Latest Ratios: P/E Ratio 15.5x · EV/EBITDA 6.2x · ROE 5.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $118M | $98M | $104M | $116M | $101M | $119M | $143M | $142M | $170M | $185M | $134M |
| Enterprise Value | $100M | $81M | $89M | $102M | $91M | $109M | $145M | $128M | $151M | $176M | $130M |
| P/E Ratio → | 15.52 | 12.16 | 10.46 | 12.95 | 8.68 | 12.19 | 12.21 | 6.92 | 8.02 | 9.50 | 8.55 |
| P/S Ratio | 1.13 | 0.94 | 1.01 | 1.17 | 1.04 | 1.32 | 1.67 | 1.63 | 2.09 | 2.37 | 1.82 |
| P/B Ratio | 0.78 | 0.61 | 0.66 | 0.77 | 0.69 | 0.88 | 1.13 | 1.20 | 1.67 | 2.23 | 2.20 |
| P/FCF | 15.82 | 13.16 | 7.81 | 11.43 | 9.51 | 8.35 | 11.18 | 8.88 | 10.74 | 13.41 | 8.46 |
| P/OCF | 10.46 | 8.70 | 7.35 | 8.01 | 6.63 | 6.24 | 6.99 | 7.29 | 9.09 | 11.02 | 8.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.77 | 0.86 | 1.03 | 0.93 | 1.22 | 1.69 | 1.47 | 1.85 | 2.25 | 1.77 |
| EV / EBITDA | 6.16 | 4.95 | 4.21 | 4.30 | 3.43 | 5.16 | 8.26 | 4.93 | 6.40 | 7.76 | 7.34 |
| EV / EBIT | 8.66 | 6.95 | 5.38 | 6.42 | 4.13 | 6.40 | 10.63 | 5.67 | 7.67 | 9.19 | 9.02 |
| EV / FCF | — | 10.82 | 6.71 | 10.03 | 8.53 | 7.67 | 11.37 | 8.03 | 9.53 | 12.72 | 8.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.1% | 41.1% | 43.9% | 46.4% | 48.2% | 48.3% | 49.5% | 49.6% | 48.5% | 51.2% | 47.0% |
| Operating Margin | 11.1% | 11.1% | 16.1% | 15.0% | 22.6% | 19.0% | 15.9% | 25.4% | 24.1% | 24.5% | 19.6% |
| Net Profit Margin | 8.0% | 8.0% | 10.3% | 9.5% | 12.7% | 11.4% | 9.6% | 17.6% | 26.0% | 25.1% | 21.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 6.9% | 6.3% | 8.8% | 7.8% | 6.7% | 13.9% | 22.9% | 27.3% | 28.2% |
| ROA | 3.9% | 3.9% | 5.1% | 4.7% | 6.4% | 5.5% | 5.3% | 12.2% | 19.6% | 21.4% | 19.5% |
| ROIC | 6.1% | 6.1% | 8.9% | 8.1% | 12.6% | 10.1% | 8.8% | 17.7% | 18.9% | 22.0% | 20.3% |
| ROCE | 5.9% | 5.9% | 8.7% | 8.0% | 12.5% | 10.3% | 9.7% | 19.8% | 20.9% | 25.7% | 23.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.27 | 0.25 | 0.26 | 0.26 | 0.31 | 0.00 | 0.00 | 0.01 | 0.07 |
| Debt / EBITDA | 2.39 | 2.39 | 1.97 | 1.57 | 1.44 | 1.64 | 2.23 | 0.01 | 0.01 | 0.02 | 0.26 |
| Net Debt / Equity | — | -0.11 | -0.09 | -0.09 | -0.07 | -0.07 | 0.02 | -0.11 | -0.19 | -0.12 | -0.07 |
| Net Debt / EBITDA | -1.07 | -1.07 | -0.69 | -0.60 | -0.40 | -0.46 | 0.14 | -0.52 | -0.82 | -0.43 | -0.23 |
| Debt / FCF | — | -2.34 | -1.11 | -1.41 | -0.98 | -0.68 | 0.19 | -0.85 | -1.22 | -0.70 | -0.25 |
| Interest Coverage | 452.88 | 452.88 | 214.75 | 315.35 | 63.50 | 68.76 | 183.68 | 229.31 | 122.97 | — | 54.75 |
Net cash position: cash ($56M) exceeds total debt ($39M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.45 | 8.45 | 7.86 | 8.04 | 7.09 | 5.42 | 5.14 | 6.04 | 4.60 | 3.75 | 2.21 |
| Quick Ratio | 8.28 | 8.28 | 7.71 | 7.88 | 6.95 | 5.33 | 5.05 | 5.91 | 4.51 | 3.64 | 2.11 |
| Cash Ratio | 3.30 | 3.30 | 3.16 | 3.28 | 2.91 | 2.22 | 1.97 | 2.06 | 1.35 | 0.71 | 0.41 |
| Asset Turnover | — | 0.48 | 0.48 | 0.49 | 0.49 | 0.47 | 0.48 | 0.65 | 0.69 | 0.79 | 0.86 |
| Inventory Turnover | 21.84 | 21.84 | 21.27 | 20.59 | 21.43 | 27.93 | 26.26 | 24.46 | 29.31 | 23.43 | 18.74 |
| Days Sales Outstanding | — | 290.12 | 283.27 | 259.64 | 248.59 | 248.39 | 237.04 | 221.03 | 199.92 | 188.76 | 170.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 8.2% | 9.6% | 7.7% | 11.5% | 8.2% | 8.2% | 14.5% | 12.5% | 10.5% | 11.7% |
| FCF Yield | 6.3% | 7.6% | 12.8% | 8.7% | 10.5% | 12.0% | 8.9% | 11.3% | 9.3% | 7.5% | 11.8% |
| Buyback Yield | 1.5% | 1.8% | 2.4% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.5% | 1.8% | 2.4% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $7M | $6M | $7M | $7M | $7M | $7M | $7M | $6M | $7M | $7M |
Regional regulatory reimbursement dependency
