FONAR Corporation (FONR) 10-Year Financial Performance & Capital Metrics

FONR • • Industrial / General

HealthcareMedical DevicesDiagnostic & Imaging EquipmentMedical Imaging Systems

AboutFONAR Corporation, together with its subsidiaries, engages in the research, development, production, and marketing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases in the United States. The company operates through two segments, Medical Equipment segment, and Physician Management and Diagnostic services segment. It provides Upright MRI scanner that allows patients to be scanned in weight-bearing conditions, such as standing, sitting, bending, or lying down. The company offers non-medical management, including administrative services, billing and collection services, credentialing services, contract negotiations, compliance consulting, purchasing IT services, hiring, conducting interviews, training, supervision and management of non-medical personnel, storage of medical records, office space, equipment, repair maintenance services, accounting, assistance with compliance matters and the development and implementation of practice growth and marketing strategies. The company owns and operates 5 diagnostic imaging facilities in Florida; and manages 39 MRI scanning facilities, including 25 facilities located in New York and 14 situated in Florida. It markets its scanners to private diagnostic imaging centers and hospitals. The company was incorporated in 1978 and is based in Melville, New York.Show more

Revenue $104M +1.4%
EBITDA $16M -22.9%
Net Income $8M -21.1%
EPS (Diluted) 1.23 -19.6%
Gross Margin 81.67% +86.1%
EBITDA Margin 15.62% -24.0%
Operating Margin 11.12% -30.8%
Net Margin 7.99% -22.2%
ROE 5.26% -23.4%
ROIC 6.11% -31.4%
Debt/Equity 0.24 -8.6%
Interest Coverage 452.88 +110.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 10.4%
✓Trading near 52-week high
✓Trading at only 0.8x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.22%

5Y4.02%

3Y2.26%

TTM3.36%

Profit (Net Income) CAGR

10Y-4.28%

5Y0.23%

3Y-12.5%

TTM-22.23%

EPS CAGR

10Y-4.5%

5Y-6.81%

3Y-11.09%

TTM-19.42%

ROCE

10Y Avg14.51%

5Y Avg9.08%

3Y Avg7.52%

Latest5.86%

Peer Comparison

Medical Imaging Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IRMDIRadimed Corporation	1.29B	101.53	67.69	11.71%	26.31%	21.54%	1.36%	0.00
BRKRBruker Corporation	7.47B	49.14	64.66	13.56%	-0.61%	-0.84%	1.82%	1.24
STESTERIS plc	25.94B	264.25	42.62	6.24%	12.07%	9.8%	3%	0.33
FONRFONAR Corporation	114.8M	18.61	15.13	1.43%	7.08%	4.62%	6.49%	0.24
PACBPacific Biosciences of California, Inc.	712.5M	2.36	-2.21	-23.19%	-325.8%	-13.95%		1.33
HYPRHyperfine, Inc.	101.82M	1.24	-2.21	16.84%	-378.17%	-149.05%		0.01
IRIXIRIDEX Corporation	22.69M	1.32	-2.44	-6.17%	-10.04%	-108.67%		2.21
MASS908 Devices Inc.	196.89M	5.44	-2.57	18.72%	-7.17%	-3.03%		0.06

