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.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 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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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. Jun 3, 2025New chief executive Trent S. Green becomes CEO16
  2. Jul 8, 2003New chief executive Michael D. Hays becomes CEO17
  3. 1981Founded Founded1

Filings

220 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 41 major events, 123 insider forms, 17 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 220 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.

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.

Sources

The numbers on this page point here. Each one links to the record it came from.

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