National Research Corporation — Earnings Quality Grade F
NRC · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 30 days, change +1 days YoY
AR growth 0.5% vs revenue growth -4.0%
Revenue -4.0%, CFFO -23.6%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -30.7% vs revenue -4.0%. Normal
SG&A/Gross Profit = 64.5%. Normal
Gross margin 61.9%, change +1.7pp. Stable
Cash Flow Quality
CFFO/NI = 2.28. Profits backed by cash
FCF $0.0B, FCF/NI = 1.36
Accruals ratio = -11.0%. Low accruals
Cash $0.0B covers only 5% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 489% of equity. Over 50%
Debt/EBITDA = 2.6x. Healthy
Other assets -23.5% vs revenue -4.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -3.13 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25