NRC on Nasdaq

National Research Corporation

US healthcare consumer data mining company

National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska. The company changed its corporate name from National Research Corporation to NRC Health, Inc. in April 2026.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1981Founded1

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  • TickerNRC on Nasdaq1
  • IndustryServices-Commercial Physical & Biological Research1
  • HeadquartersLincoln1
  • Websitenrchealth.com
  • Incorporated inDE5
  • Business address1245 Q Street, Lincoln, Ne 685085
  • Filer categoryAccelerated filer5
  • Legal formBusiness Corporation4
  • LEI549300FQIORB6GZCYT154
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O F & L CORP., 53202-5367 Milwaukee, United States4
  • Registered withCorporation Section (Division of Corporate & Consumer Services, Department of Financial Institutions), N0256514
National Research Corporation Building, Lincoln, Nebraska, USA
Photo: Hanyou23, CC BY-SA 4.0, via Wikimedia Commons7

National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska. The company changed its corporate name from National Research Corporation to NRC Health, Inc. in April 2026.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.4%Operating margin8
8.4%Net margin8
-4.0%Revenue growth, 20258
82.9%Return on equity8
5.36×Debt to equity8
$15.7MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin40¢$54.8M
  • Other costs47¢$64.7M
  • Income tax5¢$6.2M
  • Profit8¢$11.6M

Out of $137.4M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending26¢$10.7M
  • Dividends paid26¢$11.0M
  • Share buybacks48¢$20.2M

Out of $26.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$137.4M in 2025+7% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $128.0M$128.0M20192020: $133.3M$133.3M2020+4%2021: $148.0M$148.0M2021+11%2022: $151.6M$151.6M2022+2%2023: $148.6M$148.6M2023−2%2024: $143.1M$143.1M2024−4%2025: $137.4M$137.4M2025−4%
Operating income91011128$22.6M in 2025−48% since 2019
0$20.0M$40.0M$60.0M2019: $43.0M$43.0M20192020: $42.7M$42.7M2020−1%2021: $50.3M$50.3M2021+18%2022: $46.5M$46.5M2022−7%2023: $40.0M$40.0M2023−14%2024: $35.2M$35.2M2024−12%2025: $22.6M$22.6M2025−36%
Net income91011128$11.6M in 2025−64% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $32.4M$32.4M20192020: $37.3M$37.3M2020+15%2021: $37.5M$37.5M2021+1%2022: $31.8M$31.8M2022−15%2023: $31.0M$31.0M2023−3%2024: $24.8M$24.8M2024−20%2025: $11.6M$11.6M2025−53%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Revenue$137.4M$143.1M$148.6M
Direct$52.4M$56.9M$56.0M
Selling, general and administrative$54.8M$44.9M$46.6M
Depreciation and amortization$7.6M$6.0M$5.9M
Total operating expenses$114.8M$107.9M$108.5M
Operating income$22.6M$35.2M$40.0M
Interest income$111.0K$125.0K$820.0K
Interest expense-$4.8M-$2.6M-$862.0K
Other, net-$95.0K-$34.0K-$41.0K
Total other income (expense)-$4.7M-$2.5M-$83.0K
Income before income taxes$17.8M$32.7M$40.0M
Provision for income taxes$6.2M$7.9M$9.0M
Net income$11.6M$24.8M$31.0M
Basic (in dollars per share)$50.00$1.05$1.26
Diluted (in dollars per share)$50.00$1.04$1.25
Basic (in shares)22.4M shares23.7M shares24.5M shares
Diluted (in shares)22.4M shares23.7M shares24.7M shares

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Corporate structure

National Research Corporation sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of National Research Corporation

  • KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Filed SCHEDULE 13G/A on National Research Corporation, latest Aug 13, 2026 (8 filings since Feb 11, 2022)
  • Common Property Trust Filed SCHEDULE 13D/A on National Research Corporation, latest Jun 12, 2026 (4 filings since Mar 5, 2024)
  • BlackRock Filed SCHEDULE 13G/A on National Research Corporation, latest Apr 22, 2025 (2 filings since Feb 4, 2025)
  • Amandla MK Trust Filed SC 13D/A on National Research Corporation, latest Jan 4, 2024 (4 filings since Dec 8, 2021)
  • National Research Corporation Lincoln, Nebraska, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What National Research Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$9.0K8 Dec 31, 2025$18.0K8 Dec 31, 2024−50.0%
Operating-lease assets (leased space)$1.2M8 Dec 31, 2025$1.6M8 Dec 31, 2024−28.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.1M8 Dec 31, 2025$4.2M8 Dec 31, 2024−2.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$66.2M8 Dec 31, 2025$66.2M8 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$2.2M8 Dec 31, 2025$2.6M8 Dec 31, 2024−14.9%
Finite-lived intangibles, gross$14.1M8 Dec 31, 2025$14.1M8 Dec 31, 20240%
Accumulated amortization$13.1M8 Dec 31, 2025$12.7M8 Dec 31, 2024+3.1%
Finite-lived intangibles, net$1.0M8 Dec 31, 2025$1.4M8 Dec 31, 2024−27.3%

Properties, in its own words

Our headquarters is located in an owned office building in Lincoln, Nebraska, of which 62,000 square feet have been used for operations. Our credit facilities are secured by this property and our other assets. We are leasing 19,300 square feet of space in Lincoln, Nebraska for our mail survey processing operations that were previously housed at our headquarters.

Item 2 of the 10-K filed Mar 5, 2026.16

The story

National Research Corporation was established in 1981 to provide performance measurement tools and insights for the healthcare industry.

In 1994, the Picker Institute was founded and began development of the Qualisys technology the following year. In 1998, National Research Corporation acquired Healthcare Research Systems, Inc., expanding its offerings in patient experience measurement.

In 2001, the company purchased the Picker Institute's healthcare survey business, enhancing its market presence in patient-centered research. Expansion continued in 2003 with the acquisition of Smaller World Communications, based in Canada.

The company entered the health risk assessment sector in 2005 through the acquisition of Geriatric Health Systems LLC. In 2006, it acquired TGI Group LLC, which led to the creation of The Governance Institute, a resource for healthcare governance education and research.

In 2009, National Research Corporation acquired My InnerView, a firm recognized for its long-term care quality and satisfaction surveys. This was followed in 2010 by the acquisition of OCS HomeCare, a provider of clinical and outcomes analytics for home health and hospice care.

In 2014, the company acquired Digital Assent, the first software platform to enable healthcare organizations to publish physician star ratings based on patient experience data.

In 2016, National Research Corporation rebranded as NRC Health, reflecting a broader commitment to human-centered care and consumer insights.

On February 11, 2020, NRC Health experienced a cyberattack that resulted in the temporary shutdown of its operations and raised concerns about the security of patient data maintained on behalf of its healthcare clients.

From Wikipedia’s article on National Research Corporation, shared under CC BY-SA 4.0.6

Leadership

Who has led National Research Corporation, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (22)

Products and brands

Products and solutions provided by NRC Health follows the "Eight Dimensions of Patient-Centered Care" philosophy.

Under this strategy, the company provides:

Patient & Family Experience

Resident & Family Experience

Read the full text

Employee Engagement

Physician Engagement

The Consumer Assessment of Healthcare Providers and Systems (CAHPS) program

Market Insights

Healthcare Analytics

Clinical & Outcomes Analytics

Health Risk Assessments

Patient Outreach Programs

Integrated Solutions

The Institutes

CAHPS is a survey system, including HCAHPS, CGCAHPS, HHCAHPS, NHCAHPS, Pediatric HCAHPS, and ICHCAHPS.

