# NRC Health (NRC)

> Source: Nexqual · https://nexqual.com/NRC · data as of 2026-10-23 13:30 UTC · cite as "Nexqual, NRC Health (NRC), nexqual.com/NRC" · informational, not investment advice.

**Price:** USD 21.99 (+2.85% today) · US market open, as of October 23, 2026 at 13:30 UTC; quotes may be delayed. Prev close 21.38 · day 21.99–21.99 · 52w 11.32–23.68 · market cap $486M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $140M, net income $5.9M (4.2% margin), free cash flow $21.6M (SEC filings).
- Valuation: P/E 83.0x (avg 28.2x at the last 3 fiscal year-ends), EV/EBITDA 24.5x, net debt $86.7M.
- Earnings quality: non-operating income -$5.4M vs operating income $14.7M over the last four quarters; P/E excluding non-operating income ≈52.1x (estimate: non-operating income taxed at the company's 35% effective rate).
- Analysts: Strong Buy (mean 1.00 on a 1–5 scale) (1 analysts), mean target USD 26 (range 26–26).
- Total return with dividends: 1Y +95.0% vs S&P 500 +14.9%; 5Y -41.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.21, revenue estimate $35.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $148M | $152M | $149M | $143M | $137M | $140M |
| Operating income | $50.3M | $46.5M | $40.0M | $35.2M | $22.6M | $14.7M |
| Net income | $37.5M | $31.8M | $31.0M | $24.8M | $11.6M | $5.9M |
| EPS (diluted) | $1.46 | $1.27 | $1.25 | $1.04 | $50.00 | — |
| Free cash flow | $40.8M | $26.4M | $22.3M | $19.2M | $15.7M | $21.6M |
| Operating margin | 34.0% | 30.7% | 27.0% | 24.6% | 16.4% | 10.5% |
| Net margin | 25.3% | 21.0% | 20.8% | 17.3% | 8.4% | 4.2% |
| Revenue growth | +11.0% | +2.4% | -2.0% | -3.7% | -4.0% | — |
| Cash + short-term investments | $54.4M | $25.0M | $6.7M | $4.2M | $4.1M | — |
| Total debt | $26.6M | $22.3M | $36.8M | $57.9M | $79.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 83.0x · P/E ex non-operating (est.) ≈52.1x · P/S 3.5x · EV/EBITDA 24.5x · EV/Sales 4.1x · P/FCF 22.5x · P/B 74.3x · FCF yield 4.45% · Earnings yield 1.20% · Dividend yield (paid, TTM) 2.61% · Buyback yield (TTM) 3.87% · Net debt $86.7M · EV $573M
P/E at fiscal year-ends: Dec 2025 36.2x, Dec 2024 16.9x, Dec 2023 31.5x.

## Analysts
Consensus Strong Buy (mean 1.00 on a 1–5 scale), 1 analysts; mean target USD 26 (low 26, high 26).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-29 | Citizens | Target raised | Market Outperform | $23 → $26 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +95.0% | -41.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +95.1% | -10.3% |
| Volatility (annualized) | 59.5% | 42.5% |
| Max drawdown | -46.5% (Jan 2026→Feb 2026) | -76.5% (Nov 2021→Apr 2025) |

## Peers (Health Information Services)
EVH (Evolent Health, Inc) USD 4.95 +1.23% · CARL (Carlsmed, Inc.) USD 14.42 -1.33% · CTEV (Claritev Corporation) USD 23.51 +0.04% · WEAV (Weave Communications, Inc.) USD 7.4 +0.14% · SOPH (SOPHiA GENETICS SA) USD 6.96 -1.28% · PHR (Phreesia, Inc.) USD 12.35 -2.91%

## More
Full page: https://nexqual.com/NRC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-28)

- "It represents the total annualized contract value under customer contracts that are in effect or contractually committed as of the most recent quarter-end, based on contractual pricing and term provisions, and expected to be in force over the subsequent 12 months."
- "For the three and six months ended June 30, 2026, these costs consist of bonuses paid to certain executives to cover anticipated tax obligations in connection with amendments to their 2025 equity awards, as previously disclosed, and approximately $270,000 of severance costs incurred in connection with team restructurings implemented by newly appointed executives."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.21 | $0.00 | — | $35.8M | 1 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.00 | — | $36.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.33 | $0.00 | — | $142.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $1.05 | $0.00 | — | $154.5M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-10-27): ±20.0%; last 8 reports averaged ±10.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 45.5% | ±20.0% |