NRCNRC HEALTH
Services-Commercial Physical & Biological Research
- Revenue
- $137M
- 4.0% YoY
- Operating margin
- 16.4%
- 33% YoY
- EBITDA
- $30M
- 27% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.5×
- $45M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear228% of net incomeCash flow under 80% of net income
- Dilutive SBCClear2% of revenueOver 10% of revenue
- Payouts exceed cash flowFired118% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired49% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $148M | $152M | $149M | $143M | $137M | 4.0% |
| Operating income | $50M | $47M | $40M | $35M | $23M | 36% |
| Net income | $37M | $32M | $31M | $25M | $12M | 53% |
| Operating cash flow | $46M | $36M | $38M | $35M | $26M | 24% |
| Capex | $6M | $10M | $16M | $15M | $11M | 31% |
| Stock-based comp | $623K | $1M | $935K | $284K | $3M | 1066% |
| Buybacks | $4M | $28M | $19M | $31M | $20M | 35% |
| Dividends | $9M | $21M | $36M | $11M | $11M | 4.1% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 47 | 134 |
| FY2024 | $185K | −$43K | 29 | 143 |
| FY2023 | $196K | $202K | 64 | 128 |
| FY2022 | $181K | $185K | 60 | 110 |
| FY2021 | $217K | $208K | 65 | 138 |