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Other financials

Income statement

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Revenue$35.4M+4.0%
Operating income$5.6M-35.8%
Net income-$3.3M-213%
EPS (diluted)-$0.15-101%

Balance sheet

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Cash & equivalents$3.3M-36.9%
Total debt$86.0M+11.7%
Total equity$6.5M-69.3%
Total assets$136.2M-3.7%

Cash flow

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Operating cash flow$1.4M
CapEx-$1.3M-144%
Free cash flow$62.0K+101%

Valuation

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Market cap$431.72M+36.8%
Enterprise value$514.4M+32.8%
P/E75.2×+57.9×
P/S3.1×+0.8×

Profitability

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Operating margin16.4%-8.2pp
Net margin4.1%-8.9pp
FCF margin15.5%+8.9pp

Returns & leverage

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Return on equity41.2%-18.0pp
Debt / equity13.1×+9.5×
Current ratio0.7×-0.1×

Where this comes from

Reported directly by National Research Corporation in its filing.

Tagged under the XBRL concept us-gaap:SellingGeneralAndAdministrativeExpense.

The source filing: National Research Corporation’s 10-K, filed March 5, 2026.

Filed
Mar 5, 2026, 9:57 AM EST
Fiscal year
FY2025
Accession
0001437749-26-007002
Line item202520242023
Revenue$137,390$143,060$148,580
Operating expenses:
Direct52,37156,93356,015
Selling, general and administrative54,80544,91146,621
Depreciation and amortization7,6246,0225,899
Total operating expenses114,800107,866108,535
Operating income22,59035,19440,045
Other income (expense):

Item 3. Legal Proceedings

FAQ

What is National Research Corporation's SG&A?
National Research Corporation (NRC) reported SG&A of $13.7M in Q4 2025.
How has National Research Corporation's SG&A changed year-over-year?
National Research Corporation's SG&A increased by 22.0% year-over-year, from $11.23M to $13.7M.
What is the long-term trend for National Research Corporation's SG&A?
Over 4 years (2021 to 2025), National Research Corporation's SG&A has grown at a 8.9% compound annual growth rate (CAGR), from $38.96M to $54.81M.
What does SG&A mean?
Combined selling expenses (sales force, marketing, distribution) and general & administrative costs (management, legal, accounting, facilities) — the broadest opex category.

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