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Side-by-side financial comparison of Bank First Corp (BFC) and FONAR CORP (FONR). Click either name above to swap in a different company.
Bank First Corp is the larger business by last-quarter revenue ($44.9M vs $25.5M, roughly 1.8× FONAR CORP). Bank First Corp runs the higher net margin — 45.8% vs 8.0%, a 37.7% gap on every dollar of revenue. On growth, Bank First Corp posted the faster year-over-year revenue change (12.1% vs 2.4%). Bank First Corp produced more free cash flow last quarter ($51.0M vs $-227.0K). Over the past eight quarters, Bank First Corp's revenue compounded faster (9.1% CAGR vs -0.3%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
FONAR Corp is a specialized medical technology firm that designs, manufactures, and distributes innovative MRI systems including upright and open models. It primarily serves U.S. hospitals, diagnostic imaging centers, and healthcare providers, delivering high-precision scanning solutions for clinical diagnostic use.
BFC vs FONR — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $25.5M |
| Net Profit | $18.4M | $2.1M |
| Gross Margin | — | — |
| Operating Margin | 51.0% | 13.5% |
| Net Margin | 45.8% | 8.0% |
| Revenue YoY | 12.1% | 2.4% |
| Net Profit YoY | 4.8% | 4.7% |
| EPS (diluted) | $1.87 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $44.9M | $25.5M | ||
| Q3 25 | $44.2M | $26.0M | ||
| Q2 25 | $41.6M | $27.3M | ||
| Q1 25 | $43.1M | $27.2M | ||
| Q4 24 | $40.1M | $24.9M | ||
| Q3 24 | $40.8M | $25.0M | ||
| Q2 24 | $38.9M | $25.9M | ||
| Q1 24 | $37.7M | $25.7M |
| Q4 25 | $18.4M | $2.1M | ||
| Q3 25 | $18.0M | $2.3M | ||
| Q2 25 | $16.9M | $729.3K | ||
| Q1 25 | $18.2M | $2.5M | ||
| Q4 24 | $17.5M | $2.0M | ||
| Q3 24 | $16.6M | $3.1M | ||
| Q2 24 | $16.1M | $830.4K | ||
| Q1 24 | $15.4M | $1.9M |
| Q4 25 | 51.0% | 13.5% | ||
| Q3 25 | 50.8% | 14.1% | ||
| Q2 25 | 49.7% | 5.3% | ||
| Q1 25 | 51.3% | 15.2% | ||
| Q4 24 | 54.4% | 11.9% | ||
| Q3 24 | 50.7% | 21.0% | ||
| Q2 24 | 51.0% | 7.4% | ||
| Q1 24 | 45.6% | 16.8% |
| Q4 25 | 45.8% | 8.0% | ||
| Q3 25 | 40.7% | 8.7% | ||
| Q2 25 | 40.5% | 2.7% | ||
| Q1 25 | 42.3% | 9.2% | ||
| Q4 24 | 49.3% | 7.9% | ||
| Q3 24 | 40.6% | 12.6% | ||
| Q2 24 | 41.3% | 3.2% | ||
| Q1 24 | 40.8% | 7.3% |
| Q4 25 | $1.87 | — | ||
| Q3 25 | $1.83 | — | ||
| Q2 25 | $1.71 | — | ||
| Q1 25 | $1.82 | — | ||
| Q4 24 | $1.75 | — | ||
| Q3 24 | $1.65 | — | ||
| Q2 24 | $1.59 | — | ||
| Q1 24 | $1.51 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $243.2M | $121.0K |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $643.8M | $176.9M |
