NASDAQ : RDNT
RadNet, Inc. — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 73.49 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.78B
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Financial statements
RadNet, Inc. (RDNT) reported revenue of 2.27B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.15B | 1.91B | 1.69B | 1.46B | 1.28B | 1.18B |
| Other Revenue | 123.86M | 125.54M | 136.57M | 153.43M | 152.04M | 148.33M |
| Revenue | 2.27B | 2.04B | 1.83B | 1.62B | 1.43B | 1.32B |
| Cost of Revenue | 1.88B | 1.68B | 1.47B | 1.30B | 1.16B | 1.12B |
| Gross Profit | 392.17M | 358.95M | 360.16M | 317.47M | 273.19M | 200.91M |
| Selling, General & Admin | 116.02M | 116.02M | 110.17M | 104.25M | 107.47M | |
| Operating Expenses | 287.17M | 268.15M | 248.00M | 232.65M | 223.35M | 96.69M |
| Operating Income | 105.00M | 90.80M | 112.16M | 84.82M | 49.84M | 104.22M |
| Interest Expense | -80.64M | -77.03M | -87.86M | -72.67M | -11.22M | -27.16M |
| Earnings From Equity Investments | 16.46M | 14.88M | 14.47M | 6.43M | 10.39M | 10.97M |
| Other Non Operating Income (Expenses) | 31.76M | 32.07M | 24.92M | 6.35M | -1.83M | -1.44M |
| EBT Excluding Unusual Items | 72.57M | 60.72M | 63.69M | 24.93M | 47.17M | 86.59M |
| Merger & Restructuring Charges | -18.62M | -10.59M | -2.78M | -4.00M | -946.00K | -744.00K |
| Gain (Loss) on Sale of Investments | 16.81M | |||||
| Gain (Loss) on Sale of Assets | -11.24M | -9.66M | -2.28M | -2.19M | -2.53M | -1.25M |
| Asset Writedown | -4.36M | -8.56M | -2.48M | -5.15M | -19.68M | |
| Other Unusual Items | -3.37M | -11.29M | 8.40M | -731.00K | -6.04M | |
| Pretax Income | 34.98M | 31.91M | 44.86M | 38.81M | 42.97M | 58.88M |
| Income Tax Expense | 15.71M | 14.86M | 6.03M | 8.47M | 9.36M | 14.56M |
| Earnings From Continuing Operations | 19.27M | 17.05M | 38.84M | 30.34M | 33.61M | 44.32M |
| Minority Interest in Earnings | -40.39M | -35.70M | -36.04M | -27.29M | -22.96M | -19.59M |
| Net Income | -21.12M | -18.65M | 2.79M | 3.04M | 10.65M | 24.73M |
| Net Income to Common | -21.12M | -18.65M | 2.79M | 3.04M | 10.65M | 24.73M |
| Shares Outstanding (Basic) | 76.87M | 75.19M | 73.04M | 63.58M | 56.29M | 52.50M |
| Shares Outstanding (Diluted) | 76.87M | 75.19M | 74.76M | 64.66M | 57.32M | 53.42M |
| EPS (Basic) | -0.27 | -0.25 | 0.04 | 0.05 | 0.19 | 0.47 |
| EPS (Diluted) | -0.27 | -0.25 | 0.04 | 0.05 | 0.17 | 0.46 |
| Free Cash Flow | 72.37M | 85.57M | 44.95M | 44.26M | 26.97M | 11.62M |
| Free Cash Flow Per Share | 0.94 | 1.14 | 0.60 | 0.69 | 0.47 | 0.22 |
| Gross Margin | 17.28% | 17.59% | 19.68% | 19.64% | 19.10% | 15.17% |
| Operating Margin | 4.63% | 4.45% | 6.13% | 5.25% | 3.48% | 7.87% |
| Profit Margin | -0.93% | -0.91% | 0.15% | 0.19% | 0.74% | 1.87% |
| Free Cash Flow Margin | 3.19% | 4.19% | 2.46% | 2.74% | 1.89% | 0.88% |
| EBITDA | 276.15M | 242.93M | 250.00M | 213.21M | 165.72M | 200.91M |
| EBITDA Margin | 12.17% | 11.91% | 13.66% | 13.19% | 11.59% | 15.17% |
| D&A For EBITDA | 171.15M | 152.13M | 137.84M | 128.39M | 115.88M | 96.69M |
| EBIT | 105.00M | 90.80M | 112.16M | 84.82M | 49.84M | 104.22M |
