Présentation de l'entreprise
FONAR Corporation, operating under the ticker symbol FONR, is primarily engaged in the designing, manufacturing, selling, and servicing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases, abnormalities, medical conditions, and injuries within the United States. The company functions within the healthcare sector, specifically the diagnostics and research industry, which positions it as a specialized provider of essential medical imaging technology rather than a broad consumer health product manufacturer. With a market capitalization of 117.32M, an annual revenue of 106.03M, and an employee base of 535, FONAR represents a mid-sized entity in the medical technology landscape. These valuation and revenue figures indicate that the company operates with a relatively modest market presence compared to large-cap healthcare conglomerates, suggesting a niche focus on specific MRI scanner applications while maintaining a distinct operational footprint in the diagnostic equipment market.
Santé financière
The company reported a total revenue of 106.03M and a net income of 7.19M, while generating an EBITDA of 15.05M. The significant gap between the revenue figure and the net income reveals a substantial cost structure, where approximately 88.9% of revenue is consumed by operating expenses, taxes, and interest before reaching the bottom line. Free cash flow stands at 2.44M, which indicates that while the company generates cash from operations, a considerable portion is required to fund capital expenditures or working capital needs, limiting immediate financial flexibility for aggressive expansion. The company maintains a conservative balance sheet with cash reserves of 53.10M against total debt of 39.80M, resulting in a debt-to-equity ratio of 24.44, which suggests a leveraged position relative to equity but is mitigated by the high level of liquid cash available to service obligations. Operating liquidity is robust, evidenced by a current ratio of 10.00, which signifies that the company holds ten times the current assets necessary to cover its short-term liabilities, ensuring strong solvency. Return on Equity is measured at 6.0% and Return on Assets at 3.2%, metrics that reveal management generates modest returns on the capital invested, reflecting the capital-intensive nature of manufacturing MRI equipment where asset turnover and margin expansion are critical for improving these efficiency ratios.
Évaluation de la valorisation
The trailing twelve-month P/E ratio is 16.19, whereas the forward P/E is listed as N/A, implying that the market currently values the company based on historical earnings rather than projected future growth, likely due to the limited analyst coverage or data availability for forward estimates. The price-to-book ratio is 0.69, indicating that the stock is trading below its book value, which suggests the market does not currently apply a significant premium to the company's tangible assets and may view the brand or intellectual property as having limited intangible value. Alternative valuation metrics such as the price-to-sales ratio of 1.11 and the EV/EBITDA of 6.29 provide additional context, showing that the company trades at a reasonable multiple relative to its sales and enterprise value adjusted for earnings. The stock has a 52-week high of 18.86 and a 52-week low of 12.00, and without the current specific price, the position relative to this range cannot be calculated, but the trading band defines the historical volatility envelope for the security. The beta value is 0.99, meaning the stock's price volatility tracks the broader market index with almost identical sensitivity, indicating it does not offer significant defensive characteristics nor excessive aggressive risk compared to the general equity market.
Growth & Income
Revenue growth year-over-year is 2.4%, while earnings growth year-over-year is 1.1%, indicating that earnings are growing slower than revenue, which implies that operating leverage is not currently being realized or that margin compression is offsetting top-line expansion. The company does not pay a dividend, as evidenced by a dividend yield of N/A and a payout ratio of 0.0%, which means the company reinvests all of its net income of 7.19M back into operations, research, or capital expenditures rather than distributing cash to shareholders. This retention strategy is typical for capital-intensive firms in the diagnostics sector that prioritize maintaining their technology lead and upgrading manufacturing capabilities over providing immediate income to investors. The overall growth and income profile is characterized by modest organic expansion in the low single digits for both revenue and earnings, coupled with a zero-dividend policy that channels capital retention toward sustaining the company's position in the magnetic resonance imaging scanner market.