TakeoverPE & activists

NRCNRC HEALTH

Services-Commercial Physical & Biological Research · $528M market cap · 357 employees

9.1×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

5of 15 firedHow well they predict deals →
10 other checks
  • High CEO pay despite TSRNo
    $190K median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    228% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Shareholder dissentNo
    100% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $385K · 68th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.5 per 10K words · 75th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    1.5× EBITDA net debt
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    4 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $98K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Mar 13, 2018SC 13E3/ANational Research Corporation——
Jan 26, 2018SC 13E3/ANational Research Corporation——

Key numbers

Revenue
$137MFY2021: $148MFY2022: $152MFY2023: $149MFY2024: $143MFY2025: $137M
4.0% YoY
Operating margin
16.4%FY2021: 34.0%FY2022: 30.7%FY2023: 27.0%FY2024: 24.6%FY2025: 16.4%
33% YoY
EBITDA
$30MFY2021: $50MFY2022: $47MFY2023: $46MFY2024: $41MFY2025: $30M
27% YoY
Net debt / EBITDA
1.5×
$45M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$148M$152M$149M$143M$137M 4.0% FY2021: $148MFY2022: $152MFY2023: $149MFY2024: $143MFY2025: $137M
Operating income$50M$47M$40M$35M$23M 36% FY2021: $50MFY2022: $47MFY2023: $40MFY2024: $35MFY2025: $23M
Net income$37M$32M$31M$25M$12M 53% FY2021: $37MFY2022: $32MFY2023: $31MFY2024: $25MFY2025: $12M
Operating cash flow$46M$36M$38M$35M$26M 24% FY2021: $46MFY2022: $36MFY2023: $38MFY2024: $35MFY2025: $26M
Capex$6M$10M$16M$15M$11M 31% FY2021: $6MFY2022: $10MFY2023: $16MFY2024: $15MFY2025: $11M
Stock-based comp$623K$1M$935K$284K$3M 1066% FY2021: $623KFY2022: $1MFY2023: $935KFY2024: $284KFY2025: $3M
Buybacks$4M$28M$19M$31M$20M 35% FY2021: $4MFY2022: $28MFY2023: $19MFY2024: $31MFY2025: $20M
Dividends$9M$21M$36M$11M$11M 4.1% FY2021: $9MFY2022: $21MFY2023: $36MFY2024: $11MFY2025: $11M

13D filers

FiledFilerFormStakeIntent
Jun 12, 2026Common Property TrustSCHEDULE 13D/A38.2%Passive
Mar 27, 2026Common Property TrustSCHEDULE 13D/A46.5%Passive
Apr 10, 2025Common Property TrustSCHEDULE 13D/A37.5%Passive
Mar 5, 2024Common Property TrustSC 13D/A16.2%Passive
Jan 4, 2024Amandla MK TrustSC 13D/A19.4%Passive
Nov 1, 2022Amandla MK TrustSC 13D/A21.6%Passive
Jun 13, 2022Amandla MK TrustSC 13D/A22.6%Passive
Dec 8, 2021Amandla MK TrustSC 13D/A23.7%Passive
Mar 22, 2021Common Property TrustSC 13D18.8%Passive
Mar 15, 2021K/I/E Trust Under Agreement 10/24/18SC 13D/A0.0%Passive

Insider trading

+$98Knet buying by insiders, open market, last 12 months
Bought $98K · 1 tradeSold $0 · 0 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——47134
FY2024$185K−$43K29143
FY2023$196K$202K64128
FY2022$181K$185K60110
FY2021$217K$208K65138