Radnet Financials
This page shows Radnet (RDNT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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-generative operating base is being squeezed by financing costs as expansion reshapes the balance sheet.
In FY2025, interest expense of$70M exceeded operating income of$62M , so financing costs erased operating profit before the business ever reached the bottom line. That reversal matters because the company still turned activity into cash, making the recent loss look more like a capital-structure and non-cash-charge issue than a breakdown in collections.
The balance-sheet posture is materially less tight than it was, with the current ratio improving to 1.8x from 0.9x. Debt-to-equity also eased to 1.0x from 3.2x, so leverage is no longer rising faster than the equity base and short-term obligations look less likely to dictate operating decisions.
Growth appears acquisition-led: goodwill reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Radnet'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.
Radnet has an operating margin of 3.0%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 57/100, indicating healthy but not exceptional operating efficiency. This is down from 5.7% the prior year.
Radnet's revenue grew 11.5% year-over-year to $2.0B, a solid pace of expansion. This earns a growth score of 70/100.
Radnet has a moderate D/E ratio of 0.98. This balance of debt and equity financing earns a leverage score of 39/100.
Radnet's current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Radnet's ROE of -1.7% shows moderate profitability relative to equity, earning a score of 51/100. This is down from 0.3% the prior year.
Radnet scores 1.91, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($4.8B) relative to total liabilities ($2.4B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Radnet passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Radnet generates $-16.02 in operating cash flow ($298.8M OCF vs -$18.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Radnet earns $0.9 in operating income for every $1 of interest expense ($62.0M vs $69.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Radnet generated $2.0B in revenue in fiscal year 2025. This represents an increase of 11.5% from the prior year.
Radnet's EBITDA was $214.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.7% from the prior year.
Radnet reported -$18.6M in net income in fiscal year 2025. This represents a decrease of 768.5% from the prior year.
Radnet earned $-0.25 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 725.0% from the prior year.
Cash & Balance Sheet
Radnet held $767.2M in cash against $1.1B in long-term debt as of fiscal year 2025.
Radnet had 77M shares outstanding in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Margins & Returns
Radnet's operating margin was 3.0% in fiscal year 2025, reflecting core business profitability. This is down 2.7 percentage points from the prior year.
Radnet's net profit margin was -0.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.
Radnet's ROE was -1.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.0 percentage points from the prior year.
Capital Allocation
RDNT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $575.6M+5.1% | $547.7M+4.8% | $522.9M+4.9% | $498.2M+5.7% | $471.4M-1.2% | $477.1M+3.5% | $461.1M+0.3% | $459.7M |
| 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 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | -$23.9M-185.9% | $27.8M+1.6% | $27.4M-11.3% | $30.9M+228.1% | -$24.1M-198.3% | $24.5M-27.7% | $33.9M-2.7% | $34.8M |
| Interest Expense | $17.7M-2.6% | $18.1M+4.5% | $17.4M+1.0% | $17.2M-0.3% | $17.2M-4.6% | $18.1M-7.0% | $19.4M-25.5% | $26.1M |
| Income Tax | -$8.1M-173.2% | $11.1M+73.1% | $6.4M+678.7% | $820K+124.1% | -$3.4M-409.2% | $1.1M-74.6% | $4.3M+76.5% | $2.5M |
| Net Income | -$33.5M-5524.5% | -$595K-111.0% | $5.4M-62.5% | $14.5M+138.1% | -$37.9M-810.0% | $5.3M+66.5% | $3.2M+207.6% | -$3.0M |
| EPS (Diluted) | $-0.43 | N/A | $0.07-63.2% | $0.19+137.3% | $-0.51 | N/A | $0.04+200.0% | $-0.04 |
RDNT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.9B+3.4% | $3.8B+2.5% | $3.7B+4.3% | $3.5B+5.4% | $3.3B+1.5% | $3.3B+0.3% | $3.3B+1.4% | $3.2B |
| Current Assets | $740.8M-28.2% | $1.0B-4.2% | $1.1B-1.5% | $1.1B+7.7% | $1.0B-0.3% | $1.0B+0.3% | $1.0B+1.1% | $1.0B |
