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what it is
Fonar sells MRI machines and runs imaging-center operations that produced $104 million in annual revenue.
how it gets paid
Last year Fonar made $104M in revenue. diagnostic imaging management was the main engine at $78M, or 75% of sales.
why it's growing
Revenue grew 1.4% last year. That revenue jump is huge against the annual base of $104 million.
what just happened
Latest quarterly revenue hit $52M, up 102% vs. prior year, while trailing EPS sits at $1.09.
At a glance
B balance sheet — gets the job done, barely
60/100 earnings predictability — reasonably predictable
16.8x trailing p/e — the market's not buying it — or you found a deal
4.8% return on capital — nothing to write home about
$1.23 fy2025 eps est
xvary composite: 52/100 — below average
What they do
Fonar sells MRI machines and runs imaging-center operations that produced $104 million in annual revenue.
Fonar owns a niche you can picture. Its UPRIGHT MRI is described by the company as the only whole-body MRI that scans patients in weight-bearing positions, and that matters when standard scans miss what hurts when you stand. The stickier business is management services: with 535 employees and $104 million of annual revenue, you are paying for an operating system around imaging centers, not just a machine sale.
How they make money
$104M
annual revenue · their business grew +1.4% last year
diagnostic imaging management
$78M
+4.0%
mri scanner sales
$10M
12.0%
scanner service and maintenance
$9M
+2.0%
other imaging and ancillary
$7M
+1.0%
The products that matter
manufactures and services MRI equipment
Equipment & Service
$80.5M · 77% of revenue
This is the bigger business at $80.5M, but it was roughly flat. In human-speak: the core operation is still paying the bills, not creating momentum.
majority of revenue
operates diagnostic imaging centers
Health Management Company of America (HMCA)
$23.5M · 23% of revenue
HMCA grew 3.1% to $23.5M. It's the steadier segment, but it's still too small to fully offset weakness in the equipment side.
steadier segment
Key numbers
$19
deal price
The merger offer is the whole setup. At $18.63 today, your upside to cash-out is about 2.0%.
16.8x
trailing p/e
Trailing P/E → price divided by past earnings → so what: the stock is not expensive for a profitable niche company, but the merger caps the near-term debate.
4.3%
operating margin
Operating margin → profit after core costs → so what: on every $100 of sales, only $4.30 remains before interest and taxes.
$36M
long debt
Long-term debt → borrowing that stays on the books → so what: it equals 21% of capital, which is fine until a small company hits a bad stretch.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $36M (21% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FONR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarterly revenue hit $52M, up 102% vs. prior year, while trailing EPS sits at $1.09.
That revenue jump is huge against the annual base of $104 million. Deadpan fact bomb: one quarter produced half of the last twelve months' revenue.
$26M
revenue
$0.34
eps
102%
revenue growth
the number that mattered
The number that mattered was $52 million of quarterly revenue, because that is 50% of trailing annual revenue and tells you this business can swing hard quarter to quarter.
source: company earnings report, 2026
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What could go wrong
the top risk here is the $19 per share take-private merger failing to close.
med
Merger break risk
At $18.63, the stock is priced for a deal closing at $19. If that deal breaks, you stop owning a spread and go back to owning the standalone company.
The maximum visible upside to closing is about $0.37 a share. The downside is whatever market value investors assign to a shrinking business once the floor disappears.
med
Core profit erosion
Operating income fell 30%, and six-month diluted EPS fell 11% to $0.66. If the business keeps slipping, buyer confidence and shareholder patience both get tested.
This matters even with a signed deal. Weaker operating results can still complicate approvals, sentiment, and standalone valuation.
med
Segment mix problem
HMCA grew 3.1% to $23.5M, but the larger Equipment & Service segment at $80.5M was roughly flat. The steadier business is only 23% of revenue.
If equipment demand weakens, HMCA is not large enough to carry the whole company. That's the structural risk beneath the merger story.
From $18.63, deal-close upside is about $0.37 a share. That's the easy part. The hard part is what a weakening roughly $104M business is worth if the $19 exit disappears.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
shareholder approvals and merger timeline
Every date matters more than usual here because the stock is trading to a $19 cash outcome, not a distant operating turnaround.
metric
the spread to $19
At $18.63, the spread is about $0.37 a share. If that gap widens, the market is telling you confidence in closing is slipping.
trend
HMCA versus equipment
HMCA grew 3.1% while Equipment & Service was roughly flat. You want the steadier segment improving fast enough to matter, not just existing.
risk
next profit print
Operating income is already down 30%. Another weak report would remind the market why the stock is being valued as a deal first and a business second.
Analyst rankings
earnings predictability
60 / 100
In human-speak, the numbers are stable enough to model, but not stable enough to trust blindly when a merger is the main event.
risk rank
3
Middle of the pack on safety. You're not buying a fortress. You're buying a situation.
price stability
55 / 100
This is only modestly stable, which is normal for a small-cap stock being pulled around by deal odds.
source: institutional data
Institutional activity
institutional ownership data for FONR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$19
current price
n/a
target midpoint · n/a from current
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