FONAR CORP (FONR)

Electromedical & Electrotherapeutic Apparatus

Latest Price

$19.09

TTM P/E

Normalized P/E

Div Yield

Book Value

26.01

P/B Ratio

0.73

Valuation metrics

EPS: $1.78

Book value / share: $25.83

Formula: √(22.5 × EPS × BVPS)

Graham Number

$32.17

+68% upside

Norm. op. income: $5M (median of 4yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$14.12

26% downside

Base FCF: $11M (median of recent 5yr)

Growth: -10%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$17.98

6% downside

EPS: $1.78

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$26.70

+40% upside

33.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
MONEY CONCEPTS CAPITAL CORP	497.5K	$9.0M	7.25%	-13.2K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	333.3K	$6.0M	4.85%	--	2026-03-31
DIMENSIONAL FUND ADVISORS LP	315.5K	$5.0M	4.60%	-57.8K	2026-03-31
FNY Investment Advisers, LLC	252.8K	$4.0M	3.68%	--	2026-03-31
Groupe la Francaise	118.8K	$2.0M	1.73%	--	2026-03-31
Peapod Lane Capital LLC	113.7K	$2.0M	1.66%	+8.8K	2026-03-31
BlackRock, Inc.	91.4K	$1.0M	1.33%	-147	2026-03-31
RBF Capital, LLC	89.5K	$1.0M	1.30%	+14.1K	2026-03-31
CREDIT INDUSTRIEL ET COMMERCIAL	79.2K	$1.0M	1.15%	--	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	71.1K	$1.0M	1.04%	+1.5K	2026-03-31