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Largest US operator of outpatient diagnostic imaging centers (MRI, CT, X-ray, mammography), also building AI-enabled imaging software.
Largest US operator of outpatient diagnostic imaging centers (MRI, CT, X-ray, mammography), also building AI-enabled imaging software.
Bills insurers and Medicare for each scan, under contracts negotiated with health plans, so volumes and reimbursement rates set income. Many centres are run as joint ventures with hospital systems, which feeds referrals. A digital health unit, built through acquisitions of AI software firms, sells software for reading images and detecting disease.
Moat: narrow (scale, installed base, distribution). Largest outpatient imaging network in its markets gives negotiating scale and referral-pattern lock-in.
Headquarters: Los Angeles, California, USA · Founded: 1981 · Employees: 8,844
Size RadNet (RDNT) is a United States Health Care company (Medical/Nursing Services) with a market value of $5.98B, the 1067th largest of 3,117 United States companies the cockpit tracks. Shares closed at $76.00 on 6 Nov 2026.
Performance Over six months the shares gained 30.6%, against +25.8% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 18.9% over the last twelve months (peer median +11.7%); the operating margin is 4.6% (peer median 10.5%).
Valuation It trades at 129.7× forward earnings against a peer median of 21.1× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +28 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.6 points below its cost of capital (10.2% WACC).
Short interest Short interest is 11.5% of the free float (15 Oct 2026).
Next results Next results expected around 8 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.27B | $2.04B | $1.83B | $1.62B | $1.43B |
| Revenue growth | — | +12% | +13% | +13% | — |
| Gross profit | $105M | $90.8M | $111M | $93.0M | $49.8M |
| EBITDA | $276M | $243M | $249M | $282M | $235M |
| Net income | -$21.1M | -$18.7M | $2.79M | $3.04M | $10.7M |
| Free cash flow | $72.4M | $85.6M | $45.0M | $44.3M | $27.0M |
| Capital expenditure | $238M | $213M | $188M | $177M | $119M |
| Total debt | $2.18B | $1.86B | $1.73B | $1.49B | $1.51B |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RDNT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | +9.0% | 9th highest of 21 |
| 6-month return | +30.6% | +25.8% | 9th highest of 20 |
| Distance from 52-week high | -11.5% | -11.0% | 11th highest of 21 |
| Revenue growth (TTM) | +18.9% | +11.7% | 7th highest of 21 |
| Operating margin | 4.6% | 10.5% | 3rd lowest of 21 |
| Forward P/E | 129.7× | 21.1× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 41.8% | 11.8% | 3rd most demanding of 19 |
| Growth delivered (Del g) | +13.7% | +12.5% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | +28.1 pp | -0.8 pp | most demanding of 19 |
| ROIC minus cost of capital | -7.6 pp | +1.7 pp | 2nd lowest of 21 |
| EV / EBITDA | 28.0× | 13.2× | 4th most expensive of 16 |
| Net debt / EBITDA | 5.3× | 2.8× | 2nd most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| Meinian Onehealth Healthcare 002044.SZ | China | $2.89B | -9% | -4% | 9% | 55.1× | 5.8% | +5.7% |
| Aveanna Healthcare AVAH | United States | $2.89B | +97% | +20% | 11% | 15.4× | 13.4% | +10.2% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| BrightSpring Health Services BTSG | United States | $13.4B | +22% | +23% | 4% | 28.3× | 24.2% | +18.3% |
| Encompass Health EHC | United States | $13.5B | +30% | +9% | 18% | 20.5× | 5.6% | +5.0% |
| Pediatrix Medical MD | United States | $2.44B | +33% | +2% | 12% | 12.9× | -4.5% | +2.0% |
| Solventum SOLV | United States | $15.4B | +23% | -1% | 8% | 12.2× | n/a | n/a |