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Forensic Analysis · Consulting & Engineering Services · as of Nov 10, 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
0.5
Distress distance (no retained-earnings input)
Clean
Earnings quality
1
Forensic signals
51.2%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 0.5, placing it in the Distress zone. 1 forensic signal was 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. That is $15M (98%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash fell $94,000 and total debt rose $17M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, 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%.

Key fundamentals

Latest Revenue$137.4M
Revenue Growth YoY-4.0%
Revenue CAGR (2yr)-3.8%
Net Margin8.4%
Free Cash Flow$15.7M
Return on Equity51.2%
Debt / Equity5.36x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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