NRC HEALTH · Commercial Physical & Biological Research

NRC

Low riskNext report: Around Feb 2, 2027 (est.)

View price ↗

The short version

A profitable company with steady sales.

Going well

Profitable every year for 10 years
Brings in more cash than it spends
Buying back shares: share count down 11% in 3 years

Watch out for

High debt: 5.65x equity

Money moves

No insider buying or selling in the last 30 days
Institutions cut 0.7% from their holdings in the quarter ending June 2026 (60 bought, 51 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$22.54+2.9% that day

Company value: $499M; Share price times all shares
Price vs sales: 3.6x; No profit over the last year, so this compares value with sales instead
Dividend yield: 2.3%; Yearly dividend as a share of today's price
Cash vs value: 1%; Cash as a share of company value
Debt vs value: 16%; Debt as a share of company value

From NRC's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$35.4M+4.0% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $140.0M, down 0.2% from the 12 months before. Over 5 years, sales grew about 0.6% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of NRC. Starting points are the company's recent numbers.

Sales growth0% a yearRecently: -0.2% a yearProfit margin4%Last 12 months: 4.2%P/E at the end15xMany steady companies trade at 12x to 25xShare count change-4% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$140M

Profit in 5 years$6M

Price these guesses point to$4.66-79% vs $22.54 todayAbout -27% a year, before dividends

What today's price needs: with a 4% margin and a 15x P/E, sales would have to grow about 37% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

4/6Mixed

PassReturn on equity 15%+Earns a lot on the money owners have in the business.51.2%
MissDebt under half of equityNot relying on borrowed money.5.65x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.8.4%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$15.7M
PassShare count not growingNot diluting owners. Falling means buybacks.-10.6% in 3 years

Revenue: $137.4M; -4.0% vs prior year
5-year growth: +0.6%/yr; revenue, per year
Total debt: $79.0M; 5.65x equity
Current ratio: 0.55x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Sep 30, 2026

Reported Oct 27After close4:02 pm ET

Revenue: $38.4M; +11.0% YoY
EPS: $0.21; vs $0.18
Op. margin: 23.2%; +0.8 pts

From the press release, checked against last year's SEC filing. Cash flow and share count update with the 10-Q.

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 1
Normal week: 0.4
vs normal: 2.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady-0.7%

Institutions cut 0.7% from their holdings. 60 bought, 51 sold.

Shares held by institutions10.8M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-3.4%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

13.8x · $90.0M debt

Shares outstandingLatest reported

22M

Why low risk

High debt: 13.75x equity

Earnings reports

Last 12

Next reportAround Feb 2, 2027 (est.)Estimated from the same quarter last year

Results filedOct 27
Results filedJul 28
Results filedApr 28
Results filedFeb 3
Results filedOct 27, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Aug 13 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Earnings resultsOct 27 · Form 8-K ↗Leadership changeOct 19 · Form 8-K ↗5%+ holder update (passive)Aug 13 · Form SCHEDULE 13G/A ↗Leadership changeAug 11 · Form 8-K ↗Quarterly reportAug 4 · Form 10-Q ↗Earnings resultsJul 28 · Form 8-K ↗Charter or share changeJun 29 · Form 8-K ↗

Stock awardPenny Ann WheelerDirector

7,697 shares

Now owns 7,697 shares
Filed 2 days after trade

Jun 23Form 4 ↗

Stock awardJohn N NunnellyDirector

7,697 shares

+24% of holdings
Now owns 40,363 shares
Filed 2 days after trade

Jun 23Form 4 ↗

Stock awardStephen H LockhartDirector

7,697 shares

Now owns 7,697 shares
Filed 2 days after trade

Jun 23Form 4 ↗

Stock awardParul BhandariDirector

7,697 shares

Now owns 7,697 shares
Filed 2 days after trade

Jun 23Form 4 ↗

Stock awardDonald M BerwickDirector

7,697 shares

Now owns 7,697 shares
Filed 2 days after trade

Jun 23Form 4 ↗

5%+ holder update (active)Jun 12 · Form SCHEDULE 13D/A ↗Offering prospectusMay 13 · Form 424B7 ↗Proxy statementMay 8 · Form DEF 14A ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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