NRC Health (NRC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-50.4%

$12.02

vs $24.26 price

Levered DCF

$13.15

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.22

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	36.1×	16.8×	31.4×	29.14×	28.24×	28.89×	50.72×	34.36×
P/B	30.03×	13.38×	19.83×	12.91×	12.37×	16.73×	49.74×	54.14×
P/S	3.06×	2.92×	6.53×	6.13×	7.13×	8.07×	12.78×	8.63×
EV / EBITDA	16.38×	11.59×	21.81×	18.82×	18.18×	21.16×	34.15×	24.56×
Gross margin	56.3%	60.2%	62.3%	62.4%	64.6%	63.1%	63.7%	60.2%
Operating margin	16.4%	24.6%	27.0%	30.7%	34.0%	32.0%	33.6%	29.5%
Net margin	8.4%	17.3%	20.8%	21.0%	25.3%	28.0%	25.3%	25.1%
Current ratio	0.55×	0.55×	0.67×	1.31×	1.82×	1.71×	0.76×	0.6×
Debt / equity	5.65×	2.06×	0.8×	0.32×	0.34×	0.52×	1.11×	0.19×
Interest coverage	4.74×	13.56×	46.46×	38.5×	30.16×	23.54×	20.58×	23.31×
Dividend yield	2.6%	2.7%	3.7%	2.3%	0.9%	1.0%	1.9%	1.6%
Payout ratio	94.6%	46.2%	117.4%	65.9%	24.4%	28.2%	96.6%	56.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	82.9%	79.2%	63.3%	44.1%	43.9%	57.9%	98.5%	157.5%
Return on invested capital	14.4%	26.2%	33.0%	33.8%	31.6%	35.9%	44.3%	47.1%
Return on assets	8.6%	18.7%	25.3%	24.4%	23.8%	27.9%	29.3%	27.9%
Free cash flow yield	3.7%	4.6%	2.3%	2.8%	3.9%	3.4%	2.2%	3.3%
Earnings yield	2.8%	5.9%	3.2%	3.4%	3.5%	3.5%	2.0%	2.9%
Enterprise value	$495M	$478.6M	$1B	$928M	$1B	$1.1B	$1.7B	$1B
Net debt / EBITDA	2.48×	1.46×	0.7×	-0.03×	-0.45×	-0.03×	0.48×	-0.22×
Cash conversion cycle (days)	6	21	23	29	22	34	24	32