| Cash & Equivalents | $455.3M-40.7% | $767.2M-4.7% | $804.7M-3.4% | $833.2M+16.1% | $717.3M-3.1% | $740.0M-1.2% | $748.9M+1.0% | $741.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $209.1M+4.4% | $200.3M-4.9% | $210.5M+5.3% | $200.0M-0.1% | $200.1M+7.7% | $185.8M-6.7% | $199.1M+1.9% | $195.3M |
| Goodwill | $1.1B+20.6% | $907.7M+9.7% | $827.5M+10.1% | $751.5M+4.7% | $717.5M+1.0% | $710.7M-0.2% | $711.8M+0.4% | $709.0M |
| Total Liabilities | $2.5B+5.4% | $2.4B+2.2% | $2.4B+0.7% | $2.3B+6.2% | $2.2B+2.2% | $2.2B-0.1% | $2.2B+0.9% | $2.1B |
| Current Liabilities | $635.6M+8.3% | $586.8M+2.1% | $574.9M+5.3% | $546.2M+8.1% | $505.4M+5.4% | $479.7M+2.0% | $470.1M-0.9% | $474.2M |
| Long-Term Debt | $1.1B-0.4% | $1.1B-0.6% | $1.1B-0.6% | $1.1B+9.3% | $985.5M-0.6% | $991.6M-0.5% | $996.3M-0.6% | $1.0B |
| Total Equity | $1.1B-0.9% | $1.1B+3.0% | $1.1B+13.5% | $932.3M+3.8% | $898.1M-0.5% | $902.3M+0.8% | $895.3M+1.6% | $881.0M |
| Retained Earnings | -$128.9M-35.1% | -$95.4M-0.6% | -$94.8M+5.4% | -$100.3M+12.6% | -$114.7M-49.4% | -$76.8M+6.5% | -$82.1M+3.8% | -$85.3M |
RDNT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $79.0M-6.2% | $84.2M+59.3% | $52.8M-56.1% | $120.3M+190.1% | $41.5M-2.5% | $42.5M-25.9% | $57.4M-50.5% | $116.0M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$371.0M-225.6% | -$113.9M-50.5% | -$75.7M+22.3% | -$97.5M-71.7% | -$56.8M-16.3% | -$48.8M-6.2% | -$46.0M+40.5% | -$77.3M |
| Financing Cash Flow | -$17.5M-136.7% | -$7.4M-39.1% | -$5.3M-105.8% | $92.4M+1330.7% | -$7.5M-254.4% | -$2.1M+51.1% | -$4.3M-102.5% | $176.1M |
| 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 |
RDNT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -4.2%-9.2pp | 5.1%-0.2pp | 5.2%-1.0pp | 6.2%+11.3pp | -5.1%-10.3pp | 5.1%-2.2pp | 7.3%-0.2pp | 7.6% |
| Net Margin | -5.8%-5.7pp | -0.1%-1.1pp | 1.0%-1.9pp | 2.9%+10.9pp | -8.1%-9.2pp | 1.1%+0.4pp | 0.7%+1.4pp | -0.7% |
| Return on Equity | -3.1%-3.0pp | -0.1%-0.6pp | 0.5%-1.0pp | 1.6%+5.8pp | -4.2%-4.8pp | 0.6%+0.2pp | 0.4%+0.7pp | -0.3% |
| Return on Assets | -0.9%-0.8pp | -0.0%-0.2pp | 0.1%-0.3pp | 0.4%+1.6pp | -1.1%-1.3pp | 0.2%+0.1pp | 0.1%+0.2pp | -0.1% |
| Current Ratio | 1.17-0.6 | 1.76-0.1 | 1.87-0.1 | 2.000.0 | 2.01-0.1 | 2.12-0.0 | 2.16+0.0 | 2.12 |
| Debt-to-Equity | 0.980.0 | 0.98-0.0 | 1.01-0.1 | 1.16+0.1 | 1.100.0 | 1.10-0.0 | 1.11-0.0 | 1.14 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Radnet's annual revenue?
Radnet (RDNT) reported $2.0B in total revenue for fiscal year 2025. This represents a 11.5% 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 Radnet's revenue growing?
Radnet (RDNT) revenue grew by 11.5% year-over-year, from $1.8B to $2.0B in fiscal year 2025.
Is Radnet profitable?
No, Radnet (RDNT) reported a net income of -$18.6M in fiscal year 2025, with a net profit margin of -0.9%.
What is Radnet's EBITDA?
Radnet (RDNT) had EBITDA of $214.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Radnet have?
As of fiscal year 2025, Radnet (RDNT) had $767.2M in cash and equivalents against $1.1B in long-term debt.
What is Radnet's operating margin?
Radnet (RDNT) had an operating margin of 3.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Radnet's net profit margin?
Radnet (RDNT) had a net profit margin of -0.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Radnet's return on equity (ROE)?
Radnet (RDNT) has a return on equity of -1.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Radnet's operating cash flow?
Radnet (RDNT) generated $298.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Radnet's total assets?
Radnet (RDNT) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Radnet's current ratio?
Radnet (RDNT) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.
What is Radnet's debt-to-equity ratio?
Radnet (RDNT) had a debt-to-equity ratio of 0.98 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Radnet's return on assets (ROA)?
Radnet (RDNT) had a return on assets of -0.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Radnet's Altman Z-Score?
Radnet (RDNT) has an Altman Z-Score of 1.91, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Radnet's Piotroski F-Score?
Radnet (RDNT) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Radnet's earnings high quality?
Radnet (RDNT) has an earnings quality ratio of -16.02x, considered mixed 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.
Can Radnet cover its interest payments?
Radnet (RDNT) has an interest coverage ratio of 0.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Radnet?
Radnet (RDNT) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.