OneMedNet Corp Class A Common Stock (ONMD)

FairStock Score: 21/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach OneMedNet as a Graham-style analyst: show me earnings, assets, and a durable edge. Here I find little of the first two. The company sells medical-imaging data management and exchange software, with products like iRWD and BEAM, but its filed results are tiny. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $292,000 and net income was -$2.2M, or -$0.04 per diluted share. In fiscal Q1 2026 it recorded $96,000 of revenue and -$2.5M of net income. For fiscal 2025, revenue was $1.4M and net income was -$2.8M, or -$0.06 per diluted share. The annual loss did narrow from -$33.8M in fiscal 2023 to -$10.1M in fiscal 2024 and then to -$2.8M in fiscal 2025, but a business earning $1.4M of revenue is not yet proven. Financial health is weak. Trailing free cash flow is -$6.9M, a -2.9% FCF yield by FairStock's calculation, and ROCE is -342.10%. The Altman Z-Score of -90.84 and a Lynch category of none—losses in each of the last four years—confirm this is not a mature, self-funding enterprise. Competitive moat is unproven; 22 employees and small revenue give no evidence of pricing power or scale. At the 2026-10-13 close of $4.02, the market cap is $238.3M. Against fiscal 2025 revenue of $1.4M, that is a very rich price for a loss-making micro-cap. Revenue is growing—fiscal Q2 2026 revenue rose from $155,000 in fiscal Q2 2025—but growth without profits and cash flow is speculative. I would wait for evidence of durable economics.

In plain English: OneMedNet sells software for managing and sharing medical images. The business is very small and unprofitable, with more money going out than coming in. At $4.02 a share, the company's total value looks high compared with its tiny sales and losses.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer