Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.3
Distress distance
Clean
Earnings quality
4
Forensic signals
-285.2
P / E (ttm)
-1.7%
ROE
$5.8B
Market cap
0.00%
Dividend yield
11.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Radnet, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.3, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.7%
FY2025
Return on invested capital.Return on invested capital is 1.7% in the latest fiscal year and slipping across FY2023–FY2025 from 4.0%. After-tax operating profit was $77M in FY2023 and $40M in FY2025, with operating income at 6.1% of revenue in FY2023, 5.7% in FY2024 and 3.0% in FY2025. The capital base behind it grew +26% across FY2023–FY2025, from $1.9B to $2.4B, while the return fell 2.3 points, so the dollars added over that window earned less than the 4.0% the older base was already earning.
+7.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +16% over the last 2 years to FY2025 (+7.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~7.8% 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 FY2023 has been diluted ~14%.
+17.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +17.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +16% against revenue +12%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 21% of net operating assets, against an accruals ratio of 17.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
3% of rev
FY2025
Key fundamentals
Latest Revenue$2.04B
Revenue Growth YoY+11.5%
Revenue CAGR (2yr)+12.3%
Net Margin-0.9%
Free Cash Flow$85.6M
Return on Equity-1.7%
Debt / Equity1.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Radnet, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Stock-based comp load.Stock-based compensation ran 3% of revenue and 64% of free cash flow in FY2025 — about $0.73 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 8.1% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Radnet, Inc. (RDNT) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy