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National Research Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

National Research has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for National Research's Piotroski F-Score or its related term are showing as below:

NAS:NRC' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 7

3
9

During the past 13 years, the highest Piotroski F-Score of National Research was 9. The lowest was 3. And the median was 6.


National Research Piotroski F-Score Historical Data

The historical data trend for National Research's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

National Research Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 7.00 5.00 9.00 8.00

National Research Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 8.00 7.00 7.00 7.00

Competitive Comparison

For the Diagnostics & Research subindustry, National Research's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

National Research Piotroski F-Score Distribution

For the Medical Diagnostics & Research industry and Healthcare sector, National Research's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where National Research's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep21) TTM:Last Year (Sep20) TTM:
Net Income was 8.212 + 9.232 + 8.944 + 9.657 = $36.0 Mil.
Cash Flow from Operations was 16.217 + 14.408 + 11.158 + 8.704 = $50.5 Mil.
Revenue was 34.774 + 35.464 + 36.425 + 37.767 = $144.4 Mil.
Gross Profit was 21.956 + 23.524 + 23.889 + 24.06 = $93.4 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(127.246 + 133.423 + 146.878 + 151.849 + 156.186) / 5 = $143.1164 Mil.
Total Assets at the begining of this year (Sep20) was $127.2 Mil.
Long-Term Debt & Capital Lease Obligation was $23.4 Mil.
Total Current Assets was $72.7 Mil.
Total Current Liabilities was $39.2 Mil.
Net Income was 8.698 + 11.755 + 7.715 + 9.578 = $37.7 Mil.

Revenue was 32.623 + 33.86 + 31.166 + 33.477 = $131.1 Mil.
Gross Profit was 21.457 + 21.314 + 19.532 + 21.288 = $83.6 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(107.649 + 110.685 + 115.855 + 116.781 + 127.246) / 5 = $115.6432 Mil.
Total Assets at the begining of last year (Sep19) was $107.6 Mil.
Long-Term Debt & Capital Lease Obligation was $27.6 Mil.
Total Current Assets was $47.4 Mil.
Total Current Liabilities was $32.1 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

National Research's current Net Income (TTM) was 36.0. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

National Research's current Cash Flow from Operations (TTM) was 50.5. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep20)
=36.045/127.246
=0.2832702

ROA (Last Year)=Net Income/Total Assets (Sep19)
=37.746/107.649
=0.35063958

National Research's return on assets of this year was 0.2832702. National Research's return on assets of last year was 0.35063958. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

National Research's current Net Income (TTM) was 36.0. National Research's current Cash Flow from Operations (TTM) was 50.5. ==> 50.5 > 36.0 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=23.36/143.1164
=0.16322378

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=27.583/115.6432
=0.23851813

National Research's gearing of this year was 0.16322378. National Research's gearing of last year was 0.23851813. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep21)=Total Current Assets/Total Current Liabilities
=72.726/39.17
=1.85667603

Current Ratio (Last Year: Sep20)=Total Current Assets/Total Current Liabilities
=47.366/32.073
=1.47681851

National Research's current ratio of this year was 1.85667603. National Research's current ratio of last year was 1.47681851. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

National Research's number of shares in issue this year was 25.65. National Research's number of shares in issue last year was 25.704. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=93.429/144.43
=0.64688084

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=83.591/131.126
=0.63748608

National Research's gross margin of this year was 0.64688084. National Research's gross margin of last year was 0.63748608. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep20)
=144.43/127.246
=1.1350455

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=131.126/107.649
=1.21808842

National Research's asset turnover of this year was 1.1350455. National Research's asset turnover of last year was 1.21808842. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+1+1+0
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

National Research has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

National Research  (NAS:NRC) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


National Research Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of National Research's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


National Research Business Description

National Research logo
Industry
Traded in Other Exchanges
Address
1245 Q Street, Lincoln, NE, USA, 68508
National Research Corp is a provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and customer loyalty for healthcare providers, payers, and other healthcare organizations. Its portfolio of solutions represents a set of capabilities that individually and collectively provide value to clients. The solutions are offered at an enterprise level through the Voice of the Customer platform, The Governance Institute, and legacy Experience solutions. It operates in the US and Canada, of which key revenue is derived from the US.
Executives
Jackson Steven D. officer: President C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Martin Joann M director 6221 ANDREW COURT LINCOLN NE 68512
Nunnelly John N director P.O. BOX 2175 AMHERST MA 01004
Karas Kevin R officer: SVP Finance, CFO, Treas & Secy C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Berwick Donald M director C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Mowry Barbara director P.O. BOX 103115 DENVER CO 80250
Amandla Mk Trust 10 percent owner C/O THE BRYN MAWR TRUST COMPANY OF DELAW 20 MONTCHANIN RD, SUITE 100 GREENVILLE DE 19807
Hays Michael D. director, officer: CEO C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
K/i/e Trust Under Agreement 10/24/18 10 percent owner C/O BESSEMER TRUST COMPANY OF DELAWARE 1007 N. ORANGE ST., SUITE 1450 WILMINGTON DE 19801
Endacott Kent E. 10 percent owner C/O WOODS & AITKEN LLP 301 SOUTH 13TH STREET, SUITE 500 LINCOLN NE 68508
Beans Patrick E director, officer: CFO and Secretary AMANDLA LLC 709 PIER 2 LINCOLN NE 68528
Warden Gail L director 250 WASHINGTON RD GROSSE POINTE MI 48230
Henricks Susan L officer: President and COO C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Schorr Paul C Iii director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SCHORR PAUL C III a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Peetz Jeffery T 10 percent owner WOODS & AITKEN LLP 301 SOUTH 13TH STREET, SUITE 500 LINCOLN NE 68508
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