At a glance
RadNet Inc is worth $5.79B. Revenue grew 11.5% to $2.04B in fiscal 2025, at a loss; over 5 years it has grown 13.7% a year. It pays no dividend. The stock returned −7.0% over the past year with dividends reinvested and +18.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 73.4% in the 2020 crash (S&P 500: 33.7%) and 43.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months after the low.
The business in plain English
RadNet, in business since 1985, runs outpatient medical imaging centers where doctors send patients for scans. As of December 31, 2025, it operated 418 centers in Arizona, California, Delaware, Florida, Maryland, Virginia, New Jersey, Texas and New York. It runs some of them through joint ventures with hospitals and health systems. Most centers offer several kinds of scan in one place, from X-ray, ultrasound and mammography to MRI, CT and PET. The company's annual report calls MRI, CT and PET the industry's fastest-growing and more profitable procedures.
RadNet earns money by billing insurers and government health programs for scans that physicians order. Revenue for fiscal 2025 was about $2.04 billion. Commercial insurance paid 55% of it and Medicare 23%. Another 6% came from capitation deals. Under these, a health plan pays a fixed fee per member rather than per scan, so RadNet bears the cost if members need more scans. Medicaid, workers' compensation and other payers made up most of the rest.
A second segment, Digital Health, sells imaging software. Its products include eRad's systems for storing and viewing scans and a cloud-based system for running a radiology service. It also sells artificial intelligence (AI) tools from DeepHealth and from Dutch acquisitions Aidence and Quantib that help radiologists read breast, lung and prostate images. RadNet also majority-owns HLH Imaging Group, which reads scans remotely for the UK's National Health Service.
Price history
The interactive chart needs JavaScript.
RDNT -7.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Commercial insurance | $1.13B | 55.4% |
| Medicare | $477.0M | 23.4% |
| Revenue under capitation arrangements | $125.5M | 6.2% |
| Other payors | $118.6M | 5.8% |
| Other revenue | $65.0M | 3.2% |
| Medicaid | $51.7M | 2.5% |
| Workers' compensation/personal injury | $44.7M | 2.2% |
| Management fee revenue | $27.5M | 1.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $622.7M, up 25% from a year earlier, and net income was $7.5M (-47.9%).
- For fiscal 2025, revenue was $2.04B (+11.5% year over year; +13.7% a year from FY2020 to FY2025) with a -0.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.7% good |
|---|---|
| Operating margin | 3% weak |
| Free cash flow margin | 4.2% watch |
| Return on equity (FY2025) | -1.7% weak |
| Return on assets (FY2025) | -0.5% weak |
| Net cash (cash minus debt) | $-606.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.07B | $-14.8M | $139.6M |
| FY2021 | $1.32B | $24.7M | $11.6M |
| FY2022 | $1.43B | $10.7M | $27.0M |
| FY2023 | $1.62B | $3.0M | $44.3M |
| FY2024 | $1.83B | $2.8M | $45.0M |
| FY2025 | $2.04B | $-18.7M | $85.6M |
Valuation snapshot
| Market value | $5.79B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
RadNet’s market value went from $299.7M at the end of 2016 to $5.79B on Oct 28, 2026, about 19.3 times as much; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.79B | +5.1% |
| 2025 | $5.50B | +6.5% |
| 2024 | $5.17B | +119.0% |
| 2023 | $2.36B | +118.6% |
| 2022 | $1.08B | -32.9% |
| 2021 | $1.61B | +59.2% |
| 2020 | $1.01B | -1.0% |
| 2019 | $1.02B | +105.3% |
| 2018 | $497.0M | +3.3% |
| 2017 | $481.0M | +60.5% |
| 2016 | $299.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RDNT price data to Oct 28, 2026 | +3.1% | -7.0% | +42.5% | +18.9% | +26.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.1% |
| 2025 | +2.2% |
| 2024 | +100.9% |
| 2023 | +84.7% |
| 2022 | -37.5% |
| 2021 | +53.9% |
| 2020 | -3.6% |
| 2019 | +99.6% |
| 2018 | +0.7% |
| 2017 | +56.6% |
| 2016 | +4.4% |
| 2015 | -27.6% |
| 2014 | +411.4% |
| 2013 | -34.0% |
| 2012 | +18.8% |
| 2011 | -24.5% |
| 2010 | +38.2% |
| 2009 | -39.1% |
| 2008 | -67.0% |
| 2007 | +119.7% |
| 2006 | +755.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 88.1% over that stretch · deepest drop along the way 89.9%, back to its old high 101.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.7% over that stretch · deepest drop along the way 73.4%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.2% over that stretch · deepest drop along the way 43.7%, back to its old high 11.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 12 sales ($8.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 5, 2025 | Stephen M Forthuber Pres & COO-Eastern Operations | sell | $2.5M |
| Jun 15, 2026 | Stephen M Forthuber Pres & CEO-Eastern Operations | sell | $1.4M |
| Jun 15, 2026 | Stephen M Forthuber Pres & CEO-Eastern Operations | sell | $1.2M |
| Dec 5, 2025 | Stephen M Forthuber Pres & COO-Eastern Operations | sell | $917K |
| Mar 18, 2026 | Alma Gregory Sorensen Chief Strategy Officer, Director | sell | $882K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12% | Sep 30, 2025 |
| RTW Investments, LP | 6.2% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 5.4% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.09% | Mar 31, 2026 |
ETFs with the most weight in RDNT
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 3.85% |
| PSCH Invesco S&P SmallCap Health Care ETF | 2.46% |
| XHS SPDR S&P Health Care Services ETF | 2.14% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.48% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.53% |
| IHF iShares U.S. Healthcare Providers ETF | 0.49% |
| OASC OneAscent Small Cap Core ETF | 0.48% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.32% |
What could go wrong
- Relies on outside radiology groups. RadNet relies on contracted radiology practices to supply the doctors who read its scans. If those contracts end, or the practices cannot hire and keep enough radiologists, the business could shrink substantially.
