Latest Ratios: P/E Ratio -283.4x · EV/EBITDA 27.0x · ROE -1.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.0B | $5.4B | $5.2B | $2.2B | $1.1B | $1.6B | $996M | $1.0B | $495M | $479M | $301M |
| Enterprise Value | $7.1B | $6.5B | $6.2B | $3.4B | $2.5B | $2.9B | $2.1B | $2.2B | $1.2B | $1.0B | $919M |
| P/E Ratio → | -283.37 | — | 1867.38 | 738.22 | 110.76 | 65.46 | — | 43.19 | 15.41 | 9181.82 | 43.00 |
| P/S Ratio | 2.63 | 2.63 | 2.85 | 1.39 | 0.75 | 1.22 | 0.93 | 0.88 | 0.51 | 0.52 | 0.34 |
| P/B Ratio | 4.21 | 3.96 | 4.61 | 2.76 | 2.20 | 4.65 | 3.86 | 4.37 | 2.47 | 6.85 | 5.78 |
| P/FCF | — | 62.70 | 116.15 | 50.79 | — | — | 9.19 | 337.84 | — | 9.16 | 11.71 |
| P/OCF | 20.00 | 17.95 | 22.41 | 10.18 | 7.37 | 10.76 | 4.26 | 9.78 | 4.24 | 3.39 | 3.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.16 | 3.39 | 2.10 | 1.72 | 2.18 | 1.94 | 1.93 | 1.19 | 1.13 | 1.04 |
| EV / EBITDA | 26.98 | 26.58 | 25.61 | 11.79 | 10.67 | 11.34 | 10.92 | 10.24 | 11.15 | 8.90 | 8.75 |
| EV / EBIT | 77.84 | 63.41 | 49.80 | 32.88 | 26.28 | 26.66 | 46.17 | 28.64 | 33.34 | 19.63 | 21.82 |
| EV / FCF | — | 75.45 | 138.15 | 76.74 | — | — | 19.19 | 737.11 | — | 19.92 | 35.75 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.5% | 4.5% | 13.6% | 13.7% | 11.6% | 14.6% | 9.9% | 13.4% | 11.0% | 13.0% | 12.3% |
| Operating Margin | 4.5% | 4.5% | 5.7% | 6.1% | 3.2% | 6.3% | 3.3% | 6.1% | 3.2% | 5.4% | 4.4% |
| Net Profit Margin | -0.9% | -0.9% | 0.2% | 0.2% | 0.7% | 1.9% | -1.4% | 1.3% | 3.3% | 0.0% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.5% | -1.5% | 0.3% | 0.5% | 2.5% | 8.2% | -6.0% | 6.8% | 23.9% | 0.1% | 16.3% |
| ROA | -0.5% | -0.5% | 0.1% | 0.1% | 0.5% | 1.3% | -0.9% | 1.1% | 3.3% | 0.0% | 0.9% |
| ROIC | 3.0% | 3.0% | 3.8% | 3.9% | 2.0% | 4.2% | 1.9% | 4.6% | 3.1% | 5.8% | 4.3% |
| ROCE | 3.0% | 3.0% | 4.1% | 4.7% | 2.5% | 5.4% | 2.6% | 6.4% | 4.0% | 7.3% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.37 | 1.37 | 1.53 | 1.83 | 3.08 | 4.04 | 4.59 | 5.34 | 3.36 | 8.77 | 12.27 |
| Debt / EBITDA | 7.65 | 7.65 | 7.13 | 5.17 | 6.55 | 5.52 | 6.22 | 5.73 | 6.48 | 5.25 | 6.08 |
| Net Debt / Equity | — | 0.81 | 0.87 | 1.41 | 2.82 | 3.65 | 4.19 | 5.17 | 3.31 | 8.03 | 11.87 |
| Net Debt / EBITDA | 4.49 | 4.49 | 4.08 | 3.99 | 6.00 | 4.99 | 5.69 | 5.55 | 6.38 | 4.81 | 5.88 |
| Debt / FCF | — | 12.76 | 22.00 | 25.95 | — | — | 10.00 | 399.27 | — | 10.75 | 24.04 |
| Interest Coverage | 1.46 | 1.46 | 1.56 | 1.60 | 1.85 | 2.21 | 0.98 | 1.62 | 0.80 | 1.30 | 0.97 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.76 | 1.76 | 2.12 | 1.32 | 0.79 | 0.87 | 0.68 | 0.74 | 0.87 | 1.23 | 1.40 |
| Quick Ratio | 1.76 | 1.76 | 2.12 | 1.32 | 0.79 | 0.87 | 0.68 | 0.74 | 0.86 | 1.23 | 1.39 |
| Cash Ratio | 1.31 | 1.31 | 1.54 | 0.78 | 0.27 | 0.36 | 0.26 | 0.12 | 0.04 | 0.27 | 0.13 |
| Asset Turnover | — | 0.54 | 0.56 | 0.60 | 0.59 | 0.64 | 0.60 | 0.70 | 0.88 | 1.06 | 1.04 |
| Inventory Turnover | — | — | — | — | — | — | — | 489.80 | 347.16 | — | 352.16 |
| Days Sales Outstanding | — | 38.09 | 45.42 | 42.68 | 47.30 | 38.98 | 46.12 | 49.34 | 55.96 | 62.48 | 68.76 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 0.2% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.1% | 0.1% | 0.9% | 1.5% | — | 2.3% | 6.5% | 0.0% | 2.3% |
| FCF Yield | — | 1.6% | 0.9% | 2.0% | — | — | 10.9% | 0.3% | — | 10.9% | 8.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% |
| Shares Outstanding | — | $75M | $75M | $65M | $57M | $53M | $51M | $50M | $49M | $47M | $47M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RDNT stock.
