RadNet Inc. (RDNT) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, RadNet Inc. scores 57 out of 100, grade D+, labeled "Roarable Sell — Weak Fundamentals / Trim." The five pillars are:

• Fundamental Cash Engine: 12 / 20. Per the Roarable RQD rating, this pillar reflects ROIC of 3.5% and an FCF yield of 5.16%. For an investor, the return on invested capital is modest, while free cash flow generation provides some support relative to the share price.
• Whale 13F Flow: 11 / 20. Per the Roarable RQD rating, this pillar measures institutional accumulation and options positioning. The score is below midpoint, indicating limited evidence of strong institutional conviction in the source data.
• Insider Conviction: 10 / 20. Per the Roarable RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow. The score is weak, suggesting insider and congressional activity does not provide a strong confirming signal.
• Macro Regime Fit: 14 / 20. Per the Roarable RQD rating, beta is 1.0 with sector sensitivity considered. This is the strongest pillar, meaning the stock's market sensitivity is roughly in line with the broad market rather than amplifying it.
• Forensic Balance Sheet: 10 / 20. Per the Roarable RQD rating, this pillar reflects Altman Z of 2.15, Piotroski F of 6/9, and Debt/Equity of 0.98. The Piotroski reading is a relative positive, while the leverage ratio and Z-score weigh on the score.

Taken together, the rating points to a stock whose upside depends on improving operating returns and cash conversion, with limited near-term confirmation from institutional or insider behavior. Per the market data, the stock trades at an EV/EBITDA of 98.3, a valuation level that leaves limited room for error if earnings growth does not follow. Supporting facts are a 5.16% FCF yield and a balance sheet that is not in distress by the Altman measure, while the key drags are thin ROIC, a negative net margin, and elevated leverage.

RadNet Inc. is a NASDAQ-listed issuer classified in the Health Care sector and the Medical Specialities industry, per the profile. Per the profile, the company has a market capitalization of $5.8B. The source data does not describe its products, customer base, or revenue model beyond the sector and industry classification.

Per the SEC financials, revenue rose from $1616.6M in FY 2023 to $2040.2M in FY 2025, while operating income declined from $104.6M in FY 2024 to $62.0M in FY 2025 and net income swung to $-18.6M in FY 2025. Per the market data, operating margin is 3%, net margin is -0.9%, and gross margin is 0%, with ROIC at 3.5%. Per the Roarable RQD rating, the Altman Z-Score is 2.15 and the Piotroski F-Score is 6/9. Debt exceeded cash in FY 2025 ($1064.5M versus $767.2M), consistent with the Debt/Equity of 0.98 cited in the rating.

Per the recent news and catalysts section, six items are listed, all tagged to RDNT:

• A Yahoo Finance item headlined around Q2 testing and diagnostics earnings, flagged YELLOW, describing the company as earning top marks.
• A TradingView estimates item, flagged YELLOW.
• A Seeking Alpha item referencing an M&A call slideshow dated 2026-10-27, flagged YELLOW.
• A Benzinga long-horizon return item, flagged YELLOW.
• A Yahoo Finance item titled "3 Reasons to avoid RDNT and 1 stock to buy instead," flagged YELLOW, which is a bearish framing.
• A GuruFocus item reporting a 4.0% share surge and a GF Score of 81, flagged GREEN and categorized as a catalyst.

Per the news section, the summaries are generic and do not contain substantive detail beyond headlines. The mix of one GREEN catalyst and five YELLOW market-wire items reflects mixed signaling. The Butterfly supply-chain graph reports no links and no proprietary signals, so there are no supply-chain-derived risk items to add.

Per the Butterfly Supply-Chain Graph, the supply chain is listed as NONE, with no butterfly links and no proprietary signals. The source data therefore does not establish upstream suppliers, downstream customers, or sector correlations beyond the Health Care / Medical Specialities classification. An investor should note that second-order ripple effects cannot be mapped from the provided sources. The one cross-check the data permits is the M&A reference in the Seeking Alpha headline, which points to a possible corporate-action catalyst, but the source does not detail its counterparty or implications.

• What are the trailing and forward EPS figures, given that P/E and EPS are absent from the source data while FY EPS entries are listed as N/A?
• What drove the swing from positive net income in FY 2023 and FY 2024 to a net loss of $-18.6M in FY 2025, and how much of the operating income decline is attributable to specific segments?
• What is the composition of the $1064.5M debt, including maturity profile and interest burden, and how does it relate to the Debt/Equity of 0.98?
• What is the substance of the M&A call referenced in the Seeking Alpha item, and what is the expected impact on the balance sheet and revenue base?
• Why does the 98.3 EV/EBITDA multiple coexist with a 5.16% FCF yield, and what earnings trajectory would justify the current valuation?