From Wikipedia’s article on National Research Corporation, shared under CC BY-SA 4.0.6

Former names

  • NATIONAL RESEARCH CORPDec 3, 1997 to Mar 27, 20265

Timeline

  1. Aug 11, 20268-K Executive or director change46
  2. Jul 28, 20268-K Results of operations47
  3. Jun 29, 20268-K Bylaws or fiscal year changed; Shareholder vote48
  4. Apr 28, 20268-K Results of operations49
  5. Apr 28, 20268-K Executive or director change50
  6. Apr 20, 20268-K Executive or director change; Bylaws or fiscal year changed51
  7. Mar 5, 20268-K Regulation FD disclosure52
  8. Feb 3, 20268-K Results of operations53
  9. Oct 27, 20258-K Results of operations54
  10. Aug 28, 20258-K Executive or director change55
  11. Jul 28, 20258-K Results of operations56
  12. Jun 3, 2025New chief executive Trent S. Green becomes CEO17
  13. May 12, 20258-K Executive or director change; Shareholder vote57
  14. Jul 8, 2003New chief executive Michael D. Hays becomes CEO18
  15. 1981Founded Founded1

Calendar

Coming up

  1. Oct 26, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.23 a share, on Oct 27, 2025.58

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results47
  2. Apr 28, 2026Reported quarterly or annual results49
  3. Feb 3, 2026Reported quarterly or annual results53
  4. Oct 27, 2025Reported quarterly or annual results54
  5. Jul 28, 2025Reported quarterly or annual results56
  6. Apr 28, 2025Reported quarterly or annual results59
  7. Jan 27, 2025Reported quarterly or annual results60
  8. Oct 25, 2024Reported quarterly or annual results61

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

221 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 41 major events, 123 insider forms, 18 large holders, 18 other. The latest 20:

  1. Aug 13, 2026SCHEDULE 13G/A EDGAR
  2. Aug 11, 20268-K EDGAR
  3. Aug 4, 202610-Q EDGAR
  4. Jul 28, 20268-K EDGAR
  5. Jun 29, 20268-K EDGAR
  6. Jun 25, 20264 EDGAR
  7. Jun 25, 20264 EDGAR
  8. Jun 25, 20264 EDGAR
  9. Jun 25, 20264 EDGAR
  10. Jun 25, 20264 EDGAR
  11. Jun 12, 2026SCHEDULE 13D/A EDGAR
  12. May 13, 2026424B7 EDGAR
  13. May 8, 2026DEFA14A EDGAR
  14. May 8, 2026DEF 14A EDGAR
  15. May 8, 2026ARS EDGAR
  16. May 6, 202610-Q EDGAR
  17. Apr 28, 2026PRE 14A EDGAR
  18. Apr 28, 202610-K/A EDGAR
  19. Apr 28, 20268-K EDGAR
  20. Apr 28, 20268-K EDGAR

The 221 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

94 open-market trades by officers, directors and large owners since October 2021: 3 buys and 91 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 17, 2026HARRISON SHANE REVP & Chief Financial OfficerBuy8,000$12.27$98.2KForm 4
Jul 31, 2025Freeman Jordan NicoleChief Accounting OfficerBuy771$12.97$10.0KForm 4
May 12, 2025BEANS PATRICK E10% ownerBuy2,500$13.59$34.0KForm 4
Mar 1, 2024Common Property Trust10% ownerSale598,653$40.54$24.3MForm 4
Jan 5, 2024Amandla MK Trust10% ownerSale2,614$40.20$105.1KForm 4
Jan 4, 2024Amandla MK Trust10% ownerSale4,600$41.22$189.6KForm 4
Jan 3, 2024Common Property Trust10% ownerSale364,625$41.53$15.1MForm 4
Jan 3, 2024Amandla MK Trust10% ownerSale120,139$41.77$5.0MForm 4
Jan 2, 2024Amandla MK Trust10% ownerSale201,100$40.31$8.1MForm 4
Dec 14, 2023Amandla MK Trust10% ownerSale600$41.59$25.0KForm 4
Dec 13, 2023Amandla MK Trust10% ownerSale3,779$41.55$157.0KForm 4
Dec 12, 2023Amandla MK Trust10% ownerSale21,884$41.55$909.3KForm 4
Dec 11, 2023Amandla MK Trust10% ownerSale37,638$41.55$1.6MForm 4
Dec 8, 2023Amandla MK Trust10% ownerSale12,328$41.55$512.2KForm 4
Dec 7, 2023Amandla MK Trust10% ownerSale4,738$41.56$196.9KForm 4
Dec 6, 2023Amandla MK Trust10% ownerSale952$41.60$39.6KForm 4
Dec 5, 2023Amandla MK Trust10% ownerSale1,498$41.60$62.3KForm 4
Dec 4, 2023Amandla MK Trust10% ownerSale100$41.60$4.2KForm 4
Nov 22, 2023Amandla MK Trust10% ownerSale627$42.08$26.4KForm 4
Nov 21, 2023Amandla MK Trust10% ownerSale100$42.05$4.2KForm 4

