FONAR CORP

FONR

Country: United StatesPrice: $18.68Market Cap: $124.8M

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Graham and Lynch object

Key risk

15 of 16 flag FONR's profitability — Graham, Buffett, Lynch +12 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	PASS	FAIL	FAIL · Rank #656 (Top 21.2%)	NEUTRAL	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	PASS	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Annual history · FY 2024 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2024 · TTM ended 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2024 · Balance sheet at 2026-03-31 · TTM ended 2026-03-31 vs 2025-03-31 · TTM ended 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-09-22 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-09-22 Score computed: 2026-11-14	Annual history · FY 2024 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-04-10 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-09-22 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-09-22 Score computed: 2026-11-14	Annual history · FY 2024 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-04-10 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-04-10 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-09-22 Score computed: 2026-11-14	TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Price history 2025-01-01–2026-04-10 · Annual history · FY 2024 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2024 · TTM ended 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2024 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	TTM ended 2026-03-31 · Annual history · FY 2024 · Price history 2025-01-01–2026-04-10 Latest source filing: 2026-05-11 Score computed: 2026-11-14

Where It Passes

Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Graham and Lynch object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.00, IC: 903.2x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.03% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities9.18
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=452.9x, D/EBITDA=0.0x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0013; #380/4210 (top 9.0%)
✓AsnessTop 30% of eligible cross-section

Where It Falls Short

Profitability6% pass✓ 11✗ 24▾
15 of 16 flag FONR's profitability — Graham, Buffett, Lynch +12 more
Net income / market capitalization+5.36%; #1572/6340 (top 24.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)0/15 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)15/15 years positive
✓BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)6.6%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)11.1% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$9.2M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE3.7%
✗Lynch> 15%
EBIT / Enterprise Value16.8%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=16.8%, ROC=12.9%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets3.84%
✓PiotroskiROA > 0
ROA Change YoY4.93% -> 3.84% (delta: -1.09%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=5.19%, ROA=3.84%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue10.8%
✓Dreman>= 8%
Net Income / Shareholders' Equity3.7%
✗Dreman> 12%
Margin of Safety
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity5.7% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency15/15 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue11.1%
✗Ackman>= 15%
Net Income / Shareholders Equity3.7%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend11.3% (2022) -> 11.1% (2024)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 11.3% -> 11.1%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+3.75%; #2588/5226 (top 49.5%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0079; #680/5884 (top 11.6%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation8% pass✓ 3✗ 25▾
12 of 13 flag FONR's valuation — Graham, Lynch, Greenblatt +9 more
Net income / market capitalization+5.36%; #1572/6340 (top 24.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value16.8%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=16.8%, ROC=12.9%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)
✗Dreman< 8x
Price / Book Value per Share
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=6.0%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical Average
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+1.4307; #972/6449 (top 15.1%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.8440; #1972/5247 (top 37.6%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+3.67%; #1883/4519 (top 41.7%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date
✗OshaughnessyTop 10% of eligible cross-section
Growth13% pass✓ 2✗ 11▾
7 of 8 flag FONR's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 4.6% vs Rev: 2.3%
✗LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency15/15 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth1.4%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 11.3% -> 11.1%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR4.0%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Verdicts21% pass✓ 3✗ 11▾
Split decision: 10 FAIL · 3 PASS · 3 NEUTRAL
Overall verdict
✗GrahamFAIL (2/9)✓BuffettPASS (4/9)✗LynchFAIL (1/7)✗GreenblattRank #656•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (3/5)✗AckmanFAIL (2/9)✗TempletonFAIL (2/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag FONR's efficiency — Buffett, Greenblatt, Munger +2 more
Current Ratio9.18
✓Graham>= 2.0
ROIC (3-5 yr avg)3.5%
✗Buffett> 10%
ROIC - WACC-6.5%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)12.9%
✗Greenblatt> 25%
Current Ratio Change YoY7.86 -> 8.45
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.48x -> 0.48x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities9.18
✓Dreman> 1.5
Return on Invested Capital5.3%
✗Munger> 15%
ROIC (high and growing)FY2022: ROIC=5.6%; FY2023: ROIC=2.1%; FY2024: ROIC=5.3%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC5.3% (RR=100% x ROIC=5.3%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 5.3%)
✗SleepROIC > 12% in a majority of years
Cash Flow50% pass✓ 6✗ 6▾
5 of 10 pass — Lynch, Dreman, Pabrai +2 more object
Free Cash Flow Proxy$9.2M
✓BuffettPositive and growing
FCF Positive and Growing$4.6M
✗LynchPositive and growing
Operating Cash Flow$11.3M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=5.19%, ROA=3.84%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=6.0%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive15/15 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency15/15 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$4.6M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+3.67%; #1883/4519 (top 41.7%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Medical Equipment

SIC Sector: Measuring & Medical Instruments

Size: Micro Cap($124.8M)

Revenue: $104.4M+1.4% YoY

Net Income: $8.3M-21.1% YoY

Financial Snapshot

Operating Margin11.1%

Return on Equity4.8%

Debt / Equity0.00

Current Ratio8.45

Buybacks (1y)$1.8M

Buybacks (2y)$4.3M

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Shareholder Return

Fiscal 2024

Share retirement not available for this company.

