National Research Corporation (NRC) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	23.72	21.44	26.18	32.86	30.13	27.55	25.33	29.98	30.77	- -	- -	- -	- -	- -	- -
Return on Assets (%)	11.86	10.11	11.78	15.01	14.67	15.1	13.62	16.43	18.51	25.57	29.68	30.53	25.75	22.08	24.49
Return on Capital (%)	18.97	17.09	20.05	25.9	25	24.42	23.23	28.25	29.92	614.54	-53.41	-86.53	-192.45	-522.92	1,969.44
Return on Invested Capital (%)	17.14	15.17	17.68	22.12	20.74	20.57	19.32	24.4	25.77	41.28	55.37	46.73	37.5	33.57	34.5
Gross Margin (%)	57.4	61.14	62.16	58.97	58.05	57.79	56.41	58.33	58.26	60.25	63.72	63.09	64.62	62.36	62.3
EBITDA Margin (%)	30.38	29.28	31.41	31.73	30.82	32.48	29.86	32.38	33.01	34.04	37.95	37.25	38.28	34.19	30.92
Operating Margin (%)	23.74	21.86	24.73	26.29	26.79	28.63	25.84	28.52	29.11	29.47	33.63	31.62	33.98	30.71	26.95
Incremental Operating Margin (%)	25.57	2.8	39.44	37.39	33.83	55.87	-52.74	67.46	36.97	49.65	93.54	-16.83	55.37	-103.13	217.47
Pretax Margin (%)	22.74	21	23.97	25.7	26.45	28.42	26.73	28.67	29.16	29	31.66	31.11	32.86	28.25	26.9
Profit Margin (%)	14.72	13.41	15.26	17.44	16.72	18.37	17.21	18.76	19.52	25.1	25.32	27.96	25.32	20.98	20.84
Net Income to Common Margin (%)	14.72	13.41	15.26	17.44	16.72	18.37	17.21	18.76	19.52	25.1	25.32	27.96	25.32	20.98	20.84
Effective Tax Rate (%)	35.27	36.17	36.32	32.15	36.77	35.37	35.64	34.56	33.08	13.43	20.02	10.15	22.94	25.73	22.5
Dvd Payout Ratio (%)	50.21	59.55	51.12	115.23	13.83	- -	57.09	139.16	73.52	56.11	96.58	28.23	24.45	65.92	117.42
Sustainable Growth Rate (%)	11.81	8.67	12.79	-5	25.96	27.55	10.87	-11.74	8.15	- -	- -	- -	- -	- -	- -

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	8	16	15	13	10	8	6	4	1	38	34	31	27	22	37
ST Debt	1	2	2	12	2	2	2	3	1	4	4	4	4	4	7
LT Debt	7	14	13	- -	8	6	3	1	- -	34	30	27	22	18	29
Total Debt/EBITDA	0.44	0.87	0.62	0.46	0.37	0.25	0.19	0.1	0.03	0.93	0.7	0.62	0.47	0.43	0.8
Net Debt/EBITDA	0.3	0.68	0.27	0.15	-0.41	-1	-1.19	-0.83	-0.87	0.61	0.43	-0.08	-0.49	-0.05	0.65
Total Debt/EBIT	0.56	1.17	0.79	0.56	0.42	0.29	0.22	0.11	0.03	1.07	0.79	0.73	0.53	0.48	0.92
Net Debt/EBIT	0.38	0.91	0.34	0.18	-0.47	-1.13	-1.38	-0.94	-0.98	0.7	0.48	-0.1	-0.55	-0.06	0.75
EBITDA to Interest Expense	43.28	37.8	37.84	50.68	71.88	105.25	138.89	186.43	473.23	26.93	23.23	27.38	33.98	42.86	53.3
EBITDA-CapEx/Interest Expense	36.1	34.67	33.37	46.34	66.37	97.08	125.53	165.52	414.48	22.98	21	25.19	30.67	34.73	34.99
EBIT to Interest Expense	33.82	28.22	29.79	41.99	62.48	92.77	120.21	164.19	417.3	23.31	20.58	23.25	30.16	38.5	46.46
Interest Expense	- -	- -	1	1	- -	- -	- -	- -	- -	2	2	2	2	1	1
Common Equity/Total Assets	52.29	43.25	46.69	44.69	52.32	56.92	50.61	59.31	60.95	-98.72	-84.32	-45.98	-22.9	-19.28	-24.91
Long-Term Debt/Equity (%)	15.63	29.5	23.31	0.4	11.39	6.54	4.5	1.03	- -	179.09	90.58	41.28	26.1	24.56	60.2
Long-Term Debt/Capital (%)	15.13	24.92	20.95	0.39	11.94	7.02	4.69	1.14	- -	-49.92	-50.37	-86.37	-233.57	-595.22	476.48
Long-Term Debt/Total Assets (%)	9.52	14.99	12.86	0.22	7.37	4.43	2.58	0.71	- -	31.74	26.92	19.9	14.14	13.56	24.07
Total Debt/Equity (%)	17.48	33.26	26.66	22.31	14.54	9.19	7.73	4.28	1.19	198.31	103.89	47.59	31.11	30.79	74.93
Total Debt/Capital (%)	16.92	28.1	23.96	22.07	15.23	9.87	8.07	4.72	1.36	-55.27	-57.77	-99.58	-278.45	-746.33	593.11
Total Debt/Total Assets (%)	10.65	16.9	14.71	12.66	9.4	6.23	4.45	2.93	0.84	35.14	30.87	22.94	16.85	17	29.96
Net Debt to Equity	11.79	26.02	11.53	7.31	-16.4	-36.44	-49.05	-35.6	-37.39	130.23	62.8	-6.35	-32.59	-3.95	61.34
Net Debt/Capital (%)	12.08	23.41	11.92	8.46	-25.36	-76.6	-125.81	-70.1	-76.62	-30.51	-28.42	6.24	43.53	10.16	-6,416.88
EBITDA	18	19	24	27	29	32	31	35	39	41	49	50	57	52	46
EBITDA-CapEx	15	17	21	25	26	30	28	31	34	35	44	46	51	42	30
Operating Income (Loss)	14	14	19	23	25	28	26	31	34	35	43	42	50	47	40

