FONR
FONAR CorporationHealthcare·Medical - Devices
$19.10
$118M market cap
Revenue
$105.3M
Free Cash Flow
$4.5M
Rev Growth
+0.0%
FCF Margin
4.3%
P/FCF
26.2x
EV/FCF
22.9x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
FONAR Corporation, together with its subsidiaries, engages in the research, development, production, and marketing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases in the United States. The company operates through two segments, Medical Equipment segment, and Physician Management and Diagnostic services segment. It provides Upright MRI scanner that allows patients to be scanned in weight-bearing conditions, such as standing, sitting, bending, or lyin
2-Year Price History
$18.90+20.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 26.5 | 3.6 | 2.4 | 1.6 | 1.6 | 1.4 | -0.2 | 53.8 | 38.8 | 6.3 | 8.0% | 1183.3x | 7.2x |
| Act | 2026-Q2 | 25.6 | 4.2 | 3.0 | 2.1 | 0.1 | -0.3 | -0.4 | 53.1 | 39.8 | 6.4 | 8.5% | 1037.8x | -- |
| Act | 2026-Q1 | 26.0 | 4.4 | 3.2 | 2.3 | 1.7 | -0.1 | -1.9 | 54.4 | 39.9 | 6.3 | 9.0% | 4384.0x | -- |
| Act | 2025-Q4 | 27.3 | 2.0 | 0.9 | 0.7 | 4.2 | 3.5 | -0.7 | 56.5 | 38.9 | 6.6 | 3.4% | 425.7x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| TTM | 19.10 | 0.0% | 13.3% | 14 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$19.10
Market Cap$118M
Enterprise Value$103M
P/S Ratio1.1x
P/FCF26.2x
EV/FCF22.9x
FCF Margin (TTM)4.3%
FCF Yield3.8%
Dividend Yield (TTM)0.1%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$105.3M
Net Income$6.7M
Free Cash Flow$4.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin13.3%
Net Margin6.4%
FCF Margin4.3%
CapEx % of Revenue2.9%
SBC % of Revenue0.0%
ROIC7.2%
WC Change % Rev-4.8%
Interest Coverage1114.0x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover1.4
Change (vs Prior)+90.7%
Need at least 2 settlement dates for chart
Employees
Headcount520
Revenue / Employee$202,574
Gross Profit / Employee$81,554
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
24.5%(+0.2% YoY)
30 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
14.6%(+2.8% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
0.8%(+0.4% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| MONEY CONCEPTS CAPITAL CORP | $9.2M | $16.21 | −$245K | +$1.7M | -0.1% | $1.80B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $6.2M | $18.56 | +$6.2M | +$6.2M | — | $4.04T |
| DIMENSIONAL FUND ADVISORS LPPassive | $5.9M | $15.91 | −$1.1M | −$1.0M | -0.4% | $480.92B |
| FNY Investment Advisers, LLC | $4.7M | $18.56 | +$4.6M | +$4.7M | — | $225M |
| Groupe la Francaise | $2.2M | $18.56 | +$2.2M | +$2.2M | +0.1% | $7.14B |
| Peapod Lane Capital LLC | $2.1M | $15.33 | +$163K | −$546K | -0.9% | $122M |
| BlackRock, Inc.Passive | $1.7M | $16.18 | −$3K | −$3K | -0.2% | $5.69T |
| GABELLI FUNDS LLC | $1.7M | $18.56 | +$1.7M | +$1.7M | -0.2% | $14.68B |
| RBF Capital, LLC | $1.7M | $18.56 | +$261K | +$306K | +0.1% | $2.03B |
| TWO SIGMA INVESTMENTS, LP | $1.5M | $18.56 | +$1.1M | +$1.5M | -0.9% | $117.03B |
| CREDIT INDUSTRIEL ET COMMERCIAL | $1.5M | $18.56 | +$1.5M | +$1.5M | +0.8% | $568M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $1.3M | $18.37 | +$27K | +$65K | +2.3% | $1.61T |
| AMERICAN CENTURY COMPANIES INC | $1.3M | $18.09 | +$705K | +$705K | +0.7% | $193.48B |
| GABELLI SECURITIES, INC. | $1.0M | $18.56 | +$1.0M | +$1.0M | -1.1% | $674M |
| Virtu Financial LLCMM | $917K | $18.56 | +$137K | +$917K | -2.0% | $2.41B |
| VANGUARD FIDUCIARY TRUST COPassive | $703K | $18.56 | +$703K | +$703K | — | $395.83B |
| NORTHERN TRUST CORPPassive | $615K | $16.24 | +$19K | −$50K | -0.2% | $755.34B |
| STATE STREET CORPPassive | $600K | $18.08 | +$183K | +$164K | -0.2% | $2.89T |
| Lakewood Asset Management LLC | $354K | $16.55 | +$0 | +$148K | -1.5% | $156M |
| Bank of New York Mellon Corp | $338K | $14.15 | −$80K | −$80K | -0.2% | $543.21B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.29%
avg per quarter
Holders (ex-self)
-0.20%
excl. this stock
Buyers (this Q)
-0.35%
20 buyers · $0.02B in
Sellers (this Q)
-0.14%
8 sellers · $0.00B out
alpha coverage: 85% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-23.7%
how holders react when this stock falls
On quiet Qs
+2.3%
−10% to +10% baseline
On rallies (+10%+)
+14.5%
how they react when this stock rises
Holders' portfolio flow this Q
-0.9%
outflows — trims may be forced
Sellers' portfolio flow this Q
+0.6%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-6.8%
Holder mid (any stock)
-5.0%
Holder rally (any stock)
-10.6%
Biggest decreases this quarter
RENAISSANCE TECHNOLOGIES LLCexited−$5.9MKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLCexited−$4.7MTruffle Hound Capital, LLCexited−$1.7MDIMENSIONAL FUND ADVISORS LP−$1.1Mα-0.4BRIDGEWAY CAPITAL MANAGEMENT, LLCexited−$894KMARSHALL WACE, LLPexited−$523KEmpowered Funds, LLCexited−$515KRangeley Capital, LLCexited−$466KCITADEL ADVISORS LLCexited−$383KHikari Tsushin, Inc.exited−$263K
New buyers this quarter
Top-5 holders · 60.6%
MONEY CONCEPTS CAPITAL CORP--
VANGUARD CAPITAL MANAGEMENT LLC--
DIMENSIONAL FUND ADVISORS LP--
FNY Investment Advisers, LLC--
Groupe la Francaise--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC—MONEY CONCEPTS CAPITAL CORP497KRENAISSANCE TECHNOLOGIES LLC—FNY Investment Advisers, LLC253KLSV ASSET MANAGEMENT—Acuitas Investments, LLC—Groupe la Francaise119KPeapod Lane Capital LLC114KInvenomic Capital Management LP—MILLENNIUM MANAGEMENT LLC—
Corporate
Order Flow (FINRA, ~3w lag)
25.5%retail+4.4pp
25.5%dark+2.9pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
FONAR CORPORATION: CEO-Led Buyout and Related-Party Receivable Rot
Overall Risk
8/10
Fraud
6/10
Dilution
2/10
Insolvency
2/10
Earnings Overstated
8/10
Hidden Liabilities
4/10
Legal
9/10
Audit Warnings
5/10
Hidden Upside
3/10
Contextually Acceptable
3/10