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Side-by-side financial comparison of NATIONAL RESEARCH CORP (NRC) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
Waterstone Financial, Inc. is the larger business by last-quarter revenue ($37.2M vs $35.2M, roughly 1.1× NATIONAL RESEARCH CORP). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs -4.6%). Waterstone Financial, Inc. produced more free cash flow last quarter ($23.0M vs $6.1M). Over the past eight quarters, Waterstone Financial, Inc.'s revenue compounded faster (7.1% CAGR vs -0.2%).
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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
NRC vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $37.2M |
| Net Profit | $1.8M | — |
| Gross Margin | — | — |
| Operating Margin | 13.3% | 27.0% |
| Net Margin | 5.1% | — |
| Revenue YoY | -4.6% | 16.7% |
| Net Profit YoY | -72.6% | — |
| EPS (diluted) | $49.58 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $34.6M | $37.0M | ||
| Q2 25 | $34.0M | $38.0M | ||
| Q1 25 | $33.6M | $29.7M | ||
| Q4 24 | $36.9M | $31.8M | ||
| Q3 24 | $35.8M | $34.1M | ||
| Q2 24 | $35.0M | $37.2M | ||
| Q1 24 | $35.3M | $32.4M |
| Q4 25 | $1.8M | — | ||
| Q3 25 | $4.1M | $7.9M | ||
| Q2 25 | $-106.0K | $7.7M | ||
| Q1 25 | $5.8M | $3.0M | ||
| Q4 24 | $6.6M | — | ||
| Q3 24 | $5.7M | $4.7M | ||
| Q2 24 | $6.2M | $5.7M | ||
| Q1 24 | $6.4M | $3.0M |
| Q4 25 | 13.3% | 27.0% | ||
| Q3 25 | 22.4% | 26.6% | ||
| Q2 25 | 4.7% | 25.4% | ||
| Q1 25 | 25.6% | 13.1% | ||
| Q4 24 | 26.0% | 19.5% | ||
| Q3 24 | 22.3% | 17.3% | ||
| Q2 24 | 25.3% | 19.2% | ||
| Q1 24 | 24.8% | 14.7% |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 11.9% | 21.4% | ||
| Q2 25 | -0.3% | 20.3% | ||
| Q1 25 | 17.2% | 10.2% | ||
| Q4 24 | 17.8% | — | ||
| Q3 24 | 15.9% | 13.9% | ||
| Q2 24 | 17.6% | 15.4% | ||
| Q1 24 | 18.0% | 9.4% |
| Q4 25 | $49.58 | $0.43 | ||
| Q3 25 | $0.18 | $0.45 | ||
| Q2 25 | $-0.01 | $0.43 | ||
| Q1 25 | $0.25 | $0.17 | ||
| Q4 24 | $0.27 | $0.28 | ||
| Q3 24 | $0.24 | $0.26 | ||
| Q2 24 | $0.26 | $0.31 | ||
| Q1 24 | $0.27 | $0.16 |
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 | — | $412.3M |
| Stockholders' EquityBook value | $14.0M | $349.4M |
| Total Assets | $134.9M | $2.3B |
| Debt / EquityLower = less leverage | — | 1.18× |
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 | — | $412.3M | ||
| Q3 25 | — | $469.1M | ||
| Q2 25 | — | $465.7M | ||
| Q1 25 | — | $395.9M | ||
| Q4 24 | — | $446.5M | ||
| Q3 24 | $48.7M | $560.1M | ||
| Q2 24 | $33.3M | $660.8M | ||
| Q1 24 | $35.2M | $634.2M |
| Q4 25 | $14.0M | $349.4M | ||
| Q3 25 | $14.3M | $345.5M | ||
| Q2 25 | $21.3M | $341.5M | ||
| Q1 25 | $29.7M | $341.4M | ||
| Q4 24 | $31.3M | $339.1M | ||
| Q3 24 | $34.6M | $342.0M | ||
| Q2 24 | $40.2M | $334.9M | ||
| Q1 24 | $36.9M | $338.0M |
| Q4 25 | $134.9M | $2.3B | ||
| Q3 25 | $135.7M | $2.3B | ||
| Q2 25 | $141.4M | $2.3B | ||
| Q1 25 | $135.2M | $2.2B | ||
| Q4 24 | $132.5M | $2.2B | ||
| Q3 24 | $131.8M | $2.2B | ||
| Q2 24 | $119.1M | $2.3B | ||
| Q1 24 | $120.9M | $2.2B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | 1.41× | 1.64× | ||
| Q2 24 | 0.83× | 1.97× | ||
| Q1 24 | 0.95× | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | $6.1M | $23.0M |
| FCF MarginFCF / Revenue | 17.2% | 61.9% |
| Capex IntensityCapex / Revenue | 3.2% | 3.1% |
| Cash ConversionOCF / Net Profit | 3.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.7M | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.2M | $24.2M | ||
| Q3 25 | $13.8M | $32.7M | ||
| Q2 25 | $-1.1M | $-38.4M | ||
| Q1 25 | $6.6M | $26.7M | ||
| Q4 24 | $6.4M | $48.1M | ||
| Q3 24 | $9.4M | $74.1M | ||
| Q2 24 | $6.8M | $-39.5M | ||
| Q1 24 | $12.0M | $-9.9M |
| Q4 25 | $6.1M | $23.0M | ||
| Q3 25 | $10.2M | $32.4M | ||
| Q2 25 | $-4.1M | $-38.5M | ||
| Q1 25 | $3.7M | $26.5M | ||
| Q4 24 | $1.9M | $47.0M | ||
| Q3 24 | $7.8M | $73.9M | ||
| Q2 24 | $1.5M | $-39.7M | ||
| Q1 24 | $7.9M | $-10.3M |
| Q4 25 | 17.2% | 61.9% | ||
| Q3 25 | 29.4% | 87.5% | ||
| Q2 25 | -12.2% | -101.2% | ||
| Q1 25 | 10.9% | 89.2% | ||
| Q4 24 | 5.2% | 147.5% | ||
| Q3 24 | 21.8% | 216.9% | ||
| Q2 24 | 4.3% | -106.7% | ||
| Q1 24 | 22.4% | -31.9% |
| Q4 25 | 3.2% | 3.1% | ||
| Q3 25 | 10.4% | 0.8% | ||
| Q2 25 | 8.8% | 0.2% | ||
| Q1 25 | 8.9% | 0.9% | ||
| Q4 24 | 12.0% | 3.5% | ||
| Q3 24 | 4.5% | 0.6% | ||
| Q2 24 | 15.0% | 0.4% | ||
| Q1 24 | 11.7% | 1.2% |
| Q4 25 | 3.99× | — | ||
| Q3 25 | 3.34× | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | 1.15× | 8.81× | ||
| Q4 24 | 0.97× | — | ||
| Q3 24 | 1.66× | 15.67× | ||
| Q2 24 | 1.10× | -6.92× | ||
| Q1 24 | 1.89× | -3.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