All 94 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Trent Green$697.1K$12.0M66
2025Shane Harrison$92.3K$2.5M66
2025Helen L. Hrdy$400.0K$2.5M66
2025Andy Monnich$400.0K$2.5M66
2025Jason Rau$362.3K$619.1K66
2025Michael D. Hays$127.4K$184.4K66
2025Linda Stacy$12.5K$60.0K66
2024EVP & Chief Operating Officer$397.8K$1.5M66
2024Former Interim Principal Financial Officer$245.4K$252.9K66
2024Chair; Former Chief Executive OfficerPresident$127.4K$184.9K66
2023EVP & Chief Operating Officer$285.0K$435.7K66
2023Chair; Former Chief Executive OfficerPresident$127.4K$195.6K66

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Kayne Anderson Rudnick Investment Management LLC2,030,492$43.8M0.1%−605,863
BlackRock, Inc.1,061,355$22.9M0.0%+85,500
Morgan Stanley859,269$18.5M0.0%−142,611
Vanguard Capital Management LLC666,554$14.4M0.0%+3,717
Dimensional Fund Advisors LP491,228$10.6M0.0%+1,488
Willis Investment Counsel434,785$9.4M0.4%+210,147
Geode Capital Management, LLC420,056$9.1M0.0%+26,209
Farmers & Merchants Investments Inc330,649$7.1M0.2%+330,549
Renaissance Technologies LLC325,384$7.0M0.0%−15,400
State Street Corp298,384$6.5M0.0%−2,364
Heartland Advisors Inc300,000$6.5M0.3%+62,853
Bank of New York Mellon Corp252,235$5.4M0.0%+1,528
Northern Trust Corp238,243$5.1M0.0%−17,358
Hotchkis & Wiley Capital Management LLC187,920$4.1M0.0%−98,920
Wells Fargo & Company/mn179,623$3.9M0.0%+62,727
Aqr Capital Management LLC122,206$2.6M0.0%−49,641
Charles Schwab Investment Management Inc113,312$2.4M0.0%+938
Northwest & Ethical Investments L.P.102,370$2.2M0.1%−26,830
Vanguard Fiduciary Trust Co97,200$2.1M0.0%+4,046
Goldman Sachs Group Inc96,776$2.1M0.0%+14,084
Jane Street Group, LLC87,375$1.9M0.0%+16,949
Fifth Third Bancorp85,372$1.8M0.0%−4,810
Bank Of America Corp /de/82,946$1.8M0.0%−29,522
Vanguard Portfolio Management LLC81,725$1.8M0.0%+11,140
Linden Thomas Advisory Services, LLC77,854$1.7M0.1%+50,260

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How National Research Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNRC HEALTH2
  • CIK0000070487
  • Employer ID (EIN)47-063400016
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inDelaware16
  • Fiscal year endsDecember 312
  • Industry code (SIC)8731 Services-Commercial Physical & Biological Research2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business address1245 Q Street, Lincoln, NE 685082
  • Phone40247525252
  • Shares outstanding22,119,566 as of Jul 31, 202614
  • Public float$194.8M as of Jun 30, 202516
  • AuditorKPMG LLP, Omaha, Nebraska PCAOB ID 185; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceAug 8, 19972
  • Filings1,303 in all: 4 (728), 8-K (163), 10-Q (87), SC 13G/A (48), DEF 14A (30), 3 (28), 4/A (26), 10-K (25)2
    All 45 form types