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.16	0.14	0.33	0.23	0.93	1.43	0.95	1.05	1.07	0.28	0.35	1.09	1.35	0.75	0.18
Current Ratio	0.72	0.67	0.91	0.67	1.54	1.9	1.27	1.49	1.62	0.6	0.76	1.71	1.82	1.31	0.67
Quick Ratio	0.53	0.54	0.79	0.58	1.41	1.76	1.18	1.39	1.5	0.53	0.66	1.57	1.7	1.18	0.53
CFO/Avg Current Liab	0.74	0.69	0.73	0.64	0.65	1.02	0.61	0.71	0.88	1.01	0.96	1.16	1.29	0.98	1.09
Common Equity/Total Assets	52.29	43.25	46.69	44.69	52.32	56.92	50.61	59.31	60.95	-98.72	-84.32	-45.98	-22.9	-19.28	-24.91
Long-Term Debt/Equity (%)	15.63	29.5	23.31	0.4	11.39	6.54	4.5	1.03	- -	179.09	90.58	41.28	26.1	24.56	60.2
Long-Term Debt/Capital (%)	15.13	24.92	20.95	0.39	11.94	7.02	4.69	1.14	- -	-49.92	-50.37	-86.37	-233.57	-595.22	476.48
Long-Term Debt/Total Assets (%)	9.52	14.99	12.86	0.22	7.37	4.43	2.58	0.71	- -	31.74	26.92	19.9	14.14	13.56	24.07
Total Debt/Equity (%)	17.48	33.26	26.66	22.31	14.54	9.19	7.73	4.28	1.19	198.31	103.89	47.59	31.11	30.79	74.93
Total Debt/Capital (%)	16.92	28.1	23.96	22.07	15.23	9.87	8.07	4.72	1.36	-55.27	-57.77	-99.58	-278.45	-746.33	593.11
Total Debt/Total Assets (%)	10.65	16.9	14.71	12.66	9.4	6.23	4.45	2.93	0.84	35.14	30.87	22.94	16.85	17	29.96
CFO/Total Liabilities	48.24	31.05	40.96	44.18	49.22	62.73	39.88	70.98	75.36	44.97	52.6	58.8	64.19	62.07	51.87
CFO/CapEx	4.7	9.49	6.57	8.15	8.83	10.51	7.45	6.76	5.83	6.67	8.79	10.2	8.4	3.69	2.42
Altman's Z-Score	5.86	4.92	4.67	4.98	11.88	9.44	8.46	12.5	19.99	7.83	15.07	12.35	12.02	13.46	11.59

