NATIONAL RESEARCH Business Summary

National Research Corp (dba NRC Health) operates a high-margin, subscription-based business model, with recurring revenue accounting for approximately 99% of its total annual turnover, which reached $137.4 million in fiscal year 2025. The company specializes in healthcare experience management through four primary segments: Patient Experience, Consumer Experience, Employee Experience, and Market Experience, the latter of which includes its Strategic Insights and The Governance Institute (TGI) platforms. NRC Health leverages its proprietary "Human Understanding" methodology and AI-powered tools like Huey to provide actionable analytics for over 2,000 healthcare organizations. Its direct competitors include Qualtrics (following its 2025 acquisition of Press Ganey), Medallia, and PRC. Within this landscape, NRC Health maintains a premium position as a specialized, healthcare-exclusive leader, evidenced by its 2026 "Best in KLAS" award for Healthcare Experience Management, its third such honor in four years. The leadership team is anchored by founder Michael D. Hays, who transitioned to Chairman of the Board in June 2025, and CEO Trent Green, a visionary executive who previously served as CEO of One Medical and COO of Legacy Health. The executive bench was significantly strengthened in late 2025 and early 2026 with the appointments of EVP and CFO Shane Harrison, formerly a finance leader at PowerSchool and NAVEX Global, and David Burik as EVP of Strategic Insights, who brought over 30 years of consulting expertise from Guidehouse. The Board of Directors recently added Dr. Darshan Shah, a prominent surgeon and health-tech entrepreneur, further diversifying its clinical and commercial expertise. The company maintains a stable institutional investor base, with approximately 52% of shares held by entities such as QV Investors Inc., Vanguard Group, and Heartland Advisors, reflecting confidence in its transition toward higher-margin digital and predictive analytics solutions.