National Research Corporation (NRC) Balance Sheet
NRC balance sheet, 2025
December 31, 2025 · U.S. dollars$134.9M assets = $120.9M liabilities + $14.0M equity
Both columns are drawn to the same scale: what NRC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NRC financial health
Descriptive bands, not a rating. Fiscal 2025.
NRC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $120.6M2016 | $134.9M2025 | +1.2%/yr | |
| Total liabilities | $37.8M2016 | $120.9M2025 | +13.8%/yr | |
| Shareholders’ equity | $82.8M2016 | $14.0M2025 | −17.9%/yr | |
| Cash & short-term investments | $33.0M2016 | $4.1M2025 | −20.6%/yr | |
| Total debt | $3.5M2016 | $79.0M2025 | +41.2%/yr | |
| Net cash (debt) | $29.5M2016 | −$74.9M2025 | −$104.4M | |
| Working capital | $15.6M2016 | −$16.4M2025 | −$32.0M | |
| Book value per share | $3.372016 | $0.622025 | −17.1%/yr | |
| Current ratio | 1.492016 | 0.552025 | −0.94 | |
| Debt / equity | 0.042016 | 5.652025 | +5.61 | |
| Shares outstanding | 24.6M2016 | 22.4M2025 | −1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NRC assets
NRC liabilities and equity
NRC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NRC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.1M | $4.2M | $6.7M | $25.0M | $54.4M | $34.7M | $13.5M | $13.0M | $34.7M | $33.0M |
| Cash & equivalents | $4.1M | $4.2M | $6.7M | $25.0M | $54.4M | $34.7M | $13.5M | $13.0M | $34.7M | $33.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $11.6M | $11.2M | $12.6M | $15.3M | $14.6M | $15.5M | $11.7M | $11.9M | $15.2M | $10.9M |
| Inventory | $0 | $0 | $0 | $0 | $1 | $0 | $1 | $0 | $1.5M | $1 |
| Other current assets | $4.4M | $4.2M | $5.1M | $3.4M | $4.8M | $4.0M | $3.9M | $3.1M | $882,000 | $3.2M |
| Total current assets | $20.2M | $19.6M | $24.4M | $43.7M | $73.7M | $54.1M | $29.2M | $28.1M | $52.3M | $47.1M |
| Property, plant & equipment (net) | $40.5M | $39.9M | $30.3M | $17.8M | $13.4M | $13.0M | $13.5M | $14.2M | $12.4M | $11.8M |
| Goodwill & intangible assets | $68.4M | $68.8M | $63.1M | $63.2M | $63.4M | $58.7M | $59.7M | $59.9M | $60.8M | $61.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $1.3M | $1.3M | $0 | $0 |
| Other non-current assets | $5.8M | $4.3M | $4.7M | $5.7M | $7.1M | $7.6M | $7.0M | $4.2M | $1.9M | $768,000 |
| Total assets | $134.9M | $132.5M | $122.4M | $130.5M | $157.5M | $133.4M | $110.7M | $107.7M | $127.3M | $120.6M |
| Liabilities | ||||||||||
| Accounts payable | $4.1M | $1.2M | $1.3M | $1.2M | $1.9M | $1.1M | $4.9M | $3.7M | $593,000 | $3.9M |
| Short-term debt | $4.0M | $5.3M | $7.8M | $5.3M | $5.2M | $5.0M | $4.4M | $3.7M | $1.1M | $2.7M |
| Deferred revenue | $16.2M | $15.8M | $14.8M | $15.2M | $17.2M | $15.6M | $16.6M | $16.2M | $16.9M | $15.5M |
| Total current liabilities | $36.6M | $35.9M | $36.2M | $33.4M | $40.4M | $31.7M | $38.2M | $46.8M | $32.3M | $31.5M |
| Long-term debt | $75.0M | $57.9M | $29.5M | $17.7M | $22.3M | $26.5M | $30.4M | $34.2M | $87,000 | $857,000 |
| Lease obligations | — | — | — | — | — | — | — | $204,000 | $71,000 | $82,000 |
| Other long-term liabilities | $9.2M | $7.5M | $7.8M | $7.3M | $9.5M | $10.9M | $9.3M | $7.7M | $4.9M | $5.4M |
| Total liabilities | $120.9M | $101.3M | $73.5M | $58.4M | $72.2M | $69.1M | $77.8M | $88.6M | $37.3M | $37.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $32,000 | $31,000 | $31,000 | $31,000 | $31,000 | $31,000 | $30,000 | $30,000 | $30,000 | $30,000 |
| Retained earnings (deficit) | −$17.3M | −$17.1M | −$30.5M | −$25.2M | −$36.1M | −$61.4M | −$93.4M | −$106.3M | $77.6M | $71.5M |