Buybacks: $1.8M
Dividends: —

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-03-31 2025-04-01 – 2026-03-31 Sources · derived quarter values 10-K · 2025-09-22 10-Q · 2025-11-10 10-Q · 2026-02-13 10-Q · 2026-05-11 Derived from cumulative filings: revenue, net income, pre tax income, interest expense, operating cash flow, capex, buybacks.	Q3 FY 2026 2026-01-01 – 2026-03-31 Sources · derived quarter values 10-Q · 2026-05-11 Derived from cumulative filings: operating cash flow, capex.	Q2 FY 2026 2025-10-01 – 2025-12-31 Sources · derived quarter values 10-Q · 2026-02-13 Derived from cumulative filings: operating cash flow, capex.	Q1 · 2025-09-30 2025-07-01 – 2025-09-30 Sources 10-Q · 2025-11-10	FY 2024 Sources 10-K · 2025-09-22	FY 2023 Sources 10-K · 2024-09-27	FY 2022 Sources 10-K · 2023-09-28	FY 2021 Sources 10-K · 2022-09-28	FY 2020 Sources 10-K · 2021-10-13
Market Cap	$124.8Mcurrent	--	--	--	--	--	--	$103.8Mest.	$118.2Mest.
Revenue	$105.3M↑2%	$26.5M↓3%	$25.5M↑2%	$26.0M↑4%	$104.4M↑1%	$102.9M↑4%	$98.6M↑1%	$97.6M↑9%	$89.9M
Operating Income	--	--	--	--	$11.6M↑157%	$4.5M↓59%	$11.1M↑110%	$5.3M↑175%	-$7.1M
Net Income	$6.7M↓21%	$1.6M↓35%	$2.1M↑5%	$2.3M↓28%	$8.3M↓21%	$10.6M↑13%	$9.4M↓25%	$12.4M↑22%	$10.2M
EPS (Diluted)	--	--	--	--	--	--	--	--	--
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	11.1%↑153%	4.4%↓61%	11.3%↑107%	5.4%↑169%	-7.9%
ROE	3.7%↓24%	—	—	—	4.8%↓24%	6.4%↑7%	5.9%↓28%	8.3%↑12%	7.4%
Total Debt	$224.0K↓52%	$224.0K↓52%	$285.0K↑409%	$346.0K↑293%	$386.8K↑239%	$113.9K↓28%	$158.8K↓19%	$195.5K↓79%	$933.5K
Shareholders' Equity	$178.6M↑4%	$178.6M↑4%	$176.9M↑4%	$174.9M↑4%	$172.6M↑4%	$166.0M↑5%	$157.9M↑5%	$150.3M↑9%	$138.4M
Current Ratio	9.18↓9%	9.18↓9%	10.00↓11%	8.62↓11%	8.45↑8%	7.86↓2%	8.04↑13%	7.09↑31%	5.42
Debt / Equity	0.00↓54%	0.00↓54%	0.00↑389%	0.00↑279%	0.00↑226%	0.00↓32%	0.00↓23%	0.00↓81%	0.01
Operating Cash Flow	$7.7M↓34%	$1.6M↓50%	$171.0K↓92%	$1.7M↑2%	$11.3M↓20%	$14.1M↓3%	$14.5M↓5%	$15.3M↓20%	$19.1M
Free Cash Flow	$4.6M↓43%	$1.4M↓45%	-$227.0K↓115%	-$177.0K↓20%	$7.5M↓44%	$13.3M↑30%	$10.2M↓5%	$10.8M↓31%	$15.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Medical Equipment

FONR vs Peers — Financial Grading

Revenue$104.4MBottom 25%

Net Income$8.3MBottom 25%

ROE4.8%Median

D/E0.00Top 25%

Op. Margin11.1%Median

Curr. Ratio8.45Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
ALCON INCALC	$35.6B	$74.12	$10.4B	$980.0M	4.4%	0.21	13.1%	2.12	2/9	1/9	3/7	0/3	F-Score 6	4/11
KONINKLIJKE PHILIPS NVPHG	$29.7B	$30.34	$21.0B	$1.1B	8.2%	0.64	8.0%	1.32	1/9	1/9	1/7	0/3	F-Score 5	3/11
WEST PHARMACEUTICAL SERVICES INCWST	$29.0B	$416.42	$3.1B	$493.7M	15.5%	0.06	19.0%	3.02	4/9	6/9	6/7	1/3	F-Score 7	5/11
SMITH & NEPHEW PLCSNN	$13.1B	$31.28	$6.2B	$625.0M	11.8%	0.59	12.9%	2.57	2/9	0/9	1/7	0/3	F-Score 6	4/11
MSA Safety IncMSA	$6.7B	$174.17	$1.9B	$278.9M	20.4%	0.42	19.8%	3.01	5/9	5/9	4/7	1/3	F-Score 5	7/11
STAAR SURGICAL COSTAA	$1.3B	$26.39	$239.4M	$80.4M	-23.4%	—	-38.3%	4.55	2/9	2/9	2/7	0/3	F-Score 3	3/11
ARTIVION, INC.AORT	$931.9M	$19.10	$441.3M	$9.8M	2.2%	0.48	7.6%	3.53	2/9	0/9	0/7	0/3	F-Score 7	1/11
InMode Ltd.INMD	$763.6M	$13.27	$370.5M	$93.8M	13.7%	—	23.0%	9.88	5/9	3/9	0/7	3/3	F-Score 4	4/11