Forensic Analysis · Professional & Commercial Services · as of Aug 12, 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.

D · Weak — demands caution

Forensic grade

Safe

Financial health

4.0

Distress distance

Clean

Earnings quality

Forensic signals

76.8

P / E (ttm)

82.9%

ROE

$473M

Market cap

3.29%

Dividend yield

-4.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Nrc Health earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

198% of FCF

FY2025

Shareholder 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. Counting the $3M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 219%.

$714,000

FY2020–FY2020

Goodwill impairments. Took $714,000 of goodwill writedowns across 1 year (FY2020 ($714,000)) — about 2% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

-88%

FY2012→FY2013

Dividend — cut. The payout was CUT ~88% in FY2013 (from FY2012) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2019, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.

Key fundamentals

Latest Revenue$137.4M

Revenue Growth YoY-4.0%

Revenue CAGR (3yr)-3.2%

Net Margin8.4%

Free Cash Flow$15.7M

Return on Equity82.9%

Debt / Equity5.36x

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Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.