| EBIT Margin | 4.63% | 4.45% | 6.13% | 5.25% | 3.48% | 7.87% |
| Effective Tax Rate | 44.90% | 46.58% | 13.43% | 21.83% | 21.79% | 24.73% |
| Revenue as Reported | 2.27B | 2.04B | 1.83B | 1.62B | 1.43B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 726.27M | 767.22M | 740.02M | 342.57M | 127.83M | 134.61M |
| Cash & Short-Term Investments | 726.27M | 767.22M | 740.02M | 342.57M | 127.83M | 134.61M |
| Accounts Receivable | 241.84M | 200.32M | 185.82M | 163.71M | 166.36M | 135.06M |
| Other Receivables | 2.16M | 12.59M | 41.87M | 25.34M | 18.97M | 5.38M |
| Receivables | 248.71M | 212.91M | 227.69M | 189.05M | 185.33M | 140.45M |
| Prepaid Expenses | 60.78M | 52.00M | 51.54M | 47.66M | 54.02M | 49.21M |
| Total Current Assets | 1.04B | 1.03B | 1.02B | 579.28M | 367.18M | 324.26M |
| Property, Plant & Equipment | 1.64B | 1.50B | 1.33B | 1.20B | 1.17B | 1.07B |
| Long-Term Investments | 135.02M | 130.34M | 104.06M | 92.71M | 57.89M | 42.23M |
| Goodwill | 1.12B | 907.66M | 710.66M | 679.46M | 677.66M | 513.82M |
| Other Intangible Assets | 245.35M | 148.51M | 81.35M | 90.61M | 106.23M | 56.60M |
| Long-Term Deferred Tax Assets | 14.85M | |||||
| Long-Term Deferred Charges | 1.39M | 1.68M | 2.27M | 1.64M | 2.28M | 2.13M |
| Other Long-Term Assets | 47.24M | 40.29M | 34.57M | 46.33M | 53.17M | 36.03M |
| Total Assets | 4.23B | 3.76B | 3.29B | 2.69B | 2.43B | 2.06B |
| Accounts Payable | 479.80M | 153.23M | 96.45M | 122.89M | 102.68M | 86.46M |
| Accrued Expenses | 268.80M | 255.01M | 220.05M | 266.92M | 177.48M | |
| Current Portion of Long-Term Debt | 30.67M | 25.42M | 24.69M | 17.97M | 12.40M | 11.16M |
| Current Portion of Leases | 70.89M | 61.93M | 56.62M | 55.98M | 57.61M | 65.45M |
| Current Unearned Revenue | 16.48M | 7.27M | 3.29M | 4.65M | 4.02M | 10.70M |
| Other Current Liabilities | 99.98M | 70.10M | 43.65M | 15.91M | 23.10M | 23.53M |
| Total Current Liabilities | 697.82M | 586.76M | 479.71M | 437.45M | 466.72M | 374.78M |
| Long-Term Debt | 1.30B | 1.06B | 991.57M | 812.07M | 839.34M | 743.50M |
| Long-Term Leases | 780.62M | 707.00M | 655.98M | 605.10M | 604.12M | 577.67M |
| Long-Term Deferred Tax Liabilities | 39.01M | 21.90M | 22.23M | 15.78M | 9.26M | |
| Other Long-Term Liabilities | 12.99M | 22.52M | 3.79M | 6.72M | 23.02M | 16.36M |
| Total Liabilities | 2.83B | 2.40B | 2.15B | 1.88B | 1.94B | 1.71B |
| Common Stock | 8.00K | 8.00K | 7.00K | 7.00K | 6.00K | 5.00K |
| Additional Paid-In Capital | 1.22B | 1.18B | 988.15M | 722.75M | 436.29M | 342.59M |
| Retained Earnings | -121.37M | -95.44M | -76.78M | -79.58M | -82.62M | -93.27M |
| Comprehensive Income & Other | -5.50M | 4.88M | -9.06M | -12.48M | -20.68M | -20.42M |
| Total Common Equity | 1.10B | 1.09B | 902.31M | 630.70M | 333.00M | 228.90M |
| Minority Interest | 297.96M | 266.00M | 231.10M | 182.66M | 158.46M | 117.25M |
| Shareholders' Equity | 1.39B | 1.36B | 1.13B | 813.36M | 491.45M | 346.16M |
| Total Liabilities & Equity | 4.23B | 3.76B | 3.29B | 2.69B | 2.43B | 2.06B |
| Total Debt | 2.18B | 1.86B | 1.73B | 1.49B | 1.51B | 1.40B |
| Net Cash (Debt) | -1.46B | -1.09B | -988.84M | -1.15B | -1.39B | -1.26B |
