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NRC

NRC HEALTH
7 filings tracked
healthcarehealthcare analyticsSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

NRC Health is demonstrating a strong underlying growth trajectory, evidenced by a 13% year-over-year surge in Total Recurring Contract Value (TRCV) to $152.1 million.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

The financial optics for NRC Health are deteriorating, as a modest 3.7% revenue increase was eclipsed by a 30% explosion in SG&A expenses.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 10-Q reveals a company in the midst of a high-stakes transition, balancing a strong top-line subscription pipeline against significant short-term operational headwinds. The divergence between the growing TRCV and the collapsing operating margin highlights the tension between long-term strategic positioning and immediate financial health. While the growth in recurring contracts suggests a defensible market moat in healthcare analytics, the immediate cash drain from executive restructuring and debt service creates a narrow margin for error. The overall impact of the filing is a shift in the investment profile from a steady-state utility to a turnaround play. The ability of NRC Health to navigate the anticipated $9.4 million expense hit in Q2 without breaching debt covenants will be the critical catalyst for the stock. If the company can maintain its free cash flow growth while absorbing these one-time costs, the bull case for a leaner, more efficient growth engine remains intact. However, the current liquidity position leaves little room for further operational misses.

Selected Quarter

Core Takeaway

NRC is growing its future revenue pipeline (TRCV) and free cash flow, but is currently absorbing heavy one-time costs that have severely compressed quarterly margins.

Investor Lens

Investors must weigh the high-quality growth of the subscription backlog against the immediate risk of a liquidity crunch in Q2 2026.

Watch Next

Q2 2026 earnings report to see the impact of the $9.4M executive compensation expense and debt covenant status.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)-0.05Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bearishMay 6

Operating margin dropped from 26% to 16% due to executive transition costs.

margin compression
70%
bullishMay 6

New $60 million share repurchase program authorized through 2028.

buyback
60%
bearishMay 6

Net income fell to $3.2 million from $5.8 million year-over-year.

earnings miss
50%
bullishMay 6

TRCV grew 13% to $152.1 million, signaling future revenue growth.

guidance raise
40%
bearishMay 6

Operating margin dropped from 26% to 16% due to executive transition costs.

margin compression
70%
bullishMay 6

New $60 million share repurchase program authorized through 2028.

buyback
60%
bearishMay 6

Net income fell to $3.2 million from $5.8 million year-over-year.

earnings miss
50%
bullishMay 6

TRCV grew 13% to $152.1 million, signaling future revenue growth.

guidance raise
40%
bearishMay 6

Operating margin dropped from 26% to 16% due to executive transition costs.

margin compression
70%
bullishMay 6

New $60 million share repurchase program authorized through 2028.

buyback
60%
bearishMay 6

Net income fell to $3.2 million from $5.8 million year-over-year.

earnings miss
50%
bullishMay 6

TRCV grew 13% to $152.1 million, signaling future revenue growth.

guidance raise
40%
bearishMay 6

Operating margin dropped from 26% to 16% due to executive transition costs.

margin compression
70%
bullishMay 6

New $60 million share repurchase program authorized through 2028.

buyback
60%
bearishMay 6

Net income fell to $3.2 million from $5.8 million year-over-year.

earnings miss
50%
bullishMay 6

TRCV grew 13% to $152.1 million, signaling future revenue growth.

guidance raise
40%
bearishMay 6

Operating margin dropped from 26% to 16% due to executive transition costs.

margin compression
70%
bullishMay 6

New $60 million share repurchase program authorized through 2028.

buyback
60%
bearishMay 6

Net income fell to $3.2 million from $5.8 million year-over-year.

earnings miss
50%
bullishMay 6

TRCV grew 13% to $152.1 million, signaling future revenue growth.

guidance raise
40%
bearishMay 6

Operating margin dropped from 26% to 16% due to executive transition costs.

margin compression
70%
bullishMay 6

New $60 million share repurchase program authorized through 2028.

buyback
60%
bearishMay 6

Net income fell to $3.2 million from $5.8 million year-over-year.

earnings miss
50%
bullishMay 6

TRCV grew 13% to $152.1 million, signaling future revenue growth.

guidance raise
40%
bearishMay 6

Operating margin dropped from 26% to 16% due to executive transition costs.

margin compression
70%
bullishMay 6

New $60 million share repurchase program authorized through 2028.

buyback
60%
bearishMay 6

Net income fell to $3.2 million from $5.8 million year-over-year.

earnings miss
50%
bullishMay 6

TRCV grew 13% to $152.1 million, signaling future revenue growth.

guidance raise
40%

Filing History

10-QMay 6, 2026
Expand Sequence

The Q1 10-Q reveals a company in the midst of a high-stakes transition, balancing a strong top-line subscription pipeline against significant short-term operational headwinds. The divergence between the growing TRCV and the collapsing operating margin highlights the tension between long-term strategic positioning and immediate financial health. While the growth in recurring contracts suggests a defensible market moat in healthcare analytics, the immediate cash drain from executive restructuring and debt service creates a narrow margin for error. The overall impact of the filing is a shift in the investment profile from a steady-state utility to a turnaround play. The ability of NRC Health to navigate the anticipated $9.4 million expense hit in Q2 without breaching debt covenants will be the critical catalyst for the stock. If the company can maintain its free cash flow growth while absorbing these one-time costs, the bull case for a leaner, more efficient growth engine remains intact. However, the current liquidity position leaves little room for further operational misses.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.