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. In the quarter to June 2026, revenue grew 25.0%, EPS fell 47.4%, free cash flow fell 43.2% and total debt rose 21.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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RadNet, Inc. (RDNT) Altman Z-score
RadNet, Inc.'s Altman Z-score for fiscal 2025 is 2.04, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.04 | (0.20) |
| FY2024 | 2.25 | 0.80 |
| FY2023 | 1.45 | 0.57 |
| FY2022 | 0.88 | (0.35) |
| FY2021 | 1.23 | 0.35 |
| FY2020 | 0.88 | (0.24) |
| FY2019 | 1.12 | 0.01 |
| FY2018 | 1.11 | (0.31) |
| FY2017 | 1.43 | 0.17 |
| FY2016 | 1.26 | 0.10 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.14 | |
| Retained earnings / total assets | (0.03) | — | −0.04 | |
| EBIT / total assets | 0.02 | — | 0.05 | |
| Market value of equity / total liabilities | 2.23 | — | 1.34 | |
| Sales / total assets | 0.54 | — | 0.54 | |
| Altman Z-score | Grey zone | 2.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.40 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| VCYT Veracyte, Inc. compare | 21.1× |
| BLLN BillionToOne, Inc. compare | 6.0× |
| CDNA CareDx, Inc. compare | 4.1× |
| QGEN QIAGEN N.V. compare | 3.8× |
| TWST Twist Bioscience Corporation compare | 3.4× |
| ADPT Adaptive Biotechnologies Corporation compare | 2.1× |
| RDNT RadNet, Inc. | 2.0× |
| SHC Sotera Health Company compare | 1.8× |
| GRAL GRAIL, Inc. compare | 0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets