Zhongchao Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Zhongchao 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

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9.82	12.9	14.9	18	16.3	14.2	19.4	15.9	11.4
Cost of revenue	3.97	4.46	4.66	6.12	6.86	7.79	10.9	6.95	6.25
Gross profit	5.85	8.41	10.2	11.9	9.44	6.36	8.51	8.91	5.12
Research and development	0.94	1.45	0.86	0.82	0.76	0.41	0.51	0.25	0.01
Selling and marketing	2.72	2.26	3.2	3.44	3.14	2.1	6.71	4.01	1.49
General and administrative	1.14	1.43	2.52	3.12	5.86	6.8	6.7	4.99	9.81
Operating expenses	4.8	5.13	6.58	7.38	9.76	9.31	21.8	9.25	11.3
Operating income			3.64	4.49	-0.32	-2.95	-13.3	-0.34	-6.19
Interest income							0.19	0.21	0.25
Other non-operating income	0.28	0.04	0.53	0.31	0.03	0.26	1.07	0.16	0.08
Pre-tax income	1.34	3.5	4.39	4.94	-0.11	-2.55	-12	0.06	-5.77
Income tax	-0.15	0.5	0.39	0.48	-0.35	0.27	-0.67	0.34	0.05
Net income to minority interests	0.03	-0.02	-0.05	-0		0.12	0.03	0.37	0.5
Net income	1.53	3.02	4.05	4.46	0.24	-2.94	-11.3	-0.64	-6.31
EBITDA			3.72	4.67	0.02	-2.57	-12.8	-0.11	-5.9
EPS, basic	6.00	11.15	14.37	14.07	0.77	-9.05	-34.83	-0.99	-1.85
EPS, diluted	6.00	11.15	14.37	14.07	0.77	-9.05	-34.83	-0.99	-1.85
Shares, basic (weighted)	0.25	0.27	0.28	0.32	0.31	0.32	0.33	0.65	3.42
Shares, diluted (weighted)	0.25	0.27	0.28	0.32	0.31	0.32	0.33	0.65	3.42

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.98	7.92	7.83	15.1	13.9	11.5	7.55	7.84	8.1
Short-term investments		1.16		2.03	0.3	0.52	5.9	5.24	5.82
Receivables		1.99	5.08	10.3	9.22	6.77	2.55	4.68	2.78
Inventory						0.19	0.59	0.59
Other current assets		0.92	1.26	1.61	0.38	0.49	0.45	0.27	0.23
Total current assets		12.6	14.5	29.6	27.3	22.7	18.7	18.7	17
Property, plant and equipment		0.67	1.89	2	3.92	3.89	3.22	5.87	5.88
Lease right-of-use assets			0.25	0.07	0.21	1.67	0.8	0.09	0.03
Goodwill						5.77
Intangible assets		0.04	0.04	0.03	0.03	0.91	0.02	0.01	0.01
Long-term investments				1.26	1.99	1.18		1.09	1.23
Total assets		14	17.7	34.8	36.3	38.6	24.4	25.9	24.1
Accounts payable		0.02	0.12	0.41	0.04	0.14	0.68	0.54	0.53
Deferred revenue						0.4	0.84	0.2	0.15
Short-term debt		0.73
Total current liabilities		2.33	2.36	2.98	3.59	4.17	2.68	1.53	1.53
Long-term debt					2.66	1.84
Lease liabilities			0.04		0.11	1.22	0.57	0.02
Total liabilities		2.66	2.4	2.98	3.7	5.6	3.38	1.73	1.55
Total debt					2.66	1.84
Paid-in capital		11.9	12	22.8	23	25	25.1	29.1	34.5
Retained earnings		-0.38	3.27	7.34	7.18	4.12	-7.27	-7.96	-14.2
Other comprehensive income		-0.17	-0.34	0.92	1.2	-0.51	-1.23	-1.71	-1.31
Shareholders' equity		11.4	15.3	31.8	32.6	29.9	18	20.8	18.6
Minority interests		-0.03	-0.05			3.09	3.03	3.31	3.97
Total equity	5.2	11.4	15.3	31.8	32.6	33	21	24.2	22.6
Total liabilities and equity		14	17.7	34.8	36.3	38.6	24.4	25.9	24.1

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.49	3	4	4.46	0.24	-2.82	-11.3	-0.27	-5.81
Depreciation and amortization	0.01	0.02	0.08	0.18	0.34	0.38	0.52	0.23	0.29
Stock-based compensation				0.17	0.21	0.16	0.14	0.11	3.71
Deferred income tax	0.15	-0.06	0.32	0.06	-1.35	0.13	-0.74	0.29	-0.08
Change in receivables	-0.78	-0.79	-3.13	-5.49	-0.1	1.08	2.79	-2.32	1.17
Change in inventory						-0.19	-0.41	-0.01	0.6
Change in payables	-0.74	-0.55	0.09	0.26	-0.38	0.1	0.55	-0.13	-0.03
Cash from operations	-0.54	1.31	1.41	-1.04	2.86	-0.66	0.05	-1.47	0.85
Capital expenditures	-0.03	-0.67	-1.31
Acquisitions						-0.16	-0.23
Purchases of investments	-1.75	-2.92	-2.46	-2.04		-1	-6.32	-10.7	-9.38
Sales and maturities of investments								0.2
Cash from investing	-1.84	-0.5	-0.2	-4.09	-4.02	-3.35	-3.75	-1.81	-0.83
Stock issued				11.9		1.85		3.84
Cash from financing	2.73	4.34	-1.19	11.5		1.85		3.84
Exchange rate effect	0.2	-0.21	-0.1	0.88		-0.24	-0.27	-0.26	0.24
Net change in cash	0.55	4.94	-0.09	7.24	-1.16	-2.39	-3.97	0.29	0.26
Free cash flow	-0.57	0.64	0.1
Interest paid		0.01	0.03
Income taxes paid	0.01	0.14	0.09	0	0.09	0.13	0.11	0.05	0.13

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.0%	Gross profit / revenue.
Operating margin	-54.4%	Operating income / revenue.
EBITDA margin	-51.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-50.7%	Pre-tax income / revenue.
Net margin	-55.5%	Net income / revenue.
Operating cash flow margin	7.4%	Cash from operations / revenue.
Return on equity (ROE)	-32.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-25.2%	Net income / average total assets.
Return on invested capital (ROIC)	-41.6%	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%.
R&D / revenue	0.1%	Research and development expense / revenue.
Stock-based pay / revenue	32.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-28.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-8.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-42.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-15.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-10.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-14.5%	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	-7.1%	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	425.3%	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	119.2%	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	60.8%	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	11.1x	Current assets / current liabilities.
Quick ratio	10.9x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	9.12x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	6.4%	Total liabilities / total assets.
Working capital	$15.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$18.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	1.94x	Revenue / average property, plant and equipment.
Receivables turnover	3.05x	Revenue / average receivables.
Days sales outstanding	120 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.85	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	-$1.85	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.33	Revenue / diluted weighted shares.
Operating cash flow per share	$0.25	Cash from operations / diluted weighted shares.
Book value per share	$5.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.45	Tangible book value / shares outstanding.
Cash per share	$4.07	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$8.2M	Share price x shares outstanding.
Enterprise value	-$5.8M	Market cap + total debt - cash - short-term investments.
P/S	0.72x	Market cap / revenue.
P/B	0.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.44x	Market cap / tangible book value, when positive.
P/OCF	9.66x	Market cap / cash from operations, when positive.
Earnings yield	-77.3%	Net income / market cap (the inverse of P/E).

What was Zhongchao Inc.'s revenue in fiscal 2025?

Zhongchao Inc. reported revenue of $11.4M for fiscal 2025, 28.3% lower than the year before.

Was Zhongchao Inc. profitable in fiscal 2025?

No. It reported a net loss of $6.3M.

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.

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