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	9.82	8.81	7.44	7.42	7.99	10.32	11.42	10.58	9.71	9.47	10.86	10.43	10.7	10.75	11.07
Days Sales Outstanding	37.15	41.41	49.04	49.22	45.65	35.38	31.96	34.49	37.58	38.52	33.6	35	34.11	33.94	32.97
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	33.63	31.71	17.6	14.3	23.46	12.49	3.2	3.54	13.15	13.22	10.84	16.37	12.34	9.11	17.4
Accounts Payable Turnover Days	10.85	11.51	20.74	25.53	15.56	29.23	113.98	103.11	27.75	27.61	33.66	22.29	29.59	40.08	20.97
Cash Conversion Cycle	26.3	29.9	28.3	23.69	30.09	6.15	-82.02	-68.62	9.83	10.92	-0.06	12.71	4.52	-6.14	11.99
Inventory to Cash Days	37.15	41.41	49.04	49.22	45.65	35.38	31.96	34.49	37.58	38.52	33.6	35	34.11	33.94	32.97
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	445	338	395	456	916	965	1,638	1,100	1,066	912	958
- Cash & Cash Equivalents	3	4	8	8	22	40	42	33	35	13	14	35	54	25	7
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	8	16	15	13	10	8	6	4	1	38	34	31	27	22	37
Enterprise Value	5	13	7	4	433	306	358	426	883	989	1,658	1,096	1,038	909	988
Total Capital	46	58	62	57	69	82	71	75	79	-68	-59	-31	-10	-3	6
Total Debt/Capital (%)	16.92	28.1	23.96	22.07	15.23	9.87	8.07	4.72	1.36	-55.27	-57.77	-99.58	-278.45	-746.33	593.11
Total Debt / EV	1.48	1.28	2.2	2.89	0.02	0.03	0.02	0.01	- -	0.04	0.02	0.03	0.03	0.02	0.04
EV/Sales	0.09	0.2	0.09	0.05	4.68	3.09	3.5	3.9	7.51	8.27	12.96	8.22	7.02	6	6.65
EV/EBITDA	0.3	0.68	0.28	0.16	15.18	9.53	11.72	12.03	22.75	24.29	34.14	22.07	18.33	17.54	21.5
EV/EBIT	0.38	0.91	0.36	0.19	17.47	10.81	13.54	13.66	25.8	28.05	38.54	26	20.66	19.53	24.67
EV/Cash Flow to Firm	0.37	0.85	0.36	0.22	22.15	11.59	16.26	15.8	31.37	24.04	38.94	25.92	21.8	24.46	25.47
EV/Free Cash Flow to Firm	0.31	0.77	0.31	0.2	19.92	10.59	14.35	13.77	26.78	20.99	35.1	23.69	19.54	19.34	18.11
Diluted Market Cap	- -	- -	- -	- -	452	341	397	459	945	1,092	1,684	1,113	1,078	927	976
Diluted Enterprise Value	5	13	7	4	440	309	361	429	911	1,117	1,705	1,109	1,050	925	1,006
EV per Share	1.56	3.79	2	1.27	17.88	12.54	14.71	17.44	36.07	39.89	66.48	43.15	40.94	36.9	40.79
TTM Sales	58	63	76	86	93	99	102	109	118	120	128	133	148	152	149
TTM EBITDA	18	19	24	27	29	32	31	35	39	41	49	50	57	52	46
TTM Operating Income	14	14	19	23	25	28	26	31	34	35	43	42	50	47	40
TTM Cash Flow to Firm	14	15	19	19	20	26	22	27	28	41	43	42	48	37	39
TTM Free Cash Flow to Firm	17	16	22	22	22	29	25	31	33	47	47	46	53	47	55

