Latest Ratios: P/E Ratio 43.8x · EV/EBITDA 19.5x · ROE 51.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $513M | $420M | $419M | $976M | $934M | $1.1B | $1.1B | $1.7B | $1.1B | $941M | $467M |
| Enterprise Value | $588M | $495M | $479M | $1.0B | $933M | $1.0B | $1.1B | $1.7B | $1.1B | $907M | $437M |
| P/E Ratio → | 43.79 | 36.10 | 16.96 | 31.65 | 29.37 | 28.44 | 29.48 | 52.33 | 35.64 | 71.73 | 39.58 |
| P/S Ratio | 3.74 | 3.06 | 2.93 | 6.57 | 6.17 | 7.20 | 8.24 | 13.22 | 8.95 | 8.01 | 4.27 |
| P/B Ratio | 36.45 | 30.05 | 13.39 | 19.94 | 12.97 | 12.47 | 17.08 | 51.43 | 56.11 | 10.45 | 5.64 |
| P/FCF | 32.59 | 26.70 | 21.84 | 43.70 | 35.36 | 26.07 | 29.97 | 46.65 | 31.61 | 40.44 | 20.43 |
| P/OCF | 19.40 | 15.89 | 12.10 | 25.61 | 25.77 | 22.97 | 27.03 | 41.34 | 26.87 | 33.50 | 17.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.60 | 3.35 | 6.79 | 6.15 | 7.02 | 8.23 | 13.40 | 8.87 | 7.72 | 4.00 |
| EV / EBITDA | 19.46 | 16.39 | 11.62 | 21.95 | 18.00 | 18.34 | 21.86 | 35.30 | 26.06 | 23.38 | 12.34 |
| EV / EBIT | 26.03 | 21.91 | 13.58 | 25.16 | 21.19 | 20.66 | 25.35 | 39.84 | 30.09 | 26.52 | 14.01 |
| EV / FCF | — | 31.46 | 24.98 | 45.15 | 35.29 | 25.44 | 29.93 | 47.29 | 31.33 | 38.99 | 19.11 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.3% | 56.3% | 60.2% | 62.3% | 62.4% | 64.6% | 63.1% | 63.7% | 60.2% | 58.3% | 58.3% |
| Operating Margin | 16.4% | 16.4% | 24.6% | 27.0% | 30.7% | 34.0% | 32.0% | 33.6% | 29.5% | 29.1% | 28.5% |
| Net Profit Margin | 8.4% | 8.4% | 17.3% | 20.8% | 21.0% | 25.3% | 28.0% | 25.3% | 25.1% | 19.5% | 18.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 51.2% | 51.2% | 61.8% | 51.2% | 40.4% | 50.1% | 76.7% | 124.7% | 55.1% | 26.5% | 26.1% |
| ROA | 8.7% | 8.7% | 19.4% | 24.5% | 22.1% | 25.8% | 30.5% | 29.7% | 25.6% | 18.5% | 16.4% |
| ROIC | 18.8% | 18.8% | 30.6% | 39.6% | 53.7% | 61.5% | 53.9% | 98.2% | 80.0% | 47.2% | 53.8% |
| ROCE | 23.2% | 23.2% | 38.5% | 43.7% | 43.5% | 45.9% | 49.0% | 64.5% | 45.2% | 37.2% | 35.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.65 | 5.65 | 2.06 | 0.80 | 0.32 | 0.34 | 0.52 | 1.11 | 0.19 | 0.01 | 0.03 |
| Debt / EBITDA | 2.62 | 2.62 | 1.56 | 0.85 | 0.45 | 0.51 | 0.66 | 0.75 | 0.09 | 0.03 | 0.08 |
| Net Debt / Equity | — | 5.35 | 1.92 | 0.66 | -0.02 | -0.30 | -0.02 | 0.70 | -0.49 | -0.37 | -0.37 |
| Net Debt / EBITDA | 2.48 | 2.48 | 1.46 | 0.70 | -0.03 | -0.45 | -0.03 | 0.48 | -0.23 | -0.87 | -0.86 |
| Debt / FCF | — | 4.76 | 3.14 | 1.45 | -0.06 | -0.63 | -0.04 | 0.64 | -0.28 | -1.45 | -1.33 |
| Interest Coverage | 4.75 | 4.75 | 13.60 | 46.50 | 36.41 | 30.17 | 23.87 | 20.58 | 23.31 | 417.30 | 164.19 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.55 | 0.67 | 1.31 | 1.82 | 1.71 | 0.76 | 0.60 | 1.62 | 1.49 |
| Quick Ratio | 0.55 | 0.55 | 0.55 | 0.67 | 1.31 | 1.82 | 1.71 | 0.76 | 0.60 | 1.62 | 1.49 |
| Cash Ratio | 0.11 | 0.11 | 0.12 | 0.18 | 0.75 | 1.35 | 1.09 | 0.35 | 0.28 | 1.07 | 1.05 |
| Asset Turnover | — | 1.02 | 1.08 | 1.21 | 1.16 | 0.94 | 1.00 | 1.16 | 1.11 | 0.92 | 0.91 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 29.51 | 28.56 | 31.01 | 36.84 | 35.97 | 42.36 | 33.68 | 36.52 | 47.13 | 41.46 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 2.6% | 2.7% | 3.7% | 2.2% | 0.9% | 1.0% | 1.9% | 1.6% | 1.8% | 6.1% |
| Payout Ratio | 94.6% | 94.6% | 46.2% | 117.4% | 65.9% | 24.4% | 28.2% | 96.6% | 56.1% | 73.5% | 139.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 2.8% | 5.9% | 3.2% | 3.4% | 3.5% | 3.4% | 1.9% | 2.8% | 1.4% | 2.5% |
| FCF Yield | 3.1% | 3.7% | 4.6% | 2.3% | 2.8% | 3.8% | 3.3% | 2.1% | 3.2% | 2.5% | 4.9% |
| Buyback Yield | 3.9% | 4.8% | 7.4% | 2.0% | 3.0% | 0.4% | 0.0% | 0.0% | 6.8% | 0.2% | 0.0% |
| Total Shareholder Yield | 6.1% | 7.4% | 10.1% | 5.7% | 5.2% | 1.2% | 1.0% | 1.9% | 8.3% | 2.0% | 6.2% |
| Shares Outstanding | — | $22M | $24M | $25M | $25M | $26M | $26M | $26M | $28M | $25M | $25M |
Competitive Disintermediation Risk
