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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
RadNet reported revenue of $2B in the fiscal year ended Dec 2025, up 11.5% from the year before. Operating income was $62M, an operating margin of 3.0%, and net income was −$19M. Net debt was $323M.
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,315 | 1,430 | 1,617 | 1,830 | 2,040 |
| Operating income | 82.6 | 46.4 | 98.7 | 105 | 62.0 |
| Interest expense | 48.8 | 50.8 | 64.5 | 79.8 | 69.9 |
| Pre-tax income | 58.9 | 43.0 | 38.8 | 44.9 | 31.9 |
| Income tax | 14.6 | 9.4 | 8.5 | 6.0 | 14.9 |
| Net income | 24.7 | 10.7 | 3.0 | 2.8 | −18.7 |
| Diluted EPS | 0.46 | 0.17 | 0.05 | 0.04 | −0.25 |
| Diluted shares | 53.4 | 57.3 | 64.7 | 74.8 | 75.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 135 | 128 | 343 | 740 | 767 |
| Receivables | 135 | 166 | 164 | 186 | 200 |
| Current assets | 324 | 367 | 579 | 1,019 | 1,032 |
| Net PP&E | 484 | 566 | 604 | 695 | 808 |
| Goodwill | 514 | 678 | 679 | 711 | 908 |
| Total assets | 2,058 | 2,434 | 2,690 | 3,287 | 3,759 |
| Payables | 86.5 | 103 | 123 | 96.5 | 153 |
| Deferred revenue | 10.7 | 4.0 | 4.6 | 3.3 | 7.3 |
| Current liabilities | 375 | 467 | 437 | 480 | 587 |
| Short-term debt | 11.2 | 12.4 | 18.0 | 24.7 | 25.4 |
| Long-term debt | 743 | 839 | 812 | 992 | 1,064 |
| Total liabilities | 1,712 | 1,942 | 1,877 | 2,153 | 2,403 |
| Shareholders' equity | 229 | 333 | 631 | 902 | 1,090 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 149 | 146 | 221 | 233 | 299 |
| Depreciation & amortisation | 96.7 | 116 | 128 | 138 | 152 |
| Stock-based compensation | 25.2 | 23.8 | 26.8 | 29.8 | 54.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.7% | 13.0% | 13.2% | 11.5% |
| Operating income growth (YoY) | – | −43.8% | 112.9% | 6.0% | −40.7% |
| EPS growth (YoY) | – | −63.0% | −70.6% | −20.0% | −725.0% |
| Operating margin | 6.3% | 3.2% | 6.1% | 5.7% | 3.0% |
| Net margin | 1.9% | 0.7% | 0.2% | 0.2% | −0.9% |
| Return on equityBlank when equity is negative | 10.8% | 3.2% | 0.5% | 0.3% | −1.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.9% | 2.4% | 4.4% | 3.7% | 2.0% |
| Cash conversion (CFO ÷ net income) | 6.05x | 13.7x | 72.6x | 83.4x | −16.0x |
| Receivable days | 37 | 42 | 37 | 37 | 36 |
| Interest cover | 1.69x | 0.91x | 1.53x | 1.31x | 0.89x |
| Debt ÷ equity | 3.30x | 2.56x | 1.32x | 1.13x | 1.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 620 | 724 | 487 | 276 | 323 |
| Current ratio | 0.87x | 0.79x | 1.32x | 2.12x | 1.76x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.