Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data VS Trust 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
FY2022
FY2024
FY2025
General and administrative
0.1
0.38
0.94
Operating expenses
2.37
6.56
13
Operating income
-1.93
0.36
-0.05
Interest income
0.44
6.92
12.9
Income from continuing operations
-60.7
-25.4
Net income
-60.7
-25.4
-624
Balance sheet
FY2022
FY2024
FY2025
Cash and equivalents
0.5
1.19
125
Receivables
0.83
4.15
Total assets
175
510
551
Accounts payable
0.19
3.66
Total liabilities
2.71
22
7.72
Paid-in capital
233
747
1,426
Retained earnings
-60.7
-260
-883
Shareholders' equity
172
488
543
Total equity
172
488
543
Total liabilities and equity
175
510
551
Cash flow statement
FY2022
FY2024
FY2025
Net income
-60.7
-25.4
-624
Cash from operations
-232
-329
-542
Cash from financing
233
326
666
Net change in cash
0.5
-3.84
124
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $28.85 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-120.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-117.6%
Net income / average total assets.
Return on invested capital (ROIC)
-0.0%
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%.
Growth
Metric
Value
How it is calculated
Operating income growth, 1y
-115.0%
Operating income vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
11.4%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
8.1%
Total assets vs the same period a year earlier. Only from a positive base.
Market cap + total debt - cash - short-term investments.
P/B
5.44x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.44x
Market cap / tangible book value, when positive.
Earnings yield
-21.1%
Net income / market cap (the inverse of P/E).
Was VS Trust profitable in fiscal 2025?
No. It reported a net loss of $623.5M.
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.