A Business at a Glance
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RadNet, Inc.
RDNT
$4.6B
Mkt Cap
$61.57
+0.97%
RadNet, Inc. (RDNT) has a 5-year average return on invested capital (ROIC) of 4.4%. This is below average and may indicate limited pricing power.
RadNet, Inc. (RDNT) has a market capitalization of $4.8B. It is classified as a mid-cap stock.
RadNet, Inc. (RDNT) does not currently pay a regular dividend.
RadNet, Inc. (RDNT) operates in the Services-Medical Laboratories industry, within the Healthcare sector.
RadNet, Inc. (RDNT) reported annual revenue of $2.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
RadNet, Inc. (RDNT) has a net profit margin of -0.9%. The company is currently unprofitable.
RadNet, Inc. (RDNT) generated $86 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Business Overview We are a leading national provider of diagnostic imaging services in the United States based on number of locations and annual imaging revenue. We have been in business since 1985. Our principal business segment is the provision of diagnostic imaging services. As of December 31, 2025, we operated, directly or indirectly through hospital and health system joint ventures, 418 imaging centers located in Arizona, California, Delaware, Florida, Maryland, Virginia, New Jersey, Texas and New York. Our Imaging Centers segment provides physicians with capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, often reducing the cost and amount of care for patients. Our services include magnetic resonance imaging ("MRI"), computed tomography ("CT"), positron emission tomography ("PET"), nuclear medicine, mammography, ultrasound, diagnostic radiology ("X-ray"), fluoroscopy and other related procedures.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 282M | 2.0B | 1.8B | 1.6B | 1.4B | 1.3B |
| Net Income | -14M | -19M | 2.8M | 3.0M | 11M | 25M |
| EPS | $-0.17 | $-0.25 | $0.04 | $0.05 | $0.17 | $0.46 |
| Free Cash Flow | 102M | 86M | 45M | 44M | 27M | 12M |
| ROIC | 2.9% | 2.2% | 6.0% | 5.4% | 2.8% | 5.6% |
| Gross Margin | - | - | - | 25.6% | 23.2% | 25.7% |
| Debt/Equity | 1.01 | 1.71 | 1.92 | 2.36 | 4.55 | 6.11 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 62M | 62M | 105M | 99M | 46M | 83M |
| Operating Margin | 22.1% | 3.0% | 5.7% | 6.1% | 3.2% | 6.3% |
| ROE | -1.3% | -1.9% | 0.4% | 0.6% | 3.8% | 12.5% |
| Shares Outstanding | 79M | 75M | 70M | 61M | 63M | 54M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 718M | 810M | 885M | 922M | 975M | 1.2B | 1.1B | 1.3B | 1.4B | 1.6B | 1.8B | 2.0B | 282M |
| Gross Margin | 94.9% | 12.5% | 12.3% | 13.0% | 11.0% | 13.4% | 21.9% | 25.7% | 23.2% | 25.6% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | -2.0M | 62M | 70M | 70M | 77M | 85M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 11M | 39M | 38M | 50M | 31M | 70M | 36M | 83M | 46M | 99M | 105M | 62M | 62M |