| Treasury stock | — | — | — | −$78.3M | −$50.1M | −$43.7M | −$33.7M | −$29.0M | −$37.0M | −$32.8M |
| Accumulated other comprehensive income | — | — | $0 | $0 | −$2.4M | −$2.4M | −$2.2M | −$2.9M | −$1.6M | −$2.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $14.0M | $31.3M | $49.0M | $72.0M | $85.3M | $64.3M | $32.9M | $19.1M | $90.0M | $82.8M |
| Key figures | ||||||||||
| Total debt | $79.0M | $64.4M | $39.0M | $23.4M | $28.7M | $33.2M | $34.7M | $37.8M | $1.1M | $3.5M |
| Net cash (debt) | −$74.9M | −$60.2M | −$32.3M | $1.6M | $25.7M | $1.5M | −$21.2M | −$24.9M | $33.7M | $29.5M |
| Working capital | −$16.4M | −$16.3M | −$11.8M | $10.3M | $33.3M | $22.4M | −$9.0M | −$18.7M | $19.9M | $15.6M |
| Tangible book value | −$54.4M | −$37.5M | −$14.1M | $8.8M | $21.9M | $5.7M | −$26.8M | −$40.9M | $29.3M | $21.8M |
| Book value per share | $0.62 | $1.32 | $1.98 | $2.88 | $3.33 | $2.50 | $1.28 | $0.68 | $3.57 | $3.37 |
| Shares outstanding | 22.4M | 23.7M | 24.7M | 25.1M | 25.6M | 25.7M | 25.7M | 28.1M | 25.2M | 24.6M |
| Current ratio | 0.55 | 0.55 | 0.67 | 1.31 | 1.82 | 1.71 | 0.76 | 0.60 | 1.62 | 1.49 |
| Quick ratio | 0.43 | 0.43 | 0.53 | 1.21 | 1.71 | 1.58 | 0.66 | 0.53 | 1.54 | 1.39 |
| Debt / equity | 5.65 | 2.06 | 0.80 | 0.32 | 0.34 | 0.52 | 1.06 | 1.98 | 0.01 | 0.04 |
| Equity / assets | 10.4% | 23.6% | 40.0% | 55.2% | 54.2% | 48.2% | 29.7% | 17.7% | 70.7% | 68.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.3M | $2.5M | $4.1M | $2.2M | $5.3M | $2.5M | $4.2M | $3.5M | $485,000 | $1.7M | $6.7M | $3.8M |
| Cash & equivalents | $3.3M | $2.5M | $4.1M | $2.2M | $5.3M | $2.5M | $4.2M | $3.5M | $485,000 | $1.7M | $6.7M | $3.8M |
| Receivables | $13.6M | $11.3M | $11.6M | $12.7M | $12.9M | $11.5M | $11.2M | $11.7M | $10.3M | $11.2M | $12.5M | $14.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $0 | $5.7M |
| Other current assets | $5.8M | $6.1M | $4.4M | $5.4M | $7.2M | $6.4M | $4.2M | $5.5M | $6.1M | $7.2M | $5.2M | $331,000 |
| Total current assets | $22.8M | $20.0M | $20.2M | $20.4M | $25.3M | $20.4M | $19.6M | $20.7M | $16.9M | $20.0M | $24.4M | $24.7M |
| Property, plant & equipment (net) | $39.5M | $40.3M | $40.5M | $41.4M | $42.2M | $41.9M | $39.9M | $36.3M | $35.5M | $33.5M | $30.3M | $26.8M |
| Goodwill & intangible assets | $68.3M | $68.3M | $68.4M | $68.5M | $68.6M | $68.7M | $68.8M | $68.9M | $63.0M | $63.0M | $63.1M | $63.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $5.6M | $6.0M | $5.8M | $5.4M | $5.3M | $4.2M | $4.3M | $5.9M | $3.6M | $4.4M | $4.7M | $5.5M |
| Total assets | $136.2M | $134.6M | $134.9M | $135.7M | $141.4M | $135.2M | $132.5M | $131.8M | $119.1M | $120.9M | $122.4M | $120.1M |
| Liabilities | ||||||||||||
| Accounts payable | $1.3M | $2.2M | $4.1M | $1.1M | $1.2M | $2.0M | $1.2M | $2.6M | $1.2M | $2.4M | $1.3M | $1.4M |
| Short-term debt | $4.0M | $4.0M | $4.0M | $4.0M | $3.9M | $6.5M | $5.3M | $8.7M | $16.6M | $14.5M | $8.4M | $9.7M |
| Deferred revenue | $16.7M | $17.2M | $16.2M | $17.8M | $15.6M | $15.5M | $15.8M | $17.3M | $14.5M | $15.2M | $14.8M | $16.2M |
| Total current liabilities | $35.0M | $38.5M | $36.6M | $38.6M | $35.9M | $37.8M | $35.9M | $44.3M | $45.7M | $48.9M | $36.2M | $40.8M |
| Long-term debt | $86.0M | $74.0M | $75.0M | $76.0M | $77.0M | $58.7M | $57.9M | $44.9M | $25.7M | $27.6M | $29.5M | $14.2M |
| Other long-term liabilities | $8.6M | $8.6M | $9.2M | $6.8M | $7.1M | $9.1M | $7.5M | $8.0M | $7.5M | $7.5M | $7.8M | $7.3M |
