NRC HEALTH — Form 8-K
Filed July 28, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
NRC Health reported Q2 2026 TRCV of $151.9M (up 11% YoY), revenue of $35.4M (up 4% YoY), and GAAP net loss of $3.3M. The company declared a quarterly dividend of $0.16/share (payable Oct 9, 2026). Key headwinds: Q2 net loss vs. prior-year profit; SG&A expenses rose sharply to $22.9M (vs. $17.7M YoY); adjusted EBITDA declined to $9.4M (27% margin, down from 30% prior year); free cash flow only $0.1M. The loss was driven by $3.2M in management transition costs (exec bonuses/severance) and $7.4M non-cash stock compensation.
Why this rating
TRCV growth (11%) is healthy, but Q2 profitability collapsed (loss vs. profit), margins compressed, and FCF nearly flat. At $195M market cap, a $3.3M quarterly loss is material (~7% of annual earnings capacity). Dividend continuation signals confidence but strains small balance sheet ($6.5M equity, $90M debt). Headcount/cost actions suggest operational stress.
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