FONAR CORP (FONR) intrinsic value & 10-year financials
FONAR CORP (FONR) has a Graham intrinsic value of $61.85 per share. Over the last 10 fiscal years revenue grew 54.0% a year to $104.4M, with an average return on invested capital of 12.5%.
- Graham intrinsic value
- $61.85
- Revenue (FY2025)
- $104.4M
- Revenue growth (10-yr CAGR)
- 54.0%
- ROIC (10-yr avg)
- 12.5%
- Free cash flow (FY2025)
- $7.5M
FONR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $104.4M | $8.3M | — | $7.5M | — | 6.4% |
| FY2024 | $102.9M | $10.6M | — | $13.3M | 4.4% | 2.8% |
| FY2023 | $98.6M | $9.4M | — | $10.2M | 11.3% | 7.6% |
| FY2022 | $97.6M | $12.4M | — | $10.8M | 5.4% | 3.7% |
| FY2021 | $89.9M | $10.2M | — | $15.6M | -7.9% | -5.5% |
| FY2020 | $85.7M | $8.2M | — | $12.9M | — | 8.5% |
| FY2019 | $87.2M | $15.3M | — | $16.1M | — | 16.5% |
| FY2018 | $901.2K | $21.2M | — | $16.0M | — | 27.2% |
| FY2017 | $1.2M | $19.6M | — | $14.0M | — | 30.2% |
| FY2016 | $2.1M | $15.7M | — | $15.9M | — | 27.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FONAR CORP is a consistent compounder, expanding top-line revenue at 54.0% annually over the past decade.
FONAR CORP returns on capital have been average, hovering around 12.5% ROIC over the decade.
FONAR CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FONAR CORP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $61.85 per share.