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	28.6	18.49	22.28	22.01	39.64	35.06	50.26	29.26	28.53	29.01	31.34
Price/Earnings Average	- -	- -	- -	- -	26.67	20.11	19.5	18	29.01	32.64	39.98	37.13	32.23	29.58	34.36
Price/Earnings High	- -	- -	- -	- -	31.14	24.9	22.98	22.01	40.54	36	51.39	46.84	36.49	32.59	36.8
Price/Earnings Low	- -	- -	- -	- -	19.41	16.75	15.95	15.03	18.05	25.51	28.48	23.65	27.18	24.98	30.24
Price/Book Value	- -	- -	- -	- -	7.66	4.58	6.04	6.37	11.81	-9.07	-17.55	-17.93	-29.55	-36.25	-31.41
Price/Book Value Average	- -	- -	- -	- -	7.14	4.98	5.29	5.21	8.64	-8.45	-13.96	-22.75	-33.38	-36.95	-34.43
Price/Book Value High	- -	- -	- -	- -	8.34	6.17	6.23	6.37	12.08	-9.32	-17.95	-28.7	-37.8	-40.72	-36.88
Price/Book Value Low	- -	- -	- -	- -	5.2	4.15	4.32	4.35	5.38	-6.6	-9.94	-14.49	-28.15	-31.2	-30.31
Price/Tangible Book Value	- -	- -	- -	- -	31.42	11.54	24.02	18.27	28.62	-24.89	-65.4	155.76	44.94	87.51	-67.79
Price/Tangible Book Value Average	- -	- -	- -	- -	29.29	12.56	21.02	14.94	20.95	-23.17	-52.03	197.66	50.78	89.21	-74.32
Price/Tangible Book Value High	- -	- -	- -	- -	34.21	15.55	24.77	18.27	29.27	-25.56	-66.88	249.38	57.49	98.31	-79.6
Price/Tangible Book Value Low	- -	- -	- -	- -	21.32	10.46	17.2	12.47	13.03	-18.11	-37.06	125.91	42.82	75.33	-65.43
Price/Sales	- -	- -	- -	- -	4.78	3.4	3.83	4.13	7.74	8.8	12.73	8.18	7.22	6.09	6.53
Price/Sales Average	- -	- -	- -	- -	4.46	3.69	3.36	3.38	5.66	8.19	10.12	10.38	8.16	6.21	7.16
Price/Sales High	- -	- -	- -	- -	5.21	4.57	3.95	4.13	7.91	9.04	13.01	13.1	9.24	6.84	7.67
Price/Sales Low	- -	- -	- -	- -	3.25	3.08	2.75	2.82	3.52	6.41	7.21	6.61	6.88	5.24	6.3
Price/Cash Flow	- -	- -	- -	- -	22.93	12.81	17.93	16.83	32.37	26.44	39.81	26.83	23.06	25.44	25.47
Price/Cash Flow Average	- -	- -	- -	- -	21.38	13.94	15.69	13.76	23.7	24.61	31.67	34.04	26.05	25.94	27.92
Price/Cash Flow High	- -	- -	- -	- -	24.97	17.25	18.49	16.83	33.11	27.14	40.7	42.95	29.5	28.58	29.9
Price/Cash Flow Low	- -	- -	- -	- -	15.56	11.61	12.84	11.49	14.74	19.24	22.56	21.69	21.97	21.9	24.58
Price/Free Cash Flow	- -	- -	- -	- -	21.02	11.88	15.99	14.89	28.71	23.83	36.95	24.94	20.79	20.12	18.11
Price/Free Cash Flow Average	- -	- -	- -	- -	19.59	12.93	13.99	12.17	21.01	22.18	29.4	31.65	23.48	20.51	19.85
Price/Free Cash Flow High	- -	- -	- -	- -	22.88	16	16.49	14.89	29.36	24.47	37.79	39.93	26.59	22.6	21.26
Price/Free Cash Flow Low	- -	- -	- -	- -	14.26	10.77	11.45	10.16	13.07	17.34	20.94	20.16	19.8	17.32	17.48
EV/Sales	0.09	0.2	0.09	0.05	4.68	3.09	3.5	3.9	7.51	8.27	12.96	8.22	7.02	6	6.65
EV/Sales Average	0.09	0.2	0.09	0.05	4.35	3.39	3.02	3.14	5.42	7.71	10.34	10.44	7.95	6.11	7.27
EV/Sales High	0.09	0.2	0.09	0.05	5.11	4.28	3.62	3.9	7.69	8.48	13.25	13.18	9.03	6.74	7.77
EV/Sales Low	0.09	0.2	0.09	0.05	3.14	2.77	2.41	2.57	3.26	6.07	7.41	6.64	6.68	5.16	6.42
EV/EBITDA	0.3	0.68	0.28	0.16	15.18	9.53	11.72	12.03	22.75	24.29	34.14	22.07	18.33	17.54	21.5
EV/EBITDA Average	0.3	0.68	0.28	0.16	14.13	10.45	10.11	9.69	16.42	22.65	27.25	28.02	20.77	17.88	23.51
EV/EBITDA High	0.3	0.68	0.28	0.16	16.57	13.17	12.13	12.03	23.29	24.92	34.9	35.38	23.59	19.71	25.14
EV/EBITDA Low	0.3	0.68	0.28	0.16	10.17	8.54	8.06	7.95	9.88	17.84	19.53	17.82	17.44	15.09	20.78
EV/EBIT	0.38	0.91	0.36	0.19	17.47	10.81	13.54	13.66	25.8	28.05	38.54	26	20.66	19.53	24.67
EV/EBIT Average	0.38	0.91	0.36	0.19	16.25	11.86	11.68	11	18.62	26.16	30.76	33.01	23.41	19.91	26.98
EV/EBIT High	0.38	0.91	0.36	0.19	19.06	14.94	14.01	13.66	26.41	28.78	39.4	41.68	26.58	21.95	28.84
EV/EBIT Low	0.38	0.91	0.36	0.19	11.7	9.69	9.31	9.02	11.21	20.6	22.05	21	19.65	16.8	23.84
Last Price	- -	- -	- -	- -	18.36	13.85	16.2	18.65	37.45	38.89	65.65	43.31	42.04	37.02	39.55
High Price	- -	- -	- -	- -	19.99	18.65	16.71	18.65	38.3	39.93	67.13	69.34	53.78	41.59	46.44
Low Price	- -	- -	- -	- -	12.46	12.55	11.6	12.73	17.05	28.3	37.2	35.01	40.05	31.87	38.17
Enterprise Value	5	13	7	4	433	306	358	426	883	989	1,658	1,096	1,038	909	988
Enterprise Value Average	5	13	7	4	403	335	309	343	637	923	1,324	1,391	1,177	927	1,080
Enterprise Value High	5	13	7	4	473	423	371	426	904	1,015	1,695	1,757	1,336	1,021	1,155
Enterprise Value Low	5	13	7	4	290	274	246	282	384	727	949	885	988	782	955

