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Side-by-side financial comparison of FONAR CORP (FONR) and TELOS CORP (TLS). Click either name above to swap in a different company.
TELOS CORP is the larger business by last-quarter revenue ($46.8M vs $25.5M, roughly 1.8× FONAR CORP). FONAR CORP runs the higher net margin — 8.0% vs -34.9%, a 42.9% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 2.4%). TELOS CORP produced more free cash flow last quarter ($8.0M vs $-227.0K). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% 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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
FONR vs TLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.5M | $46.8M |
| Net Profit | $2.1M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | 13.5% | -39.6% |
| Net Margin | 8.0% | -34.9% |
| Revenue YoY | 2.4% | 77.4% |
| Net Profit YoY | 4.7% | -74.8% |
| EPS (diluted) | — | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $26.0M | $51.4M | ||
| Q2 25 | $27.3M | $36.0M | ||
| Q1 25 | $27.2M | $30.6M | ||
| Q4 24 | $24.9M | $26.4M | ||
| Q3 24 | $25.0M | $23.8M | ||
| Q2 24 | $25.9M | $28.5M | ||
| Q1 24 | $25.7M | $29.6M |
| Q4 25 | $2.1M | $-16.3M | ||
| Q3 25 | $2.3M | $-2.1M | ||
| Q2 25 | $729.3K | $-9.5M | ||
| Q1 25 | $2.5M | $-8.6M | ||
| Q4 24 | $2.0M | $-9.3M | ||
| Q3 24 | $3.1M | $-28.1M | ||
| Q2 24 | $830.4K | $-7.8M | ||
| Q1 24 | $1.9M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | 13.5% | -39.6% | ||
| Q3 25 | 14.1% | -4.8% | ||
| Q2 25 | 5.3% | -27.5% | ||
| Q1 25 | 15.2% | -29.5% | ||
| Q4 24 | 11.9% | -37.6% | ||
| Q3 24 | 21.0% | -121.4% | ||
| Q2 24 | 7.4% | -30.3% | ||
| Q1 24 | 16.8% | -28.5% |
| Q4 25 | 8.0% | -34.9% | ||
| Q3 25 | 8.7% | -4.1% | ||
| Q2 25 | 2.7% | -26.5% | ||
| Q1 25 | 9.2% | -28.1% | ||
| Q4 24 | 7.9% | -35.4% | ||
| Q3 24 | 12.6% | -118.0% | ||
| Q2 24 | 3.2% | -27.2% | ||
| Q1 24 | 7.3% | -24.9% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | — | $-0.39 | ||
| Q2 24 | — | $-0.11 | ||
| Q1 24 | — | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $176.9M | $96.0M |
| Total Assets | $217.2M | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $121.0K | $53.2M | ||
| Q3 25 | $122.0K | $59.0M | ||
| Q2 25 | $56.5M | $57.0M | ||
| Q1 25 | $123.0K | $57.8M | ||
| Q4 24 | $121.0K | $54.6M | ||
| Q3 24 | $136.0K | $69.8M | ||
| Q2 24 | $56.5M | $80.1M | ||
| Q1 24 | $134.0K | $93.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $66.9K | — | ||
| Q1 24 | — | — |
| Q4 25 | $176.9M | $96.0M | ||
| Q3 25 | $174.9M | $119.7M | ||
| Q2 25 | $172.6M | $118.4M | ||
| Q1 25 | $171.9M | $126.1M | ||
| Q4 24 | $169.8M | $127.1M | ||
| Q3 24 | $168.7M | $129.5M | ||
| Q2 24 | $166.0M | $149.1M | ||
| Q1 24 | $165.8M | $154.4M |
| Q4 25 | $217.2M | $139.9M | ||
| Q3 25 | $218.4M | $164.3M | ||
| Q2 25 | $216.9M | $165.0M | ||
| Q1 25 | $214.9M | $158.1M | ||
| Q4 24 | $208.0M | $158.2M | ||
| Q3 24 | $212.3M | $166.3M | ||
| Q2 24 | $214.2M | $182.4M | ||
| Q1 24 | $209.6M | $195.4M |
| 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 | $171.0K | $8.0M |
| Free Cash FlowOCF − Capex | $-227.0K | $8.0M |
| FCF MarginFCF / Revenue | -0.9% | 17.0% |
| Capex IntensityCapex / Revenue | 1.6% | 0.1% |
| Cash ConversionOCF / Net Profit | 0.08× | — |
| TTM Free Cash FlowTrailing 4 quarters | $5.7M | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $171.0K | $8.0M | ||
| Q3 25 | $1.7M | $9.1M | ||
| Q2 25 | $4.2M | $7.0M | ||
| Q1 25 | $3.1M | $6.1M | ||
| Q4 24 | $2.2M | $-10.5M | ||
| Q3 24 | $1.7M | $-7.1M | ||
| Q2 24 | $4.6M | $-8.0M | ||
| Q1 24 | $2.8M | $-350.0K |
| Q4 25 | $-227.0K | $8.0M | ||
| Q3 25 | $-177.0K | $8.7M | ||
| Q2 25 | $3.6M | $6.8M | ||
| Q1 25 | $2.6M | $6.0M | ||
| Q4 24 | $1.5M | $-12.4M | ||
| Q3 24 | $-148.0K | $-7.1M | ||
| Q2 24 | $4.2M | $-8.2M | ||
| Q1 24 | $2.6M | $-447.0K |
| Q4 25 | -0.9% | 17.0% | ||
| Q3 25 | -0.7% | 16.9% | ||
| Q2 25 | 13.1% | 19.0% | ||
| Q1 25 | 9.4% | 19.5% | ||
| Q4 24 | 6.0% | -47.0% | ||
| Q3 24 | -0.6% | -30.0% | ||
| Q2 24 | 16.1% | -28.9% | ||
| Q1 24 | 10.2% | -1.5% |
| Q4 25 | 1.6% | 0.1% | ||
| Q3 25 | 7.2% | 0.9% | ||
| Q2 25 | 2.4% | 0.4% | ||
| Q1 25 | 2.2% | 0.4% | ||
| Q4 24 | 3.0% | 7.1% | ||
| Q3 24 | 7.2% | 0.2% | ||
| Q2 24 | 1.6% | 0.8% | ||
| Q1 24 | 0.7% | 0.3% |
| Q4 25 | 0.08× | — | ||
| Q3 25 | 0.75× | — | ||
| Q2 25 | 5.79× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 0.53× | — | ||
| Q2 24 | 5.54× | — | ||
| Q1 24 | 1.50× | — |
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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
