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Friday 6 November 2026
Export RDNT’s income statement to Excel — free account
RadNet, Inc.
RDNT Healthcare Diagnostics & Research
RadNet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 billion, up 11.5% from fiscal 2024.
- Revenue
- +25.0%
- EPS
- −47.4%
- Free cash flow
- −43.2%
- Total debt
- +21.2%
Quarter to June 2026, against a year earlier
75.66
2.35
−3.01%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 885 | 922 | 975 | 1,154 | 1,072 | 1,315 | 1,430 | 1,617 | 1,830 | 2,040 | 2,269 | +9.7% | 2,507 | 2,817 | 3,092 | +14.9% | |
| Gross margin, % | 12.29 | 12.99 | 11.03 | 13.39 | 9.88 | 14.58 | 11.59 | 13.69 | 13.62 | 11.54 | 11.53 | (0.7) pt | ||||||
| EBT | 12 | 26 | 39 | 30 | (1) | 59 | 43 | 39 | 45 | 32 | 35 | +11.0% | ||||||
| EBT margin, % | 1.41 | 2.86 | 3.95 | 2.57 | (0.08) | 4.48 | 3.00 | 2.40 | 2.45 | 1.56 | 1.54 | +0.1 pt | ||||||
| Net income | 8 | 2 | 38 | 23 | (2) | 44 | 34 | 30 | 39 | 17 | 19 | +8.8% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 19.13 | 19.67 | 20.27 | 23.23 | 21.06 | 25.05 | 25.40 | 25.43 | 25.05 | 27.13 | 29.17 | +4.0% | |||||
| Earnings | 0.16 | 0.00 | 0.67 | 0.30 | (0.29) | 0.47 | 0.19 | 0.05 | 0.04 | (0.25) | (0.27) | n/m | ||||||
| Cash flow | 1.98 | 3.03 | 2.43 | 2.10 | 4.59 | 2.85 | 2.60 | 3.47 | 3.19 | 3.97 | 3.99 | +8.0% | ||||||
| Capex | (1.26) | (1.28) | (1.44) | (1.47) | (1.83) | (2.71) | (2.05) | (2.78) | (2.57) | (2.82) | (3.03) | +9.3% | ||||||
| Free cash flow | 0.72 | 1.75 | 0.99 | 0.63 | 2.76 | 0.14 | 0.55 | 0.70 | 0.62 | 1.16 | 0.96 | +5.4% | ||||||
| Book value | 1.13 | 1.49 | 4.16 | 4.69 | 5.08 | 6.59 | 8.73 | 12.79 | 15.52 | 18.03 | 17.92 | +36.1% | ||||||
| Shares, m | 46 | 47 | 48 | 50 | 51 | 52 | 56 | 64 | 73 | 75 | 76 | +5.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 36.89 | 0.00 | 15.41 | 70.00 | 0.00 | 64.06 | 103.56 | 3,456.00 | 2,328.00 | 0.00 | 0.00 | 607.4 | |||||
| P/S | 0.34 | 0.51 | 0.50 | 0.87 | 0.93 | 1.20 | 0.73 | 1.36 | 2.79 | 2.63 | 2.59 | 1.2 | ||||||
| P/B | 5.77 | 6.74 | 2.44 | 4.33 | 3.86 | 4.57 | 2.14 | 2.70 | 4.50 | 3.96 | 4.22 | 4.1 | ||||||
| EV/Sales | 1.01 | 1.08 | 1.14 | 1.50 | 1.51 | 1.72 | 1.28 | 1.70 | 2.94 | 2.79 | 2.86 | 1.7 | ||||||
| EV/FCF | 26.89 | 12.10 | 23.46 | 55.16 | 11.51 | 185.15 | 59.31 | 1,196.26 | 1,759.54 | 126.94 | 200.89 | 345.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 92 | 142 | 117 | 104 | 234 | 149 | 146 | 221 | 233 | 299 | 310 | +14.0% | |||||
| Capex | (58) | (60) | (69) | (73) | (93) | (142) | (116) | (177) | (188) | (212) | (236) | +15.4% | ||||||
| Free cash flow | 33 | 82 | 47 | 31 | 140 | 7 | 31 | 44 | 45 | 87 | 74 | +11.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 63 | 44 | (31) | (86) | (128) | (51) | (100) | 142 | 540 | 445 | 338 | +24.4% | |||||
| Net debt | 619 | 558 | 662 | 720 | 620 | 686 | 782 | 469 | 276 | 323 | 580 | (7.0%) | ||||||
| Shareholders’ equity | 52 | 70 | 200 | 233 | 258 | 346 | 491 | 813 | 1,133 | 1,356 | 1,394 | +43.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.86 | 0.01 | 3.26 | 1.07 | (0.86) | 1.29 | 0.47 | 0.12 | 0.09 | (0.53) | (0.55) | (1.4) pt | |||||
| ROIC | 3.59 | 4.98 | 2.24 | 4.58 | 2.54 | 5.00 | 2.28 | 4.81 | 4.64 | 2.31 | 2.24 | (1.3) pt | ||||||
| ROE | 16.34 | 0.09 | 23.87 | 6.81 | (6.04) | 8.18 | 2.54 | 0.47 | 0.29 | (1.50) | (1.64) | (17.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 7,285 | 7,440 | 7,869 | 8,498 | 8,327 | 8,973 | 9,067 | 10,288 | 11,021 | 11,264 | — | +5.0% | |||||
| Revenue/emp, $m | 0.12 | 0.12 | 0.12 | 0.14 | 0.13 | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | — | +4.5% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Imaging Center | 1,988 | 97.45% |
|---|---|---|
| Digital health | 52 | 2.55% |
| Gross margin | 11.54% | |
| Operating margin | 3.04% | |
| Pre-tax margin | 1.56% |
RadNet, Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ICLR ICON PLC | $15.1B | 34.9× | 34.6× | −2.86% (below 0%: shrinking) | n/m | −8.01% (below 0%: shrinking) | 24.29% | 9.82% | Compare |