- Insurers and Medicare control most revenue. Commercial insurers paid 55% of fiscal 2025 revenue and Medicare 23%. Lower payment rates, changes in how payers reimburse scans, or trouble managing a complex, lengthy billing process could cut revenue.
- AI spending may not pay off. RadNet acquired Dutch artificial intelligence (AI) firms Aidence and Quantib and runs DeepHealth, which sells imaging software. These bets may not deliver the expected benefits, and regulators could treat the software as a medical device.
- High fixed costs and thin margins. Scanners, leases and staff cost much the same whether a center is busy or quiet, and staffing shortages have raised labor costs. Fewer scans hurt quickly: operating profit was 3% of fiscal 2025 revenue.
- Large debt, mostly at variable rates. Total debt was about $1.33 billion as of June 30, 2026, against $726 million of cash and investments. Most of it carries variable rates, so higher interest rates raise costs. Hedges may only partly help.
- Needs doctor referrals, faces hospital rivals. Revenue depends largely on doctors referring patients. RadNet competes for those patients with other imaging companies and with hospitals that run their own scanners. Losing referral relationships could cut scan volumes and revenue.
Recent events
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
For income and retirement investors
RadNet pays no dividend, and its annual report for fiscal 2025 says it does not intend to pay one. Any return comes only from the share price, so an investor needing income would have to cash out part of the holding. The company also made no share buybacks (repurchases that reduce the share count) in fiscal 2021 through 2025. Instead, shares outstanding rose about 47%, from 53.4 million in November 2021 to 78.7 million in August 2026. That shrinks each holder's slice of the business.
The stock has fallen hard in past downturns. It dropped about 90% from its December 2007 peak to its March 2009 low. It did not regain that peak until August 2017, about 102 months later. It fell 73% in the 2020 COVID crash and 44% in the 2022 bear market, recovering within about 12 months each time. As a single stock, RadNet carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does RadNet make money?
Mostly by doing medical scans. As of December 31, 2025, RadNet ran 418 imaging centers in Arizona, California, Delaware, Florida, Maryland, Virginia, New Jersey, Texas and New York. It owns some of them outright and runs others in partnerships (joint ventures) with hospitals. They offer MRI, CT, PET, mammography, ultrasound and X-ray. In fiscal 2025, commercial insurance paid for 55.4% of its $2.04 billion revenue and Medicare for 23.4%. A second segment, Digital Health, sells imaging software and artificial intelligence (AI) tools that help radiologists read breast, lung and prostate scans.
Is RadNet profitable?
No, not in fiscal 2025. In the year ended December 31, 2025, RadNet had a net loss of $18.7 million, or $0.25 per diluted share, even though revenue grew 11.5% to $2.04 billion. Operating income, the profit from running the business before interest and taxes, was $62.0 million, or 3% of revenue. Free cash flow, the cash left after spending on equipment, was $85.6 million. Profits were thin before that as well: net income fell from $24.7 million in fiscal 2021 to $2.8 million in fiscal 2024.
Does RadNet pay a dividend?
No. RadNet's annual report for fiscal 2025 says the company does not plan to pay dividends, so any return comes only from changes in the share price. It also did not repurchase any of its own shares from fiscal 2021 through fiscal 2025. Meanwhile, the number of shares outstanding has grown about 47% since November 4, 2021. That shrinks each existing holder's share of the company. The stock may suit investors who do not need income from this holding.
What are the biggest risks of owning RadNet stock?
Cuts to what it gets paid, staff shortages, high fixed costs and debt top the list. In its annual report for fiscal 2025, RadNet warns that changes in what insurers and Medicare pay for scans could hurt results. Medicare alone supplied 23.4% of revenue that year. RadNet also depends on hiring enough radiologists and on referrals from doctors. Because its centers have high fixed costs, fewer scans can cut profits quickly. Most of its debt has variable interest rates, and its spending on AI may not pay off as expected.
How did RadNet stock hold up in past market crashes?
Poorly. It fell steeply in past crashes and took months or years to recover. In the 2020 COVID crash, RadNet stock fell 73.4% from peak to low and got back to its old high 11.7 months after the low. In the 2022 bear market, a long market decline, it fell 43.7% and recovered within 11.5 months. In the global financial crisis it lost 89.9% and needed about 102 months to get back to its peak. That matters for anyone who may need this money during a downturn.