| Total liabilities | $129.6M | $121.1M | $120.9M | $121.4M | $120.1M | $105.5M | $101.3M | $97.2M | $78.9M | $84.0M | $73.5M | $62.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $32,000 | $32,000 | $32,000 | $32,000 | $32,000 | $31,000 | $31,000 | $31,000 | $31,000 | $31,000 | $31,000 | $31,000 |
| Retained earnings (deficit) | −$24.5M | −$17.7M | −$17.3M | −$15.5M | −$16.9M | −$14.0M | −$17.1M | −$20.9M | −$23.7M | −$27.0M | −$30.5M | −$36.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $6.5M | $13.5M | $14.0M | $14.3M | $21.3M | $29.7M | $31.3M | $34.6M | $40.2M | $36.9M | $49.0M | $57.9M |
| Key figures | ||||||||||||
| Total debt | $90.0M | $78.0M | $79.0M | $80.0M | $81.0M | $65.2M | $64.4M | $53.6M | $42.2M | $42.1M | $39.6M | $23.8M |
| Net cash (debt) | −$86.7M | −$75.5M | −$74.9M | −$77.8M | −$75.7M | −$62.7M | −$60.2M | −$50.2M | −$41.7M | −$40.4M | −$32.9M | −$20.0M |
| Working capital | −$12.2M | −$18.5M | −$16.4M | −$18.2M | −$10.6M | −$17.4M | −$16.3M | −$23.6M | −$28.8M | −$28.8M | −$11.8M | −$16.1M |
| Tangible book value | −$61.7M | −$54.8M | −$54.4M | −$54.2M | −$47.2M | −$39.0M | −$37.5M | −$34.3M | −$22.8M | −$26.1M | −$14.1M | −$5.2M |
| Book value per share | $0.30 | $0.62 | $0.64 | $0.63 | $0.94 | $1.29 | $1.34 | $1.46 | $1.68 | $1.54 | $1.99 | $2.34 |
| Shares outstanding | 22.0M | 21.9M | 21.8M | 22.6M | 22.7M | 23.0M | 23.4M | 23.7M | 23.9M | 24.0M | 24.5M | 24.7M |
| Current ratio | 0.65 | 0.52 | 0.55 | 0.53 | 0.70 | 0.54 | 0.55 | 0.47 | 0.37 | 0.41 | 0.67 | 0.61 |
| Quick ratio | 0.48 | 0.36 | 0.43 | 0.39 | 0.50 | 0.37 | 0.43 | 0.34 | 0.24 | 0.26 | 0.53 | 0.46 |
| Debt / equity | 13.75 | 5.78 | 5.65 | 5.59 | 3.80 | 2.20 | 2.06 | 1.55 | 1.05 | 1.14 | 0.81 | 0.41 |
| Equity / assets | 4.8% | 10.0% | 10.4% | 10.5% | 15.1% | 22.0% | 23.6% | 26.3% | 33.8% | 30.6% | 40.0% | 48.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 5, 2026); data from EODHD.
NRC financial position
At the end of fiscal 2025 (December 31, 2025), National Research had total assets of $134.9 million (up 1.8% from a year earlier), total liabilities of $120.9 million and shareholders' equity of $14.0 million. It held $4.1 million in cash and short-term investments against $79.0 million of debt, net debt of $74.9 million. Its current ratio was 0.55. In the latest quarter (ended June 30, 2026) total assets were $136.2 million and equity $6.5 million.
Related: NRC income statement, NRC cash flow statement, NRC key metrics. See the NRC stock overview for the latest quote and news.
NRC balance sheet FAQ
What are National Research's total assets?
National Research reported total assets of $134.9 million at the end of fiscal 2025 (December 31, 2025), compared with $132.5 million a year earlier.
How much debt does National Research have?
National Research had $79.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 5.65.
How much cash does National Research have?
National Research held $4.1 million in cash and short-term investments at the end of fiscal 2025; with $79.0 million of debt that is net debt of $74.9 million.
What is National Research's book value?
National Research's shareholders' equity (book value) was $14.0 million at the end of fiscal 2025, or $0.62 per share.
What is National Research's current ratio?
National Research had current assets of $20.2 million and current liabilities of $36.6 million, a current ratio of 0.55 (current liabilities exceed current assets).
How much goodwill does National Research have?
National Research carried $68.4 million of goodwill and intangible assets, 50.7% of total assets, at the end of fiscal 2025.