Forensic Analysis · General / Diversified · as of Jun 28, 2026
NRC HEALTH (NRC)
A forensic read on NRC HEALTH built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Distress
Financial health
0.0
Altman Z-score
Clean
Earnings quality
4
Forensic signals
51.9
P / E (ttm)
57.3%
ROE
$469M
Market cap
3.12%
Dividend yield
NRC HEALTH earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 0.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
198% of FCFShareholder returns.Returned $31M to shareholders (buybacks + dividends) in FY2025 — 198% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
2% of revStock-based comp load.Stock-based compensation ran 2% of revenue and 21% of free cash flow in FY2025 — about $0.15 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$714,000Goodwill impairments.Took $714,000 of goodwill writedowns across 1 year(s) (FY2020 ($714,000)) — about 0% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
-69%Dividend — cut.The payout was CUT ~69% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin8.4%
Debt / Equity5.44x
Free Cash Flow$15.7M
Latest Revenue$137.4M
Return on Equity82.9%
Revenue Growth YoY-4.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on NRC HEALTH:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NRC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown