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Side-by-side financial comparison of FONAR CORP (FONR) and EVERSPIN TECHNOLOGIES INC. (MRAM). Click either name above to swap in a different company.
FONAR CORP is the larger business by last-quarter revenue ($25.5M vs $14.9M, roughly 1.7× EVERSPIN TECHNOLOGIES INC.). FONAR CORP runs the higher net margin — 8.0% vs -2.0%, a 10.0% gap on every dollar of revenue. On growth, EVERSPIN TECHNOLOGIES INC. posted the faster year-over-year revenue change (13.2% vs 2.4%). Over the past eight quarters, EVERSPIN TECHNOLOGIES INC.'s revenue compounded faster (18.2% CAGR vs -0.3%).
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.
Everspin Technologies, Inc. is a publicly traded semiconductor company headquartered in Chandler, Arizona, United States. It develops and manufactures discrete magnetoresistive RAM or magnetoresistive random-access memory (MRAM) products, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) product families. It also licenses its technology for use in embedded MRAM (eMRAM) applications, magnetic sensor applications as well as performs backend foundry services for eMRAM.
FONR vs MRAM — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $25.5M | $14.9M |
| Net Profit | $2.1M | $-296.0K |
| Gross Margin | — | 52.7% |
| Operating Margin | 13.5% | 29.0% |
| Net Margin | 8.0% | -2.0% |
| Revenue YoY | 2.4% | 13.2% |
| Net Profit YoY | 4.7% | — |
| EPS (diluted) | — | $-0.01 |
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.
| Q1 26 | — | $14.9M | ||
| Q4 25 | $25.5M | $14.8M | ||
| Q3 25 | $26.0M | $14.1M | ||
| Q2 25 | $27.3M | $13.2M | ||
| Q1 25 | $27.2M | $13.1M | ||
| Q4 24 | $24.9M | $13.2M | ||
| Q3 24 | $25.0M | $12.1M | ||
| Q2 24 | $25.9M | $10.6M |
| Q1 26 | — | $-296.0K | ||
| Q4 25 | $2.1M | $1.2M | ||
| Q3 25 | $2.3M | $54.0K | ||
| Q2 25 | $729.3K | $-670.0K | ||
| Q1 25 | $2.5M | $-1.2M | ||
| Q4 24 | $2.0M | $1.2M | ||
| Q3 24 | $3.1M | $2.3M | ||
| Q2 24 | $830.4K | $-2.5M |
| Q1 26 | — | 52.7% | ||
| Q4 25 | — | 50.8% | ||
| Q3 25 | — | 51.3% | ||
| Q2 25 | — | 51.3% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.2% | ||
| Q2 24 | — | 49.0% |
| Q1 26 | — | 29.0% | ||
| Q4 25 | 13.5% | -7.2% | ||
| Q3 25 | 14.1% | -11.0% | ||
| Q2 25 | 5.3% | -14.9% | ||
| Q1 25 | 15.2% | -14.7% | ||
| Q4 24 | 11.9% | -11.8% | ||
| Q3 24 | 21.0% | -17.5% | ||
| Q2 24 | 7.4% | -26.5% |
| Q1 26 | — | -2.0% | ||
| Q4 25 | 8.0% | 8.1% | ||
| Q3 25 | 8.7% | 0.4% | ||
| Q2 25 | 2.7% | -5.1% | ||
| Q1 25 | 9.2% | -8.9% | ||
| Q4 24 | 7.9% | 9.2% | ||
| Q3 24 | 12.6% | 18.8% | ||
| Q2 24 | 3.2% | -23.5% |
| Q1 26 | — | $-0.01 | ||
| Q4 25 | — | $0.05 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.03 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | — | $0.07 | ||
| Q3 24 | — | $0.10 | ||
| Q2 24 | — | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $121.0K | $40.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $176.9M | $70.2M |
| Total Assets | $217.2M | $83.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.5M | ||
| Q4 25 | $121.0K | $44.5M | ||
| Q3 25 | $122.0K | $45.3M | ||
| Q2 25 | $56.5M | $45.0M | ||
| Q1 25 | $123.0K | $42.2M | ||
| Q4 24 | $121.0K | $42.1M | ||
| Q3 24 | $136.0K | $39.6M | ||
| Q2 24 | $56.5M | $36.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $66.9K | — |
| Q1 26 | — | $70.2M | ||
| Q4 25 | $176.9M | $68.9M | ||
| Q3 25 | $174.9M | $65.8M | ||
| Q2 25 | $172.6M | $64.1M | ||
| Q1 25 | $171.9M | $63.0M | ||
| Q4 24 | $169.8M | $62.6M | ||
| Q3 24 | $168.7M | $59.3M | ||
| Q2 24 | $166.0M | $55.4M |
| Q1 26 | — | $83.2M | ||
| Q4 25 | $217.2M | $84.6M | ||
| Q3 25 | $218.4M | $80.3M | ||
| Q2 25 | $216.9M | $78.9M | ||
| Q1 25 | $214.9M | $80.2M | ||
| Q4 24 | $208.0M | $77.8M | ||
| Q3 24 | $212.3M | $72.6M | ||
| Q2 24 | $214.2M | $64.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | — |
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 | $171.0K | $570.0K |
| Free Cash FlowOCF − Capex | $-227.0K | — |
| FCF MarginFCF / Revenue | -0.9% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 0.08× | — |
| TTM Free Cash FlowTrailing 4 quarters | $5.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $570.0K | ||
| Q4 25 | $171.0K | $2.6M | ||
| Q3 25 | $1.7M | $881.0K | ||
| Q2 25 | $4.2M | $5.0M | ||
| Q1 25 | $3.1M | $1.4M | ||
| Q4 24 | $2.2M | $3.8M | ||
| Q3 24 | $1.7M | $2.8M | ||
| Q2 24 | $4.6M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-227.0K | $-975.0K | ||
| Q3 25 | $-177.0K | $543.0K | ||
| Q2 25 | $3.6M | $3.0M | ||
| Q1 25 | $2.6M | $527.0K | ||
| Q4 24 | $1.5M | $2.1M | ||
| Q3 24 | $-148.0K | $2.8M | ||
| Q2 24 | $4.2M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | -0.9% | -6.6% | ||
| Q3 25 | -0.7% | 3.9% | ||
| Q2 25 | 13.1% | 22.9% | ||
| Q1 25 | 9.4% | 4.0% | ||
| Q4 24 | 6.0% | 15.8% | ||
| Q3 24 | -0.6% | 22.9% | ||
| Q2 24 | 16.1% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 24.3% | ||
| Q3 25 | 7.2% | 2.4% | ||
| Q2 25 | 2.4% | 15.1% | ||
| Q1 25 | 2.2% | 6.9% | ||
| Q4 24 | 3.0% | 13.2% | ||
| Q3 24 | 7.2% | 0.5% | ||
| Q2 24 | 1.6% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.08× | 2.19× | ||
| Q3 25 | 0.75× | 16.31× | ||
| Q2 25 | 5.79× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.14× | 3.16× | ||
| Q3 24 | 0.53× | 1.25× | ||
| Q2 24 | 5.54× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FONR
| Managementof Diagnostic Imaging Centers | $23.2M | 91% |
| Manufacturingand Servicingof Medical Equipment | $2.4M | 9% |
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