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	3	3	3	3	24	24	24	24	24	25	25	25	25	25	24
Diluted Weighted Avg Shares	7	7	12	12	25	25	25	25	25	28	26	26	26	25	25
Basic Weighted Avg Shares	7	7	12	12	24	24	24	24	24	27	25	25	25	25	25
Revenue per Share	8.69	9.55	6.49	7.29	3.84	4.08	4.23	4.52	4.84	4.42	5.16	5.3	5.82	6.08	6.05
EBITDA per Share	2.64	2.8	2.04	2.31	1.18	1.32	1.26	1.46	1.6	1.5	1.96	1.97	2.23	2.08	1.87
Operating Income per Share	2.06	2.09	1.6	1.92	1.03	1.17	1.09	1.29	1.41	1.3	1.73	1.67	1.98	1.87	1.63
Basic EPS, GAAP	1.28	1.28	0.99	1.27	0.64	0.75	0.73	0.85	0.94	1.11	1.31	1.48	1.47	1.28	1.26
Basic EPS from Cont Ops	1.28	1.28	0.99	1.27	0.64	0.75	0.73	0.85	0.94	1.11	1.31	1.48	1.47	1.28	1.26
Diluted EPS, GAAP	1.26	1.26	0.97	1.24	0.63	0.74	0.72	0.83	0.91	1.07	1.26	1.45	1.46	1.27	1.26
Diluted EPS from Cont Ops	1.26	1.26	0.97	1.24	0.63	0.74	0.72	0.83	0.91	1.07	1.26	1.45	1.46	1.27	1.26
Dividend per Share	0.64	0.76	0.51	1.46	0.09	- -	0.42	1.18	0.69	0.62	1.26	0.42	0.36	0.84	1.48
Cash Flow per Share	2.06	2.2	1.58	1.61	0.8	1.08	0.9	1.11	1.16	1.47	1.65	1.61	1.82	1.46	1.55
Free Cash Flow per Basic Share	1.62	1.97	1.34	1.42	0.71	0.98	0.78	0.94	0.96	1.25	1.46	1.46	1.61	1.06	0.91
Cash & Equivalents per Share	0.75	1.06	2.4	2.41	0.91	1.64	1.73	1.35	1.42	0.52	0.54	1.37	2.14	1.02	0.27
Book Value per Share	11.38	12.4	13.98	13	2.4	3.02	2.68	2.93	3.17	-4.29	-3.74	-2.42	-1.42	-1.02	-1.26
Tangible Book Value per Share	-0.79	-4.56	-0.65	-0.31	0.58	1.2	0.67	1.02	1.31	-1.56	-1	0.28	0.94	0.42	-0.58

National Research Corporation

NRC US

25.25

25.25