| Op. Margin | 1.5% | 4.8% | 4.4% | 5.4% | 3.2% | 6.1% | 3.3% | 6.3% | 3.2% | 6.1% | 5.7% | 3.0% | 22.1% |
| Net Income | 11M | 7.7M | 7.2M | N/A | 32M | 15M | -15M | 25M | 11M | 3.0M | 2.8M | -19M | -14M |
| Net Margin | 1.5% | 1.0% | 0.8% | N/A | 3.3% | 1.3% | -1.4% | 1.9% | 0.7% | 0.2% | 0.2% | -0.9% | -5.0% |
| Non-Recurring | -1.1M | -121K | 2.1M | 679K | 7.8M | -764K | 3.2M | -502K | -1.6M | 5.5M | 901K | -6.5M | 3.9M |
| Returns on Capital | |||||||||||||
| ROIC | 1.1% | N/A | 3.4% | N/A | 4.1% | 5.0% | 3.3% | 5.6% | 2.8% | 5.4% | 6.0% | 2.2% | 2.9% |
| ROE | 279.9% | N/A | 16.3% | N/A | 34.2% | 10.6% | -9.4% | 12.5% | 3.8% | 0.6% | 0.4% | -1.9% | -1.3% |
| ROA | 27.3% | N/A | 1.6% | N/A | 3.3% | 1.1% | -0.9% | 1.3% | 0.5% | 0.1% | 0.1% | -0.5% | -0.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 14M | 67M | 92M | 142M | 117M | 104M | 234M | 149M | 146M | 221M | 233M | 299M | 336M |
| Free Cash Flow | 13M | 24M | 32M | 81M | 45M | 30M | 140M | 12M | 27M | 44M | 45M | 86M | 102M |
| Owner Earnings | 6.5M | -1.2M | 19M | 69M | 36M | 15M | 135M | 28M | 6.8M | 66M | 65M | 92M | 117M |
| CapEx | 669K | 43M | 59M | 61M | 72M | 74M | 94M | 138M | 119M | 177M | 188M | 213M | 234M |
| Maint. CapEx | 4.7M | 61M | 67M | 67M | 73M | 81M | 87M | 97M | 116M | 128M | 138M | 152M | 162M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 7.4M | 41M | 3.6M | 48M | 50M | 61M | 73M |
| D&A | 4.7M | 61M | 67M | 67M | 73M | 81M | 87M | 97M | 116M | 128M | 138M | 152M | 162M |
| CapEx/OCF | 4.9% | 64.1% | 64.7% | 43.1% | 61.8% | 71.1% | 40.3% | 92.2% | 81.6% | 80.0% | 80.7% | 71.4% | 69.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.5M | 7.6M | 5.8M | 6.8M | 7.7M | 8.7M | 12M | 25M | 24M | 27M | 30M | 55M | 57M |
| Debt Repayment | 211M | 9.8M | 469M | 197M | 34M | 41M | 43M | 620M | 54M | 41M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 623M | 740M | 651M | 601M | 699M | 1.2B | 1.1B | 1.3B | 1.4B | 1.1B | 989M | 1.1B | 631M |
| Cash & Equiv. | 307K | 446K | 21M | 51M | 10M | 40M | 102M | 135M | 128M | 343M | 740M | 767M | 455M |
| Long-Term Debt | 582M | 634M | 648M | 621M | 675M | 706M | 613M | 743M | 839M | 812M | 992M | 1.1B | 1.1B |
| Debt/Equity | 80.92 | N/A | 12.90 | 10.59 | 5.57 | 8.49 | 7.13 | 6.11 | 4.55 | 2.36 | 1.92 | 1.71 | 1.01 |
| Interest Coverage | 178.7 | 1150.5 | 1832.4 | 1.2 | 0.7 | 1.5 | 0.8 | 1.7 | 0.9 | 1.5 | 1.3 | 0.9 | 148.8 |
| Equity | 7.7M | N/A | 52M | 62M | 127M | 152M | 166M | 229M | 333M | 631M | 902M | 1.1B | 1.1B |
| Total Assets | 37M | N/A | 849M | 869M | 1.1B | 1.6B | 1.8B | 2.1B | 2.4B | 2.7B | 3.3B | 3.8B | 3.9B |
| Total Liabilities | 4.1M | 2.7M | 797M | 799M | 909M | 1.4B | 1.5B | 1.7B | 1.9B | 1.9B | 2.2B | 2.4B | 2.5B |
| Intangibles | 470K | 350K | 43M | 40M | 41M | 43M | 52M | 57M | 106M | 91M | 81M | 149M | 253M |
