Posted By Kathy Wilson on February 10, 2026
After nearly disappearing during the pandemic and the period of market volatility that followed, Non-Deal Roadshows (NDRs) are back on the agenda for many public companies. As investor engagement bounces back and management teams look for sharper ways to articulate strategy amid heightened scrutiny, NDRs are once again proving their value as a relationship-building and education tool.
This resurgence is especially notable in sectors with high complexity and growth potential, including digital health, financial services, and security. For companies operating in these spaces, face-to-face investor meetings offer a critical opportunity to explain nuanced business models, long-term growth drivers, regulatory dynamics, and technology differentiation in a way that quarterly earnings calls simply can’t.
In our current market environment, where the C-suite is focused on executing flawlessly against strategy to ensure optimal performance, some executives struggle with whether they should use valuable management time out of the office to meet with investors. Mary T. Conway, a senior IR and strategic corporate communications consultant at Conway Communications, offers her answers to the most frequently asked questions companies are asking as they reconsider — and re-embrace — Non-Deal Roadshows.
Why Should Companies Participate in NDRs?
It’s important to ensure investors have a full understanding of a company, including its existing business and vision for the future. While investors can glean much information from press releases, SEC filings, and conference presentations and other public information, there’s a qualitative element to understanding a company’s story that goes beyond what’s on the page, keeping of course within the constraints of Reg. FD, and not sharing material, non-public information.
If an investor wants to hold a large position in your stock, they’ll want to understand on a deeper level about your business environment, including market changes, the competitive landscape, your three-to-five year outlook, your international opportunities, and your product innovation plans, for example. Investors want an opportunity to do a ‘deep dive’ in your technology and product roadmaps. And these conversations often take place better in an NDR situation.
What Are the Benefits of NDRs?
Some pros of giving investors a comprehensive look into your company include:
- Develop and build long-term relationships between management and investors
- Foster effective communications between executive team and investors
- Hear from investors on areas of interest
- Receive feedback on company perception
- Manage expectations and correct misconceptions
- Access investors who do not attend conferences
- Recruit new shareholders
What Should a Company Consider When Evaluating an NDR?
Several questions should be considered, including:
- How well does the company know its top 25 actively managed shareholders?
- What percentage of your stock do they hold?
- Do you know why they’re in your stock, and what their cost basis is?
- Do you know what could make them sell your shares?
- Which parts of your business do they find most intriguing and which are less interesting to them?
If you can’t answer these questions with confidence, you need to know your investors better. Strengthening your investor relationships is one of the most valuable things you can accomplish on the road. In-person meetings allow you to gain insights into what your investors see in you, and how they evaluate your organization versus peer companies in which they also might have holdings. Many investors do substantial market research themselves, and learning that intelligence can also be quite helpful.
How Can a Company Set Clear Expectations?
To set expectations effectively, companies must clearly articulate their strategy and long-term vision, including how they plan to create value in both the near and long term. Investors want to understand not just what you do today, but where the business is headed — and how leadership is positioning the company to get there. That includes being transparent about how emerging technologies, such as AI, are being used today and how they may reshape the business in the future. Whether AI is driving operational efficiency, enhancing products or services, informing decision-making, or opening new revenue streams, investors increasingly expect a thoughtful, credible point of view on its role in the company’s growth story.
What Additional Value Can an NDR Provide?
Sometimes companies can combine their roadshows not only with buy-side investors, but also with members of the fund’s corporate governance team, since they’re the ones who vote on proxy resolutions. It’s especially helpful to get management in front of these contacts at large holders so the governance team can better understand your business and any elements of your capital, board or compensation structures that may fall outside of their guidelines. Keep in mind these teams are evaluating proxies for thousands of public companies each year and accordingly, plan to meet with them outside of the heaviest part of the proxy season, which generally runs from January through May.
Another important reason to commit to an NDR is that it’s incredibly beneficial for management teams to hear directly from investors about issues and concerns — both the good and the bad. Sometimes that feedback is filtered through the investor relations team and doesn’t have the same impact as hearing it directly from investors. NDR meetings tend to be candid. Were investors negative on certain aspects of a business strategy or concerned about parts of a company’s financials? What are their ideas on how the company can optimize its performance? Understanding this direct feedback also enables a management team to accurately report back to board members and can sometimes affect their strategic discussions.
Where Do Most Companies Spend Their Time on the Road?
New York and Boston are the top destinations in the U.S., but it depends on who holds (or could hold) your shares. Chicago, Milwaukee, and Minneapolis are excellent targets in the Midwest, and Baltimore and the greater Philadelphia markets are also important in the Mid-Atlantic, as they’re home to large funds like T. Rowe Price. The West Coast, from San Diego up to Seattle, is yet another popular focus.
For larger companies, going to European markets is also critical, but in doing so, recognize that it becomes an annual commitment — those investors may not see you at U.S. conferences and value the in-person management time they gain when you visit them. As such, you should choose carefully which bank or other resource you use.
Are Non-Deal Roadshows Worth the Investment?
When executed thoughtfully, NDRs remain one of the most effective ways for public companies to build trust, strengthen long-term investor relationships, and gain unfiltered market insight. While they require a meaningful commitment of management time, NDRs offer value that can’t be replicated through filings, earnings calls, or conferences alone.
Learn more about how Tier One can help. Learn more about what we do and how our skilled professionals could assist with your investor relations programs.
Editor’s Note: This post was originally published in February 2016 and has been updated.
