National Research
Turns healthcare feedback into experience-management insights.
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Profile
Sells subscription tools that collect and interpret feedback from patients, consumers, employees, clinicians, markets, and boards. The business is concentrated in U.S. healthcare organizations and runs as one reportable segment.
Provides healthcare experience-management software and services for organizations that need to understand patients, consumers, employees, clinicians, markets, and governance bodies. Core offerings are Patient Experience, Consumer Experience, Employee Experience, Market Experience, The Governance Institute, and Huey AI.
Generates most revenue from renewable subscription-based customer service agreements, with add-on solutions and new customers supplementing the base. Operations are centered on U.S. healthcare customers, and long-lived assets are located in the United States.
Executes through a single reportable segment while combining internal product development with selected acquisitions such as Nobl. The business depends on continued subscription renewals, healthcare organizations' feedback programs, and the recent transition from founder Michael D. Hays to CEO Trent S. Green.
Company facts
Key statistics
Year to date +21.5% · Average volume (30d) 118.2K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | −$0.15 | $0.31 | +306.7% | $34.9M | $35.4M | +1.4% | +5.03% |
| Apr 28, 2026Q1 FY26 | — | $0.21 | — | — | $34.8M | — | −1.78% |
| Feb 3, 2026Q4 FY25 | — | $0.16 | — | — | $35.2M | — | −13.34% |
| Oct 27, 2025Q3 FY25 | — | $0.23 | — | — | $34.6M | — | +16.02% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $33.6M | $34.0M | $34.6M | $35.2M | $34.8M | $35.4M | |
| Gross profit | $19.0M | $19.3M | $20.0M | $19.1M | $19.0M | $35.4M | |
| Operating income | $8.6M | $1.6M | $7.7M | $4.7M | $5.6M | −$3.2M | |
| Net income | $5.8M | −$106.0K | $4.1M | $1.8M | $3.2M | −$3.3M | |
| Diluted EPS | $0.25 | −$0.00 | $0.18 | $0.08 | $0.14 | −$0.15 | |
| Gross margin | 56.5% | 56.8% | 57.8% | 54.3% | 54.6% | 100.0% | |
| Operating margin | 25.6% | 4.7% | 22.4% | 13.3% | 16.0% | -9.1% |
Fiscal years (4-quarter sums)FY21 $148.0M · FY22 $151.6M · FY23 $148.6M · FY24 $143.1M · FY25 $137.4M
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $3.3M · Total debt $90.0M · Total assets $136.2M · Shareholders' equity $6.5M
Dividends
Raised for 2 straight years — most recently to $0.16 from $0.12 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 26, 2026 | Jun 26 | Jul 10 | $0.16 | |
| Mar 27, 2026 | Mar 27 | Apr 10 | $0.16 | |
| Dec 26, 2025 | Dec 26 | Jan 9 | $0.16 | raised from $0.12 |
| Sep 26, 2025 | Sep 26 | Oct 10 | $0.12 | |
| Jun 27, 2025 | Jun 27 | Jul 11 | $0.12 | |
| Mar 28, 2025 | Mar 28 | Apr 11 | $0.12 | |
| Dec 27, 2024 | Dec 27 | Jan 10 | $0.12 | |
| Sep 27, 2024 | Sep 27 | Oct 11 | $0.12 |
Ownership
Shares outstanding 22.54M · Float 11.84M · 52.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Beans Patrick E. | 10.31M | 45.70% | 13D | Jun 12, 2026 |
| Common Property Trust · 10 percent owner | 4.76M | 21.10% | Form 4 | Apr 10, 2025 |
| Kayne Anderson Rudnick Investment Management LLC | 2.03M | 9.01% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 1.06M | 4.71% | 13F | Aug 7, 2026 |
| Morgan Stanley | 859.3K | 3.81% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 17, 2026 | Shane R. Harrison | officer: EVP & Chief Financial Officer | +8,000 | $12.27 |
Peers
- Health Catalyst
Healthcare analytics and patient-engagement overlap
- Phreesia
Patient activation and feedback at the point of care
- HealthStream
Healthcare workforce engagement and development overlap
- Definitive Healthcare
Healthcare market intelligence and provider analytics
- IQVIA
Scaled healthcare data, analytics, and intelligence
- Doximity
Clinician network and engagement-channel adjacency
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| National Research | $21.85 | −0.23% | $492.4M | 86.6 | 23.1 | 3.5 | +4.0% |
| Health Catalyst | $1.59 | −0.31% | $117.5M | — | — | 0.4 | −12.7% |
| Phreesia | $12.15 | 0.00% | $751.0M | 81.6 | 22.2 | 1.5 | +12.9% |
| HealthStream | $29.38 | +0.05% | $858.3M | 41.1 | 40.3 | 2.7 | +12.6% |
| Definitive Healthcare | $0.8200 | +2.21% | $84.7M | — | 4.6 | 0.4 | −9.1% |
| IQVIA | $261.75 | +0.03% | $43.08B | 32.5 | 19.2 | 2.5 | +8.7% |
| Doximity | $26.69 | −0.19% | $5.00B | 31.4 | 19.1 | 7.6 | +7.3% |
| Median | 36.8 | 19.2 | 2.0 | +8.0% |