According to current market data, NRC trades at a trailing P/E of 40.02, a valuation that appears increasingly difficult to justify given the company's recent negative revenue growth and the broader contraction in its operating margins observed over the last ten quarters of reported financial performance.
The current valuation suggests that the market may still be pricing in a historical growth premium that no longer aligns with the company's recent operational trajectory. Investors should monitor whether the forward P/E of 23.65 reflects a realistic expectation of a turnaround or if further multiple compression is warranted as the competitive landscape shifts.
Based on reported figures, NRC's ROIC has trended downward from 11.0% in 2023Q4 to 4.7% in 2026Q1, indicating that the company is struggling to generate efficient returns on its capital base as competitive pressures and rising operational costs erode the profitability of its core healthcare information services.
This decline in capital efficiency suggests that the company's moat may be narrowing, as the capital required to maintain its proprietary database is no longer yielding the same historical returns. The trend warrants further investigation into whether management's capital allocation strategy is effectively addressing the underlying competitive threats.
As reported in recent financial statements, NRC's debt-to-equity ratio has surged to 5.78 in 2026Q1, a significant increase from the 0.81 level observed in 2023Q4, which suggests that the company is increasingly reliant on debt to fund operations while its equity base continues to contract.
The rising debt-to-EBITDA ratio, which reached 10.08 in the most recent quarter, indicates that debt service is becoming less comfortable and may limit the company's ability to pivot or invest in new growth initiatives. Investors should monitor the sustainability of this leverage profile, especially given the company's limited cash reserves.
According to the latest balance sheet data, NRC's current ratio has remained consistently below 1.0, reaching a low of 0.52 in 2026Q1, which suggests that the company lacks sufficient liquid assets to comfortably cover its short-term obligations without relying on ongoing operational cash inflows.
This liquidity position appears vulnerable, particularly in a scenario where revenue growth continues to contract and operational cash flow becomes more volatile. The lack of a significant cash cushion leaves the company with little room for error in managing its working capital requirements.
The market frequently misapplies standard survey-company valuation multiples to NRC, failing to account for the structural risk that EHR integration poses to its business model, which effectively renders traditional P/E comparisons to broader healthcare IT firms less meaningful than a focus on long-term contract retention.
Investors should instead focus on the Net Retention Rate (NRR) and the potential for disintermediation by EHR giants, as these metrics provide a more accurate picture of the company's long-term viability. Relying on historical P/E multiples may obscure the fundamental shift in the company's competitive environment.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NRC stock.
National Research Corporation's current P/E ratio is 43.8x. The historical average is 38.0x. This places it at the 77th percentile of its historical range.
National Research Corporation's current EV/EBITDA is 19.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
National Research Corporation's return on equity (ROE) is 51.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 33.5%.
Based on historical data, National Research Corporation is trading at a P/E of 43.8x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Research Corporation's current dividend yield is 2.15% with a payout ratio of 94.6%.
National Research Corporation has 56.3% gross margin and 16.4% operating margin. Operating margin between 10-20% is typical for established companies.
National Research Corporation's Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.