NRC HEALTH financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NRC HEALTH files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	109	118	120	128	133	148	152	149	143	137
Selling, general and administrative	28.4	29.7	31.4	33	34.4	39	42.7	46.6	44.9	54.8
Operating expenses	78.2	83.3	84.4
Operating income	31.2	34.2	35.3	43	42.7	50.3	46.5	40	35.2	22.6
Interest expense	0.19	0.08	1.51	2.09	1.81	1.67	1.21	0.86	2.6	4.76
Interest income	0.05	0.1	0.06	0.04	0.02	0.01	0.17	0.82	0.13	0.11
Other non-operating income	0.16	0.06	-0.57	-2.52	-1.21	-1.65	-3.73	-0.08	-2.5	-4.75
Pre-tax income	31.4	34.3	34.7	40.5	41.5	48.6	42.8	40	32.7	17.8
Income tax	10.8	11.3	4.66	8.11	4.21	11.2	11	8.99	7.91	6.25
Net income	20.5	22.9	30	32.4	37.2	37.4	31.8	31	24.8	11.3
EBITDA	35.4	38.8	40.7	48.6				45.9	41.2	30.2
EPS, basic				1.30	1.48	1.47	1.28	1.26	1.05	50.00
EPS, diluted				1.26	1.45	1.46	1.27	1.25	1.04	50.00
Shares, basic (weighted)				24.8	25.2	25.4	24.9	24.5	23.7	22.4
Shares, diluted (weighted)				25.7	25.7	25.6	25.1	24.7	23.7	22.4
Dividend per share				0.78	0.21	0.48	0.84	1.48	0.48	0.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	33	34.7	13	13.5	34.7	54.4	25	6.65	4.23	4.14
Receivables	10.9	14.8	11.9	11.6	13.9	13.7	14.5	12.4	11.1	11.1
Other current assets	0.04	0.04	0.22	1.89	1.62	0.98	1.11	0.94	0.69	0.52
Total current assets	47.1	52.3	28.4	29.2	54.1	73.7	43.7	24.4	19.6	20.2
Property, plant and equipment	11.8	12.4	14.2	13.5	11.7	12.4	17.2	28.2	38.3	40.5
Lease right-of-use assets				1.63	1.31	0.98	0.56	2.06	1.63	1.16
Goodwill	57.9	58	57.8	57.9	57.3	61.6	61.6	61.6	66.2	66.2
Intangible assets	3.12	2.76	2.1	1.73	1.41	1.79	1.61	1.47	2.62	2.23
Other non-current assets	0.77	1.91	2.05	2.5	3.06	3.28	3.26	3.27	4.34	3.32
Total assets	121	127	108	111	133	158	130	122	133	135
Accounts payable	0.77	0.59	0.61	1.28	1.1	1.94	1.15	1.3	1.19	1.17
Accrued liabilities	3.07	2.88	2.83	3.41	3.18	5.45	3.98	4.89	5.09	2.9
Deferred revenue	15.5	16.9	16.2	16.4	15.6	17.2	15.2	14.8	15.8	16.2
Short-term debt	2.68	1.07								4.01
Total current liabilities	31.5	32.3	47.1	38.2	31.7	40.4	33.4	36.2	35.9	36.6
Long-term debt	0.86		34.2	29.8	26.5	22.3	17.7	29.5	57.9	75
Lease liabilities								1.65	1.16	0.74
Other non-current liabilities	0.78	0.94	1.39	2.44	3.62	2.54	2.05	3.67	3.97	3.26
Total liabilities	37.8	37.3	88.9	77.8	69.1	72.2	58.4	73.5	101	121
Total debt	3.54	1.07	38	34.3	30.7	26.6	22.3	36.8	57.9	79
Paid-in capital	46.7	51	157	162	172	174	175	178	180	184
Retained earnings	71.5	77.6	-106	-93.4	-61.4	-36.1	-25.2	-30.5	-17.1	-17.3
Treasury stock	-32.8	-37	-29	-33.7	-43.7	-50.1	-78.3	-98.8	-132	-153
Other comprehensive income	-2.63
Shareholders' equity	82.8	90	19.1	32.9	64.3	85.3	72	49	31.3	14
Total equity	82.8	90	19.1	32.9	64.3	85.3	72	49	31.3	14
Total liabilities and equity	121	127	108	111	133	158	130	122	133	135
Shares outstanding		20.9	24.8	24.9	25.4	25.4	24.6	24.2	23.1	22.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	20.5	22.9	30	32.4	37.3	37.5	31.8	31	24.8	11.6
Depreciation and amortization	4.23	4.59	5.46	5.54				5.9	6.02	7.62
Stock-based compensation	1.93	1.85	1.51	1.22	0.68	0.62	1.2	0.94	0.28	3.31
Deferred income tax	0.8	-0.68	1.48	1.1	-0.13	-0.28	-1.73	-1.12	-0.66	2.45
Change in receivables	-1.14	-2.34	2.77	0.31	-2.27	0.34	-0.73	2.08	1.76	-0.05
Change in payables	-0.02	0.01	-0.04	0.65	-0.25	0	-0.59	0.18	-0.11	0.17
Cash from operations	26.8	28.1	39.8	40.9	40.6	46.3	36.3	38.1	34.6	26.5
Capital expenditures	-3.97	-4.57	-5.97	-4.66	-3.98	-5.51	-9.84	-15.8	-15.4	-10.7
Acquisitions						-3	0	0	-4.83	0
Purchases of investments		-1.3
Cash from investing	-3.75	-6.12	-5.97	-4.66	-3.72	-8.51	-9.84	-15.8	-20.3	-10.7
Stock issued	0.55	0	0	0	1.73	0.45	0	0.58	0	0.13
Share buybacks						-4.14	-27.6	-19.1	-30.9	-20.2
Dividends paid	-28.6	-16.9	-16.9	-31.3	-10.5	-9.16	-21	-36.4	-11.5	-11
Cash from financing	-32.5	-21.1	-54.5	-36.3	-15.5	-18.2	-55.6	-40.7	-16.8	-15.8
Exchange rate effect	0.29	0.86	-1.12	0.61	-0.24	0
Net change in cash	-9.12	1.71	-21.7	0.53	21.2	19.7	-29.3	-18.4	-2.42	-0.09
Free cash flow	22.9	23.5	33.9	36.3	36.7	40.8	26.4	22.3	19.2	15.7
Interest paid	0.19	0.08	1.28	2.01	1.74	1.68	1.23	0.8	2.44	4.49
Income taxes paid	9.96	12.8	2.64	6.95	5.22	10.6	12.2	8.93	8.23

