RDNTRadNet, Inc.

Services-Medical Laboratories

Revenue: $2.0B; 12% YoY
Operating margin: 3.0%; 47% YoY
EBITDA: $214M; 12% YoY
Market cap: $5.8B
Employees: —
Net debt / EBITDA: 2.9×; $612M net debt
AI in 10-K: 12.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
12.8 per 10K words · 95th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.4B	$1.6B	$1.8B	$2.0B	12%
Operating income	$83M	$46M	$99M	$105M	$62M	41%
Net income	$25M	$11M	$3M	$3M	−$19M	768%
Operating cash flow	$149M	$146M	$221M	$233M	$299M	28%
Stock-based comp	$25M	$24M	$27M	$30M	$55M	83%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 3, 2021	JB CAPITAL PARTNERS LP	SC 13D/A	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $12M · 15
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$12M	$9M	365	112
FY2024	$9M	$16M	357	94
FY2023	$7M	$10M	178	92
FY2022	$6M	$6M	96	88
FY2021	$5M	$5M	154	110