FONR · FONAR CORP

Could not be re-screened as of 2026-07-15 — share count for FONR predates its balance sheet (2018-09-10 < 2026-03-31). The figures below are from the last successful run and may be stale.

FONAR Corporation, together with its subsidiaries, engages in the designing, manufacturing, selling, and servicing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases, abnormalities, other medical conditions, and injuries in the United States. It operates in two segments: Medical Equipment, and Physician Management and Diagnostic Services. The company offers an Upright MRI scanner, which allows patients to be scanned in weight-bearing conditions, such as standing, sitting, bending, or lying down. It also provides non-medical management, including administrative services, billing and collection services, credentialing services, contract negotiations, compliance consulting, purchasing IT services, hiring, conducting interviews, training, supervision and management of non-medical personnel, storage of medical records, office space, equipment, repair maintenance services, accounting, assistance with legal and regulatory matters, and development and implementation of practice growth and marketing strategies. In addition, the company owns and operates diagnostic imaging facilities. The company markets its scanners to private diagnostic imaging centers and hospital outpatient imaging facilities. FONAR Corporation was founded in 1978 and is based in Melville, New York.

Cap structure and valuation

Cap structure
SP	$19.09
SO	6.4M
Options	0.0M
Warrants	—
FD SO	6.4M
MC	$121.5M

Cash	$53.6M
Total debt	$0.2M
EV	$68.1M

TTM Multiples
EV / Revenue	0.6x
EV / EBITDA	—
MC / Net Income	20.7x
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	40.3%
Insiders	16.3%
# Institutions	57
Analysts	0
Consensus	—
Avg target	—

Short % float	1.1%
Days to cover	1.30

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2018-09-10. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-05-14; the float denominator can be unreliable on tiny floats.

This filer tags no warrant count, so FD SO counts it as zero and understates dilution — treat FD SO, MC and EV as a floor. (XBRL reports nothing both for a filer that has none and for one that simply doesn't tag them.)

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	26.47	25.55	26.04	27.28
Revenue YoY %	(2.6%)	2.4%	4.3%	5.1%
Gross Profit	10.82	9.24	10.01	10.57
Gross Profit YoY %	(7.2%)	(1.3%)	2.8%	4.1%
Gross Margin %	40.9%	36.2%	38.4%	38.8%

SG&A	8.37	6.24	6.81	9.68
R&D	0.42	0.46	0.44	0.45

Operating Income	2.44	3.00	3.19	0.89
Operating Income YoY %	(33.3%)	23.2%	(30.7%)	(32.9%)
Operating Margin %	9.2%	11.7%	12.3%	3.3%

Interest Expense	0.00	0.00	0.00	0.00
Other Income / (Expense)	—	—	—	(1.80)
Pretax Income	2.13	3.44	3.68	(0.91)
Tax Provision	0.49	0.90	1.01	0.09
Net Income	1.64	2.54	2.67	(0.99)
Net Income to Common	1.64	2.06	2.26	0.73
Net Margin %	6.2%	9.9%	10.3%	(3.6%)

Basic Avg Shares	6.9	6.9	6.9	—

	LTM	6/30/25	6/30/24	6/30/23	6/30/22
Total Revenue	105.34	104.35	102.88	98.65	97.59
Revenue YoY %	0.9%	1.4%	4.3%	1.1%	—
Gross Profit	40.64	41.33	31.38	40.52	28.82
Gross Profit YoY %	(1.7%)	31.7%	(22.5%)	40.6%	—
Gross Margin %	38.6%	39.6%	30.5%	41.1%	29.5%

SG&A	31.10	29.73	26.87	29.39	23.51
R&D	1.77	1.58	1.74	1.57	1.49

Operating Income	9.53	11.60	4.52	11.13	5.31
Operating Income YoY %	(17.8%)	156.8%	(59.4%)	109.6%	—
Operating Margin %	9.0%	11.1%	4.4%	11.3%	5.4%
EBITDA	—	16.30	9.11	15.67	9.84
EBITDA Margin %	—	15.6%	8.9%	15.9%	10.1%

Interest Expense	0.01	0.03	0.08	0.05	0.35
Other Income / (Expense)	(1.17)	—	11.30	4.68	17.81
Pretax Income	8.35	11.44	15.74	15.76	22.77
Tax Provision	2.50	3.11	5.17	3.63	5.53
Net Income	5.86	8.33	10.57	12.13	17.23
Net Income to Common	6.69	8.33	10.57	9.38	12.44
Net Margin %	5.6%	8.0%	10.3%	12.3%	17.7%

Basic EPS	—	—	—	—	$1.78
Diluted Avg Shares	—	—	—	—	6.7
Basic Avg Shares	6.9	—	—	—	6.6

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	53.65	52.98	54.28	56.33
Short-term Investments	0.12	0.12	0.12	0.12
Receivables	—	4.75	5.15	5.30
Inventory	2.83	—	—	2.81
Other Current Assets	91.40	85.86	84.19	80.10
Total Current Assets	148.01	143.71	143.74	144.67

Net PPE	18.20	18.91	19.45	18.53
Operating Lease ROU	35.01	35.98	36.12	35.14
Goodwill	4.27	4.27	4.27	4.27
Intangible Assets	2.81	3.03	3.25	2.99
Other Assets	10.93	11.32	11.53	11.31
Total Assets	219.22	217.22	218.35	216.91