RadNet, Inc.'s current P/E ratio is -283.4x. The historical average is 33.6x.
RadNet, Inc.'s current EV/EBITDA is 27.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
RadNet, Inc.'s return on equity (ROE) is -1.5%. The historical average is 9.5%.
Based on historical data, RadNet, Inc. is trading at a P/E of -283.4x. Compare with industry peers and growth rates for a complete picture.
RadNet, Inc. has 4.5% gross margin and 4.5% operating margin.
RadNet, Inc.'s Debt/EBITDA ratio is 7.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative gross margins in Q1
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Stability
RadNet's gross margin swung from -2.8% in 2026Q1 to 14.1% in 2026Q2, as reported in financial statements, while operating margin held near 6.3%, suggesting core profitability is more stable than headline figures imply.
The extreme gross margin swing in 2026Q1 appears to be a one-off disruption, as subsequent quarters reverted to the 13.9-14.1% range seen throughout 2025. Operating margin has been remarkably consistent at 6.2-6.4% for the last four quarters, indicating that the underlying cost structure is stable despite revenue acceleration. However, net margin remains thin at 1.2% in 2026Q2, heavily influenced by stock-based compensation and tax items, which may overstate true earning power.
Capital Intensity Caps Return on Capital
ROIC has hovered near 1% for the past year, as per financial statements, despite revenue growth of 25% in 2026Q2, implying that heavy capital deployment in imaging centers and acquisitions is not yet generating commensurate returns.
ROIC of 1.0% in 2026Q2 is barely above the cost of capital, and the trend over the past ten quarters shows no improvement, oscillating between 0.4% and 1.3%. This suggests that RadNet's aggressive expansion, with PPE surging from $1.2B to $3.3B, is diluting returns on invested capital. The modest operating margin of 6.3% combined with asset turnover of only 0.15x indicates that the business model requires significant capital to generate revenue, and returns may remain subdued until utilization improves or acquisitions mature.
Working Capital Efficiency Shows Mixed Signals
DSO improved from 44 days in 2024Q1 to 34 days in 2026Q2, as reported in financial statements, while DPO fluctuated widely, suggesting RadNet is collecting receivables faster but managing payables inconsistently.
The steady decline in DSO from 44 to 34 days over the past ten quarters indicates improved receivables management, likely due to better billing processes or payer mix. However, DPO has swung between 46 and 84 days, with no clear trend, implying that RadNet's payment terms with suppliers are not being optimized. The cash conversion cycle is not fully calculable due to missing DIO data, but the erratic working capital swings noted in the cash flow statement suggest that efficiency gains in receivables may be offset by inventory and payables volatility.
Debt Burden Intensifies Despite Revenue Growth
Debt-to-equity rose to 1.57 in 2026Q2, while interest coverage improved to 2.47x, according to recent SEC filings, indicating that RadNet's growing debt load is becoming more serviceable but remains a significant risk.
Total debt reached $2.2B, up 47% over ten quarters, and D/EBITDA spiked to 25.68x in 2026Q2, far above the 13-15x range seen in 2025, reflecting both higher debt and temporarily depressed EBITDA. Interest coverage of 2.47x is thin, and the negative coverage in 2026Q1 (-0.86x) highlights vulnerability to earnings shocks. The reliance on debt to fund acquisitions and capex suggests that any slowdown in revenue growth or margin compression could strain debt service, warranting close monitoring of refinancing conditions.
Liquidity Buffer Thins as Current Ratio Declines
Current ratio fell from 2.12 in 2024Q4 to 1.48 in 2026Q2, as per financial statements, while cash rose to $726M, indicating that short-term obligations are growing faster than liquid assets.
The quick ratio equals the current ratio at 1.48, suggesting minimal inventory dependence, which is typical for a service-based diagnostics provider. However, the declining trend in the current ratio over the past year implies that current liabilities, likely including debt maturities and payables, are increasing at a faster pace than current assets. Despite a cash balance of $726M, the thinning liquidity buffer could become a constraint if cash flows remain volatile, especially given the erratic FCF swings observed in 2025Q4 and 2026Q1.
EV/EBITDA Misleads in Acquisition-Heavy Model
EV/EBITDA of 29.5x appears rich, but as reported in financial statements, EBITDA is depressed by acquisition-related charges and SBC, obscuring the underlying cash generation of RadNet's imaging network.
The most commonly misapplied ratio for RadNet is EV/EBITDA, because EBITDA is heavily distorted by non-cash charges like stock-based compensation and acquisition costs, which are added back in the cash flow statement. The forward EV/EBITDA of 16.8x suggests the market expects significant EBITDA growth, but this may be optimistic given the thin operating margins and high capital intensity. A more appropriate metric would be EV/EBITDAR or EV/unit (per imaging center), which better captures the recurring cash flow potential of the asset base, or EV/FCF, which at 71x highlights the premium the market places on future growth.