Fonar Corp Financials
This page shows Fonar Corp (FONR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A cash-rich, lightly levered operator keeps turning profit into cash, but overhead drift has dulled incremental revenue.
Across the last three valid years, operating cash flow stayed above net income, while free cash flow stepped down partly because capital spending jumped from$790K to$3.8M . That makes the weaker recent cash generation look more like a reinvestment step-up layered onto softer earnings than a business that suddenly stopped converting profit into cash.
The company is operating from a self-financed balance sheet: cash of
The more important pressure point is cost absorption, not top-line volatility: revenue moved only from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Fonar Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fonar Corp's revenue grew a modest 1.4% year-over-year to $104.4M. This slow but positive growth earns a score of 38/100.
Fonar Corp carries a low D/E ratio of 0.33, meaning only $0.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 8.45, Fonar Corp holds $8.45 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Fonar Corp has a free cash flow margin of 7.2%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.
Fonar Corp generates a 4.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is down from 6.4% the prior year.
Fonar Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Fonar Corp generates $1.35 in operating cash flow ($11.3M OCF vs $8.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Fonar Corp generated $104.4M in revenue in fiscal year 2025. This represents an increase of 1.4% from the prior year.
Fonar Corp reported $8.3M in net income in fiscal year 2025. This represents a decrease of 21.1% from the prior year.
Cash & Balance Sheet
Fonar Corp generated $7.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 43.8% from the prior year.
Fonar Corp held $56.3M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Fonar Corp's net profit margin was 8.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.3 percentage points from the prior year.
Fonar Corp's ROE was 4.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the prior year.
Capital Allocation
Fonar Corp invested $1.6M in research and development in fiscal year 2025. This represents a decrease of 9.2% from the prior year.
Fonar Corp spent $1.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 27.9% from the prior year.
Fonar Corp invested $3.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 380.0% from the prior year.
FONR Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $25.5M-1.9% | $26.0M-4.5% | $27.3M+0.4% | $27.2M+8.9% | $24.9M0.0% | $25.0M-3.8% | $25.9M+0.9% | $25.7M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $455K+3.4% | $440K-2.7% | $452K+2.5% | $441K+17.3% | $376K+22.5% | $307K-30.1% | $439K+6.0% | $414K |
| SG&A Expenses | $6.2M-8.4% | $6.8M-29.7% | $9.7M+21.2% | $8.0M+15.4% | $6.9M+35.0% | $5.1M-41.9% | $8.8M+16.2% | $7.6M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $4K+300.0% | $1K-78.3% | $5K-34.1% | $7K+16.7% | $6K-25.0% | $8K-20.0% | $10K+11.1% | $9K |
| Income Tax | $903K-10.8% | $1.0M+1026.9% | $90K-91.1% | $1.0M+32.0% | $762K-39.0% | $1.2M+338.3% | $285K-84.6% | $1.8M |
| Net Income | $2.1M-9.2% | $2.3M+210.5% | $729K-70.9% | $2.5M+27.6% | $2.0M-37.4% | $3.1M+277.5% | $830K-55.6% | $1.9M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FONR Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $217.2M-0.5% | $218.4M+0.7% | $216.9M+0.9% | $214.9M+3.3% | $208.0M-2.0% | $212.3M-0.9% | $214.2M+2.2% | $209.6M |
| Current Assets | $143.7M0.0% | $143.7M-0.6% | $144.7M+2.5% | $141.1M+2.5% | $137.6M-1.1% | $139.1M-0.9% | $140.3M+3.3% | $135.8M |
| Cash & Equivalents | $53.0M-2.4% | $54.3M-3.7% | $56.3M+3.8% | $54.3M+1.3% | $53.6M-1.1% | $54.2M-3.8% | $56.3M+4.4% | $54.0M |
| Inventory | N/A | N/A | $2.8M+3.9% | $2.7M-5.3% | $2.9M | N/A | $2.7M | N/A |
| Accounts Receivable | $4.8M-7.6% | $5.1M-3.0% | $5.3M+15.4% | $4.6M+35.6% | $3.4M-12.5% | $3.9M-4.0% | $4.0M+22.0% | $3.3M |
| Goodwill | $4.3M0.0% | $4.3M0.0% | $4.3M0.0% | $4.3M0.0% | $4.3M0.0% | $4.3M0.0% | $4.3M0.0% | $4.3M |
