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Side-by-side financial comparison of FONAR CORP (FONR) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
FONAR CORP is the larger business by last-quarter revenue ($25.5M vs $18.6M, roughly 1.4× Zeo Energy Corp.). FONAR CORP runs the higher net margin — 8.0% vs -10.8%, a 18.9% gap on every dollar of revenue. On growth, FONAR CORP posted the faster year-over-year revenue change (2.4% vs -0.4%). Zeo Energy Corp. produced more free cash flow last quarter ($2.3M vs $-227.0K). Over the past eight quarters, FONAR CORP's revenue compounded faster (-0.3% CAGR vs -4.0%).
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.
FONR vs ZEO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.5M | $18.6M |
| Net Profit | $2.1M | $-2.0M |
| Gross Margin | — | — |
| Operating Margin | 13.5% | -11.8% |
| Net Margin | 8.0% | -10.8% |
| Revenue YoY | 2.4% | -0.4% |
| Net Profit YoY | 4.7% | -360.9% |
| EPS (diluted) | — | — |
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 | $18.6M | ||
| Q3 25 | $26.0M | $23.9M | ||
| Q2 25 | $27.3M | $18.1M | ||
| Q1 25 | $27.2M | $8.8M | ||
| Q4 24 | $24.9M | $18.6M | ||
| Q3 24 | $25.0M | $19.7M | ||
| Q2 24 | $25.9M | $14.8M | ||
| Q1 24 | $25.7M | $20.1M |
| Q4 25 | $2.1M | $-2.0M | ||
| Q3 25 | $2.3M | $-3.2M | ||
| Q2 25 | $729.3K | $-2.4M | ||
| Q1 25 | $2.5M | $-6.4M | ||
| Q4 24 | $2.0M | $-435.3K | ||
| Q3 24 | $3.1M | $-424.3K | ||
| Q2 24 | $830.4K | $-277.8K | ||
| Q1 24 | $1.9M | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | — |
| Q4 25 | 13.5% | -11.8% | ||
| Q3 25 | 14.1% | -8.3% | ||
| Q2 25 | 5.3% | -15.8% | ||
| Q1 25 | 15.2% | -153.8% | ||
| Q4 24 | 11.9% | -6.0% | ||
| Q3 24 | 21.0% | -15.2% | ||
| Q2 24 | 7.4% | -18.0% | ||
| Q1 24 | 16.8% | -20.1% |
| Q4 25 | 8.0% | -10.8% | ||
| Q3 25 | 8.7% | -13.5% | ||
| Q2 25 | 2.7% | -13.3% | ||
| Q1 25 | 9.2% | -72.4% | ||
| Q4 24 | 7.9% | -2.3% | ||
| Q3 24 | 12.6% | -2.2% | ||
| Q2 24 | 3.2% | -1.9% | ||
| Q1 24 | 7.3% | -7.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-0.48 | ||
| Q4 24 | — | $1.11 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $0.03 | ||
| Q1 24 | — | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $176.9M | $5.3M |
| Total Assets | $217.2M | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $121.0K | $6.1M | ||
| Q3 25 | $122.0K | $3.9M | ||
| Q2 25 | $56.5M | $68.7K | ||
| Q1 25 | $123.0K | $2.9M | ||
| Q4 24 | $121.0K | $5.6M | ||
| Q3 24 | $136.0K | $4.3M | ||
| Q2 24 | $56.5M | $5.3M | ||
| Q1 24 | $134.0K | — |
| Q4 25 | — | $79.1K | ||
| Q3 25 | — | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | $66.9K | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | $176.9M | $5.3M | ||
| Q3 25 | $174.9M | $-1.7M | ||
| Q2 25 | $172.6M | $-59.4M | ||
| Q1 25 | $171.9M | $-23.1M | ||
| Q4 24 | $169.8M | $-88.9M | ||
| Q3 24 | $168.7M | $-39.3M | ||
| Q2 24 | $166.0M | $-53.0M | ||
| Q1 24 | $165.8M | $-173.0M |
| Q4 25 | $217.2M | $56.9M | ||
| Q3 25 | $218.4M | $58.5M | ||
| Q2 25 | $216.9M | $46.2M | ||
| Q1 25 | $214.9M | $47.4M | ||
| Q4 24 | $208.0M | $61.0M | ||
| Q3 24 | $212.3M | $47.1M | ||
| Q2 24 | $214.2M | $49.1M | ||
| Q1 24 | $209.6M | $50.1M |
| Q4 25 | — | 0.01× | ||
| 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 | $2.4M |
| Free Cash FlowOCF − Capex | $-227.0K | $2.3M |
| FCF MarginFCF / Revenue | -0.9% | 12.2% |
| Capex IntensityCapex / Revenue | 1.6% | 0.9% |
| Cash ConversionOCF / Net Profit | 0.08× | — |
| TTM Free Cash FlowTrailing 4 quarters | $5.7M | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $171.0K | $2.4M | ||
| Q3 25 | $1.7M | $-6.6M | ||
| Q2 25 | $4.2M | $-2.3M | ||
| Q1 25 | $3.1M | $-2.3M | ||
| Q4 24 | $2.2M | $3.5M | ||
| Q3 24 | $1.7M | $162.2K | ||
| Q2 24 | $4.6M | $-2.2M | ||
| Q1 24 | $2.8M | $-10.2M |
| Q4 25 | $-227.0K | $2.3M | ||
| Q3 25 | $-177.0K | $-6.8M | ||
| Q2 25 | $3.6M | $-2.7M | ||
| Q1 25 | $2.6M | $-2.6M | ||
| Q4 24 | $1.5M | $3.4M | ||
| Q3 24 | $-148.0K | $116.5K | ||
| Q2 24 | $4.2M | $-2.3M | ||
| Q1 24 | $2.6M | $-10.4M |
| Q4 25 | -0.9% | 12.2% | ||
| Q3 25 | -0.7% | -28.6% | ||
| Q2 25 | 13.1% | -15.0% | ||
| Q1 25 | 9.4% | -30.0% | ||
| Q4 24 | 6.0% | 18.2% | ||
| Q3 24 | -0.6% | 0.6% | ||
| Q2 24 | 16.1% | -15.6% | ||
| Q1 24 | 10.2% | -51.5% |
| Q4 25 | 1.6% | 0.9% | ||
| Q3 25 | 7.2% | 1.0% | ||
| Q2 25 | 2.4% | 2.4% | ||
| Q1 25 | 2.2% | 4.2% | ||
| Q4 24 | 3.0% | 0.5% | ||
| Q3 24 | 7.2% | 0.2% | ||
| Q2 24 | 1.6% | 0.7% | ||
| Q1 24 | 0.7% | 1.1% |
| 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% |
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