Accounts Payable	2.29	1.91	2.52	1.30
Current Lease Liabilities	3.81	3.75	3.67	3.38
Other Current Liabilities	10.03	8.71	10.48	12.44
Total Current Liabilities	16.12	14.37	16.66	17.12
Long-term Lease Liabilities	34.80	35.77	35.92	35.15
Other Liabilities	3.85	4.23	4.37	4.53
Total Liabilities	54.77	54.36	56.96	56.80

Retained Earnings	0.67	(0.97)	(3.02)	(5.29)
Total Equity	164.46	162.86	161.40	160.10

	LTM	6/30/25	6/30/24	6/30/23	6/30/22
Cash & Equivalents	53.65	56.33	56.34	51.28	48.72
Short-term Investments	0.12	0.12	0.14	0.03	0.03
Receivables	—	5.30	4.04	3.86	—
Inventory	2.83	2.81	2.72	2.57	—
Other Current Assets	91.40	80.10	77.10	67.92	69.93
Total Current Assets	148.01	144.67	140.32	125.66	118.69

Net PPE	18.20	18.53	18.71	22.15	22.28
Operating Lease ROU	35.01	35.14	38.43	33.07	34.23
Goodwill	4.27	4.27	4.27	4.27	4.27
Intangible Assets	2.81	2.99	2.87	3.43	3.70
Other Assets	10.93	11.31	9.65	12.00	16.17
Total Assets	219.22	216.91	214.25	200.58	199.34

Accounts Payable	2.29	1.30	1.86	1.58	1.55
Current Debt	—	—	0.05	0.04	0.20
Current Lease Liabilities	3.81	3.38	3.47	3.91	3.88
Other Current Liabilities	10.03	12.44	12.48	10.10	11.12
Total Current Liabilities	16.12	17.12	17.86	15.62	16.75
Long-term Debt	—	—	0.07	0.12	0.15
Long-term Lease Liabilities	34.80	35.15	37.47	32.11	33.09
Other Liabilities	3.85	4.53	2.07	1.91	3.11
Total Liabilities	54.77	56.80	57.46	49.75	53.11

Retained Earnings	0.67	(5.29)	(13.62)	(24.19)	(33.57)
Total Equity	164.46	160.10	156.79	150.83	146.24

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	1.64	2.54	2.67	(0.99)
Δ Working Cap & Other	—	(2.37)	(0.98)	5.21
Operating Cash Flow	—	0.17	1.69	4.22

CapEx	—	(0.40)	(1.87)	(0.65)
Other Investing	—	—	(0.50)	—
Investing Cash Flow	—	(0.40)	(2.37)	(0.64)

Other Financing	—	(1.07)	(1.38)	(1.50)
Financing Cash Flow	—	(1.07)	(1.38)	(1.50)

Free Cash Flow	—	(0.23)	(0.18)	3.57

	LTM	6/30/25	6/30/24	6/30/23	6/30/22
Net Income	5.86	8.33	10.57	12.13	17.23
D&A	—	4.70	4.60	4.54	4.54
Δ Working Cap & Other	—	(1.77)	(1.07)	(2.20)	(6.47)
Operating Cash Flow	—	11.26	14.09	14.47	15.30

CapEx	—	(3.79)	(0.79)	(4.22)	(4.55)
Other Investing	—	—	—	—	(0.63)
Investing Cash Flow	—	(3.80)	(0.85)	(4.34)	(5.18)

Other Financing	—	(7.47)	(8.18)	(7.57)	(5.86)
Financing Cash Flow	—	(7.47)	(8.18)	(7.57)	(5.86)

Free Cash Flow	—	7.47	13.30	10.25	10.76

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	9.18	10.00	8.62	8.45
Quick Ratio	9.00	—	—	8.28
Debt / Equity	0.33	0.33	0.35	0.35
EBITDA Margin %	—	—	—	—
Working Capital	131.88	129.34	127.07	127.55
Net Debt	—	—	—	—
ROE %	1.0%	1.6%	1.7%	(0.6%)
ROA %	0.7%	1.2%	1.2%	(0.5%)

	LTM	6/30/25	6/30/24	6/30/23	6/30/22
Current Ratio	9.18	8.45	7.86	8.04	7.09
Quick Ratio	9.00	8.28	7.71	7.88	—
Debt / Equity	0.33	0.35	0.37	0.33	0.36
EBITDA Margin %	—	15.6%	8.9%	15.9%	10.1%
Working Capital	131.88	127.55	122.47	110.04	101.94
Net Debt	—	—	(56.27)	(51.16)	(48.57)
ROE %	3.6%	5.2%	6.7%	8.0%	11.8%
ROA %	2.7%	3.8%	4.9%	6.0%	8.6%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-06-04	shane hilary	10% Owner	2026-06-02-05:00	P	196,336	$19.10	$3,750,018
2026-06-04	shane hilary	10% Owner	2026-06-02-05:00	P	19,000	$19.12	$363,280
2026-05-29	shane hilary	10% Owner	2026-05-29-05:00	P	41,758	$19.05	$795,490
2026-05-29	shane hilary	10% Owner	2026-05-29-05:00	P	155	$19.05	$2,953
2026-05-29	shane hilary	10% Owner	2026-05-28-05:00	P	225,426	$19.05	$4,294,365
2026-05-27	shane hilary	10% Owner	2026-05-27-05:00	P	71,414	$18.99	$1,356,152