| CRL Charles River Laboratories International, Inc. | $14.9B | 322× | 89.2× | −2.20% (below 0%: shrinking) | +530.30% (above 0%: growing) | +16.29% (above 0%: growing) | 36.42% | 20.62% | Compare |
| QGEN QIAGEN N.V. | $10.5B | 25.8× | 26.0× | +0.28% (above 0%: growing) | +7.94% (above 0%: growing) | +30.45% (above 0%: growing) | 63.62% | 24.75% | Compare |
| RDNT RadNet, Inc. | $6.1B | — (loss-making) | 1,050× | +24.99% (above 0%: growing) | −47.37% (below 0%: shrinking) | −43.22% (below 0%: shrinking) | 14.14% | 6.34% | |
| GRAL GRAIL, Inc. | $5.3B | — (loss-making) | — (loss-making) | +3.71% (above 0%: growing) | n/m | −24.90% (below 0%: shrinking) | 0.00% | (385.29%) | Compare |
| BLLN BillionToOne, Inc. | $5.3B | 89.9× | 146× | +47.24% (above 0%: growing) | +162.79% (above 0%: growing) | +9.25% (above 0%: growing) | 70.86% | 8.96% | Compare |
| SHC Sotera Health Company | $4.5B | 26.4× | 26.4× | +4.36% (above 0%: growing) | +20.12% (above 0%: growing) | +64.98% (above 0%: growing) | 55.65% | 34.98% | Compare |
| ADPT Adaptive Biotechnologies Corporation | $4.3B | — (loss-making) | — (loss-making) | −10.72% (below 0%: shrinking) | −70.83% (below 0%: shrinking) | +201.86% (above 0%: growing) | 76.24% | (0.54%) | Compare |
| CDNA CareDx, Inc. | $4.0B | 31.4× | 36.2× | +39.29% (above 0%: growing) | +1,134.00% (above 0%: growing) | −68.62% (below 0%: shrinking) | 71.09% | 5.82% | Compare |
| Median of peers | $5.3B | 33.2× | 35.4× | +2.00% | +91.46% | +12.77% | 59.63% | 9.39% |
From the latest earnings call
- CEO Howard Berger said same-center advanced imaging volumes rose as RadNet expanded capacity, while CFO Mark Stolper described continuing backlogs in many markets.
- Digital Health CEO Case Westdorp said the business grew through clinical AI and enterprise imaging deals, while investments and acquisitions affected its quarterly profitability.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.67%
Held by the ten largest
51.96%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 10.96m | 13.93% | +922.07k |
| Vanguard | 7.88m | 10.02% | +284.48k |
| RTW INVESTMENTS, LP | 4.85m | 6.16% | +561.96k |
| T. Rowe Price | 4.50m | 5.72% | +346.33k |
| BECK MACK & OLIVER LLC | 3.16m | 4.02% | −2.60k |
| State Street | 2.84m | 3.61% | +190.86k |
| Geode Capital Management | 1.86m | 2.36% | +134.90k |
| Invesco | 1.64m | 2.09% | +7.80k |
| American Century | 1.62m | 2.06% | +716.23k |
| Franklin Templeton | 1.55m | 1.97% | −184.87k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 20 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 12.09m | 9.28m | 364.59 |
| 2024 | 9.08m | 16.35m | 356.87 |
| 2023 | 6.70m | 10.10m | 177.67 |
| 2022 | 5.56m | 5.56m | 96.22 |
| 2021 | 4.57m | 4.57m | 153.86 |
Ownership
Directors and executive officers, together
5.14%
BlackRock, Inc.
11.78%
Sandy Nyholm Kaminsky, trustee of the HFB Heirs’ Trust II
5.80%
RTW Investments, LP
5.01%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
RadNet, Inc. (RDNT) Latest News
28 Oct
27 Oct
8 Oct
11 Aug
10 Aug
9 Aug
10 Jun
RDNT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
RadNet provides outpatient diagnostic imaging services in the United States. Its centers perform scans that help physicians diagnose and treat medical conditions, including MRI, CT, PET, mammography, ultrasound and X-rays. Patients generally come to the centers after a physician refers them for a test. RadNet has been in business since 1985, and Howard G. Berger, M.D. is its president and chief executive officer.
The company operates centers directly and through joint ventures with hospitals and health systems. Most of its centers offer several types of scans, so patients and referring physicians can use one location for different procedures. Radiologists interpret the images: RadNet contracts with medical groups to provide those professional services, while it supplies equipment, technical services and administrative support.