National Student Services, Inc.
How we got $66.6M
Based on its 139 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Likely to sell
- In business 55 years (since 1971)
- Headcount down 51% since 2020 (retirement plan filings)
From public records and the company's website, not a statement that it's for sale.
What they do
National Student Services, Inc. is a Stillwater, Oklahoma company that provides college student personal property insurance for students living in dorm rooms, apartments, or at home. It says it has been family owned and operated since 1971.
From the company's website. Industry: Insurance agencies.
Estimated value over time
▲ 30% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 71% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 139 | $24.9M |
| 2020 | Form 5500 | 81 | $14.5M |
| 2021 | Form 5500 | 81 | $14.5M |
| 2022 | Form 5500 | 44 | $7.9M |
| 2023 | Form 5500 | 62 | $11.1M |
| 2024 | Form 5500 | 40 | $7.2M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| NATIONAL STUDENT SERVICES, INC. this business | $38.5M | — |
| Worth Ave. Group Stillwater | $806K | 0.0 mi |
| Worth Avenue Group Stillwater | $806K | 0.0 mi |
| STEVEN SCHROEDER INC. Stillwater · 5 employees | $1.0M | 0.0 mi |
| Steve Ray Womack - 1413 S Western Rd Stillwater | $806K | 0.1 mi |
| THE ROBINSON AGENCY, LLC Stillwater · 4 employees | $673K | 0.1 mi |
| Rotnei Clarke - State Farm Insurance Agent Stillwater | $806K | 0.5 mi |
The full calculation
| Employees reported to the SBA | 139 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $51.3M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $22.2M |
| Estimate: the two combined (geometric mean) | $38.5M |
| EBITDA margin (industry, adjusted for size) | 22% |
| EBITDA = revenue × margin | $8.5M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $66.6M |
| Multiple for this size and industry | 7.8× |
| Value range | $35.0M – $91.1M |
| Revenue range | $25.3M – $43.9M |
| EBITDA range | $5.6M – $9.7M |
| Industry (NAICS) | Insurance Agencies and Brokerages (524210) |
Low confidence: the employee-based and payroll-based estimates differ by more than 2×.
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
Advisors
- BankingSimmons BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Simmons Bank PPP 2020 | All 789 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/15/2020 | first | $883K | 139 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About National Student Services, Inc.
National Student Services, Inc. is a family-owned insurance agencies company in Stillwater, Oklahoma, in business since 1971. Its estimated annual revenue is about $38.5M, with roughly $8.5M of EBITDA. It has about 40 employees. Its estimated business value is $66.6M (likely range $35.0M–$91.1M).
Common questions
- Who owns National Student Services, Inc.?
- The owner of National Student Services, Inc. isn't in public records we've found yet. If you own or run the business, you can add or correct its details on SeeBITDA.
- How much revenue does National Student Services, Inc. make?
- SeeBITDA estimates National Student Services, Inc.'s annual revenue at about $38.5M (likely between $25.3M and $43.9M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is National Student Services, Inc. worth?
- About $66.6M, roughly 7.8× its estimated EBITDA of $8.5M, typical for a insurance agencies company its size. Likely range: $35.0M–$91.1M.
- How many employees does National Student Services, Inc. have?
- About 40, from its 2024 retirement-plan filing.
- When was National Student Services, Inc. founded?
- National Student Services, Inc. has been in business since 1971.
- Is National Student Services, Inc. for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 55 years (since 1971); headcount down 51% since 2020 (retirement plan filings).