company has a long history in healthcare and a consumer database that is hard to replicate 1.
- The recurring subscription model gives revenue visibility, and the TRCV indicator is rising 13.
- The portfolio spans several experience categories and includes a governance division that reported strong bookings 13.
Weaknesses
- GAAP revenue and operating margin have declined in recent years, and the company posted a net loss in the second quarter of 2026 123.
- Dependence on a small number of large customers creates exposure to losing an important contract 1.
- Executive compensation costs and rising debt have added expense and reduced financial flexibility 23.
Opportunities
Risks
- Dependence on contract renewalshigh
Most revenue comes from recurring contracts, and a decline in renewal rates would directly hit revenue 1.
- Customer concentrationhigh
The ten largest customers make up a significant share of revenue, and losing one could have visible effects 1.
- Competitive pressuremedium
Larger competitors and low barriers to entry could lead to lower prices and share losses 1.
- Debt and financing costsmedium
Higher debt and interest expense weighed on profit in 2026, which could limit investment capacity 23.
- IT and cyber risksmedium
Platform failures or cyber attacks could disrupt services and harm the company's reputation 1.
Investment thesis
What would need to be true (bull case)
- If TRCV growth converts into higher revenue in the second half of the year, the company could recover lost margins 13.
- A unique consumer database and a recurring subscription model could support a solid position in its niche 1.
- The governance division reported its strongest bookings in seven years, which could add a further revenue stream 3.
What would break the thesis
- GAAP profit was negative in the second quarter and the operating margin deteriorated, which could signal persistent pressure 23.
- Customer concentration and larger competitors could limit growth and bargaining power 1.
- Executive costs and growing debt could reduce financial flexibility in the coming years 23.
What to watch
- Trend in TRCV and customer retentionQ3 2026
- Recovery of operating margin after compensation adjustmentsQ4 2026
- Debt level and interest costs2027
- Results of the governance division and new AI productsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (27 Oct 2026 · results).
The business
NRC Health, also known as National Research Corporation, frames its expertise around Human Understanding and offers subscription digital solutions to health systems that want to understand the patients, consumers, employees and communities they serve 1. The company was founded in 1981 and is headquartered in Lincoln, Nebraska, and most revenue comes from renewal of recurring contracts 1. It combines survey-based data with analytics and workflow tools, including an AI engine called Huey 1.
The business model relies on TRCV, which represents projected revenue over 12 months from recurring contracts and is viewed as a leading indicator of future revenue 1. A concentrated customer base means that the ten largest customers account for a significant share of revenue 1. The company says its strategy rests on selling more to existing customers, winning new ones and pursuing strategic acquisitions 1.
Activity in 2026 was marked by an executive leadership transition that brought unusual compensation costs and accelerated vesting of stock, raising SG&A expenses in the second quarter 23. The company nonetheless reported TRCV growth and a renewed confidence in its financial direction 13.
Segments
Market Experience
Market solutions are subscription services that track awareness, perception and consistency of healthcare brands, built on a syndicated survey called Market Insights 1. It is described as the largest US healthcare consumer database of its kind 1.
Patient Experience
Patient experience solutions are provided on subscription through a multi-mode digital platform and include CAHPS-compliant surveys, discharge call workflows and rounding tools for staff 1. They help health systems improve scores and reputation under value-based payment programs 1.
Governance Solutions
The governance division, branded The Governance Institute, serves not-for-profit hospital boards and executives through conferences, publications, advisory services and an online portal 1. In the second quarter of 2026 it reported its strongest bookings performance in seven years 3.
Market context
NRC Health operates in healthcare information and market research services, a highly competitive field with relatively low barriers to entry 1. Customers are almost entirely in healthcare, so demand depends on provider and payer budgets and policies 1.
Demand is shaped by industry consolidation, cost pressure and regulatory change, which can reduce or delay service purchases 1. If these trends persist, pricing pressure could keep rising.
Competitive position
The main direct competitors are Press Ganey and Qualtrics, which the company says have significantly higher annual revenue 1. Competition also comes from healthcare organisations' internal marketing and quality departments, and from market research firms and software vendors 1.
The company argues it differentiates through its long focus on healthcare, its broad solution portfolio and its relationships with leading providers 1. However, many competitors have larger financial and marketing resources, which could amplify price pressure 1.
- Press Ganey
Direct competitor in patient experience surveys, described by the company as having higher annual revenue than NRC Health 1.
- Qualtrics
Experience and feedback platform named as a primary competitor, with considerably larger resources 1.
- In-house departments of health systems
Marketing, research and quality teams that build their own performance measurement tools 1.
- Market research firms and software vendors
Companies offering general surveys or healthcare software that can overlap with NRC Health services 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report19 Oct 2026Departure or appointment of officers
- Current report11 Aug 2026Departure or appointment of officers
- Quarterly report04 Aug 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Proxy statement08 May 2026
- Quarterly report06 May 2026
- Current report28 Apr 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NRC Health · 05 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NRC Health · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / NRC Health · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.