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Fonar

FONR
52
Medical - Equipment & Services · Healthcare
Price
$19.09
+0.00 (+0.00%)
Market Cap
$117.8M
Exchange
NASDAQ
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−2.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 6.7M (2021) → 6.6M (2025)

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 company operates through two segments, Medical Equipment segment, and Physician Management and Diagnostic services segment. It provides Upright MRI scanner that allows patients to be scanned in weight-bearing conditions, such as standing, sitting, bending, or lyin

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-34.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$2M/ year

↓ Declining (-9% vs prior year)

1.5% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

11.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$54M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Fonar's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
42.5%
Healthy — 42.5% gross margin
Operating Margin
9.2%
Modest — 9.2% operating margin
ROCE
1.3%
Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+3.7%
Slow sales growth (3.7% YoY)
EPS YoY
+1.0%
Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
131%
Turns 131% of profit into real cash
FCF Margin
6.8%
Modest free cash flow (6.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.02
Conservative — low debt load (0.02)
Interest Cover
537.36x
Comfortably covers interest (537.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
18.2x
Fair value — P/E 18.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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