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Side-by-side financial comparison of NATIONAL RESEARCH CORP (NRC) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $35.2M, roughly 1.6× NATIONAL RESEARCH CORP). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -4.6%). NATIONAL RESEARCH CORP produced more free cash flow last quarter ($6.1M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
NRC vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $57.6M |
| Net Profit | $1.8M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | 13.3% | — |
| Net Margin | 5.1% | — |
| Revenue YoY | -4.6% | 94.1% |
| Net Profit YoY | -72.6% | 71.6% |
| EPS (diluted) | $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 | $35.2M | $57.6M | ||
| Q3 25 | $34.6M | $49.5M | ||
| Q2 25 | $34.0M | $39.5M | ||
| Q1 25 | $33.6M | $28.5M | ||
| Q4 24 | $36.9M | $29.7M | ||
| Q3 24 | $35.8M | $16.4M | ||
| Q2 24 | $35.0M | $7.3M | ||
| Q1 24 | $35.3M | — |
| Q4 25 | $1.8M | — | ||
| Q3 25 | $4.1M | $-30.0M | ||
| Q2 25 | $-106.0K | $-75.8M | ||
| Q1 25 | $5.8M | $-94.3M | ||
| Q4 24 | $6.6M | — | ||
| Q3 24 | $5.7M | $-85.6M | ||
| Q2 24 | $6.2M | $-91.4M | ||
| Q1 24 | $6.4M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | 13.3% | — | ||
| Q3 25 | 22.4% | -30.8% | ||
| Q2 25 | 4.7% | -151.7% | ||
| Q1 25 | 25.6% | -276.5% | ||
| Q4 24 | 26.0% | — | ||
| Q3 24 | 22.3% | -433.0% | ||
| Q2 24 | 25.3% | -1055.4% | ||
| Q1 24 | 24.8% | — |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 11.9% | -60.5% | ||
| Q2 25 | -0.3% | -191.9% | ||
| Q1 25 | 17.2% | -330.7% | ||
| Q4 24 | 17.8% | — | ||
| Q3 24 | 15.9% | -523.3% | ||
| Q2 24 | 17.6% | -1248.6% | ||
| Q1 24 | 18.0% | — |
| Q4 25 | $49.58 | — | ||
| Q3 25 | $0.18 | $-0.41 | ||
| Q2 25 | $-0.01 | $-1.05 | ||
| Q1 25 | $0.25 | $-1.31 | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $0.24 | $-1.32 | ||
| Q2 24 | $0.26 | $-1.56 | ||
| Q1 24 | $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 | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $14.0M | $-438.2M |
| Total Assets | $134.9M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.1M | $130.0M | ||
| Q3 25 | $2.2M | $135.2M | ||
| Q2 25 | $5.3M | $149.6M | ||
| Q1 25 | $2.5M | $212.3M | ||
| Q4 24 | $4.2M | $297.3M | ||
| Q3 24 | $3.5M | $334.7M | ||
| Q2 24 | $485.0K | $276.2M | ||
| Q1 24 | $1.7M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | $48.7M | $175.7M | ||
| Q2 24 | $33.3M | $174.4M | ||
| Q1 24 | $35.2M | — |
| Q4 25 | $14.0M | $-438.2M | ||
| Q3 25 | $14.3M | $-422.5M | ||
| Q2 25 | $21.3M | $-405.8M | ||
| Q1 25 | $29.7M | $-338.4M | ||
| Q4 24 | $31.3M | $-253.6M | ||
| Q3 24 | $34.6M | $-187.1M | ||
| Q2 24 | $40.2M | $-233.8M | ||
| Q1 24 | $36.9M | — |
| Q4 25 | $134.9M | $259.1M | ||
| Q3 25 | $135.7M | $240.3M | ||
| Q2 25 | $141.4M | $250.2M | ||
| Q1 25 | $135.2M | $294.2M | ||
| Q4 24 | $132.5M | $378.3M | ||
| Q3 24 | $131.8M | $387.0M | ||
| Q2 24 | $119.1M | $319.4M | ||
| Q1 24 | $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 | $7.2M | $-166.8M |
| Free Cash FlowOCF − Capex | $6.1M | $-167.0M |
| FCF MarginFCF / Revenue | 17.2% | -290.0% |
| Capex IntensityCapex / Revenue | 3.2% | 0.4% |
| Cash ConversionOCF / Net Profit | 3.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.7M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.2M | $-166.8M | ||
| Q3 25 | $13.8M | $-14.1M | ||
| Q2 25 | $-1.1M | $-62.7M | ||
| Q1 25 | $6.6M | $-84.9M | ||
| Q4 24 | $6.4M | $-266.8M | ||
| Q3 24 | $9.4M | $-63.6M | ||
| Q2 24 | $6.8M | $-70.7M | ||
| Q1 24 | $12.0M | — |
| Q4 25 | $6.1M | $-167.0M | ||
| Q3 25 | $10.2M | $-14.1M | ||
| Q2 25 | $-4.1M | $-62.8M | ||
| Q1 25 | $3.7M | $-84.9M | ||
| Q4 24 | $1.9M | $-266.9M | ||
| Q3 24 | $7.8M | $-63.6M | ||
| Q2 24 | $1.5M | $-70.8M | ||
| Q1 24 | $7.9M | — |
| Q4 25 | 17.2% | -290.0% | ||
| Q3 25 | 29.4% | -28.6% | ||
| Q2 25 | -12.2% | -159.0% | ||
| Q1 25 | 10.9% | -297.9% | ||
| Q4 24 | 5.2% | -899.8% | ||
| Q3 24 | 21.8% | -389.0% | ||
| Q2 24 | 4.3% | -966.2% | ||
| Q1 24 | 22.4% | — |
| Q4 25 | 3.2% | 0.4% | ||
| Q3 25 | 10.4% | 0.1% | ||
| Q2 25 | 8.8% | 0.2% | ||
| Q1 25 | 8.9% | 0.1% | ||
| Q4 24 | 12.0% | 0.5% | ||
| Q3 24 | 4.5% | 0.3% | ||
| Q2 24 | 15.0% | 0.6% | ||
| Q1 24 | 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.
