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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) 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 $32.9M, roughly 1.1× FTC Solar, Inc.). NATIONAL RESEARCH CORP runs the higher net margin — 5.1% vs -110.7%, a 115.8% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -4.6%). NATIONAL RESEARCH CORP produced more free cash flow last quarter ($6.1M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -0.2%).
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
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.
FTCI vs NRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $35.2M |
| Net Profit | $-36.4M | $1.8M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | 13.3% |
| Net Margin | -110.7% | 5.1% |
| Revenue YoY | 148.9% | -4.6% |
| Net Profit YoY | -197.4% | -72.6% |
| EPS (diluted) | $-2.31 | $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 | $32.9M | $35.2M | ||
| Q3 25 | $26.0M | $34.6M | ||
| Q2 25 | $20.0M | $34.0M | ||
| Q1 25 | $20.8M | $33.6M | ||
| Q4 24 | $13.2M | $36.9M | ||
| Q3 24 | $10.1M | $35.8M | ||
| Q2 24 | $11.4M | $35.0M | ||
| Q1 24 | $12.6M | $35.3M |
| Q4 25 | $-36.4M | $1.8M | ||
| Q3 25 | $-23.9M | $4.1M | ||
| Q2 25 | $-15.4M | $-106.0K | ||
| Q1 25 | $-3.8M | $5.8M | ||
| Q4 24 | $-12.2M | $6.6M | ||
| Q3 24 | $-15.4M | $5.7M | ||
| Q2 24 | $-12.2M | $6.2M | ||
| Q1 24 | $-8.8M | $6.4M |
| Q4 25 | 14.9% | — | ||
| Q3 25 | 6.1% | — | ||
| Q2 25 | -19.6% | — | ||
| Q1 25 | -16.6% | — | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | -42.5% | — | ||
| Q2 24 | -20.5% | — | ||
| Q1 24 | -16.7% | — |
| Q4 25 | -17.2% | 13.3% | ||
| Q3 25 | -29.6% | 22.4% | ||
| Q2 25 | -57.5% | 4.7% | ||
| Q1 25 | -50.8% | 25.6% | ||
| Q4 24 | -101.7% | 26.0% | ||
| Q3 24 | -147.8% | 22.3% | ||
| Q2 24 | -104.3% | 25.3% | ||
| Q1 24 | -99.3% | 24.8% |
| Q4 25 | -110.7% | 5.1% | ||
| Q3 25 | -92.0% | 11.9% | ||
| Q2 25 | -77.2% | -0.3% | ||
| Q1 25 | -18.4% | 17.2% | ||
| Q4 24 | -92.7% | 17.8% | ||
| Q3 24 | -151.5% | 15.9% | ||
| Q2 24 | -107.1% | 17.6% | ||
| Q1 24 | -69.7% | 18.0% |
| Q4 25 | $-2.31 | $49.58 | ||
| Q3 25 | $-1.61 | $0.18 | ||
| Q2 25 | $-1.18 | $-0.01 | ||
| Q1 25 | $-0.58 | $0.25 | ||
| Q4 24 | $-0.95 | $0.27 | ||
| Q3 24 | $-1.21 | $0.24 | ||
| Q2 24 | $-0.97 | $0.26 | ||
| Q1 24 | $-0.70 | $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 | $21.1M | $4.1M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $14.0M |
| Total Assets | $111.8M | $134.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $4.1M | ||
| Q3 25 | $24.4M | $2.2M | ||
| Q2 25 | $3.5M | $5.3M | ||
| Q1 25 | $5.9M | $2.5M | ||
| Q4 24 | $11.2M | $4.2M | ||
| Q3 24 | $8.3M | $3.5M | ||
| Q2 24 | $10.8M | $485.0K | ||
| Q1 24 | $14.0M | $1.7M |
| Q4 25 | $9.9M | — | ||
| Q3 25 | $16.6M | — | ||
| Q2 25 | $10.9M | — | ||
| Q1 25 | $10.2M | — | ||
| Q4 24 | $9.5M | — | ||
| Q3 24 | — | $48.7M | ||
| Q2 24 | — | $33.3M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | $-43.0M | $14.0M | ||
| Q3 25 | $-13.7M | $14.3M | ||
| Q2 25 | $9.0M | $21.3M | ||
| Q1 25 | $15.5M | $29.7M | ||
| Q4 24 | $19.0M | $31.3M | ||
| Q3 24 | $30.4M | $34.6M | ||
| Q2 24 | $44.2M | $40.2M | ||
| Q1 24 | $55.2M | $36.9M |
| Q4 25 | $111.8M | $134.9M | ||
| Q3 25 | $111.5M | $135.7M | ||
| Q2 25 | $83.0M | $141.4M | ||
| Q1 25 | $84.1M | $135.2M | ||
| Q4 24 | $89.9M | $132.5M | ||
| Q3 24 | $91.7M | $131.8M | ||
| Q2 24 | $100.3M | $119.1M | ||
| Q1 24 | $115.0M | $120.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.50× | — | ||
| 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 | $-8.0M | $7.2M |
| Free Cash FlowOCF − Capex | $-8.4M | $6.1M |
| FCF MarginFCF / Revenue | -25.7% | 17.2% |
| Capex IntensityCapex / Revenue | 1.3% | 3.2% |
| Cash ConversionOCF / Net Profit | — | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $7.2M | ||
| Q3 25 | $-14.6M | $13.8M | ||
| Q2 25 | $-2.3M | $-1.1M | ||
| Q1 25 | $-8.5M | $6.6M | ||
| Q4 24 | $-16.7M | $6.4M | ||
| Q3 24 | $-2.4M | $9.4M | ||
| Q2 24 | $-3.8M | $6.8M | ||
| Q1 24 | $-11.9M | $12.0M |
| Q4 25 | $-8.4M | $6.1M | ||
| Q3 25 | $-15.1M | $10.2M | ||
| Q2 25 | $-2.5M | $-4.1M | ||
| Q1 25 | $-8.6M | $3.7M | ||
| Q4 24 | $-17.0M | $1.9M | ||
| Q3 24 | $-2.6M | $7.8M | ||
| Q2 24 | $-4.5M | $1.5M | ||
| Q1 24 | $-12.3M | $7.9M |
| Q4 25 | -25.7% | 17.2% | ||
| Q3 25 | -57.9% | 29.4% | ||
| Q2 25 | -12.4% | -12.2% | ||
| Q1 25 | -41.2% | 10.9% | ||
| Q4 24 | -128.6% | 5.2% | ||
| Q3 24 | -25.6% | 21.8% | ||
| Q2 24 | -39.2% | 4.3% | ||
| Q1 24 | -97.6% | 22.4% |
| Q4 25 | 1.3% | 3.2% | ||
| Q3 25 | 1.7% | 10.4% | ||
| Q2 25 | 0.9% | 8.8% | ||
| Q1 25 | 0.4% | 8.9% | ||
| Q4 24 | 2.2% | 12.0% | ||
| Q3 24 | 2.2% | 4.5% | ||
| Q2 24 | 6.1% | 15.0% | ||
| Q1 24 | 3.4% | 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 | — | 1.10× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
NRC
Segment breakdown not available.
