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Side-by-side financial comparison of PAPA JOHNS INTERNATIONAL INC (PZZA) and RadNet, Inc. (RDNT). Click either name above to swap in a different company.
RadNet, Inc. is the larger business by last-quarter revenue ($547.7M vs $498.2M, roughly 1.1× PAPA JOHNS INTERNATIONAL INC). PAPA JOHNS INTERNATIONAL INC runs the higher net margin — 1.4% vs -0.1%, a 1.5% gap on every dollar of revenue. On growth, RadNet, Inc. posted the faster year-over-year revenue change (14.8% vs -6.1%). Over the past eight quarters, RadNet, Inc.'s revenue compounded faster (12.6% CAGR vs -1.5%).
Papa John's International, Inc., trading as Papa Johns, is an American pizza restaurant chain. As of 2023, it is the fourth largest pizza delivery restaurant chain in the United States, with headquarters in the Louisville, Kentucky and Atlanta, Georgia metropolitan areas.
RadNet is an American radiology firm. The company operates outpatient diagnostic imaging services. Headquartered in Los Angeles, California, RadNet is the largest operator of freestanding, fixed-site diagnostic imaging centers in the United States, based on the number of locations and annual imaging revenue. As of 2025, the company owns and/or operates over 400 imaging centers across Arizona, California, Delaware, Florida, Maryland, New Jersey, New York, and Texas.
PZZA vs RDNT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $498.2M | $547.7M |
| Net Profit | $7.1M | $-597.0K |
| Gross Margin | — | — |
| Operating Margin | 4.9% | 5.1% |
| Net Margin | 1.4% | -0.1% |
| Revenue YoY | -6.1% | 14.8% |
| Net Profit YoY | -52.2% | -111.2% |
| EPS (diluted) | $0.22 | $0.00 |
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 | $498.2M | $547.7M | ||
| Q3 25 | $508.2M | $522.9M | ||
| Q2 25 | $529.2M | $498.2M | ||
| Q1 25 | $518.3M | $471.4M | ||
| Q4 24 | $530.8M | $477.1M | ||
| Q3 24 | $506.8M | $461.1M | ||
| Q2 24 | $507.9M | $459.7M | ||
| Q1 24 | $513.9M | $431.7M |
| Q4 25 | $7.1M | $-597.0K | ||
| Q3 25 | $4.7M | $5.4M | ||
| Q2 25 | $9.5M | $14.5M | ||
| Q1 25 | $9.2M | $-37.9M | ||
| Q4 24 | $14.8M | $5.3M | ||
| Q3 24 | $41.8M | $3.2M | ||
| Q2 24 | $12.2M | $-3.0M | ||
| Q1 24 | $14.6M | $-2.8M |
| Q4 25 | 4.9% | 5.1% | ||
| Q3 25 | 3.2% | 5.2% | ||
| Q2 25 | 4.6% | 6.2% | ||
| Q1 25 | 4.6% | -5.1% | ||
| Q4 24 | 5.6% | 5.1% | ||
| Q3 24 | 12.9% | 7.4% | ||
| Q2 24 | 5.6% | 7.6% | ||
| Q1 24 | 6.6% | 2.6% |
| Q4 25 | 1.4% | -0.1% | ||
| Q3 25 | 0.9% | 1.0% | ||
| Q2 25 | 1.8% | 2.9% | ||
| Q1 25 | 1.8% | -8.0% | ||
| Q4 24 | 2.8% | 1.1% | ||
| Q3 24 | 8.2% | 0.7% | ||
| Q2 24 | 2.4% | -0.6% | ||
| Q1 24 | 2.8% | -0.6% |
| Q4 25 | $0.22 | $0.00 | ||
| Q3 25 | $0.13 | $0.07 | ||
| Q2 25 | $0.28 | $0.19 | ||
| Q1 25 | $0.27 | $-0.51 | ||
| Q4 24 | $0.46 | $0.08 | ||
| Q3 24 | $1.27 | $0.04 | ||
| Q2 24 | $0.37 | $-0.04 | ||
