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Side-by-side financial comparison of Farmland Partners Inc. (FPI) 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 $20.7M, roughly 1.7× Farmland Partners Inc.). Farmland Partners Inc. runs the higher net margin — 103.4% vs 5.1%, a 98.3% gap on every dollar of revenue. On growth, Farmland Partners Inc. posted the faster year-over-year revenue change (-3.5% vs -4.6%). Over the past eight quarters, Farmland Partners Inc.'s revenue compounded faster (31.4% CAGR vs -0.2%).
Farmland Industries was the largest agricultural cooperative in North America when it eventually sold all of its assets in 2002–04. During its 74-year history, Farmland served its farmer membership as a diversified, integrated organization, playing a significant role in agricultural markets both domestically and worldwide.
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.
FPI vs NRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $35.2M |
| Net Profit | $21.4M | $1.8M |
| Gross Margin | — | — |
| Operating Margin | — | 13.3% |
| Net Margin | 103.4% | 5.1% |
| Revenue YoY | -3.5% | -4.6% |
| Net Profit YoY | -63.5% | -72.6% |
| EPS (diluted) | $0.44 | $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 | $20.7M | $35.2M | ||
| Q3 25 | $11.3M | $34.6M | ||
| Q2 25 | $10.0M | $34.0M | ||
| Q1 25 | $10.3M | $33.6M | ||
| Q4 24 | $21.5M | $36.9M | ||
| Q3 24 | $13.3M | $35.8M | ||
| Q2 24 | $11.4M | $35.0M | ||
| Q1 24 | $12.0M | $35.3M |
| Q4 25 | $21.4M | $1.8M | ||
| Q3 25 | $483.0K | $4.1M | ||
| Q2 25 | $7.6M | $-106.0K | ||
| Q1 25 | $2.0M | $5.8M | ||
| Q4 24 | $58.7M | $6.6M | ||
| Q3 24 | $1.8M | $5.7M | ||
| Q2 24 | $-2.0M | $6.2M | ||
| Q1 24 | $1.4M | $6.4M |
| Q4 25 | — | 13.3% | ||
| Q3 25 | 4.3% | 22.4% | ||
| Q2 25 | 78.2% | 4.7% | ||
| Q1 25 | 20.6% | 25.6% | ||
| Q4 24 | — | 26.0% | ||
| Q3 24 | 13.9% | 22.3% | ||
| Q2 24 | -17.9% | 25.3% | ||
| Q1 24 | 11.9% | 24.8% |
| Q4 25 | 103.4% | 5.1% | ||
| Q3 25 | 4.3% | 11.9% | ||
| Q2 25 | 76.3% | -0.3% | ||
| Q1 25 | 19.9% | 17.2% | ||
| Q4 24 | 273.6% | 17.8% | ||
| Q3 24 | 13.5% | 15.9% | ||
| Q2 24 | -17.5% | 17.6% | ||
| Q1 24 | 11.5% | 18.0% |
| Q4 25 | $0.44 | $49.58 | ||
| Q3 25 | $0.00 | $0.18 | ||
| Q2 25 | $0.14 | $-0.01 | ||
| Q1 25 | $0.03 | $0.25 | ||
| Q4 24 | $1.09 | $0.27 | ||
| Q3 24 | $0.02 | $0.24 | ||
| Q2 24 | $-0.06 | $0.26 | ||
| Q1 24 | $0.01 | $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 | — | $4.1M |
| Total DebtLower is stronger | $161.6M | — |
| Stockholders' EquityBook value | $467.4M | $14.0M |
| Total Assets | $719.1M | $134.9M |
| Debt / EquityLower = less leverage | 0.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.1M | ||
| Q3 25 | — | $2.2M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $2.5M | ||
| Q4 24 | — | $4.2M | ||
| Q3 24 | — | $3.5M | ||
| Q2 24 | — | $485.0K | ||
| Q1 24 | — | $1.7M |
| Q4 25 | $161.6M | — | ||
| Q3 25 | $170.4M | — | ||
| Q2 25 | $193.4M | — | ||
| Q1 25 | $202.6M | — | ||
| Q4 24 | $204.6M | — | ||
| Q3 24 | $394.0M | $48.7M | ||
| Q2 24 | $393.0M | $33.3M | ||
| Q1 24 | $383.0M | $35.2M |
| Q4 25 | $467.4M | $14.0M | ||
| Q3 25 | $457.3M | $14.3M | ||
| Q2 25 | $473.5M | $21.3M | ||
| Q1 25 | $492.2M | $29.7M | ||
| Q4 24 | $494.6M | $31.3M | ||
| Q3 24 | $519.4M | $34.6M | ||
| Q2 24 | $521.5M | $40.2M | ||
| Q1 24 | $526.7M | $36.9M |
| Q4 25 | $719.1M | $134.9M | ||
| Q3 25 | $738.5M | $135.7M | ||
| Q2 25 | $776.7M | $141.4M | ||
| Q1 25 | $810.5M | $135.2M | ||
| Q4 24 | $869.6M | $132.5M | ||
| Q3 24 | $1.0B | $131.8M | ||
| Q2 24 | $1.0B | $119.1M | ||
| Q1 24 | $1.0B | $120.9M |
| Q4 25 | 0.35× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.41× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.76× | 1.41× | ||
| Q2 24 | 0.75× | 0.83× | ||
| Q1 24 | 0.73× | 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 | $17.4M | $7.2M |
| Free Cash FlowOCF − Capex | — | $6.1M |
| FCF MarginFCF / Revenue | — | 17.2% |
| Capex IntensityCapex / Revenue | — | 3.2% |
| Cash ConversionOCF / Net Profit | 0.81× | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.4M | $7.2M | ||
| Q3 25 | $-2.0M | $13.8M | ||
| Q2 25 | $-2.2M | $-1.1M | ||
| Q1 25 | $6.4M | $6.6M | ||
| Q4 24 | $16.1M | $6.4M | ||
| Q3 24 | $-4.3M | $9.4M | ||
| Q2 24 | $-6.1M | $6.8M | ||
| Q1 24 | $11.9M | $12.0M |
| Q4 25 | — | $6.1M | ||
| Q3 25 | — | $10.2M | ||
| Q2 25 | — | $-4.1M | ||
| Q1 25 | — | $3.7M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | — | $7.8M | ||
| Q2 24 | — | $1.5M | ||
| Q1 24 | — | $7.9M |
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 29.4% | ||
| Q2 25 | — | -12.2% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 22.4% |
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 15.0% | ||
| Q1 24 | — | 11.7% |
| Q4 25 | 0.81× | 3.99× | ||
| Q3 25 | -4.04× | 3.34× | ||
| Q2 25 | -0.29× | — | ||
| Q1 25 | 3.12× | 1.15× | ||
| Q4 24 | 0.27× | 0.97× | ||
| Q3 24 | -2.39× | 1.66× | ||
| Q2 24 | — | 1.10× | ||
| Q1 24 | 8.66× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