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	73.37M	78.04M	81.52M	87.19M	85.69M	89.93M	97.59M	98.65M	102.88M	104.35M
Revenue Growth %	0.06%	0.06%	0.04%	0.07%	-0.02%	0.05%	0.09%	0.01%	0.04%	0.01%
Cost of Goods Sold+	38.87M	38.05M	41.95M	43.98M	43.3M	46.46M	50.58M	52.9M	57.74M	19.13M
COGS % of Revenue	0.53%	0.49%	0.51%	0.5%	0.51%	0.52%	0.52%	0.54%	0.56%	0.18%
Gross Profit+	34.5M	39.98M	39.57M	43.21M	42.39M	43.47M	47.01M	45.75M	45.14M	85.22M
Gross Margin %	0.47%	0.51%	0.49%	0.5%	0.49%	0.48%	0.48%	0.46%	0.44%	0.82%
Gross Profit Growth %	0.13%	0.16%	-0.01%	0.09%	-0.02%	0.03%	0.08%	-0.03%	-0.01%	0.89%
Operating Expenses+	20.14M	20.89M	19.88M	21.07M	28.74M	26.38M	25.01M	30.96M	28.6M	73.62M
OpEx % of Revenue	0.27%	0.27%	0.24%	0.24%	0.34%	0.29%	0.26%	0.31%	0.28%	0.71%
Selling, General & Admin	18.71M	19.41M	18.13M	19.26M	0	0	0	29.39M	0	29.73M
SG&A % of Revenue	0.26%	0.25%	0.22%	0.22%	-	-	-	0.3%	-	0.28%
Research & Development	1.63M	1.48M	1.76M	1.81M	2.03M	1.64M	1.49M	1.57M	1.74M	1.58M
R&D % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Other Operating Expenses	0	-1.16K	-4.27K	1.06K	26.72M	24.74M	23.51M	0	26.87M	42.31M
Operating Income+	14.36M	19.1M	19.68M	22.13M	13.65M	17.1M	22.01M	14.79M	16.54M	11.6M
Operating Margin %	0.2%	0.24%	0.24%	0.25%	0.16%	0.19%	0.23%	0.15%	0.16%	0.11%
Operating Income Growth %	0.11%	0.33%	0.03%	0.12%	-0.38%	0.25%	0.29%	-0.33%	0.12%	-0.3%
EBITDA+	17.65M	22.63M	23.58M	25.97M	17.56M	21.18M	26.54M	23.59M	21.13M	16.3M
EBITDA Margin %	0.24%	0.29%	0.29%	0.3%	0.2%	0.24%	0.27%	0.24%	0.21%	0.16%
EBITDA Growth %	0.07%	0.28%	0.04%	0.1%	-0.32%	0.21%	0.25%	-0.11%	-0.1%	-0.23%
D&A (Non-Cash Add-back)	3.3M	3.53M	3.9M	3.84M	3.91M	4.08M	4.54M	8.8M	4.6M	4.7M
EBIT	14.36M	19.1M	19.68M	22.62M	13.65M	17.1M	22.01M	15.81M	16.54M	11.6M
Net Interest Income+	-262.19K	28.3K	-160.07K	383.94K	427.82K	-248.66K	-346.55K	-50.13K	-77K	2.15M
Interest Income	0	28.3K	0	482.57K	502.14K	0	0	0	0	2.17M
Interest Expense	262.19K	0	160.07K	98.64K	74.32K	248.66K	346.55K	50.13K	77K	25.61K
Other Income/Expense	152.63K	220.28K	98.22K	385K	498.6K	567.72K	761.69K	969.33K	2.73M	2.18M
Pretax Income+	14.51M	19.32M	19.78M	22.52M	14.15M	17.67M	22.77M	15.76M	19.27M	13.78M
Pretax Margin %	0.2%	0.25%	0.24%	0.26%	0.17%	0.2%	0.23%	0.16%	0.19%	0.13%
Income Tax+	-4.29M	-4.36M	-5.67M	2.01M	2.44M	3.99M	5.53M	3.63M	5.17M	3.11M
Effective Tax Rate %	1.08%	1.02%	1.07%	0.68%	0.58%	0.58%	0.55%	0.59%	0.55%	0.6%
