FONR

MKT CAP:$116M

FONAR Corporation

Market Cap

$116M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$18.80+$0.28 (+1.51%)

Apr 21, 2026

Company Details

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 comp...

CEO

Timothy R. Damadian

IPO Date

Oct 29, 1981

Website

www.fonar.com

Key Metrics TTM

Revenue

$105M

+4.8% YoY

Net Income

$7M

EPS (Diluted)

$1.12

Free Cash Flow

$8M

Revenue / Share

$16.75

Gross Margin

41.1%

Operating Margin

9.7%

Net Margin

7.1%

FCF Margin

7.1%

P/S

1.1x

P/E

15.6x

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Nov 10, 2025

$26MEPS $0.34

Q4 2025

Sep 22, 2025

$27M+5.1%EPS $0.11

Q3 2025

May 15, 2025

$27M+5.6%EPS $0.38

Q2 2025

Feb 19, 2025

$25MEPS $0.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$21M	$10M	$5M
Q1 20	$22M	$10M	$5M
Q3 20	$22M	$10M	$3M
Q4 20	$21M	$12M	$528.9K
Q4 21	$25M	$12M	$4M
Q1 22	$24M	$11M	$6M
Q4 22	$25M	$12M	$4M
Q1 23	$23M	$11M	$4M
Q4 23	$26M	$12M	$2M
Q3 24	$26M	$12M	$4M
Q4 24	$26M	$11M	$1M
Q2 25	$25M	$10M	$2M
Q3 25	$27M	$12M	$4M
Q4 25	$27M	$11M	$894.8K
Q1 26	$26M	$10M	$3M

Valuation

Quarter	P/S	P/E
Q4 18	—	—
Q1 20	—	—
Q3 20	—	—
Q4 20	1.4x	7.0x
Q4 21	1.3x	19.8x
Q1 22	1.3x	18.0x
Q4 22	1.2x	15.6x
Q1 23	1.2x	13.1x
Q4 23	1.2x	12.3x
Q3 24	1.2x	15.7x
Q4 24	1.2x	19.4x
Q2 25	1.1x	19.7x
Q3 25	1.1x	16.2x
Q4 25	1.1x	19.3x
Q1 26	1.1x	15.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$6M	$6M
Q1 20	$4M	$2M
Q3 20	$4M	$2M
Q4 20	$6M	$6M
Q4 21	$6M	$5M
Q1 22	$1M	$111.0K
Q4 22	$5M	$4M
Q1 23	$3M	$2M
Q4 23	$4M	$4M
Q3 24	$3M	$3M
Q4 24	$5M	$4M
Q2 25	$2M	$2M
Q3 25	$3M	$3M
Q4 25	$4M	$4M
Q1 26	$2M	-$136.0K

Capital Expenditures

Quarter	CapEx
Q4 18	$217.8K
Q1 20	$2M
Q3 20	$2M
Q4 20	$922.0K
Q4 21	$590.6K
Q1 22	$1M
Q4 22	$738.3K
Q1 23	$939.0K
Q4 23	$665.1K
Q3 24	$183.0K
Q4 24	$415.0K
Q2 25	$747.0K
Q3 25	$593.0K
Q4 25	$646.6K
Q1 26	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+17.4%	+27.5%
Q1 22	+9.1%	+10.6%
Q4 22	+14.4%	+8.4%
Q1 23	+11.5%	-4.9%
Q4 23	+4.4%	+11.7%
Q3 24	+8.4%	+22.1%
Q4 24	+4.6%	+19.1%
Q2 25	+7.6%	+16.8%
Q3 25	+5.4%	+0.9%
Q4 25	+6.1%	+20.1%
Q1 26	+0.4%	-7.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$2M	9.3%
Q1 20	$2M	9.2%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q4 23	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 18	$497.7K	$5M
Q1 20	$472.0K	$4M
Q3 20	$535.0K	—
Q4 20	$435.4K	$11M
Q4 21	$393.0K	—
Q1 22	$386.0K	—
Q4 22	$385.2K	—
Q1 23	$349.0K	—
Q4 23	$441.7K	—
Q3 24	$414.0K	—
Q4 24	$438.9K	—
Q2 25	$376.0K	—
Q3 25	$441.0K	$8M
Q4 25	$452.1K	—
Q1 26	$440.0K	$7M

Revenue Segments

Quarter	Total
Q1 26	$26M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$46M	$32.0K	$46M
Q4 22	$49M	$32.3K	$49M
Q1 23	$49M	$32.0K	$49M
Q2 23	$50M	$32.0K	$50M
Q3 23	$50M	$32.0K	$50M
Q4 23	$51M	$32.8K	$51M
Q1 24	$52M	$33.0K	$52M
Q2 24	$53M	$33.0K	$53M
Q3 24	$54M	$134.0K	$54M
Q4 24	$56M	$136.1K	$56M
Q1 25	$54M	$136.0K	$54M
Q2 25	$54M	$121.0K	$54M
Q3 25	$54M	$123.0K	$54M
Q4 25	$56M	$120.5K	$56M
Q1 26	$54M	$122.0K	$54M
Q2 26	$53M	$121.0K	$53M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	6M	—	—
Q1 20	7M	+1.4%	—
Q3 20	7M	+0.2%	—
Q4 20	6M	-1.9%	—
Q4 21	7M	+1.7%	+1.3%
Q1 22	7M	+2.0%	+1.9%
Q4 22	7M	-0.7%	+0.9%
Q1 23	7M	+0.6%	+3.5%
Q4 23	7M	+6.9%	+8.9%
Q3 24	6M	-11.2%	-5.2%
Q4 24	8M	+18.5%	+13.2%
Q2 25	6M	-14.3%	-3.6%
Q3 25	6M	-2.1%	-11.8%
Q4 25	7M	+4.1%	+3.4%
Q1 26	6M	-3.9%	-16.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$40.1K	525
Q1 20	$43.5K	500
Q3 20	$43.4K	500
Q4 20	$49.1K	424
Q4 21	$49.9K	495
Q1 22	$47.9K	495
Q4 22	$51.3K	484
Q1 23	$47.9K	484
Q4 23	$45.9K	561
Q3 24	$45.8K	561
Q4 24	$49.9K	520
Q2 25	$48.0K	520
Q3 25	$52.2K	520
Q4 25	$51.0K	535
Q1 26	$48.7K	535

Revenue / Employee