    UPLOAD (17), CORRESP (16), ARS (15), S-8 (13), SC 13D/A (11), SC 13G (11), S-3 (6), SC 13E3/A (6), 8-K/A (5), EFFECT (5), 10-K405 (4), 5 (4), PRE 14A (4), PRER14A (4), S-3/A (4), SCHEDULE 13G/A (4), 10-K/A (3), 10-Q/A (3), 424B3 (3), 424B7 (3), 8-A12B/A (3), S-1/A (3), SC 13D (3), SCHEDULE 13D/A (3), DEFA14A (2), S-8 POS (2), 144 (1), 15-12B (1), 25-NSE (1), 424B1 (1), 425 (1), 8-A12B (1), 8-A12G (1), CERTNAS (1), S-1 (1), SC 13E3 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) May 8, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $.001 par valueNRCNASDAQ

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks National Research Corporation names in Item 1A of its 10-K filed Mar 5, 2026: 24 risks under these headings, as written.16

  • Risks Related to our Business
  • We depend on contract renewals, including retention of key customers, for a large share of our revenue and our operating results could be adversely affected.
  • We operate in a highly competitive market and could experience increased price pressure and expenses as a result.
  • Because our customers are concentrated in the healthcare industry, our revenue and operating results may be adversely affected by changes in regulations, a business downturn, or consolidation with respect to the healthcare industry.
  • We could be negatively impacted by outbreaks or pandemics.
  • We could be negatively impacted by global conflicts or similar events.
  • General economic factors could adversely impact our profitability.
  • We face several risks relating to our ability to collect the data on which our business relies.
  • If intellectual property and other proprietary information technology were copied or independently developed by our competitors, our operating results could be negatively affected.
  • Failures, interruptions, or deficiencies in our information technology and communications systems could negatively impact our business and operating results.
  • If we or our third-party service providers sustain cyber-attacks or other privacy or data security incidents that result in security breaches that disrupt our operations or result in the unintended dissemination of protected personal information or proprietary or confidential information or AI impacts our demand for, or providing of, services, we could suffer a loss of revenue and increased costs, exposure to significant liability, reputational harm, and other serious negative consequences.
  • New solution offerings involve inherent risk.
The other 13 risks
  • Some of our employees work remotely, which may increase the cybersecurity risks to our business, including an increased demand for information technology resources, increased risk of phishing, and other cybersecurity risks.
  • Reputational harm could have a material adverse effect on our business, financial condition, and results of operations.
  • Our operations are subject to laws and regulations that impose significant compliance costs and create reputational and legal risk.
  • Ineffective internal controls could have a negative impact on our business, results of operations, and our reputation.
  • Our growth strategy includes future acquisitions, partnerships, and/or investments which involve inherent risk.
  • If we are unable to achieve a proper revenue to cost ratio our profitability could decrease.
  • Risks Related to our Common Stock
  • Our principal shareholders effectively control the Company.
  • The market price of our common stock may be volatile and shareholders may be unable to resell shares at or above the price at which the shares were acquired.
  • General Risk Factors
  • Our operating results may fluctuate and this may cause our stock price to decline.
  • Our business and operating results could be adversely affected if we are unable to attract or retain key managers and other personnel.
  • Increases in income tax rates, changes in income tax laws or regulations, or unfavorable resolutions of tax matters could adversely impact our profitability.
  • Failure to comply with public company regulations could adversely impact our profitability.
  • We may change our dividend policy at any time.

Legal proceedings

From time to time, we are involved in certain claims and litigation arising in the normal course of business. Management assesses the probability of loss for such contingencies and recognizes a liability when a loss is probable and estimable. For additional information, see Note 1, under the heading “Commitments and Contingencies,” to our consolidated financial statements. Regardless of the final outcome, any legal proceedings, claims, inquiries, and investigations, however, can impose a significant burden on management and employees, may include costly defense and settlement costs, and could cause harm to our reputation and brand, and other factors.

The opening of Item 3, Legal Proceedings.16

Sources

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