RadNet, Inc. RDNT
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. The vast majority of our centers offer multi-modality imaging services, a key point of differentiation from our competitors. Our multi-modality strategy diversifies revenue streams, reduces exposure to reimbursement changes and provides patients and referring physicians one location to serve the needs of multiple procedures. Integral to the imaging center business is our Digital Health operating segment, which sells computerized systems that distribute, display, store and retrieve digital images.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.04B | $1.83B | $1.62B | $1.43B | $1.32B | $1.07B | $1.15B | $975.1M | $922.2M | $884.5M |
| Cost of revenue | — | — | — | — | — | — | $999.7M | $867.5M | $802.4M | $775.8M |
| Gross profit | — | — | — | — | — | — | $154.5M | $107.6M | $119.8M | $108.7M |
| Total operating expenses | $1.98B | $1.73B | $1.52B | $1.38B | $1.24B | $1.06B | $1.08B | $944.3M | $872.1M | $846.1M |
| Operating income | $62.0M | $104.6M | $98.7M | $46.4M | $82.6M | $35.7M | $69.9M | $30.9M | $50.0M | $38.5M |
| Interest expense | — | — | — | — | — | — | — | — | — | $21.0K |
| Pre-tax income | $31.9M | $44.9M | $38.8M | $43.0M | $58.9M | -$854.0K | $29.7M | $38.5M | $26.4M | $12.4M |
| Income tax | $14.9M | $6.0M | $8.5M | $9.4M | $14.6M | $895.0K | $6.2M | $394.0K | $24.3M | $4.4M |
| Net income | -$18.6M | $2.8M | $3.0M | $10.7M | $24.7M | -$14.8M | $14.8M | $32.2M | $53.0K | $7.2M |
| EPS, basic | -0.25 | 0.04 | 0.05 | 0.19 | 0.47 | -0.29 | 0.30 | 0.67 | 0.00 | 0.16 |
| EPS, diluted | -0.25 | 0.04 | 0.05 | 0.17 | 0.46 | -0.29 | 0.29 | 0.66 | 0.00 | 0.15 |
| Shares, diluted (wtd. avg.) | $75.2M | $74.8M | $64.7M | $57.3M | $53.4M | $50.9M | $50.2M | $48.7M | $47.4M | $46.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $767.2M | $740.0M | $342.6M | $127.8M | $134.6M | $102.0M | $40.2M | $10.4M | $51.3M | $20.6M |
| Receivables | $200.3M | $185.8M | $163.7M | $166.4M | $135.1M | $129.6M | $154.8M | $148.9M | $155.5M | $164.2M |
| Total current assets | $1.03B | $1.02B | $579.3M | $367.2M | $324.3M | $270.4M | $241.2M | $208.7M | $235.4M | $217.9M |
| Property, plant and equipment | $807.7M | $694.8M | $604.4M | $566.0M | $484.2M | — | $366.7M | $345.7M | $244.3M | $247.7M |
| Goodwill | $907.7M | $710.7M | $679.5M | $677.7M | $513.8M | $472.9M | $442.0M | $418.1M | $256.8M | $239.6M |
| Other intangibles | $148.5M | $81.4M | $90.6M | $106.2M | $56.6M | $52.4M | $43.0M | $40.6M | $40.4M | $42.7M |
| Total assets | $3.76B | $3.29B | $2.69B | $2.43B | $2.06B | $1.79B | $1.65B | $1.11B | $869.0M | $849.5M |
| Accounts payable | $153.2M | $96.5M | $122.9M | $102.7M | $86.5M | $70.1M | $64.3M | $68.0M | $28.5M | $41.0M |
| Short-term debt | $25.4M | $24.7M | $18.0M | $12.4M | $11.2M | $39.8M | — | — | $34.1M | $26.6M |
| Total current liabilities | $586.8M | $479.7M | $437.5M | $466.7M | $374.8M | $398.1M | $327.4M | $239.5M | $191.6M | $155.3M |
| Long-term debt | $1.06B | $991.6M | $812.1M | $839.3M | $743.5M | $612.9M | — | — | $575.0M | $612.2M |
| Total liabilities | $2.40B | $2.15B | $1.88B | $1.94B | $1.71B | $1.53B | $1.41B | $909.1M | $799.1M | $797.4M |
| Retained earnings | -$95.4M | -$76.8M | -$79.6M | -$82.6M | -$93.3M | -$118.0M | -$103.2M | -$117.9M | -$150.2M | -$150.2M |
| Total equity | $1.09B | $902.3M | $813.4M | $491.5M | $346.2M | $258.3M | $233.1M | $200.3M | $69.9M | $52.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $298.8M | $233.0M | $220.9M | $146.4M | $149.5M | $233.8M | $104.3M | $116.8M | $142.2M | $91.6M |
| Depreciation and amortisation | $152.1M | $137.8M | $128.4M | $115.9M | $96.7M | $86.8M | $80.6M | $72.9M | $66.8M | $66.6M |
| Stock-based compensation | $54.6M | $29.8M | $26.8M | $23.8M | $25.2M | $12.4M | $8.7M | $7.7M | $6.8M | $5.8M |
| Capital expenditure | — | — | — | — | — | — | $74.2M | $72.2M | $61.3M | $59.3M |
| Investing cash flow | -$343.9M | -$233.1M | -$201.5M | -$246.9M | -$221.5M | -$126.2M | -$99.5M | -$146.7M | -$79.3M | -$65.5M |
| Financing cash flow | $72.2M | $397.9M | $195.6M | $93.6M | $104.7M | -$45.6M | $25.0M | -$10.9M | -$32.2M | -$5.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001683168-26-003086.
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