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Side-by-side financial comparison of FGI Industries Ltd. (FGI) and NATIONAL RESEARCH CORP (NRC). Click either name above to swap in a different company.
NATIONAL RESEARCH CORP is the larger business by last-quarter revenue ($35.2M vs $30.5M, roughly 1.2× FGI Industries Ltd.). NATIONAL RESEARCH CORP runs the higher net margin — 5.1% vs -8.6%, a 13.7% gap on every dollar of revenue. On growth, NATIONAL RESEARCH CORP posted the faster year-over-year revenue change (-4.6% vs -14.4%). NATIONAL RESEARCH CORP produced more free cash flow last quarter ($6.1M vs $2.3M). Over the past eight quarters, NATIONAL RESEARCH CORP's revenue compounded faster (-0.2% CAGR vs -0.5%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
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.
FGI vs NRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $35.2M |
| Net Profit | $-2.6M | $1.8M |
| Gross Margin | 26.7% | — |
| Operating Margin | -2.2% | 13.3% |
| Net Margin | -8.6% | 5.1% |
| Revenue YoY | -14.4% | -4.6% |
| Net Profit YoY | -553.1% | -72.6% |
| EPS (diluted) | $-1.63 | $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 | $30.5M | $35.2M | ||
| Q3 25 | $35.8M | $34.6M | ||
| Q2 25 | $31.0M | $34.0M | ||
| Q1 25 | $33.2M | $33.6M | ||
| Q4 24 | $35.6M | $36.9M | ||
| Q3 24 | $36.1M | $35.8M | ||
| Q2 24 | $29.4M | $35.0M | ||
| Q1 24 | $30.8M | $35.3M |
| Q4 25 | $-2.6M | $1.8M | ||
| Q3 25 | $-1.7M | $4.1M | ||
| Q2 25 | $-1.2M | $-106.0K | ||
| Q1 25 | $-629.1K | $5.8M | ||
| Q4 24 | $-402.3K | $6.6M | ||
| Q3 24 | $-550.1K | $5.7M | ||
| Q2 24 | $163.6K | $6.2M | ||
| Q1 24 | $-412.2K | $6.4M |
| Q4 25 | 26.7% | — | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 26.8% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 25.8% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 27.4% | — |
| Q4 25 | -2.2% | 13.3% | ||
| Q3 25 | 1.0% | 22.4% | ||
| Q2 25 | -2.7% | 4.7% | ||
| Q1 25 | -3.9% | 25.6% | ||
| Q4 24 | -3.5% | 26.0% | ||
| Q3 24 | -0.2% | 22.3% | ||
| Q2 24 | -1.5% | 25.3% | ||
| Q1 24 | -1.0% | 24.8% |
| Q4 25 | -8.6% | 5.1% | ||
| Q3 25 | -4.6% | 11.9% | ||
| Q2 25 | -4.0% | -0.3% | ||
| Q1 25 | -1.9% | 17.2% | ||
| Q4 24 | -1.1% | 17.8% | ||
| Q3 24 | -1.5% | 15.9% | ||
| Q2 24 | 0.6% | 17.6% | ||
| Q1 24 | -1.3% | 18.0% |
| Q4 25 | $-1.63 | $49.58 | ||
| Q3 25 | $-0.86 | $0.18 | ||
| Q2 25 | $-0.64 | $-0.01 | ||
| Q1 25 | $-0.07 | $0.25 | ||
| Q4 24 | $-0.38 | $0.27 | ||
| Q3 24 | $-0.29 | $0.24 | ||
| Q2 24 | $0.08 | $0.26 | ||
| Q1 24 | $-0.04 | $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 | $1.9M | $4.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $17.3M | $14.0M |
| Total Assets | $69.5M | $134.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $4.1M | ||
| Q3 25 | $1.9M | $2.2M | ||
| Q2 25 | $2.5M | $5.3M | ||
| Q1 25 | $1.2M | $2.5M | ||
| Q4 24 | $4.6M | $4.2M | ||
| Q3 24 | $3.0M | $3.5M | ||
| Q2 24 | $1.3M | $485.0K | ||
| Q1 24 | $3.3M | $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 | $17.3M | $14.0M | ||
| Q3 25 | $19.7M | $14.3M | ||
| Q2 25 | $21.3M | $21.3M | ||
| Q1 25 | $21.8M | $29.7M | ||
| Q4 24 | $22.3M | $31.3M | ||
| Q3 24 | $23.5M | $34.6M | ||
| Q2 24 | $23.8M | $40.2M | ||
| Q1 24 | $23.9M | $36.9M |
| Q4 25 | $69.5M | $134.9M | ||
| Q3 25 | $73.0M | $135.7M | ||
| Q2 25 | $71.7M | $141.4M | ||
| Q1 25 | $68.5M | $135.2M | ||
| Q4 24 | $75.5M | $132.5M | ||
| Q3 24 | $74.7M | $131.8M | ||
| Q2 24 | $69.9M | $119.1M | ||
| Q1 24 | $68.6M | $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 | $2.3M | $7.2M |
| Free Cash FlowOCF − Capex | $2.3M | $6.1M |
| FCF MarginFCF / Revenue | 7.5% | 17.2% |
| Capex IntensityCapex / Revenue | 0.2% | 3.2% |
| Cash ConversionOCF / Net Profit | — | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $7.2M | ||
| Q3 25 | $-1.9M | $13.8M | ||
| Q2 25 | $7.6M | $-1.1M | ||
| Q1 25 | $-7.4M | $6.6M | ||
| Q4 24 | $617.4K | $6.4M | ||
| Q3 24 | $-915.0K | $9.4M | ||
| Q2 24 | $862.1K | $6.8M | ||
| Q1 24 | $-8.0M | $12.0M |
| Q4 25 | $2.3M | $6.1M | ||
| Q3 25 | $-2.1M | $10.2M | ||
| Q2 25 | $7.4M | $-4.1M | ||
| Q1 25 | $-7.7M | $3.7M | ||
| Q4 24 | $-214.1K | $1.9M | ||
| Q3 24 | $-1.1M | $7.8M | ||
| Q2 24 | $281.5K | $1.5M | ||
| Q1 24 | $-8.6M | $7.9M |
| Q4 25 | 7.5% | 17.2% | ||
| Q3 25 | -5.9% | 29.4% | ||
| Q2 25 | 23.8% | -12.2% | ||
| Q1 25 | -23.3% | 10.9% | ||
| Q4 24 | -0.6% | 5.2% | ||
| Q3 24 | -3.0% | 21.8% | ||
| Q2 24 | 1.0% | 4.3% | ||
| Q1 24 | -28.0% | 22.4% |
| Q4 25 | 0.2% | 3.2% | ||
| Q3 25 | 0.7% | 10.4% | ||
| Q2 25 | 0.7% | 8.8% | ||
| Q1 25 | 1.1% | 8.9% | ||
| Q4 24 | 2.3% | 12.0% | ||
| Q3 24 | 0.5% | 4.5% | ||
| Q2 24 | 2.0% | 15.0% | ||
| Q1 24 | 2.0% | 11.7% |
| Q4 25 | — | 3.99× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | 0.97× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | 5.27× | 1.10× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
NRC
Segment breakdown not available.