| Total Assets | $4.5B | $217.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $243.2M | $121.0K | ||
| Q3 25 | $126.2M | $122.0K | ||
| Q2 25 | $120.3M | $56.5M | ||
| Q1 25 | $300.9M | $123.0K | ||
| Q4 24 | $261.3M | $121.0K | ||
| Q3 24 | $204.4M | $136.0K | ||
| Q2 24 | $99.0M | $56.5M | ||
| Q1 24 | $83.4M | $134.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $66.9K | ||
| Q1 24 | — | — |
| Q4 25 | $643.8M | $176.9M | ||
| Q3 25 | $628.1M | $174.9M | ||
| Q2 25 | $612.3M | $172.6M | ||
| Q1 25 | $648.4M | $171.9M | ||
| Q4 24 | $639.7M | $169.8M | ||
| Q3 24 | $628.9M | $168.7M | ||
| Q2 24 | $614.6M | $166.0M | ||
| Q1 24 | $609.3M | $165.8M |
| Q4 25 | $4.5B | $217.2M | ||
| Q3 25 | $4.4B | $218.4M | ||
| Q2 25 | $4.4B | $216.9M | ||
| Q1 25 | $4.5B | $214.9M | ||
| Q4 24 | $4.5B | $208.0M | ||
| Q3 24 | $4.3B | $212.3M | ||
| Q2 24 | $4.1B | $214.2M | ||
| Q1 24 | $4.1B | $209.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $62.5M | $171.0K |
| Free Cash FlowOCF − Capex | $51.0M | $-227.0K |
| FCF MarginFCF / Revenue | 113.6% | -0.9% |
| Capex IntensityCapex / Revenue | 25.5% | 1.6% |
| Cash ConversionOCF / Net Profit | 3.40× | 0.08× |
| TTM Free Cash FlowTrailing 4 quarters | $75.8M | $5.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.5M | $171.0K | ||
| Q3 25 | $15.5M | $1.7M | ||
| Q2 25 | $11.9M | $4.2M | ||
| Q1 25 | $6.2M | $3.1M | ||
| Q4 24 | $65.8M | $2.2M | ||
| Q3 24 | $18.8M | $1.7M | ||
| Q2 24 | $14.9M | $4.6M | ||
| Q1 24 | $1.3M | $2.8M |
| Q4 25 | $51.0M | $-227.0K | ||
| Q3 25 | $12.5M | $-177.0K | ||
| Q2 25 | $8.2M | $3.6M | ||
| Q1 25 | $4.0M | $2.6M | ||
| Q4 24 | $58.6M | $1.5M | ||
| Q3 24 | $16.9M | $-148.0K | ||
| Q2 24 | $13.7M | $4.2M | ||
| Q1 24 | $551.0K | $2.6M |
| Q4 25 | 113.6% | -0.9% | ||
| Q3 25 | 28.2% | -0.7% | ||
| Q2 25 | 19.8% | 13.1% | ||
| Q1 25 | 9.3% | 9.4% | ||
| Q4 24 | 146.3% | 6.0% | ||
| Q3 24 | 41.5% | -0.6% | ||
| Q2 24 | 35.3% | 16.1% | ||
| Q1 24 | 1.5% | 10.2% |
| Q4 25 | 25.5% | 1.6% | ||
| Q3 25 | 6.7% | 7.2% | ||
| Q2 25 | 8.7% | 2.4% | ||
| Q1 25 | 5.0% | 2.2% | ||
| Q4 24 | 18.0% | 3.0% | ||
| Q3 24 | 4.5% | 7.2% | ||
| Q2 24 | 3.1% | 1.6% | ||
| Q1 24 | 2.1% | 0.7% |
| Q4 25 | 3.40× | 0.08× | ||
| Q3 25 | 0.86× | 0.75× | ||
| Q2 25 | 0.70× | 5.79× | ||
| Q1 25 | 0.34× | 1.26× | ||
| Q4 24 | 3.75× | 1.14× | ||
| Q3 24 | 1.13× | 0.53× | ||
| Q2 24 | 0.93× | 5.54× | ||
| Q1 24 | 0.09× | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFC
Segment breakdown not available.
FONR
| Managementof Diagnostic Imaging Centers | $23.2M | 91% |
| Manufacturingand Servicingof Medical Equipment | $2.4M | 9% |
