Is National Research Corp. overvalued or undervalued?

As of 17 October 2025, the valuation grade for National Research Corp. has moved from very expensive to expensive, indicating a shift towards a less favorable assessment. The company appears to be overvalued based on its current metrics, with a P/E ratio of 17, a Price to Book Value of 14.27, and an EV to EBITDA of 11.75, all of which suggest that the stock is trading at a premium compared to its earnings and assets.
In comparison to its peers, National Research Corp. has a significantly higher P/E ratio of 17 compared to Psychemedics Corp.'s negative P/E of -8.09, and a higher EV to EBITDA ratio than the industry average. This suggests that investors may be paying too much for each dollar of earnings relative to similar companies. Furthermore, the stock has underperformed against the S&P 500 across multiple time frames, with a year-to-date return of -34.18% compared to the S&P 500's 13.30%, reinforcing the notion that the stock may be overvalued.