| Retained Earnings | -172M | -165M | -150M | -150M | -118M | -103M | -118M | -93M | -83M | -80M | -77M | -95M | -129M |
| Working Capital | 11M | 10M | 63M | 44M | -31M | -86M | -128M | -51M | -100M | 142M | 540M | 445M | 105M |
| Current Assets | 13M | 11M | 218M | 235M | 209M | 241M | 270M | 324M | 367M | 579M | 1.0B | 1.0B | 741M |
| Current Liabilities | 2.4M | 1.3M | 155M | 192M | 240M | 327M | 398M | 375M | 467M | 437M | 480M | 587M | 636M |
| Per Share Data | |||||||||||||
| EPS | 0.25 | 0.17 | 0.15 | 0.00 | 0.66 | 0.29 | -0.29 | 0.46 | 0.17 | 0.05 | 0.04 | -0.25 | -0.17 |
| Owner EPS | 0.15 | -0.03 | 0.40 | 1.44 | 0.74 | 0.29 | 2.63 | 0.51 | 0.11 | 1.08 | 0.94 | 1.23 | 1.49 |
| Book Value | 0.18 | N/A | 1.08 | 1.29 | 2.60 | 2.98 | 3.24 | 4.26 | 5.32 | 10.36 | 12.92 | 14.61 | 13.76 |
| Cash Flow/Share | 0.32 | 1.48 | 1.90 | 2.98 | 2.39 | 2.05 | 4.57 | 2.78 | 2.34 | 3.63 | 3.34 | 4.01 | 1.88 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 42.8M | 45.3M | 48.2M | 47.7M | 48.9M | 50.9M | 51.2M | 53.8M | 62.6M | 60.9M | 69.8M | 74.6M | 78.5M |
| Valuation | |||||||||||||
| P/E Ratio | 320.3 | 36.8 | 43.7 | N/A | 15.7 | 68.6 | N/A | 65.5 | 106.4 | 714.0 | N/A | N/A | -359.5 |
| P/FCF | 31.5 | 11.8 | 9.7 | 5.9 | 11.3 | 33.5 | 7.0 | 139.4 | 42.0 | 49.1 | 110.7 | 63.8 | 47.4 |
| EV/EBIT | 94.2 | 25.3 | 25.1 | 21.6 | 39.0 | 25.4 | 42.8 | 27.1 | 40.0 | 27.0 | 43.4 | 81.3 | 87.9 |
| Price/Book | 53.5 | 9.8 | 6.1 | 7.8 | 4.0 | 6.7 | 5.9 | 7.1 | 3.4 | 3.4 | 5.5 | 5.0 | 4.5 |
| Price/Sales | 2.7 | 2.9 | 0.3 | 0.4 | 0.7 | 0.6 | 0.8 | 1.1 | 0.9 | 1.1 | 2.2 | 2.3 | 17.1 |
| FCF Yield | 3.2% | 8.5% | 10.3% | 16.9% | 8.8% | 3.0% | 14.3% | 0.7% | 2.4% | 2.0% | 0.9% | 1.6% | 2.1% |
| Market Cap | 412M | 283M | 316M | 480M | 505M | 1.0B | 977M | 1.6B | 1.1B | 2.2B | 5.0B | 5.5B | 4.8B |
| Avg. Price | 5.66 | 7.18 | 5.96 | 8.06 | 13.09 | 14.35 | 16.67 | 26.95 | 20.84 | 28.26 | 57.88 | 64.16 | 61.57 |
| Year-End Price | 9.61 | 6.25 | 6.55 | 10.05 | 10.33 | 19.89 | 19.10 | 30.12 | 18.08 | 35.70 | 71.27 | 73.15 | 61.57 |
RadNet, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 55.8x vs a median of 22.4x. The company's 5-year average ROIC is 4.4% with a gross margin of 24.8%. At current prices, the estimated annualized return to fair value is -8.9%.
RadNet, Inc. (RDNT) has a debt-to-equity ratio of 1.71. This indicates higher leverage, which may increase financial risk.
RadNet, Inc. (RDNT) reported earnings per share (EPS) of $-0.25 in its most recent fiscal year.
RadNet, Inc. (RDNT) has a return on equity (ROE) of -1.9%. A negative ROE may indicate losses or negative equity.
RadNet, Inc. (RDNT) has a 5-year average gross margin of 24.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for RadNet, Inc. (RDNT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
RadNet, Inc. (RDNT) has a book value per share of $14.61, based on its most recent annual SEC filing.