Net Income+	15.72M	19.62M	21.23M	15.32M	8.24M	10.21M	12.44M	9.38M	10.57M	8.33M
Net Margin %	0.21%	0.25%	0.26%	0.18%	0.1%	0.11%	0.13%	0.1%	0.1%	0.08%
Net Income Growth %	0.22%	0.25%	0.08%	-0.28%	-0.46%	0.24%	0.22%	-0.25%	0.13%	-0.21%
Net Income (Continuing)	18.8M	23.68M	25.45M	20.51M	11.7M	13.67M	17.23M	12.13M	14.1M	10.67M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	8.4M	5.47M	3.56M	2.16M	55.25K	-3.05M	-4.05M	-7.08M	-9.18M	-12.5M
EPS (Diluted)+	2.38	2.92	3.31	3.11	1.75	1.45	1.75	1.32	1.53	1.23
EPS Growth %	0.22%	0.23%	0.13%	-0.06%	-0.44%	-0.17%	0.21%	-0.25%	0.16%	-0.2%
EPS (Basic)	2.43	2.98	3.38	3.18	1.79	1.47	1.78	1.35	1.56	1.26
Diluted Shares Outstanding	6.56M	6.67M	6.42M	6.59M	6.68M	6.74M	6.68M	6.77M	6.48M	6.55M
Basic Shares Outstanding	6.43M	6.54M	6.29M	6.46M	6.55M	6.61M	6.55M	6.65M	6.35M	6.88M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	45.56M	53.41M	67.06M	85.09M	95.89M	108.58M	118.69M	125.66M	140.32M	144.67M
Cash & Short-Term Investments	8.53M	10.14M	19.66M	28.98M	36.83M	44.49M	48.76M	51.31M	56.48M	56.45M
Cash Only	8.53M	10.14M	19.66M	13.88M	36.8M	44.46M	48.72M	51.28M	56.34M	56.33M
Short-Term Investments	0	0	0	15.09M	31.88K	32.18K	32.33K	32.8K	136.1K	120.49K
Accounts Receivable	34.2M	40.36M	44.65M	52.8M	55.65M	61.2M	66.47M	70.17M	79.85M	82.94M
Days Sales Outstanding	170.13	188.76	199.92	221.03	237.04	248.39	248.59	259.64	283.27	290.12
Inventory	2.07M	1.62M	1.43M	1.8M	1.65M	1.66M	2.36M	2.57M	2.72M	2.81M
Days Inventory Outstanding	19.48	15.58	12.45	14.92	13.9	13.07	17.03	17.73	17.16	53.66
Other Current Assets	0	0	0	0	0	0	0	0	1.29M	2.46M
Total Non-Current Assets+	39.33M	45.35M	51.25M	48.47M	84.37M	80.92M	80.66M	74.92M	73.92M	72.24M
Property, Plant & Equipment	14.51M	16.46M	16.49M	16.99M	54.08M	53.11M	57.44M	55.94M	57.67M	54.04M
Fixed Asset Turnover	5.06x	4.74x	4.94x	5.13x	1.58x	1.69x	1.70x	1.76x	1.78x	1.93x
Goodwill	3.32M	3.93M	3.99M	3.99M	3.99M	4.27M	4.27M	4.27M	4.27M	4.27M
Intangible Assets	7.72M	6.64M	5.6M	4.76M	4.11M	4.04M	3.7M	3.43M	2.87M	2.99M
Long-Term Investments	23.88K	16.55K	1.2M	600K	2.73M	0	1.87M	710.09K	0	0
Other Non-Current Assets	707.57K	436.41K	1.28M	1.21M	653.13K	3.55M	526.27K	523.51K	1.89M	4.58M
Total Assets+	84.89M	98.76M	118.31M	133.56M	180.26M	189.51M	199.34M	200.58M	214.25M	216.91M
Asset Turnover	0.86x	0.79x	0.69x	0.65x	0.48x	0.47x	0.49x	0.49x	0.48x	0.48x
Asset Growth %	0.11%	0.16%	0.2%	0.13%	0.35%	0.05%	0.05%	0.01%	0.07%	0.01%
