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NRC Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$7.0M in Q3 2026 · $18.4M over twelve months

Operating cash flow$8.0M
Capital spending−$1.0M
Free cash flow+$7.0M
Cash / net income1.7×

Analysis

In Q3 2026, NRC Health generated $8.0M of operating cash flow and spent $1.0M on capital projects, leaving free cash flow of $7.0M. That is $3.2M less than in Q3 2025 ($10.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $23.8M; the largest uses were buybacks ($25.6M), dividends ($13.5M), capital spending ($5.3M); besides operations, cash came from net borrowing (+) / repaid (−) ($22.7M), shares issued ($139K); the cash balance rose by $1.4M.

Operating cash flow was $8.0M against net income of $4.7M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: receivables −$6.0M, deferred revenue +$3.6M, depreciation & amortization +$2.1M.

Free cash flow

NRC Health: free cash flow by quarterNRC Health: free cash flow by quarter$1.9MQ4 2024$3.7MQ1 2025−$4.1MQ2 2025$10.2MQ3 2025$6.1MQ4 2025$5.3MQ1 2026$62KQ2 2026$7.0MQ3 2026
Operating cash flow less capital spending.
NRC Health: operating cash flow against capital spendingNRC Health: operating cash flow against capital spendingOperating cash flowCapital spending$6.4M$4.4MQ4 2024$6.6M$3.0MQ1 2025−$1.1M$3.0MQ2 2025$13.8M$3.6MQ3 2025$7.2M$1.1MQ4 2025$7.2M$1.8MQ1 2026$1.4M$1.3MQ2 2026$8.0M$1.0MQ3 2026
Latest (Q3 2026): Operating cash flow $8.0M, Capital spending $1.0M.

Capital allocation, year by year

NRC Health: where the cash came from (up) and went (down), by fiscal yearNRC Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $46.3MFY2021: Net borrowing −$4.6MFY2021: Shares issued $446KFY2021: Capital spending −$5.5MFY2021: Acquisitions −$3.0MFY2021: Buybacks −$4.1MFY2021: Dividends −$9.2M$46.8MFY2021FY2022: Operating cash flow $36.3MFY2022: Net borrowing −$4.8MFY2022: Capital spending −$9.8MFY2022: Buybacks −$27.6MFY2022: Dividends −$21.0M$36.3MFY2022FY2023: Operating cash flow $38.1MFY2023: Net borrowing $14.2MFY2023: Shares issued $584KFY2023: Asset sales $1KFY2023: Capital spending −$15.8MFY2023: Buybacks −$19.1MFY2023: Dividends −$36.4M$52.9MFY2023FY2024: Operating cash flow $34.6MFY2024: Net borrowing $26.0MFY2024: Capital spending −$15.4MFY2024: Acquisitions −$4.8MFY2024: Buybacks −$30.9MFY2024: Dividends −$11.5M$60.6MFY2024FY2025: Operating cash flow $26.4MFY2025: Net borrowing $16.2MFY2025: Shares issued $132KFY2025: Capital spending −$10.7MFY2025: Buybacks −$20.2MFY2025: Dividends −$11.0M$42.8MFY2025
Over these 5 years operating cash flow totalled $182M; the largest uses were buybacks ($102M) and dividends ($88.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.6M
Debt$103M
Net debt$99.3M
Due within a year$4.1M

NRC Health funds itself: free cash flow was $18.4M over the last twelve months, and $3.6M of cash and investments stands against $103M of debt ($4.1M due within a year, 0.9× covered by cash).

NRC Health: debt maturities by year (FY2025)NRC Health: debt maturities by year (FY2025)$4.1MYear 1$4.1MYear 2$5.6MYear 3$6.2MYear 4$59.4MYear 5
Principal due in each year as disclosed in the annual report, against $3.6M of cash and investments now.

Where the cash came from and went

NRC Health: sources (+) and uses (−) of cash, Q3 2026NRC Health: sources (+) and uses (−) of cash, Q3 2026Buybacks−$16.0MNet borrowing (+) / repaid (−)$12.8MOperating cash flow$8.0MDividends−$3.5MCapital spending−$1.0MCash drawn (+) / kept (−)−$299K
NRC Health: sources (+) and uses (−) of cash, TTM to Q3 2026NRC Health: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$25.6MOperating cash flow$23.8MNet borrowing (+) / repaid (−)$22.7MDividends−$13.5MCapital spending−$5.3MCash drawn (+) / kept (−)−$1.4MOther financing−$890KShares issued$139K

From profit to cash

NRC Health: net income to operating cash flow, Q3 2026NRC Health: net income to operating cash flow, Q3 2026Net income$4.7MDepreciation & amortization$2.1MStock-based pay−$135KDeferred taxes−$16KReceivables−$6.0MPayables$68KDeferred revenue$3.6MPrepaid and other assets$1.2MIncome taxes payable$1.4MOperating cash flow$8.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$8.0M−$1.0M−$16.0M−$3.5M$12.8M—−$299K$7.0M
Q2 2026$1.4M−$1.3M−$7.6M−$3.6M$12.0M—−$780K$62K
Q1 2026$7.2M−$1.8M−$1.9M−$3.6M−$1.0M$139K$1.6M$5.3M
Q4 2025$7.2M−$1.1M−$1K−$2.7M−$1.0M—−$1.9M$6.1M
Q3 2025$13.8M−$3.6M−$9.3M−$2.8M−$949K—$3.1M$10.2M
Q2 2025−$1.1M−$3.0M−$6.0M−$2.7M$15.7M—−$2.8M−$4.1M
Q1 2025$6.6M−$3.0M−$4.9M−$2.8M$2.5M$132K$1.7M$3.7M
Q4 2024$6.4M−$4.4M−$7.4M−$2.8M$9.1M—−$772K$1.9M

NRC Health: income statement and cash flow

NRC Health, Q3 2026: revenue $38.4M (+11% year over year), operating margin 23.2%. The chart follows the revenue to costs, profit and cash.

NRC Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.