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RDNT

RadNet, Inc.

RDNT

RadNet, Inc. • NASDAQ
$82.79 ▲ 0.00% (+0.00)
Market Cap $6.39 B
52w High $85.84
52w Low $45.00
Dividend Yield 0%
P/E -517.44
Volume 559.61K
Outstanding Shares 77.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $522.869M ▲ $45.101M ▲ $5.417M ▼ 1.036% ▼ $0.071 ▼ $77.428M ▲
Q2-2025 $498.23M ▲ $38.266M ▼ $14.454M ▲ 2.901% ▲ $0.19 ▲ $77.036M ▲
Q1-2025 $471.399M ▼ $42.02M ▲ $-37.926M ▼ -8.045% ▼ $-0.51 ▼ $19.587M ▼
Q4-2024 $477.101M ▲ $41.14M ▲ $5.345M ▲ 1.12% ▲ $0.073 ▲ $65.74M ▼
Q3-2024 $461.142M $35.431M $3.209M 0.696% $0.044 $70.997M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $804.716M ▼ $3.665B ▲ $2.351B ▲ $1.059B ▲
Q2-2025 $833.152M ▲ $3.515B ▲ $2.336B ▲ $932.314M ▲
Q1-2025 $717.323M ▼ $3.336B ▲ $2.2B ▲ $898.139M ▼
Q4-2024 $740.02M ▼ $3.287B ▲ $2.153B ▼ $902.308M ▲
Q3-2024 $748.916M $3.275B $2.156B $895.313M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.889M ▼ $52.827M ▼ $-75.724M ▲ $-5.316M ▼ $-28.436M ▼ $-7.618M ▼
Q2-2025 $14.454M ▲ $120.348M ▲ $-97.45M ▼ $92.428M ▲ $115.829M ▲ $67.405M ▲
Q1-2025 $-29.737M ▼ $41.481M ▼ $-56.751M ▼ $-7.51M ▼ $-22.697M ▼ $-7.352M ▼
Q4-2024 $14.225M ▲ $42.529M ▼ $-48.813M ▼ $-2.119M ▲ $-8.896M ▼ $-377K ▼
Q3-2024 $12.256M $57.404M $-45.979M $-4.335M $7.237M $16.335M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Capitation Arrangements
Capitation Arrangements
 $70.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Commercial Insurance1
Commercial Insurance1
 $520.00M ▲$260.00M ▼$280.00M ▲$290.00M ▲
Health Care Management Service
Health Care Management Service
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Health Care Other
Health Care Other
 $30.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲
Medicaid1
Medicaid1
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Medicare1
Medicare1
 $210.00M ▲$110.00M ▼$120.00M ▲$120.00M ▲
Workers CompensationPersonal Injury1
Workers CompensationPersonal Injury1
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement RadNet’s income statement shows a business that has grown steadily in size but still operates on fairly thin profit margins. Revenue has risen consistently over the past several years, and operating profit has generally trended upward as the company has scaled. However, after interest, depreciation, and other costs, bottom-line profits have been minimal and sometimes close to breakeven, with earnings per share swinging around from year to year. This pattern suggests a capital‑intensive model where growth and investment are strong, but true net profitability is still fragile and sensitive to costs, reimbursement rates, and integration of new initiatives like AI and digital health.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been expanding aggressively. Total assets have grown meaningfully, driven by imaging centers, technology, and acquisitions, and shareholders’ equity has improved from a relatively low base, which is a positive sign. Cash on hand has increased notably in the most recent year, improving financial flexibility. At the same time, debt remains significant and has climbed as the company has scaled, which means leverage is an important risk factor to monitor. Overall, RadNet looks stronger than a few years ago, but it still relies heavily on borrowed money to fund its growth and equipment needs.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, showing that the core imaging business generates real cash, not just accounting profits. However, the company also spends heavily on new equipment, centers, and technology, so capital expenditures are substantial most years. As a result, free cash flow has been uneven, sometimes close to zero or modestly negative and sometimes positive, depending on the investment cycle. The jump in cash balances suggests the company has raised funds or managed working capital carefully, but the model clearly depends on ongoing access to capital to support growth and modernization of its network and AI capabilities.

Competitive Edge

Competitive Edge RadNet holds a strong competitive position as one of the largest outpatient imaging providers in the United States, with a broad network in key metropolitan markets. Its scale gives it advantages in purchasing, contracting, and marketing, and its deep integration with local health systems and payors supports a steady flow of referrals. A major differentiator is its focus on artificial intelligence and advanced informatics, which few regional competitors can match at similar scale. The company also benefits from a large, proprietary dataset that can improve its AI tools over time. On the risk side, RadNet still faces intense competition from hospital systems, other imaging chains, and new digital entrants, as well as reimbursement pressure from insurers and government programs.

Innovation and R&D

Innovation and R&D Innovation is a central part of RadNet’s strategy. Through its DeepHealth subsidiary and related acquisitions, the company has built an AI platform aimed at improving cancer detection, streamlining workflow, and addressing staffing shortages through remote scanning technologies. Its AI‑enabled breast cancer screening results and the TechLive remote scanning solution highlight real operational and clinical use cases, not just experimental projects. RadNet is also developing a broader digital health and operations platform that it can sell to other imaging centers and hospitals, which could open new, higher‑margin revenue streams. The main uncertainties are how quickly healthcare providers will adopt and pay for these AI solutions, how reimbursement and regulation will evolve, and whether RadNet can maintain a lead as larger technology and healthcare players push into medical imaging AI.

Summary

Taken together, RadNet looks like a scaled imaging operator that is moving deliberately toward becoming an AI‑enabled healthcare services and technology company. The business has grown its revenue base and asset footprint meaningfully, but net profits remain modest and the capital structure is still fairly leveraged, reflecting the cost of both physical centers and digital innovation. Operational cash generation is solid, offset by heavy and ongoing investment in equipment and software. The company’s biggest strengths lie in its scale, data, and AI capabilities, as well as its deep embedding in local care pathways. The main watch‑points are its ability to convert innovation into durable, higher‑margin earnings, manage its debt load through economic and reimbursement cycles, and stay ahead of competitors in a fast‑evolving radiology and digital health landscape.

NEWS

November 30, 2025 · 8:00 AM UTC

DeepHealth Unveils Next-Generation Imaging Informatics and Clinical AI Solutions at RSNA 2025, Advancing a New Standard of AI-Powered Care

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November 17, 2025 · 4:05 PM UTC

Landmark Nature Health Study Demonstrates the Effectiveness of DeepHealth's Novel AI-Powered Breast Cancer Detection Workflow

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November 12, 2025 · 4:05 PM UTC

GE HealthCare and RadNet's DeepHealth Division Sign Letter of Intent to Advance Innovation and Adoption of AI-Powered Imaging Across Multiple Modalities and Remote Scanning

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November 11, 2025 · 6:00 AM UTC

RadNet Acquires CIMAR UK, Empowering DeepHealth to Accelerate AI-Powered Imaging, Reporting and Image-Based Screening

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November 9, 2025 · 4:10 PM UTC

RadNet Reports Third Quarter Financial Results with Record Quarterly Revenue and Adjusted EBITDA¹ and Revises Upwards 2025 Financial Guidance Ranges

Read more