Total Current Liabilities+	20.61M	14.24M	14.57M	14.09M	18.66M	20.05M	16.75M	15.62M	17.86M	17.12M
Accounts Payable	1.25M	1.42M	1.3M	1.86M	1.97M	1.87M	1.55M	1.58M	1.86M	1.3M
Days Payables Outstanding	11.78	13.65	11.31	15.45	16.57	14.66	11.19	10.9	11.73	24.85
Short-Term Debt	2.45M	180.09K	38.33K	40.53K	3.55M	173.21K	40.08K	43.77K	47K	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	9.04M	6.85M	5.6M	4.48M	248.31K	2.36M	1.24M	1.03M	1.6M	1.89M
Current Ratio	2.21x	3.75x	4.60x	6.04x	5.14x	5.42x	7.09x	8.04x	7.86x	8.45x
Quick Ratio	2.11x	3.64x	4.51x	5.91x	5.05x	5.33x	6.95x	7.88x	7.71x	8.28x
Cash Conversion Cycle	177.83	190.69	201.07	220.51	234.37	246.8	254.42	266.48	288.7	318.94
Total Non-Current Liabilities+	3.5M	1.62M	1.51M	1.36M	35.35M	34.09M	36.36M	34.13M	39.6M	39.68M
Long-Term Debt	2.06M	336.76K	306.04K	273.11K	865.42K	760.25K	155.38K	115.08K	66.94K	0
Capital Lease Obligations	0	0	0	0	31.36M	30.02M	33.93M	32.73M	37.86M	35.29M
Deferred Tax Liabilities	481.78K	331.53K	239.01K	243.27K	234.11K	238.32K	215.73K	394.76K	371.56K	321.16K
Other Non-Current Liabilities	957.04K	948.32K	964.73K	841.79K	242.97K	263.99K	199.2K	134.41K	124.69K	265.52K
Total Liabilities	24.11M	15.85M	16.08M	15.45M	54.02M	54.14M	53.11M	49.75M	57.46M	56.8M
Total Debt+	4.51M	516.85K	344.37K	313.64K	39.22M	34.69M	38.22M	37.01M	41.68M	38.92M
Net Debt	-4.02M	-9.62M	-19.32M	-13.57M	2.42M	-9.77M	-10.51M	-14.27M	-14.67M	-17.42M
Debt / Equity	0.07x	0.01x	0.00x	0.00x	0.31x	0.26x	0.26x	0.25x	0.27x	0.24x
Debt / EBITDA	0.26x	0.02x	0.01x	0.01x	2.23x	1.64x	1.44x	1.57x	1.97x	2.39x
Net Debt / EBITDA	-0.23x	-0.43x	-0.82x	-0.52x	0.14x	-0.46x	-0.40x	-0.60x	-0.69x	-1.07x
Interest Coverage	54.75x	-	122.97x	224.40x	183.68x	68.76x	63.50x	295.01x	214.75x	452.88x
Total Equity+	60.78M	82.91M	102.23M	118.11M	126.24M	135.37M	146.24M	150.83M	156.79M	160.1M
Equity Growth %	0.2%	0.36%	0.23%	0.16%	0.07%	0.07%	0.08%	0.03%	0.04%	0.02%
Book Value per Share	9.26	12.43	15.94	17.93	18.91	20.09	21.89	22.27	24.20	24.44
Total Shareholders' Equity	52.38M	77.44M	98.68M	115.96M	126.19M	138.42M	150.29M	157.91M	165.97M	172.61M
Common Stock	645	668	668	676	685	695	695	685	673	660
Retained Earnings	-120.62M	-101M	-79.77M	-64.46M	-56.22M	-46.01M	-33.57M	-24.19M	-13.62M	-5.29M
Treasury Stock	-675.39K	-675.39K	-675.39K	-675.39K	-675.39K	-675.39K	-675.39K	-515.82K	-1.02M	-859.89K
Accumulated OCI	-20.8M	-21.25M	-24M	0	0	0	0	0	0	0
Minority Interest	8.4M	5.47M	3.56M	2.16M	55.25K	-3.05M	-4.05M	-7.08M	-9.18M	-12.5M