Based on recent financial data, FONR trades at a P/E of 15.52 and an EV/EBITDA of 6.16, suggesting that the market assigns a significant conglomerate discount to the firm's combined manufacturing and service operations compared to broader healthcare service providers.
The current valuation multiples appear to imply a market expectation of low-to-zero long-term growth, which aligns with the company's recent revenue stagnation. Investors should monitor whether the substantial cash position provides a valuation floor or if it merely signals a lack of viable reinvestment opportunities that would otherwise justify a higher multiple.
As reported in quarterly filings, FONR's ROIC has trended between 0.5% and 2.6% over the last ten quarters, indicating that the company is struggling to generate meaningful returns on its invested capital base relative to its cost of capital.
The low ROIC suggests that the company's proprietary upright MRI technology, while niche, is not currently driving the high-margin returns typically associated with specialized medical device manufacturers. This trend warrants further investigation into whether the service-heavy management segment is diluting the overall return profile of the business.
According to historical financial statements, FONR's cash conversion cycle has remained elevated, consistently exceeding 275 days over the last ten quarters, which highlights significant inefficiencies in managing receivables and inventory within its diagnostic imaging service model.
The extended DSO, which has hovered near 300 days, suggests that the company faces persistent challenges in collecting management fees from its related-party physician practices. This inefficiency appears to be a structural drag on liquidity, effectively trapping capital that could otherwise be deployed for growth or shareholder returns.
Based on the most recent quarterly data, FONR maintains a current ratio of 9.18, which, as noted in historical filings, remains exceptionally high compared to industry norms and provides a substantial, albeit underutilized, buffer against regional reimbursement shocks.
While this liquidity position is undeniably robust, it may indicate a defensive posture that prioritizes capital preservation over strategic expansion. Investors should consider whether such high liquidity levels are necessary given the company's low debt profile or if they represent a failure to optimize the balance sheet.
The P/E ratio is frequently misapplied to FONR, as it obscures the company's significant cash-heavy balance sheet and the underlying volatility of its service-based management fees, which are often subject to regional regulatory and insurance reimbursement shifts.
Analysts should instead prioritize an EV/EBITDA or a cash-adjusted valuation metric to better capture the firm's true earning power. Relying solely on P/E ignores the fact that a large portion of the company's market capitalization is effectively backed by non-operating cash, which distorts the perceived operational performance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FONR stock.
FONAR Corporation's current P/E ratio is 15.5x. The historical average is 14.4x. This places it at the 94th percentile of its historical range.
FONAR Corporation's current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.9x.
FONAR Corporation's return on equity (ROE) is 5.3%. The historical average is -1.2%.
Based on historical data, FONAR Corporation is trading at a P/E of 15.5x. This is at the 94th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FONAR Corporation has 41.1% gross margin and 11.1% operating margin. Operating margin between 10-20% is typical for established companies.
FONAR Corporation's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.