NRC HEALTH
NRC · Services-Commercial Physical & Biological Research · 22.5M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $18M (gross $19M, SBC $935K)
Reference price $12.27 · est. market cap ~$277M — last insider purchase, 2026-02-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Healthcare-experience analytics vendor — high margins and FCF, but very high leverage and weak liquidity.
Strengths
- Strong margins/FCF — operating margin 16% (84th), FCF margin 11% (87th)
Risks
- Very high leverage — D/E 5.4 (96th)
- Weak liquidity — current ratio 0.6 (40th)
- Revenue decline — -4%
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 5.36)
- Weak liquidityCurrent ratio 0.55 (<1)
- Customer concentration~40% of revenue from one customer/distributor — Direct expenses represented 38% of revenue in 2025 and 40% of revenue in 2024
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
16.4%
Net margin
8.4%
Return on equity
82.9%
Return on assets
8.6%
ROIC
20.0%
Revenue growth (QoQ)
-1.1%
Net-income growth
-53.2%
Debt / equity
5.4×
Net debt / EBITDA
2.3×
Current ratio
0.6×
Free cash flow
$16M
EBITDA
$30M
Tangible book value
-$54M
Cash & investments
$4M
Stock comp / revenue
2.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | Berwick Donald M | Grant | 7.7K | — |
| 2026-06-23 | Bhandari Parul | Grant | 7.7K | — |
| 2026-06-23 | Lockhart Stephen H | Grant | 7.7K | — |
| 2026-06-23 | NUNNELLY JOHN N | Grant | 7.7K | — |
| 2026-06-23 | Wheeler Penny Ann | Grant | 7.7K | — |
| 2026-03-12 | Rau Jason Russell | Grant | 60K | — |
| 2026-02-17 | HARRISON SHANE R | Buy | 8.0K | $12.27 |
| 2026-01-05 | Burik David | Grant | 100K | — |
| 2026-01-05 | Hays Michael D. | Option exercise | 9.1K | $15.23 |
| 2025-12-29 | HARRISON SHANE R | Tax withheld | 21K | $18.66 |
| 2025-12-15 | Hrdy Helen | Option exercise | 12K | $15.23 |
| 2025-12-15 | Hrdy Helen | Tax withheld | 11K | $17.64 |
| 2025-09-29 | HARRISON SHANE R | Grant | 172K | — |
| 2025-07-31 | Freeman Jordan Nicole | Buy | 771 | $12.97 |
| 2025-06-01 | Green Trent S | Grant | 500K | — |
| 2025-05-12 | BEANS PATRICK E | Buy | 2.5K | $13.59 |
| 2025-04-07 | Monnich Andrew | Grant | 100K | — |
| 2025-04-07 | Hrdy Helen | Grant | 100K | — |
| 2025-01-02 | Hays Michael D. | Option exercise | 10K | $13.17 |
| 2024-12-31 | Amandla MK Trust | Gift | 4.8M | — |
| 2024-12-31 | Common Property Trust | Gift | 4.8M | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-04-28 | Exec/director change | filing ↗ |
| 2026-04-20 | Exec/director change5.03Exhibits | filing ↗ |
| 2026-03-05 | Reg FDExhibits | filing ↗ |
| 2026-02-03 | ResultsExhibits | filing ↗ |
| 2025-10-27 | ResultsExhibits | filing ↗ |
| 2025-08-28 | Exec/director changeExhibits | filing ↗ |
| 2025-07-28 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-06 | 2026-03-31 | 0001437749-26-015083 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001437749-26-013641 ↗ |
| 10-K/A | 2026-04-28 | 2025-12-31 | 0001437749-26-013686 ↗ |
| 8-K | 2026-04-28 | 2026-04-27 | 0001437749-26-013646 ↗ |
| 8-K | 2026-04-20 | 2026-04-15 | 0001437749-26-012850 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001437749-26-007002 ↗ |
| 8-K | 2026-03-05 | 2026-03-04 | 0001437749-26-006945 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0001437749-26-002726 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001437749-25-033793 ↗ |
| 8-K | 2025-10-27 | 2025-10-27 | 0001437749-25-031819 ↗ |
| 8-K | 2025-08-28 | 2025-08-25 | 0001437749-25-027942 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0001437749-25-025583 ↗ |