RDNT · Health care(services-medical laboratories) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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RadNet, Inc. reported revenue of $2.0 billion in fiscal 2025, after growing 9.7% a year over the previous 9 years. Its operating margin narrowed from 4.4% in 2016 to 3.0%, and it earned 1.5% on its invested capital in the latest year. Of the $1.7 billion its operations generated over 10 years, 15.4% went back into the business; the share count rose 61.2%. On the accounting screens, it passes 3 of 8 Piotroski tests, its Altman Z'' of 1.28 is in the grey zone and its Beneish M-score is below the -1.78 line; none of the six cross-checks between its statements fires.
Revenue, fiscal 20252.0B+9.7% a year over 9 years
Operating margin3.0%gross margin —
Return on invested capital1.5%4.2% on average over 5 years
Free cash flow—
Net debt ÷ EBITDA1.5×net debt 322.7M
Piotroski F-score3/8tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
01.0B2.0B3.0B
2016Revenue 884.5MOperating income 38.5M
2017Revenue 922.2MOperating income 50.0M
2018Revenue 975.1MOperating income 30.9M
2019Revenue 1.2BOperating income 69.9M
2020Revenue 1.1BOperating income 35.7M
2021Revenue 1.3BOperating income 82.6M
2022Revenue 1.4BOperating income 46.4M
2023Revenue 1.6BOperating income 98.7M
2024Revenue 1.8BOperating income 104.6M
2025Revenue 2.0BOperating income 62.0M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+12.6%
+13.7%
+9.7%
Operating income
+10.2%
+11.7%
+5.4%
Shares
+9.5%
+8.1%
+5.4%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
-1.7%
Return on assets
-0.5%
Asset turnover
0.54×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-25.0M025.0M50.0M75.0M100.0M
2016Net income 7.2MFree cash flow 32.4MAfter stock-based pay 26.6M
2017Net income 53,000Free cash flow 80.9MAfter stock-based pay 74.1M
2018Net income 32.2MFree cash flow 44.6MAfter stock-based pay 36.9M
2019Net income 14.8MFree cash flow 30.2MAfter stock-based pay 21.4M
2020Net income -14.8M
2021Net income 24.7M
2022Net income 10.7M
2023Net income 3.0M
2024Net income 2.8M
2025Net income -18.7M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
1.7B generated by the business. Each band is its share of that total.
Reinvested in the business 15%266.9M
Acquisitions 0%0
Dividends 0%0
Share buybacks 0%0
Kept, or used to pay down debt 85%1.5B
Over the same years it paid 201.6M in stock. The share count rose 61.2%.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-0.50$0.00$0.50$1.00$1.50$2.00
2016Earnings per share $0.15Free cash flow per share $0.69
2017Earnings per share $0.00Free cash flow per share $1.71
2018Earnings per share $0.66Free cash flow per share $0.92
2019Earnings per share $0.29Free cash flow per share $0.60
2020Earnings per share $-0.29
2021Earnings per share $0.46
2022Earnings per share $0.19
2023Earnings per share $0.05
2024Earnings per share $0.04
2025Earnings per share $-0.25
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
40.0M50.0M60.0M70.0M80.0M
2016Diluted shares 46.7M
2017Diluted shares 47.4M
2018Diluted shares 48.7M
2019Diluted shares 50.2M
2020Diluted shares 50.9M
2021Diluted shares 53.4M
2022Diluted shares 57.3M
2023Diluted shares 64.7M
2024Diluted shares 74.8M
2025Diluted shares 75.2M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
0200.0M400.0M600.0M800.0M
2016Net debt 618.1M
2017Net debt 557.8M
2018
2019
2020Net debt 550.7M
2021Net debt 620.1M
2022Net debt 723.9M
2023Net debt 487.5M
2024Net debt 276.2M
2025Net debt 322.7M
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
1.5×
Interest coverage
1× operating income ÷ interest
Current ratio
1.76 current assets ÷ current liabilities
Cash conversion cycle
— collects in 36d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 8 tests passed
✕ProfitableReturn on assets above zerofailed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
1.28grey zone
1.12.6
Working capital ÷ assets 0.12 × 6.56+0.78
Retained earnings ÷ assets -0.03 × 3.26-0.08
Operating income ÷ assets 0.02 × 6.72+0.11
Equity ÷ liabilities 0.45 × 1.05+0.48
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.76below the -1.78 line
-1.78
Receivables vs sales 0.97+0.89
Gross margin slipping 1.00 (not reported, set to 1)+0.53
Soft assets 1.07+0.43
Sales growth 1.12+0.99
Slower depreciation 1.04+0.12
Overheads vs sales 1.00 (not reported, set to 1)-0.17
Profit not in cash -0.08-0.40
Leverage rising 0.98-0.32
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$3.0M4 sale(s) by 3 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
