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Side-by-side financial comparison of Bank First Corp (BFC) and NATIONAL RESEARCH CORP (NRC). Click either name above to swap in a different company.
Bank First Corp is the larger business by last-quarter revenue ($44.9M vs $35.2M, roughly 1.3× NATIONAL RESEARCH CORP). Bank First Corp runs the higher net margin — 45.8% vs 5.1%, a 40.7% gap on every dollar of revenue. On growth, Bank First Corp posted the faster year-over-year revenue change (12.1% vs -4.6%). Bank First Corp produced more free cash flow last quarter ($51.0M vs $6.1M). Over the past eight quarters, Bank First Corp's revenue compounded faster (9.1% CAGR vs -0.2%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska.
BFC vs NRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $35.2M |
| Net Profit | $18.4M | $1.8M |
| Gross Margin | — | — |
| Operating Margin | 51.0% | 13.3% |
| Net Margin | 45.8% | 5.1% |
| Revenue YoY | 12.1% | -4.6% |
| Net Profit YoY | 4.8% | -72.6% |
| EPS (diluted) | $1.87 | $49.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $44.9M | $35.2M | ||
| Q3 25 | $44.2M | $34.6M | ||
| Q2 25 | $41.6M | $34.0M | ||
| Q1 25 | $43.1M | $33.6M | ||
| Q4 24 | $40.1M | $36.9M | ||
| Q3 24 | $40.8M | $35.8M | ||
| Q2 24 | $38.9M | $35.0M | ||
| Q1 24 | $37.7M | $35.3M |
| Q4 25 | $18.4M | $1.8M | ||
| Q3 25 | $18.0M | $4.1M | ||
| Q2 25 | $16.9M | $-106.0K | ||
| Q1 25 | $18.2M | $5.8M | ||
| Q4 24 | $17.5M | $6.6M | ||
| Q3 24 | $16.6M | $5.7M | ||
| Q2 24 | $16.1M | $6.2M | ||
| Q1 24 | $15.4M | $6.4M |
| Q4 25 | 51.0% | 13.3% | ||
| Q3 25 | 50.8% | 22.4% | ||
| Q2 25 | 49.7% | 4.7% | ||
| Q1 25 | 51.3% | 25.6% | ||
| Q4 24 | 54.4% | 26.0% | ||
| Q3 24 | 50.7% | 22.3% | ||
| Q2 24 | 51.0% | 25.3% | ||
| Q1 24 | 45.6% | 24.8% |
| Q4 25 | 45.8% | 5.1% | ||
| Q3 25 | 40.7% | 11.9% | ||
| Q2 25 | 40.5% | -0.3% | ||
| Q1 25 | 42.3% | 17.2% | ||
| Q4 24 | 49.3% | 17.8% | ||
| Q3 24 | 40.6% | 15.9% | ||
| Q2 24 | 41.3% | 17.6% | ||
| Q1 24 | 40.8% | 18.0% |
| Q4 25 | $1.87 | $49.58 | ||
| Q3 25 | $1.83 | $0.18 | ||
| Q2 25 | $1.71 | $-0.01 | ||
| Q1 25 | $1.82 | $0.25 | ||
| Q4 24 | $1.75 | $0.27 | ||
| Q3 24 | $1.65 | $0.24 | ||
| Q2 24 | $1.59 | $0.26 | ||
| Q1 24 | $1.51 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $243.2M | $4.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $643.8M | $14.0M |
| Total Assets | $4.5B | $134.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $243.2M | $4.1M | ||
| Q3 25 | $126.2M | $2.2M | ||
| Q2 25 | $120.3M | $5.3M | ||
| Q1 25 | $300.9M | $2.5M | ||
| Q4 24 | $261.3M | $4.2M | ||
| Q3 24 | $204.4M | $3.5M | ||
| Q2 24 | $99.0M | $485.0K | ||
| Q1 24 | $83.4M | $1.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $48.7M | ||
| Q2 24 | — | $33.3M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | $643.8M | $14.0M | ||
| Q3 25 | $628.1M | $14.3M | ||
| Q2 25 | $612.3M | $21.3M | ||
| Q1 25 | $648.4M | $29.7M | ||
| Q4 24 | $639.7M | $31.3M | ||
| Q3 24 | $628.9M | $34.6M | ||
| Q2 24 | $614.6M | $40.2M | ||
| Q1 24 | $609.3M | $36.9M |
| Q4 25 | $4.5B | $134.9M | ||
| Q3 25 | $4.4B | $135.7M | ||
| Q2 25 | $4.4B | $141.4M | ||
| Q1 25 | $4.5B | $135.2M | ||
| Q4 24 | $4.5B | $132.5M | ||
| Q3 24 | $4.3B | $131.8M | ||
| Q2 24 | $4.1B | $119.1M | ||
| Q1 24 | $4.1B | $120.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 0.95× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $62.5M | $7.2M |
| Free Cash FlowOCF − Capex | $51.0M | $6.1M |
| FCF MarginFCF / Revenue | 113.6% | 17.2% |
| Capex IntensityCapex / Revenue | 25.5% | 3.2% |
| Cash ConversionOCF / Net Profit | 3.40× | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | $75.8M | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.5M | $7.2M | ||
| Q3 25 | $15.5M | $13.8M | ||
| Q2 25 | $11.9M | $-1.1M | ||
| Q1 25 | $6.2M | $6.6M | ||
| Q4 24 | $65.8M | $6.4M | ||
| Q3 24 | $18.8M | $9.4M | ||
| Q2 24 | $14.9M | $6.8M | ||
| Q1 24 | $1.3M | $12.0M |
| Q4 25 | $51.0M | $6.1M | ||
| Q3 25 | $12.5M | $10.2M | ||
| Q2 25 | $8.2M | $-4.1M | ||
| Q1 25 | $4.0M | $3.7M | ||
| Q4 24 | $58.6M | $1.9M | ||
| Q3 24 | $16.9M | $7.8M | ||
| Q2 24 | $13.7M | $1.5M | ||
| Q1 24 | $551.0K | $7.9M |
| Q4 25 | 113.6% | 17.2% | ||
| Q3 25 | 28.2% | 29.4% | ||
| Q2 25 | 19.8% | -12.2% | ||
| Q1 25 | 9.3% | 10.9% | ||
| Q4 24 | 146.3% | 5.2% | ||
| Q3 24 | 41.5% | 21.8% | ||
| Q2 24 | 35.3% | 4.3% | ||
| Q1 24 | 1.5% | 22.4% |
| Q4 25 | 25.5% | 3.2% | ||
| Q3 25 | 6.7% | 10.4% | ||
| Q2 25 | 8.7% | 8.8% | ||
| Q1 25 | 5.0% | 8.9% | ||
| Q4 24 | 18.0% | 12.0% | ||
| Q3 24 | 4.5% | 4.5% | ||
| Q2 24 | 3.1% | 15.0% | ||
| Q1 24 | 2.1% | 11.7% |
| Q4 25 | 3.40× | 3.99× | ||
| Q3 25 | 0.86× | 3.34× | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | 0.34× | 1.15× | ||
| Q4 24 | 3.75× | 0.97× | ||
| Q3 24 | 1.13× | 1.66× | ||
| Q2 24 | 0.93× | 1.10× | ||
| Q1 24 | 0.09× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
