NRCNRC HEALTH
Services-Commercial Physical & Biological Research
- Revenue
- $137M
- 4.0% YoY
- Operating margin
- 16.4%
- 33% YoY
- EBITDA
- $30M
- 27% YoY
- Market cap
- $528M
- Employees
- 357
- $385K revenue each
- Net debt / EBITDA
- 1.5×
- $45M net debt
- AI in 10-K
- 3.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$190K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo228% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowYes118% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes49% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$385K · 68th pctBottom quartile of its SIC industry
- Quiet on AINo3.5 per 10K words · 75th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$528M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$98K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $148M | $152M | $149M | $143M | $137M | 4.0% |
| Operating income | $50M | $47M | $40M | $35M | $23M | 36% |
| Net income | $37M | $32M | $31M | $25M | $12M | 53% |
| Operating cash flow | $46M | $36M | $38M | $35M | $26M | 24% |
| Capex | $6M | $10M | $16M | $15M | $11M | 31% |
| Stock-based comp | $623K | $1M | $935K | $284K | $3M | 1066% |
| Buybacks | $4M | $28M | $19M | $31M | $20M | 35% |
| Dividends | $9M | $21M | $36M | $11M | $11M | 4.1% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Apr 18, 2018 | SC 13E3/A | — | — | — |
| Mar 13, 2018 | SC 13E3/A | National Research Corporation | — | — |
| Feb 23, 2018 | SC 13E3/A | — | — | — |
| Jan 26, 2018 | SC 13E3/A | National Research Corporation | — | — |
| Oct 30, 2017 | SC 13E3/A | — | — | — |
| Oct 20, 2017 | SC 13E3/A | — | — | — |
| Sep 18, 2017 | SC 13E3 | — | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 12, 2026 | Common Property Trust | SCHEDULE 13D/A | 38.2% | Passive |
| Mar 27, 2026 | Common Property Trust | SCHEDULE 13D/A | 46.5% | Passive |
| Apr 10, 2025 | Common Property Trust | SCHEDULE 13D/A | 37.5% | Passive |
| Mar 5, 2024 | Common Property Trust | SC 13D/A | 16.2% | Passive |
| Jan 4, 2024 | Amandla MK Trust | SC 13D/A | 19.4% | Passive |
| Nov 1, 2022 | Amandla MK Trust | SC 13D/A | 21.6% | Passive |
| Jun 13, 2022 | Amandla MK Trust | SC 13D/A | 22.6% | Passive |
| Dec 8, 2021 | Amandla MK Trust | SC 13D/A | 23.7% | Passive |
| Mar 22, 2021 | Common Property Trust | SC 13D | 18.8% | Passive |
| Mar 15, 2021 | K/I/E Trust Under Agreement 10/24/18 | SC 13D/A | 0.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $98K · 1
- Open-market sells, 12 mo
- $0 · 0
- Net
- $98K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 47 | 134 |
| FY2024 | $185K | −$43K | 29 | 143 |
| FY2023 | $196K | $202K | 64 | 128 |
| FY2022 | $181K | $185K | 60 | 110 |
| FY2021 | $217K | $208K | 65 | 138 |