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Side-by-side financial comparison of FONAR CORP (FONR) and NATIONAL RESEARCH CORP (NRC). Click either name above to swap in a different company.
NATIONAL RESEARCH CORP is the larger business by last-quarter revenue ($35.2M vs $25.5M, roughly 1.4× FONAR CORP). FONAR CORP runs the higher net margin — 8.0% vs 5.1%, a 2.9% gap on every dollar of revenue. On growth, FONAR CORP posted the faster year-over-year revenue change (2.4% vs -4.6%). NATIONAL RESEARCH CORP produced more free cash flow last quarter ($6.1M vs $-227.0K). Over the past eight quarters, NATIONAL RESEARCH CORP's revenue compounded faster (-0.2% 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.
National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska.
FONR vs NRC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.5M | $35.2M |
| Net Profit | $2.1M | $1.8M |
| Gross Margin | — | — |
| Operating Margin | 13.5% | 13.3% |
| Net Margin | 8.0% | 5.1% |
| Revenue YoY | 2.4% | -4.6% |
| Net Profit YoY | 4.7% | -72.6% |
| EPS (diluted) | — | $49.58 |
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 | $25.5M | $35.2M | ||
| Q3 25 | $26.0M | $34.6M | ||
| Q2 25 | $27.3M | $34.0M | ||
| Q1 25 | $27.2M | $33.6M | ||
| Q4 24 | $24.9M | $36.9M | ||
| Q3 24 | $25.0M | $35.8M | ||
| Q2 24 | $25.9M | $35.0M | ||
| Q1 24 | $25.7M | $35.3M |
| Q4 25 | $2.1M | $1.8M | ||
| Q3 25 | $2.3M | $4.1M | ||
| Q2 25 | $729.3K | $-106.0K | ||
| Q1 25 | $2.5M | $5.8M | ||
| Q4 24 | $2.0M | $6.6M | ||
| Q3 24 | $3.1M | $5.7M | ||
| Q2 24 | $830.4K | $6.2M | ||
| Q1 24 | $1.9M | $6.4M |
| Q4 25 | 13.5% | 13.3% | ||
| Q3 25 | 14.1% | 22.4% | ||
| Q2 25 | 5.3% | 4.7% | ||
| Q1 25 | 15.2% | 25.6% | ||
| Q4 24 | 11.9% | 26.0% | ||
| Q3 24 | 21.0% | 22.3% | ||
| Q2 24 | 7.4% | 25.3% | ||
| Q1 24 | 16.8% | 24.8% |
| Q4 25 | 8.0% | 5.1% | ||
| Q3 25 | 8.7% | 11.9% | ||
| Q2 25 | 2.7% | -0.3% | ||
| Q1 25 | 9.2% | 17.2% | ||
| Q4 24 | 7.9% | 17.8% | ||
| Q3 24 | 12.6% | 15.9% | ||
| Q2 24 | 3.2% | 17.6% | ||
| Q1 24 | 7.3% | 18.0% |
| Q4 25 | — | $49.58 | ||
| Q3 25 | — | $0.18 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $0.25 | ||
| Q4 24 | — | $0.27 | ||
| Q3 24 | — | $0.24 | ||
| Q2 24 | — | $0.26 | ||
| Q1 24 | — | $0.27 |
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 | $4.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $176.9M | $14.0M |
| Total Assets | $217.2M | $134.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $121.0K | $4.1M | ||
| Q3 25 | $122.0K | $2.2M | ||
| Q2 25 | $56.5M | $5.3M | ||
| Q1 25 | $123.0K | $2.5M | ||
| Q4 24 | $121.0K | $4.2M | ||
| Q3 24 | $136.0K | $3.5M | ||
| Q2 24 | $56.5M | $485.0K | ||
| Q1 24 | $134.0K | $1.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $48.7M | ||
| Q2 24 | $66.9K | $33.3M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | $176.9M | $14.0M | ||
| Q3 25 | $174.9M | $14.3M | ||
| Q2 25 | $172.6M | $21.3M | ||
| Q1 25 | $171.9M | $29.7M | ||
| Q4 24 | $169.8M | $31.3M | ||
| Q3 24 | $168.7M | $34.6M | ||
| Q2 24 | $166.0M | $40.2M | ||
| Q1 24 | $165.8M | $36.9M |
| Q4 25 | $217.2M | $134.9M | ||
| Q3 25 | $218.4M | $135.7M | ||
| Q2 25 | $216.9M | $141.4M | ||
| Q1 25 | $214.9M | $135.2M | ||
| Q4 24 | $208.0M | $132.5M | ||
| Q3 24 | $212.3M | $131.8M | ||
| Q2 24 | $214.2M | $119.1M | ||
| Q1 24 | $209.6M | $120.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | 0.00× | 0.83× | ||
| Q1 24 | — | 0.95× |
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 | $7.2M |
| Free Cash FlowOCF − Capex | $-227.0K | $6.1M |
| FCF MarginFCF / Revenue | -0.9% | 17.2% |
| Capex IntensityCapex / Revenue | 1.6% | 3.2% |
| Cash ConversionOCF / Net Profit | 0.08× | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | $5.7M | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $171.0K | $7.2M | ||
| Q3 25 | $1.7M | $13.8M | ||
| Q2 25 | $4.2M | $-1.1M | ||
| Q1 25 | $3.1M | $6.6M | ||
| Q4 24 | $2.2M | $6.4M | ||
| Q3 24 | $1.7M | $9.4M | ||
| Q2 24 | $4.6M | $6.8M | ||
| Q1 24 | $2.8M | $12.0M |
| Q4 25 | $-227.0K | $6.1M | ||
| Q3 25 | $-177.0K | $10.2M | ||
| Q2 25 | $3.6M | $-4.1M | ||
| Q1 25 | $2.6M | $3.7M | ||
| Q4 24 | $1.5M | $1.9M | ||
| Q3 24 | $-148.0K | $7.8M | ||
| Q2 24 | $4.2M | $1.5M | ||
| Q1 24 | $2.6M | $7.9M |
| Q4 25 | -0.9% | 17.2% | ||
| Q3 25 | -0.7% | 29.4% | ||
| Q2 25 | 13.1% | -12.2% | ||
| Q1 25 | 9.4% | 10.9% | ||
| Q4 24 | 6.0% | 5.2% | ||
| Q3 24 | -0.6% | 21.8% | ||
| Q2 24 | 16.1% | 4.3% | ||
| Q1 24 | 10.2% | 22.4% |
| Q4 25 | 1.6% | 3.2% | ||
| Q3 25 | 7.2% | 10.4% | ||
| Q2 25 | 2.4% | 8.8% | ||
| Q1 25 | 2.2% | 8.9% | ||
| Q4 24 | 3.0% | 12.0% | ||
| Q3 24 | 7.2% | 4.5% | ||
| Q2 24 | 1.6% | 15.0% | ||
| Q1 24 | 0.7% | 11.7% |
| Q4 25 | 0.08× | 3.99× | ||
| Q3 25 | 0.75× | 3.34× | ||
| Q2 25 | 5.79× | — | ||
| Q1 25 | 1.26× | 1.15× | ||
| Q4 24 | 1.14× | 0.97× | ||
| Q3 24 | 0.53× | 1.66× | ||
| Q2 24 | 5.54× | 1.10× | ||
| Q1 24 | 1.50× | 1.89× |
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% |
NRC
Segment breakdown not available.
