Logo

FONR

FONAR Corporation

FONR

FONAR Corporation • NASDAQ
$14.03 ▼ -0.28% (-0.04)
Market Cap $86.55 M
52w High $17.62
52w Low $12.00
Dividend Yield 0%
P/E 12.64
Volume 23.00K
Outstanding Shares 6.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $26.043M ▼ $7.253M ▼ $2.264M ▲ 8.693% ▲ $0.1 ▼ $4.873M ▲
Q4-2025 $27.276M ▲ $10.131M ▲ $729.261K ▼ 2.674% ▼ $0.11 ▼ $1.963M ▼
Q3-2025 $27.165M ▲ $8.432M ▲ $2.506M ▲ 9.225% ▲ $0.38 ▲ $5.375M ▲
Q2-2025 $24.95M ▼ $7.303M ▲ $1.964M ▼ 7.872% ▼ $0.3 ▼ $3.67M ▼
Q1-2025 $24.96M $5.437M $3.135M 12.56% $0.47 $5.669M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $54.398M ▼ $218.352M ▲ $56.957M ▲ $174.873M ▲
Q4-2025 $56.454M ▲ $216.908M ▲ $56.803M ▲ $172.608M ▲
Q3-2025 $54.38M ▲ $214.923M ▲ $54.664M ▲ $171.88M ▲
Q2-2025 $53.704M ▼ $207.957M ▼ $49.006M ▼ $169.839M ▲
Q1-2025 $54.329M $212.29M $53.463M $168.688M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $2.264M ▲ $1.73M ▼ $-2.367M ▼ $-1.421M ▲ $-2.058M ▼ $-136K ▼
Q4-2025 $729.261K ▼ $4.147M ▲ $-644.298K ▼ $-1.426M ▲ $2.077M ▲ $3.5M ▲
Q3-2025 $2.506M ▲ $3.213M ▲ $-600K ▲ $-1.939M ▲ $674K ▲ $2.62M ▲
Q2-2025 $1.964M ▼ $2.291M ▲ $-607K ▲ $-2.294M ▼ $-610K ▲ $1.544M ▲
Q1-2025 $4M $1.657M $-1.818M $-1.987M $-2.148M $-161K

Revenue by Products

Product Q2-2025Q3-2025Q1-2026
Total
Total
 $0 ▲$0 ▲$30.00M ▲
Health Care Other
Health Care Other
 $20.00M ▲$20.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement FONAR’s income statement shows a small but consistently profitable business. Revenue has been fairly flat over the past several years, with only gentle growth rather than strong expansion. Profit margins improved in the most recent year, especially at the gross profit level, suggesting better cost control or a more favorable sales mix. Operating and net income remain positive but modest, and earnings per share have been solidly in the black each year, though they do move around from year to year. Overall, this looks more like a stable, niche business than a fast‑growing one.

Balance Sheet

Balance Sheet The balance sheet looks conservative and straightforward. Asset levels have edged up over time, and shareholder equity has steadily grown, which indicates that profits are generally being retained in the business. Cash holdings are healthy relative to the company’s size, and debt is present but not excessive, remaining fairly steady over the period. This combination points to a company that is not aggressively leveraged and has a reasonable financial cushion, though not a large one by big‑company standards.

Cash Flow

Cash Flow Cash generation is positive and fairly steady. Operating cash flow has been consistently above zero, but not increasing strongly, mirroring the slow‑growth profile seen in the income statement. Free cash flow has been positive for several years with very light capital spending, which suggests a business that does not require heavy investment to keep running. The flip side is that very low investment may also limit future growth or signal cautious expansion plans. Overall, cash flow quality appears decent and dependable rather than dynamic.

Competitive Edge

Competitive Edge FONAR holds a clearly defined niche in the MRI market through its Upright, multi‑positional scanners, which offer weight‑bearing and position‑specific imaging that standard, lie‑down MRIs generally cannot match. Its long history in MRI and portfolio of patents provide technical credibility and some barriers to direct imitation. The company also supports and manages imaging centers, giving it recurring service revenue and closer relationships with clinicians. However, FONAR remains small compared with global imaging giants, so it relies heavily on differentiation and specialization rather than scale. Its moat is strongest within the upright MRI niche, not across the entire MRI market.

Innovation and R&D

Innovation and R&D Innovation is a core part of FONAR’s identity. The Upright MRI itself is a specialized technology with unique clinical use cases, especially in spine, joint, and posture‑related conditions. The company is exploring new concepts like the OR‑360, an MRI‑enabled operating room that could support real‑time imaging during surgery, and expanding research into areas such as cerebrospinal fluid flow and additional weight‑bearing applications. These efforts, if successfully developed, validated, and adopted, could deepen the company’s niche and open new revenue streams, but they also come with usual uncertainties around regulatory approval, clinician acceptance, and economic justification for hospitals.

Summary

Overall, FONAR looks like a small, focused medical technology company with steady but modest profitability and a conservative balance sheet. Its financials point to stability rather than rapid growth: consistent earnings, positive free cash flow, limited leverage, and manageable investment needs. Strategically, the company’s strength lies in its differentiated Upright MRI technology and vertically integrated model of both making equipment and running imaging centers. The main opportunities are in broader clinical adoption of upright imaging and successful commercialization of new platforms like the OR‑360. Key risks include its small scale, reliance on a narrow product niche, competition from much larger imaging companies, and the uncertainty that always surrounds new medical technologies and reimbursement trends.

NEWS

November 10, 2025 · 8:00 AM UTC

Fonar Announces Financial Results For The 1st Quarter of Fiscal 2026

Read more

September 12, 2025 · 8:27 AM UTC

FONAR Announces Financial Results for Fiscal 2025

Read more