NRC Health

nrchealth.com

What Do They Do?

Provides healthcare organizations with software and research to measure patient, consumer, employee, and market experiences and improve care and operations.

How Do They Make Money?

Healthcare organizations pay mainly through annually renewable subscriptions for performance measurement, healthcare analytics, and governance education. They also pay for one-time services, fixed-price service arrangements, and services priced by unit.

FY2025 revenue

Who Are Their Customers?

Healthcare systems and other healthcare organizations use NRC Health’s experience and market research tools; not-for-profit health system boards, executives, and physician leaders buy governance services through a membership.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 17% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 11 cents into free cash flow.

Operating income, FY2025

16% of revenue

▼ −36% vs FY2024 ($35.2M, 25%)

Net income, FY2025

8% of revenue

▼ −53% vs FY2024 ($24.8M, 17%)

Free cash flow, FY2025

11% of revenue

▼ −18% vs FY2024 ($19.2M, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Net income: ▲ +2997% (Loss); vs −$106K in Q2 FY2025

Aug 11, 2026 Chief financial officer Shane Harrison resigned His resignation is effective August 28, 2026, and the company has begun a search for a replacement.

Flat. Revenue was $137.4M in FY2025, about the same as the $148M of FY2021.

Who Do They Compete With?

Competes with Press Ganey and Qualtrics

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