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	10.5%	Operating income / revenue.
EBITDA margin	16.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.7%	Pre-tax income / revenue.
Net margin	4.0%	Net income / revenue.
FCF margin	15.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.1%	Cash from operations / revenue.
Effective tax rate	37.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	84.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.1%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	45.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	8.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.6%	Capital expenditures / revenue.
D&A / revenue	6.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-35.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-21.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-11.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-26.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-54.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-29.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-21.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4,708.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	240.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	103.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-23.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-17.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-15.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-14.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	19.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-55.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-42.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-26.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.65x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	13.7x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	66.1%	Total debt / total assets.
Liabilities / assets	95.2%	Total liabilities / total assets.
Net debt	$86.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.71x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.73x	Operating income / interest expense.
Working capital	-$12.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	50.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$61.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.03x	Revenue / average total assets.
Fixed asset turnover	3.54x	Revenue / average property, plant and equipment.
Receivables turnover	15.0x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
FCF conversion	389.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.25	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.36	Revenue / diluted weighted shares.
FCF per share	$0.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.34	Cash from operations / diluted weighted shares.
Book value per share	$0.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.79	Tangible book value / shares outstanding.
Cash per share	$0.15	(Cash + short-term investments) / shares outstanding.
Payout ratio	228.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	58.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	87.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$432.9M	Share price x shares outstanding.
Enterprise value	$519.6M	Market cap + total debt - cash - short-term investments.
P/E	78.0x	Market cap / net income. Only when net income is positive.
P/S	3.09x	Market cap / revenue.
P/B	66.1x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	20.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	3.71x	Enterprise value / revenue.
EV/EBIT	35.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	7.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.32x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NRC HEALTH's revenue in fiscal 2025?

NRC HEALTH reported revenue of $137.4M for fiscal 2025, 4% lower than the year before.

Was NRC HEALTH profitable in fiscal 2025?

Yes. Net income was $11.3M, a net margin of 8.2%.

How much free cash flow did NRC HEALTH generate in fiscal 2025?

Cash from operations of $26.5M minus capital expenditures of $10.7M left free cash flow of $15.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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