| Net Cash Per Share | -18.96 | -14.52 | -13.23 | -17.76 | -24.17 | -23.65 |
| Filing Date Shares Outstanding | 78.70M | 77.61M | 74.04M | 68.48M | 57.84M | 56.18M |
| Total Common Shares Outstanding | 78.65M | 77.40M | 74.04M | 67.96M | 57.72M | 53.55M |
| Working Capital | 337.93M | 445.36M | 539.54M | 141.82M | -99.54M | -50.52M |
| Book Value Per Share | 13.94 | 14.08 | 12.19 | 9.28 | 5.77 | 4.27 |
| Tangible Book Value | -271.72M | 33.72M | 110.29M | -139.38M | -450.90M | -341.52M |
| Tangible Book Value Per Share | -3.45 | 0.44 | 1.49 | -2.05 | -7.81 | -6.38 |
| Land | 250.00K | 250.00K | 250.00K | 250.00K | 250.00K | |
| Machinery | 925.27M | 885.38M | 827.84M | 736.60M | 696.37M | |
| Construction In Progress | 47.80M | 56.60M | 42.70M | 73.40M | 18.00M | |
| Leasehold Improvements | 711.37M | 618.73M | 515.25M | 460.86M | 432.62M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -21.12M | -18.65M | 2.79M | 3.04M | 10.65M | 24.73M |
| Depreciation & Amortization | 231.01M | 211.99M | 198.39M | 189.49M | 115.88M | 170.66M |
| Other Amortization | 3.09M | 3.01M | 3.09M | 2.99M | 2.69M | 3.25M |
| Loss (Gain) From Sale of Assets | 11.24M | 9.66M | 2.28M | 2.19M | 2.53M | 1.25M |
| Asset Writedown & Restructuring Costs | 4.36M | 8.56M | 3.75M | 9.10M | 19.68M | |
| Loss (Gain) From Sale of Investments | 3.05M | 7.11M | 8.01M | -8.62M | -39.62M | -21.67M |
| Loss (Gain) on Equity Investments | -9.21M | -5.80M | -9.93M | 9.18M | -5.95M | -6.26M |
| Stock-Based Compensation | 59.28M | 54.60M | 29.83M | 26.79M | 23.77M | 25.20M |
| Other Operating Activities | 43.38M | 38.08M | 51.29M | 26.99M | 95.17M | 24.78M |
| Change in Accounts Receivable | -18.81M | -9.56M | -21.77M | 2.65M | -30.08M | -5.89M |
| Change in Accounts Payable | 78.73M | 52.42M | 37.12M | 15.09M | 49.78M | 9.91M |
| Change in Unearned Revenue | 3.68M | 2.81M | -1.36M | 626.00K | -7.32M | -28.32M |
| Change in Other Net Operating Assets | -89.17M | -66.25M | -76.93M | -64.69M | -84.44M | -87.67M |
| Operating Cash Flow | 310.06M | 298.82M | 233.02M | 220.86M | 146.42M | 149.49M |
| Capital Expenditures | -237.69M | -213.25M | -188.07M | -176.60M | -119.45M | -137.87M |
| Sale of Property, Plant & Equipment | 1.99M | 1.29M | 157.00K | 83.00K | 3.90M | 625.00K |
| Cash Acquisitions | -417.14M | -133.42M | -43.66M | -10.92M | -129.96M | -77.69M |
| Sale (Purchase) of Intangibles | -5.13M | |||||
| Investment in Securities | 16.33M | -4.15M | -1.50M | -14.04M | -1.44M | -1.44M |
| Other Investing Activities | 12.32M | 5.67M | ||||
| Investing Cash Flow | -624.19M | -343.87M | -233.07M | -201.47M | -246.95M | -221.51M |
| Short-Term Debt Issued | 128.30M | |||||
| Long-Term Debt Issued | 99.00M | 863.76M | 148.00M | 717.31M | ||
| Total Debt Issued | 248.94M | 99.00M | 863.76M | 148.00M | 845.61M | |
| Short-Term Debt Repaid | -128.30M | |||||
| Long-Term Debt Repaid | -27.78M | -698.43M | -43.99M | -53.75M | -622.83M | |
| Total Debt Repaid | -36.98M | -27.78M | -698.43M | -43.99M | -53.75M | -751.13M |
| Net Debt Issued (Repaid) | 211.96M | 71.22M | 165.33M | -43.99M | 94.25M | 94.48M |