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	16.62M	16.81M	18.74M	19.45M	20.4M	19.09M	15.3M	14.47M	14.09M	11.26M
Operating CF Margin %	0.23%	0.22%	0.23%	0.22%	0.24%	0.21%	0.16%	0.15%	0.14%	0.11%
Operating CF Growth %	0.25%	0.01%	0.11%	0.04%	0.05%	-0.06%	-0.2%	-0.05%	-0.03%	-0.2%
Net Income	18.8M	23.68M	25.45M	20.51M	11.7M	13.67M	17.23M	12.13M	14.1M	10.67M
Depreciation & Amortization	3.3M	3.53M	3.9M	3.84M	4.91M	5.54M	8.54M	8.8M	4.6M	4.7M
Stock-Based Compensation	3.76K	2.4M	1.95M	1.99M	0	83.28K	0	0	0	0
Deferred Taxes	-4.65M	-4.97M	-6.12M	1.76M	2.65M	3.53M	3.09M	2.98M	2.8M	823.66K
Other Non-Cash Items	-306.15K	2.72M	-614.68K	1.95M	7.69M	7.53M	642.77K	5.73M	1.22M	3.26M
Working Capital Changes	-525.28K	-10.55M	-3.88M	-7.63M	-6.55M	-11.26M	-14.21M	-15.17M	-8.62M	-8.19M
Change in Receivables	-3.56M	-5.9M	-4.33M	-6.13M	-10.4M	-11.91M	-5.56M	-8.12M	-11.62M	-8.98M
Change in Inventory	117.55K	450.04K	192.88K	-366.79K	149.4K	-14.65K	-696.4K	-209.84K	-145.78K	-97.24K
Change in Payables	-527.96K	168.73K	-122.97K	560.98K	104.03K	-99.22K	-314.77K	19.68K	276.67K	-553.56K
Cash from Investing+	-5.05M	-4.32M	-2.95M	-18.58M	7.42M	-4.82M	-5.18M	-4.34M	-850.74K	-3.8M
Capital Expenditures	-825.29K	-3.01M	-2.89M	-3.48M	-7.52M	-4.66M	-4.55M	-4.22M	-789.96K	-3.79M
CapEx % of Revenue	0.01%	0.04%	0.04%	0.04%	0.09%	0.05%	0.05%	0.04%	0.01%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-113.07K	-155.16K	-108.83K	-15.22M	-117.52K	-163.71K	-87.88K	-119.57K	42.53K	-9.72K
Cash from Financing+	-12.49M	-10.88M	-6.3M	-6.62M	-4.9M	-6.61M	-5.86M	-7.57M	-8.18M	-7.47M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-8.81M	-6.89M	-6.13M	-6.59M	-5.57M	-6.57M	-5.82M	-5.78M	-5.63M	-5.55M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	15.79M	13.8M	15.85M	15.96M	12.76M	14.27M	10.67M	10.13M	13.27M	7.45M
FCF Margin %	0.22%	0.18%	0.19%	0.18%	0.15%	0.16%	0.11%	0.1%	0.13%	0.07%
FCF Growth %	0.21%	-0.13%	0.15%	0.01%	-0.2%	0.12%	-0.25%	-0.05%	0.31%	-0.44%
FCF per Share	2.41	2.07	2.47	2.42	1.91	2.12	1.60	1.50	2.05	1.14
FCF Conversion (FCF/Net Income)	1.06x	0.86x	0.88x	1.27x	2.48x	1.87x	1.23x	1.54x	1.33x	1.35x
Interest Paid	356.11K	162.02K	44.77K	0	0	75.18K	617.03K	50.13K	77K	25.61K
Taxes Paid	360.5K	739.89K	345K	0	0	261.03K	2.41M	1.44M	507.14K	4.66M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	28.19%	27.31%	22.93%	13.9%	6.74%	7.8%	8.84%	6.31%	6.87%	5.26%
Return on Invested Capital (ROIC)	20.26%	22.03%	18.9%	17.71%	8.78%	10.09%	12.63%	8.15%	8.9%	6.11%
Gross Margin	47.02%	51.24%	48.54%	49.55%	49.47%	48.34%	48.17%	46.38%	43.87%	81.67%
Net Margin	21.43%	25.14%	26.05%	17.57%	9.62%	11.35%	12.75%	9.5%	10.27%	7.99%
Debt / Equity	0.07x	0.01x	0.00x	0.00x	0.31x	0.26x	0.26x	0.25x	0.27x	0.24x
Interest Coverage	54.75x	-	122.97x	224.40x	183.68x	68.76x	63.50x	295.01x	214.75x	452.88x
FCF Conversion	1.06x	0.86x	0.88x	1.27x	2.48x	1.87x	1.23x	1.54x	1.33x	1.35x
Revenue Growth	6.25%	6.36%	4.46%	6.96%	-1.72%	4.95%	8.52%	1.08%	4.3%	1.43%

Revenue by Segment

	2025
Total	104.35M
Total Growth	-

Frequently Asked Questions

Valuation & Price

FONAR Corporation (FONR) has a price-to-earnings (P/E) ratio of 15.1x. This is roughly in line with market averages.

Growth & Financials

FONAR Corporation (FONR) reported $105.4M in revenue for fiscal year 2025. This represents a 167% increase from $39.4M in 2012.

FONAR Corporation (FONR) grew revenue by 1.4% over the past year. Growth has been modest.

Yes, FONAR Corporation (FONR) is profitable, generating $7.5M in net income for fiscal year 2025 (8.0% net margin).

Dividend & Returns

FONAR Corporation (FONR) has a return on equity (ROE) of 5.3%. This is below average, suggesting room for improvement.

FONAR Corporation (FONR) generated $7.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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