| Q1 24 | $0.44 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $34.6M | $767.2M |
| Total DebtLower is stronger | $722.3M | $1.1B |
| Stockholders' EquityBook value | $-444.8M | $1.1B |
| Total Assets | $837.5M | $3.8B |
| Debt / EquityLower = less leverage | — | 1.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.6M | $767.2M | ||
| Q3 25 | $39.0M | $804.7M | ||
| Q2 25 | $33.3M | $833.2M | ||
| Q1 25 | $44.0M | $717.3M | ||
| Q4 24 | $38.0M | $740.0M | ||
| Q3 24 | $17.6M | $748.9M | ||
| Q2 24 | $24.3M | $741.7M | ||
| Q1 24 | $27.8M | $527.0M |
| Q4 25 | $722.3M | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $834.6M |
| Q4 25 | $-444.8M | $1.1B | ||
| Q3 25 | $-439.3M | $1.1B | ||
| Q2 25 | $-432.0M | $932.3M | ||
| Q1 25 | $-431.9M | $898.1M | ||
| Q4 24 | $-429.5M | $902.3M | ||
| Q3 24 | $-430.9M | $895.3M | ||
| Q2 24 | $-461.7M | $881.0M | ||
| Q1 24 | $-461.9M | $873.0M |
| Q4 25 | $837.5M | $3.8B | ||
| Q3 25 | $884.1M | $3.7B | ||
| Q2 25 | $890.4M | $3.5B | ||
| Q1 25 | $898.1M | $3.3B | ||
| Q4 24 | $889.0M | $3.3B | ||
| Q3 24 | $860.9M | $3.3B | ||
| Q2 24 | $838.4M | $3.2B | ||
| Q1 24 | $847.2M | $3.0B |
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.18× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.17× | ||
| Q1 24 | — | 0.96× |
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 | $19.8M | $84.2M |
| Free Cash FlowOCF − Capex | $2.1M | — |
| FCF MarginFCF / Revenue | 0.4% | — |
| Capex IntensityCapex / Revenue | 3.6% | — |
| Cash ConversionOCF / Net Profit | 2.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $61.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.8M | $84.2M | ||
| Q3 25 | $39.3M | $52.8M | ||
| Q2 25 | $35.5M | $120.3M | ||
| Q1 25 | $31.3M | $41.5M | ||
| Q4 24 | $50.7M | $42.5M | ||
| Q3 24 | $13.9M | $57.4M | ||
| Q2 24 | $30.0M | $116.0M | ||
| Q1 24 | $12.0M | $17.1M |
| Q4 25 | $2.1M | — | ||
| Q3 25 | $22.7M | — | ||
| Q2 25 | $17.4M | — | ||
| Q1 25 | $19.1M | — | ||
| Q4 24 | $25.2M | — | ||
| Q3 24 | $-3.8M | — | ||
| Q2 24 | $13.9M | — | ||
| Q1 24 | $-1.1M | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | -0.8% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | -0.2% | — |
| Q4 25 | 3.6% | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 3.5% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 2.5% | — |
| Q4 25 | 2.80× | — | ||
| Q3 25 | 8.36× | 9.75× | ||
| Q2 25 | 3.73× | 8.33× | ||
| Q1 25 | 3.40× | — | ||
| Q4 24 | 3.43× | 7.96× | ||
| Q3 24 | 0.33× | 17.89× | ||
| Q2 24 | 2.45× | — | ||
| Q1 24 | 0.82× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
RDNT
| Commercial Insurance1 | $301.0M | 55% |
| Medicare1 | $129.2M | 24% |
| Capitation Arrangements | $31.9M | 6% |
| Health Care Other | $20.4M | 4% |
| Digital Health | $16.4M | 3% |
| Other | $15.2M | 3% |
| Medicaid1 | $14.0M | 3% |
| Workers Compensation Personal Injury1 | $12.3M | 2% |
| Health Care Management Service | $7.5M | 1% |
