RadNet, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RadNet, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	885	922	975	1,154	1,072	1,315	1,430	1,617	1,830	2,040
Cost of revenue	776	802	868	1,000
Gross profit	109	120	108	154
Operating expenses	846	872	944	1,084	1,062	1,242	1,384	1,518	1,725	1,978
Operating income	38.5	50.1	30.9	69.9	35.7	82.6	46.4	98.7	105	62
Interest expense	0.02	40.6	43.5	48	45.9	48.8	50.8	64.5	79.8	69.9
Interest income									31.4	31.9
Other non-operating income	-26	-23.7	7.64	-40.2	-36.5	-23.7	-3.39	-59.9	-59.8	-30.1
Pre-tax income	12.4	26.4	38.5	29.7	-0.85	58.9	43	38.8	44.9	31.9
Income tax	4.43	24.3	0.39	6.23	0.9	14.6	9.36	8.47	6.03	14.9
Net income to minority interests	0.77	2.02	5.89	8.68	13.1	19.6	23	27.3	36	35.7
Net income	7.23	0.05	32.2	14.8	-14.8	24.7	10.7	3.04	2.79	-18.7
EBITDA	105	117	104	150	122	179	162	227	242	214
EPS, basic	0.16	0.00	0.67	0.30	-0.29	0.47	0.19	0.05	0.04	-0.25
EPS, diluted	0.15	0.00	0.66	0.29	-0.29	0.46	0.17	0.05	0.04	-0.25
Shares, basic (weighted)	46.2	46.9	48.1	49.7	50.9	52.5	56.3	63.6	73	75.2
Shares, diluted (weighted)	46.7	47.4	48.7	50.2	50.9	53.4	57.3	64.7	74.8	75.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20.6	51.3	10.4	40.2	102	135	128	343	740	767
Receivables	164	156	149	155	130	135	166	164	186	200
Other current assets	28.4	26.2	46.3	45	33	49.2	54	47.7	51.5	52
Total current assets	218	235	209	241	270	324	367	579	1,019	1,032
Property, plant and equipment	248	244	346	368	399	484	566	604	695	808
Lease right-of-use assets				445	484	584	604	596	640	690
Goodwill	240	257	418	442	473	514	678	679	711	908
Intangible assets	42.7	40.4	40.6	43	52.4	56.6	106	90.6	81.4	149
Other non-current assets	0
Total assets	849	869	1,109	1,647	1,787	2,058	2,434	2,690	3,287	3,759
Accounts payable	41	28.5	68	64.3	70.1	86.5	103	123	96.5	153
Accrued liabilities	37	67.3	61	83.9	84.3	93.4	182	124	153	155
Deferred revenue				1.3	39.3	10.7	4.02	4.65	3.29	7.27
Short-term debt	26.6	34.1			39.8	11.2	12.4	18	24.7	25.4
Total current liabilities	155	192	240	327	398	375	467	437	480	587
Long-term debt	648	621	675	706	613	743	839	812	992	1,064
Lease liabilities				421	463	578	604	605	656	707
Other non-current liabilities	5.11	6.16	5.01	9.53	53.5	16.4	23	6.72	3.79	22.5
Total liabilities	797	799	909	1,414	1,528	1,712	1,942	1,877	2,153	2,403
Total debt	612	575	675	706	653	755	852	830	1,016	1,090
Paid-in capital	198	212	243	263	308	343	436	723	988	1,180
Retained earnings	-150	-150	-118	-103	-118	-93.3	-82.6	-79.6	-76.8	-95.4
Other comprehensive income	0.31	-0.55	2.26	-8.03	-24.1	-20.4	-20.7	-12.5	-9.06	4.89
Shareholders' equity	52.1	61.6	127	152	166	229	333	631	902	1,090
Minority interests	3.57	8.37	73.1	81.5	92.6	117	158	183	231	266
Total equity	52.1	69.9	200	233	258	346	491	813	1,133	1,356
Total liabilities and equity	849	869	1,109	1,647	1,787	2,058	2,434	2,690	3,287	3,759
Shares outstanding	46.6	47.7	49	50.3	51.6	53.5	57.7	68	74	77.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	8	2.08	38.1	23.4	-1.75	44.3	33.6	30.3	38.8	17
Depreciation and amortization	66.6	66.8	72.9	80.6	86.8	96.7	116	128	138	152
Stock-based compensation	5.83	6.79	7.66	8.73	12.4	25.2	23.8	26.8	29.8	54.6
Deferred income tax								4.39	2.35	9.8
Change in receivables	-47.1	-37.2	2.15	-17.5	25.2	-5.89	-30.1	2.65	-21.8	-9.56
Change in payables	4.93	36.2	26.2	17.3	45.1	9.92	49.8	15.1	37.1	52.4
Cash from operations	91.6	142	117	104	234	149	146	221	233	299
Capital expenditures	-59.3	-61.3	-72.2	-74.2
Purchases of investments	0	-0.5	-2.2	-0.14	0	0
Cash from investing	-65.5	-79.3	-147	-99.5	-126	-222	-247	-201	-233	-344
Debt issued	477		0	97.1	0	717	148	0	864	99
Debt repaid	-469	-197	-33.8	-40.7	-43.3	-620	-53.8	-41.1
Stock issued						0	0	246	218	0
Cash from financing	-5.91	-32.2	-10.9	25	-45.6	105	93.6	196	398	72.2
Exchange rate effect	-0.05	0.03	-0.07	-0.03	-0.1	-0.07	0.11	-0.29	-0.45	0.03
Net change in cash	20.2	30.7	-40.9	29.8	61.9	32.6	-6.77	215	397	27.2
Free cash flow	32.4	80.9	44.6	30.2
Interest paid	37.5	34.2	37	46.3	39.5	29	39.2	64.7	84.6	72.3
Income taxes paid	2.8	4.94	4.93	5.88	5.07	1.95	0.59	1.59	4.17	4.56

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $70.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	3.1%	Operating income / revenue.
EBITDA margin	10.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.5%	Pre-tax income / revenue.
Net margin	-0.9%	Net income / revenue.
Operating cash flow margin	13.7%	Cash from operations / revenue.
Effective tax rate	44.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-1.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.5%	Net income / average total assets.
Return on invested capital (ROIC)	2.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	7.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-40.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-11.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-767.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-725.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	28.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	20.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	48.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	45.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	9.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.48x	Current assets / current liabilities.
Quick ratio	1.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.5%	Total debt / total assets.
Liabilities / assets	67.0%	Total liabilities / total assets.
Net debt	$606.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.51x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.99x	Operating income / interest expense.
Working capital	$337.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	32.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$271.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	2.58x	Revenue / average property, plant and equipment.
Receivables turnover	9.38x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$28.82	Revenue / diluted weighted shares.
Operating cash flow per share	$3.94	Cash from operations / diluted weighted shares.
Book value per share	$13.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.45	Tangible book value / shares outstanding.
Cash per share	$9.23	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.57B	Share price x shares outstanding.
Enterprise value	$6.18B	Market cap + total debt - cash - short-term investments.
P/S	2.46x	Market cap / revenue.
P/B	5.08x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	18.0x	Market cap / cash from operations, when positive.
EV/Sales	2.72x	Enterprise value / revenue.
EV/EBIT	87.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-0.4%	Net income / market cap (the inverse of P/E).

What was RadNet, Inc.'s revenue in fiscal 2025?

RadNet, Inc. reported revenue of $2.04B for fiscal 2025, 11.5% higher than the year before.

Was RadNet, Inc. profitable in fiscal 2025?

No. It reported a net loss of $18.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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