Concord Medical Services Holdings Ltd financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Concord Medical Services Holdings Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
65.5
50.9
27.8
28.5
34.2
76.2
68.4
75.7
52.6
65.9
Cost of revenue
41.3
35.8
24.9
30.8
32.2
85.1
90.5
86.5
63.4
62.2
Gross profit
24.3
15.1
2.87
-2.27
2.01
-8.93
-22.1
-10.8
-10.8
3.69
General and administrative
29.7
36.5
42.4
45.3
45.2
54.6
45.1
46.5
55.4
30.5
Operating income
-24.3
-32.6
-43.5
-62.8
-48.4
-71.9
-76.1
-65.2
-72.9
-37.4
Interest expense
12.9
13.8
6.72
4.12
12.5
11.6
17.5
23.3
26.5
21.8
Interest income
4.03
1.86
2.06
1.32
1.29
0.93
1.45
1.53
1.92
1.39
Other non-operating income
2.62
0.44
4.98
5.34
0.97
-0.19
-31.4
-1.53
-1.27
-1.1
Pre-tax income
-29.5
-39
32.8
56.2
67.7
83.1
122
78.3
-91.7
-53.4
Income tax
8.71
4.89
4.95
-5.6
-5.77
-1.03
-10.3
-3.46
-2.4
0.87
Income from continuing operations
-37.7
Net income to minority interests
-0.46
-0.21
-3.55
-6.47
-14.4
-39.4
-40.5
-32.9
-47.1
-41
Net income
-37.7
-43.7
-34.2
-44.1
-47.5
-42.6
-71
-41.9
-42.2
-13.3
EBITDA
-7.43
-19.8
-37.6
-56.4
-40
-61.8
-63.3
-53.6
-61.3
-22.6
EPS, basic
-0.29
-0.34
-0.40
-0.61
-0.78
-0.98
-0.54
-0.32
-0.32
-0.10
EPS, diluted
-0.29
-0.34
-0.40
-0.61
-0.78
-0.98
-0.54
-0.32
-0.32
-0.10
Shares, basic (weighted)
131
130
130
130
131
131
131
131
131
131
Shares, diluted (weighted)
131
130
130
130
131
131
131
131
131
131
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
29.2
96.3
58.9
10.7
51.2
24.7
22.9
8.19
29.6
42.6
Short-term investments
7.27
0
18.4
Receivables
27.3
20.3
12.6
10.6
11.9
20.1
18.9
10.4
7.01
6.3
Inventory
0.85
0.97
0.49
0.62
3.31
5.98
12.3
5.68
4.58
6.57
Other current assets
0.94
4.6
0.74
0.71
32.7
40.3
55.9
58.2
72.3
79.1
Total current assets
172
171
179
40.6
104
91.7
110
86.9
135
135
Property, plant and equipment
112
122
177
273
392
494
473
500
507
533
Lease right-of-use assets
92.9
98.1
97.2
86.3
81.7
71.4
71
Goodwill
0
23.7
32.3
33.5
84.4
81
78.8
81.8
81.8
Intangible assets
2.48
1.2
66.4
76.5
80.1
103
51.3
45.5
40
36.6
Long-term investments
56.5
9.33
48
61.3
63.5
55.6
64.7
60.3
Other non-current assets
5.72
4.67
1.14
1.43
1.09
3.26
2.19
1.61
0.8
0.67
Total assets
465
533
667
617
818
978
871
853
922
936
Accounts payable
0.3
0.7
0.79
1.19
2.86
16.1
21.3
18.2
27.3
17.1
Accrued liabilities
3.93
3.77
6.49
11.7
15.3
19
10.9
54.5
75
66
Deferred revenue
0.03
0
Short-term debt
92.9
109
64.1
47.2
22.8
47
74.3
147
141
140
Total current liabilities
137
170
127
90.1
78.5
126
163
275
291
279
Long-term debt
31.1
43.7
72.4
186
302
342
358
281
369
353
Lease liabilities
31.4
34.3
33.6
29
27.2
19
18.1
Other non-current liabilities
15
11.8
15.5
12.2
9.72
9.29
10.8
Total liabilities
288
377
336
346
450
547
578
607
700
672
Total debt
43
74
78.8
192
321
367
408
383
422
431
Paid-in capital
267
286
256
253
282
304
280
283
297
349
Retained earnings
-86.2
-135
-179
-256
-376
-514
-546
-572
-599
-639
Treasury stock
-0
-0
-0
-0
-0
-0
-0
-0
-0
-0
Other comprehensive income
-12.7
-7.29
-12.9
-14
-7.12
-4.63
-4.03
-9.21
-10.6
-10.8
Shareholders' equity
168
144
63.6
-17.6
-102
-215
-270
-299
-312
-301
Minority interests
9.45
12.4
16.9
14.7
23
68
562
545
534
565
Total equity
177
156
80.5
-2.93
-78.6
-147
292
246
222
265
Total liabilities and equity
465
533
667
617
818
978
871
853
922
936
Shares outstanding
130
130
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-38.2
-43.7
-37.7
-50.6
-61.9
-82
-111
-74.8
-89.3
-54.3
Depreciation and amortization
16.9
12.8
5.94
6.37
8.43
10.1
12.9
11.6
11.6
14.8
Stock-based compensation
1.21
1.79
1.62
2.96
3.16
2.3
-0.86
Deferred income tax
5.02
4.1
-1.33
-3.22
-2.08
-1.68
-9.01
-2.47
-2.09
-1.15
Change in receivables
1.43
6.67
7.04
0.51
-0.95
-10.1
0.09
5.13
1.65
0.88
Change in inventory
