Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
RadNet, Inc. (RDNT)
A forensic read on RadNet, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.3
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-1.4%
ROE
$4.8B
Market cap
RadNet, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1%Return on invested capital.Return on invested capital is 1% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+10.4%/yrShare-count dilution.Diluted share count changed +31% over the last 3 years to FY2025 (+10.4%/yr). The count is GROWING — existing holders are being diluted. That's ~10.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~31%.
3% of revStock-based comp load.Stock-based compensation ran 3% of revenue and 64% of free cash flow in FY2025 — about $0.73 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
+17.4%Accruals ratio.Net operating assets grew +17.4% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -21% of net operating assets.
Key fundamentals
Net Margin-0.9%
Debt / Equity1.00x
Free Cash Flow$85.6M
Latest Revenue$2.04B
Return on Equity-1.7%
Revenue Growth YoY+11.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on RadNet, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RDNT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown