Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data VSEE HEALTH, INC. 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
FY2023
FY2024
FY2025
Revenue
5.77
10.4
14.6
Cost of revenue
1.93
3.24
7.26
Gross profit
3.83
7.18
7.36
General and administrative
1.2
6.55
10
Operating expenses
5.71
69.3
16.9
Operating income
-3.59
-1.87
-62.2
-9.58
Interest expense
0.13
0.19
0.21
2.81
Interest income
0.92
0.36
Other non-operating income
0.54
-0.01
2.81
-5.06
Pre-tax income
-3.06
-1.89
-59.3
-14.6
Income tax
0.19
1.84
-1.64
0.07
Net income to minority interests
0.04
Net income
-3.24
-3.76
-57.7
-14.7
EBITDA
-1.87
-60.8
-7
EPS, basic
-0.09
-0.38
-5.65
-0.73
EPS, diluted
-0.09
-0.38
-5.65
-0.73
Shares, basic (weighted)
36.2
10
10.2
20.1
Shares, diluted (weighted)
36.2
10
10.2
20.1
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.11
0.12
0.33
5.05
Receivables
0.6
1.72
2.24
Other current assets
0.08
0.45
0.14
Total current assets
0.11
0.8
3.02
8.37
Property, plant and equipment
0
0.68
0.29
Lease right-of-use assets
0.38
0.01
Goodwill
4.92
4.92
Intangible assets
0
11
8.79
Long-term investments
0
Total assets
7.63
0.81
20
22.4
Accounts payable
1.89
0.42
4.28
5.31
Accrued liabilities
0.07
1.24
2.18
1.98
Deferred revenue
0.9
0.42
1.32
Short-term debt
0.22
0.43
0.88
Total current liabilities
3.3
5.11
19
16.2
Long-term debt
0.59
0.59
Lease liabilities
0.27
0
Total liabilities
7.67
5.11
20
17
Total debt
0.22
1.93
2.38
Paid-in capital
0.29
6.03
67.7
87.9
Retained earnings
-6.24
-10
-67.7
-82.4
Shareholders' equity
-7.43
-12.3
-0.02
Minority interests
-0.33
Total equity
-0.57
-4.3
-0.02
5.45
Total liabilities and equity
7.63
0.81
20
22.4
Shares outstanding
4.64
16.3
33.2
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
-3.24
-3.73
-57.7
-14.7
Depreciation and amortization
0
1.32
2.59
Stock-based compensation
0
0.9
1.12
Deferred income tax
1.85
-1.68
0.05
Change in receivables
-0.25
-1.09
-1.83
Change in payables
1.75
1.41
-1.45
4.24
Cash from operations
-1.39
-0.63
-5.79
-3.45
Capital expenditures
-0
-0.06
-0.03
Cash from investing
110
-0
-0.03
-0.03
Stock issued
0
1.5
Share buybacks
-110
-6.8
-0.01
-0
Cash from financing
-109
0.53
6.02
8.42
Net change in cash
-0.65
-0.11
0.21
4.94
Free cash flow
-0.64
-5.84
-3.48
Interest paid
0.11
0.21
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.28 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
42.0%
Gross profit / revenue.
Operating margin
-79.3%
Operating income / revenue.
EBITDA margin
-62.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-92.0%
Pre-tax income / revenue.
Net margin
-83.4%
Net income / revenue.
FCF margin
-43.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-42.1%
Cash from operations / revenue.
Return on assets (ROA)
-74.6%
Net income / average total assets.
Stock-based pay / revenue
6.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.9%
Capital expenditures / revenue.
D&A / revenue
17.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
40.3%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
2.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
12.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
43.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
97.2%
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
-17.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.40x
Current assets / current liabilities.
Quick ratio
0.33x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.06x
(Cash + short-term investments) / current liabilities.
Debt / assets
12.1%
Total debt / total assets.
Liabilities / assets
54.6%
Total liabilities / total assets.
Net debt
$1.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage
-6.05x
Operating income / interest expense.
Working capital
-$4.8M
Current assets - current liabilities.
Goodwill and intangibles / assets
75.3%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.89x
Revenue / average total assets.
Fixed asset turnover
132x
Revenue / average property, plant and equipment.
Receivables turnover
6.71x
Revenue / average receivables.
Days sales outstanding
54 days
365 x average receivables / revenue.
Days payables
190 days
365 x average accounts payable / cost of revenue.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.23
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.
Market cap + total debt - cash - short-term investments.
P/S
8.64x
Market cap / revenue.
EV/Sales
8.74x
Enterprise value / revenue.
FCF yield
-5.0%
Free cash flow / market cap.
Earnings yield
-9.7%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was VSEE HEALTH, INC.'s revenue in fiscal 2025?
VSEE HEALTH, INC. reported revenue of $14.6M for fiscal 2025, 40.3% higher than the year before.
Was VSEE HEALTH, INC. profitable in fiscal 2025?
No. It reported a net loss of $14.7M.
How much free cash flow did VSEE HEALTH, INC. generate in fiscal 2025?
Cash from operations of $3.4M minus capital expenditures of $29.9K left free cash flow of -$3.5M.
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.