| Total Liabilities | $54.4M-4.6% | $57.0M+0.3% | $56.8M+3.9% | $54.7M+11.5% | $49.0M-8.3% | $53.5M-7.0% | $57.5M+9.2% | $52.6M |
| Current Liabilities | $14.4M-13.8% | $16.7M-2.7% | $17.1M+22.0% | $14.0M+14.7% | $12.2M-15.1% | $14.4M-19.2% | $17.9M+23.1% | $14.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $7K-82.5% | $40K-40.2% | $67K-16.3% | $80K |
| Total Equity | $176.9M+1.2% | $174.9M+1.3% | $172.6M+0.4% | $171.9M+1.2% | $169.8M+0.7% | $168.7M+1.6% | $166.0M+0.1% | $165.8M |
| Retained Earnings | -$969K+68.0% | -$3.0M+42.8% | -$5.3M+12.1% | -$6.0M+29.4% | -$8.5M+18.7% | -$10.5M+23.0% | -$13.6M+5.7% | -$14.5M |
FONR Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $171K-89.9% | $1.7M-60.0% | $4.2M+34.1% | $3.1M+40.3% | $2.2M+35.3% | $1.7M-64.0% | $4.6M+63.8% | $2.8M |
| Capital Expenditures | $398K-78.7% | $1.9M+188.6% | $647K+8.1% | $598K-20.7% | $754K-58.2% | $1.8M+335.0% | $415K+121.9% | $187K |
| Free Cash Flow | -$227K-28.2% | -$177K-105.0% | $3.6M+40.2% | $2.5M+71.2% | $1.5M+1105.4% | -$148K-103.5% | $4.2M+59.6% | $2.6M |
| Investing Cash Flow | -$398K+83.2% | -$2.4M-267.4% | -$644K-7.4% | -$600K+18.8% | -$739K+59.4% | -$1.8M-419.8% | -$350K-21.0% | -$289K |
| Financing Cash Flow | -$1.1M+22.3% | -$1.4M+7.9% | -$1.5M+19.9% | -$1.9M+11.4% | -$2.1M-6.3% | -$2.0M-5.2% | -$1.9M-7.2% | -$1.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FONR Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 8.1%-0.6pp | 8.7%+6.0pp | 2.7%-6.6pp | 9.2%+1.4pp | 7.9%-4.7pp | 12.6%+9.4pp | 3.2%-4.1pp | 7.3% |
| Return on Equity | 1.2%-0.1pp | 1.3%+0.9pp | 0.4%-1.0pp | 1.5%+0.3pp | 1.2%-0.7pp | 1.9%+1.4pp | 0.5%-0.6pp | 1.1% |
| Return on Assets | 0.9%-0.1pp | 1.0%+0.7pp | 0.3%-0.8pp | 1.2%+0.2pp | 0.9%-0.5pp | 1.5%+1.1pp | 0.4%-0.5pp | 0.9% |
| Current Ratio | 10.00+1.4 | 8.63+0.2 | 8.45-1.6 | 10.05-1.2 | 11.24+1.6 | 9.64+1.8 | 7.86-1.5 | 9.37 |
| Debt-to-Equity | 0.31-0.0 | 0.330.0 | 0.33+0.0 | 0.32+0.3 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | -0.9%-0.2pp | -0.7%-13.8pp | 13.1%+3.7pp | 9.4%+3.4pp | 6.0%+6.6pp | -0.6%-16.7pp | 16.1%+5.9pp | 10.2% |
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Frequently Asked Questions
What is Fonar Corp's annual revenue?
Fonar Corp (FONR) reported $104.4M in total revenue for fiscal year 2025. This represents a 1.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Fonar Corp's revenue growing?
Fonar Corp (FONR) revenue grew by 1.4% year-over-year, from $102.9M to $104.4M in fiscal year 2025.
Is Fonar Corp profitable?
Yes, Fonar Corp (FONR) reported a net income of $8.3M in fiscal year 2025, with a net profit margin of 8.0%.
What is Fonar Corp's net profit margin?
Fonar Corp (FONR) had a net profit margin of 8.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Fonar Corp's return on equity (ROE)?
Fonar Corp (FONR) has a return on equity of 4.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fonar Corp's free cash flow?
Fonar Corp (FONR) generated $7.5M in free cash flow during fiscal year 2025. This represents a -43.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Fonar Corp's operating cash flow?
Fonar Corp (FONR) generated $11.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fonar Corp's total assets?
Fonar Corp (FONR) had $216.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fonar Corp's capital expenditures?
Fonar Corp (FONR) invested $3.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Fonar Corp spend on research and development?
Fonar Corp (FONR) invested $1.6M in research and development during fiscal year 2025.
What is Fonar Corp's current ratio?
Fonar Corp (FONR) had a current ratio of 8.45 as of fiscal year 2025, which is generally considered healthy.
What is Fonar Corp's debt-to-equity ratio?
Fonar Corp (FONR) had a debt-to-equity ratio of 0.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fonar Corp's return on assets (ROA)?
Fonar Corp (FONR) had a return on assets of 3.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fonar Corp's Piotroski F-Score?
Fonar Corp (FONR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fonar Corp's earnings high quality?
Fonar Corp (FONR) has an earnings quality ratio of 1.35x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Fonar Corp?
Fonar Corp (FONR) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.