| Issuance of Common Stock | 5.51M | 5.45M | 219.05M | 245.97M | 294.00K | 488.00K |
| Other Financing Activities | -7.46M | -4.46M | 13.57M | -6.35M | -893.00K | 9.71M |
| Financing Cash Flow | 210.00M | 72.21M | 397.95M | 195.63M | 93.65M | 104.67M |
| Foreign Exchange Rate Adjustments | -2.75M | 33.00K | -453.00K | -292.00K | 113.00K | -65.00K |
| Net Cash Flow | -106.88M | 27.20M | 397.45M | 214.74M | -6.77M | 32.59M |
| Free Cash Flow | 72.37M | 85.57M | 44.95M | 44.26M | 26.97M | 11.62M |
| Free Cash Flow Margin | 3.19% | 4.19% | 2.46% | 2.74% | 1.89% | 0.88% |
| Free Cash Flow Per Share | 0.94 | 1.14 | 0.60 | 0.69 | 0.47 | 0.22 |
| Levered Free Cash Flow | 157.74M | 180.29M | 50.81M | -4.89M | 95.88M | 91.24M |
| Unlevered Free Cash Flow | 205.05M | 225.42M | 102.63M | 37.54M | 100.20M | 104.96M |
| Cash Interest Paid | 72.88M | 72.27M | 84.60M | 64.69M | 39.15M | 29.04M |
| Cash Income Tax Paid | 4.28M | 4.56M | 4.17M | 1.59M | 587.00K | 1.95M |
| Change in Working Capital | -15.02M | -9.75M | -56.49M | -40.27M | -58.70M | -92.13M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.75B | 5.51B | 5.17B | 2.36B | 1.08B | 1.61B |
| Enterprise Value | 7.21B | 6.81B | 6.38B | 3.73B | 2.57B | 2.95B |
| Last Close Price | 73.10 | 71.35 | 69.84 | 34.77 | 18.83 | 30.11 |
| PE Ratio | 1,851.07 | 775.52 | 101.42 | 65.07 | ||
| Forward PE | 146.82 | 109.48 | 115.76 | 84.87 | 61.08 | 48.76 |
| PS Ratio | 2.54 | 2.70 | 2.83 | 1.46 | 0.76 | 1.22 |
| PB Ratio | 5.25 | 4.07 | 4.56 | 2.90 | 2.20 | 4.65 |
| P/TBV Ratio | 163.53 | 46.88 | ||||
| P/FCF Ratio | 79.49 | 64.44 | 115.01 | 53.33 | 40.05 | 138.50 |
| P/OCF Ratio | 18.55 | 18.45 | 22.19 | 10.69 | 7.38 | 10.76 |
| PEG Ratio | 12.23 | 9.12 | 9.65 | 7.07 | 4.07 | 3.25 |
| EV/Sales Ratio | 3.18 | 3.34 | 3.49 | 2.31 | 1.80 | 2.23 |
| EV/EBITDA Ratio | 26.11 | 28.04 | 25.53 | 17.51 | 15.50 | 14.70 |
| EV/EBIT Ratio | 68.67 | 75.02 | 56.91 | 44.02 | 51.55 | 28.34 |
| EV/FCF Ratio | 99.63 | 79.61 | 141.98 | 84.35 | 95.27 | 254.24 |
| Debt / Equity Ratio | 1.57 | 1.37 | 1.52 | 1.83 | 3.08 | 4.04 |
| Debt / EBITDA Ratio | 5.58 | 5.18 | 4.80 | 4.70 | 5.54 | 4.51 |
| Debt / FCF Ratio | 30.18 | 21.72 | 38.46 | 33.69 | 56.12 | 120.32 |
| Net Debt / Equity Ratio | 1.05 | 0.81 | 0.87 | 1.41 | 2.82 | 3.65 |
| Net Debt / EBITDA Ratio | 5.28 | 4.49 | 3.96 | 5.39 | 8.36 | 6.29 |
| Net Debt / FCF Ratio | 20.14 | 12.76 | 22.00 | 25.95 | 51.38 | 108.74 |
| Asset Turnover | 0.59 | 0.58 | 0.61 | 0.63 | 0.64 | 0.69 |
| Quick Ratio | 1.39 | 1.67 | 2.02 | 1.22 | 0.67 | 0.73 |
| Current Ratio | 1.48 | 1.76 | 2.12 | 1.32 | 0.79 | 0.86 |
| Return on Equity (ROE) | 1.50% | 1.37% | 3.99% | 4.65% | 8.03% | 14.66% |
| Return on Assets (ROA) | 1.70% | 1.61% | 2.35% | 2.07% | 1.39% | 3.39% |
| Return on Invested Capital (ROIC) | 2.04% | 2.12% | 4.75% | 3.45% | 2.24% | 5.32% |
| Return on Capital Employed (ROCE) | 3.00% | 2.90% | 4.00% | 3.80% | 2.50% | 6.20% |
| Earnings Yield | -0.38% | -0.34% | 0.05% | 0.13% | 0.99% | 1.54% |
| FCF Yield | 1.26% | 1.55% | 0.87% | 1.88% | 2.50% | 0.72% |
| Buyback Yield / Dilution | -3.63% | -0.57% | -15.63% | -12.80% | -7.30% | -4.97% |