-0.28
-0.09
0.26
-0.26
-2.21
-0.68
-6.78
6.27
0.89
-1.8
Change in payables
1
0.78
0.08
0.41
1.7
41.2
16.5
2.22
12.7
-17.5
Cash from operations
-11.2
4.11
-5.61
-28.1
-35.2
-56.4
-31.4
-38.9
-54.5
-28.9
Capital expenditures
-11.4
-14
-24.1
-33.4
-25.8
-43.8
-32.3
-15.9
-20.7
-8.05
Acquisitions
0
-76.9
-60.4
-1.28
0.25
Purchases of investments
0
-36.7
0
Sales and maturities of investments
0
Cash from investing
-10.8
-48.1
-145
-154
-81.8
-88.8
-17.2
-6.72
-81.3
7.72
Debt issued
2.38
43.1
68.7
134
131
60.7
61.3
15.5
263
13.6
Debt repaid
-29
-13.4
-73.4
-36.5
-37.1
-32.3
-28.6
-1.07
-191
-62
Stock issued
20.2
0
0
Share buybacks
-4.38
0
0
Dividends paid
-41.2
0
0
Cash from financing
-18.9
29.9
175
73.7
174
101
55.5
36.3
157
28.2
Exchange rate effect
-1.62
0.02
0.07
0.17
-0.39
-0.72
Net change in cash
-108
57
-45.1
0.06
-9.71
20.1
8.83
Free cash flow
-22.6
-9.92
-29.7
-61.5
-61
-100
-63.7
-54.9
-75.1
-36.9
Interest paid
11.7
13.8
8.65
9.23
11.3
21.1
21.1
21.5
25.8
26.2
Income taxes paid
8.73
3.32
5.32
2.48
0.5
0.44
0.13
0.02
0.02
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.60 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
5.6%
Gross profit / revenue.
Operating margin
-56.8%
Operating income / revenue.
EBITDA margin
-34.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-81.1%
Pre-tax income / revenue.
Net margin
-20.2%
Net income / revenue.
FCF margin
-56.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-43.8%
Cash from operations / revenue.
Return on assets (ROA)
-1.4%
Net income / average total assets.
Return on invested capital (ROIC)
-35.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue
12.2%
Capital expenditures / revenue.
D&A / revenue
22.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
25.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-1.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
14.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 5y
13.0%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
1.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
2.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
2.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
0.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
0.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
0.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.48x
Current assets / current liabilities.
Quick ratio
0.17x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.15x
(Cash + short-term investments) / current liabilities.
Debt / assets
46.1%
Total debt / total assets.
Liabilities / assets
71.7%
Total liabilities / total assets.
Net debt
$388.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.10
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.10
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.50
Revenue / diluted weighted shares.
FCF per share
-$0.28
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.22
Cash from operations / diluted weighted shares.
Book value per share
-$2.29
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.24x
Market cap / revenue.
EV/Sales
6.14x
Enterprise value / revenue.
FCF yield
-236.2%
Free cash flow / market cap.
Earnings yield
-84.9%
Net income / market cap (the inverse of P/E).
What was Concord Medical Services Holdings Ltd's revenue in fiscal 2025?
Concord Medical Services Holdings Ltd reported revenue of $65.9M for fiscal 2025, 25.2% higher than the year before.
Was Concord Medical Services Holdings Ltd profitable in fiscal 2025?
No. It reported a net loss of $13.3M.
How much free cash flow did Concord Medical Services Holdings Ltd generate in fiscal 2025?
Cash from operations of $28.9M minus capital expenditures of $8.1M left free cash flow of -$36.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.