Latest Ratios: P/E Ratio -271.3x · EV/EBITDA 26.4x · ROE -1.5%. (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 | $5.3B | $5.4B | $5.2B | $2.2B | $1.1B | $1.6B | $996M | $1.0B | $495M | $479M | $301M |
| Enterprise Value | $6.4B | $6.5B | $6.2B | $3.4B | $2.5B | $2.9B | $2.1B | $2.2B | $1.2B | $1.0B | $919M |
| P/E Ratio → | -271.32 | — | 1867.38 | 738.22 | 110.76 | 65.46 | — | 43.19 | 15.41 | 9181.82 | 43.00 |
| P/S Ratio | 2.61 | 2.63 | 2.85 | 1.39 | 0.75 | 1.22 | 0.93 | 0.88 | 0.51 | 0.52 | 0.34 |
| P/B Ratio | 3.76 | 3.96 | 4.61 | 2.76 | 2.20 | 4.65 | 3.86 | 4.37 | 2.47 | 6.85 | 5.78 |
| P/FCF | 62.33 | 62.70 | 116.15 | 50.79 | — | — | 9.19 | 337.84 | — | 9.16 | 11.71 |
| P/OCF | 17.85 | 17.95 | 22.41 | 10.18 | 7.37 | 10.76 | 4.26 | 9.78 | 4.24 | 3.39 | 3.29 |
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 | — | 3.16 | 3.39 | 2.10 | 1.72 | 2.18 | 1.94 | 1.93 | 1.19 | 1.13 | 1.04 |
| EV / EBITDA | 26.45 | 26.58 | 25.61 | 11.79 | 10.67 | 11.34 | 10.92 | 10.24 | 11.15 | 8.90 | 8.75 |
| EV / EBIT | 70.76 | 71.10 | 49.80 | 32.88 | 26.28 | 26.66 | 46.17 | 28.64 | 33.34 | 19.63 | 21.82 |
| EV / FCF | — | 75.45 | 138.15 | 76.74 | — | — | 19.19 | 737.11 | — | 19.92 | 35.75 |
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 | 4.5% | 4.5% | 13.6% | 13.7% | 11.6% | 14.6% | 9.9% | 13.4% | 11.0% | 13.0% | 12.3% |
| Operating Margin | 4.5% | 4.5% | 5.7% | 6.1% | 3.2% | 6.3% | 3.3% | 6.1% | 3.2% | 5.4% | 4.4% |
| Net Profit Margin | -0.9% | -0.9% | 0.2% | 0.2% | 0.7% | 1.9% | -1.4% | 1.3% | 3.3% | 0.0% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.5% | -1.5% | 0.3% | 0.5% | 2.5% | 8.2% | -6.0% | 6.8% | 23.9% | 0.1% | 16.3% |
| ROA | -0.5% | -0.5% | 0.1% | 0.1% | 0.5% | 1.3% | -0.9% | 1.1% | 3.3% | 0.0% | 0.9% |
| ROIC | 3.0% | 3.0% | 3.8% | 3.9% | 2.0% | 4.2% | 1.9% | 4.6% | 3.1% | 5.8% | 4.3% |
| ROCE | 3.0% | 3.0% | 4.1% | 4.7% | 2.5% | 5.4% | 2.6% | 6.4% | 4.0% | 7.3% | 5.6% |
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 | 1.37 | 1.37 | 1.53 | 1.83 | 3.08 | 4.04 | 4.59 | 5.34 | 3.36 | 8.77 | 12.27 |
| Debt / EBITDA | 7.65 | 7.65 | 7.13 | 5.17 | 6.55 | 5.52 | 6.22 | 5.73 | 6.48 | 5.25 | 6.08 |
| Net Debt / Equity | — | 0.81 | 0.87 | 1.41 | 2.82 | 3.65 | 4.19 | 5.17 | 3.31 | 8.03 | 11.87 |
| Net Debt / EBITDA | 4.49 | 4.49 | 4.08 | 3.99 | 6.00 | 4.99 | 5.69 | 5.55 | 6.38 | 4.81 | 5.88 |
| Debt / FCF | — | 12.76 | 22.00 | 25.95 | — | — | 10.00 | 399.27 | — | 10.75 | 24.04 |
| Interest Coverage | 1.30 | 1.30 | 1.56 | 1.60 | 1.85 | 2.21 | 0.98 | 1.62 | 0.80 | 1.30 | 0.97 |
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 | 1.76 | 1.76 | 2.12 | 1.32 | 0.79 | 0.87 | 0.68 | 0.74 | 0.87 | 1.23 | 1.40 |
| Quick Ratio | 1.76 | 1.76 | 2.12 | 1.32 | 0.79 | 0.87 | 0.68 | 0.74 | 0.86 | 1.23 | 1.39 |
| Cash Ratio | 1.31 | 1.31 | 1.54 | 0.78 | 0.27 | 0.36 | 0.26 | 0.12 | 0.04 | 0.27 | 0.13 |
| Asset Turnover | — | 0.54 | 0.56 | 0.60 | 0.59 | 0.64 | 0.60 | 0.70 | 0.88 | 1.06 | 1.04 |
| Inventory Turnover | — | — | — | — | — | — | — | 489.80 | 347.16 | — | 352.16 |
| Days Sales Outstanding | — | 35.84 | 45.42 | 42.68 | 47.30 | 38.98 | 46.12 | 49.34 | 55.96 | 62.48 | 68.76 |
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 | — | — | — | — | — | — | — | — | — | — | 0.2% |
| 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 | — | — | 0.1% | 0.1% | 0.9% | 1.5% | — | 2.3% | 6.5% | 0.0% | 2.3% |
| FCF Yield | 1.6% | 1.6% | 0.9% | 2.0% | — | — | 10.9% | 0.3% | — | 10.9% | 8.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% |
| Shares Outstanding | — | $75M | $75M | $65M | $57M | $53M | $51M | $50M | $49M | $47M | $47M |
Margin volatility and scale
Based on current market data, RadNet trades at a forward EV/EBITDA of 13.76, a multiple that appears to bake in significant future margin expansion that is not currently supported by the company's negative net income and recent -242.96 TTM P/E ratio reported in financial filings.
The valuation reflects a clear 'tech-enablement' premium, as investors appear to be pricing the company as a software-driven diagnostic platform rather than a traditional service-heavy imaging provider. This multiple warrants caution, as it implies a high degree of confidence in the company's ability to pivot toward higher-margin AI-driven revenue streams while simultaneously scaling its capital-intensive physical footprint.
According to recent quarterly reports, RadNet's ROIC has struggled to maintain positive territory, dipping to -0.5% in 2026Q1, which suggests that the company's aggressive deployment of capital into new imaging centers and AI development is currently failing to generate returns above the cost of capital.
The persistent decay in return on invested capital highlights the difficulty of integrating a rapidly expanding portfolio of diagnostic centers. Investors should monitor whether this trend is a temporary byproduct of heavy upfront investment in AI infrastructure or a structural issue related to the diminishing returns of the company's regional roll-up strategy.
As indicated by the latest financial statements, RadNet's asset turnover remains consistently low at 0.15, underscoring the heavy reliance on fixed assets and the inherent difficulty in driving incremental revenue growth from a massive, capital-intensive base of diagnostic imaging hardware and facility leases.
The company's DSO has fluctuated between 32 and 45 days over the last ten quarters, suggesting that billing cycle efficiency is sensitive to payer mix shifts and administrative complexities. The lack of clear improvement in asset turnover implies that the company's growth is primarily driven by adding new capacity rather than optimizing the throughput of existing diagnostic assets.
Based on reported figures, RadNet has successfully maintained a low debt-to-equity ratio of 1.37 as of 2026Q1, providing a strategic buffer that contrasts sharply with the high-leverage profiles typically seen in the diagnostic services industry during periods of rapid inorganic growth.
While the current debt-to-equity position appears healthy, the interest coverage ratio has turned negative at -0.93, indicating that the company's ability to service its debt obligations is currently compromised by operating losses. This suggests that while the balance sheet is not immediately vulnerable, the company's reliance on external financing to fund its ongoing expansion warrants close scrutiny.
As noted in industry research, the EV/EBITDA ratio is frequently misapplied to RadNet because it obscures the massive depreciation and lease obligations inherent in the imaging business, which are essentially recurring cash costs rather than non-cash accounting artifacts for this specific business model.
Investors should prioritize FCF-based metrics or adjusted EBITDA that explicitly accounts for the cash impact of equipment leases and maintenance CapEx. Relying on standard EBITDA multiples risks overstating the company's true cash-generating capacity and underestimating the ongoing capital intensity required to maintain a competitive diagnostic fleet.
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Quick answers to the most common questions about buying RDNT stock.
RadNet, Inc.'s current P/E ratio is -271.3x. The historical average is 33.6x.
RadNet, Inc.'s current EV/EBITDA is 26.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
RadNet, Inc.'s return on equity (ROE) is -1.5%. The historical average is 9.5%.
Based on historical data, RadNet, Inc. is trading at a P/E of -271.3x. Compare with industry peers and growth rates for a complete picture.
RadNet, Inc. has 4.5% gross margin and 4.5% operating margin.
RadNet, Inc.'s Debt/EBITDA ratio is 7.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.