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Marpai vs Viemed Healthcare: revenue, profit, margins and growth compared

Marpai brought in $18.1M of revenue in fiscal 2025, Viemed Healthcare $270.3M in fiscal 2025. Revenue changed by -35.8% at Marpai and +20.5% at Viemed Healthcare on the year before, so Viemed Healthcare grew faster. Marpai kept -91.5% of its revenue as net profit, Viemed Healthcare 5.5%.

Side by side, latest fiscal year

MRAIVMD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.1M$270.3M
Revenue growth-35.8%+20.5%
Net income-$16.6M$14.9M
Net margin-91.5%5.5%
Free cash flown/a$11.9M
Free cash flow marginn/a4.4%
Earnings per share (diluted)-$0.95$0.37
Cash$133K$13.5M
Debt$19.4M$12.4M
Price to earningsn/a24.6
Market value$91M$347M
Dividend yieldn/an/a
Rank by revenue in sector#481 of 742 · Health care#246 of 742 · Health care

Over the years

Revenue
MRAI FY2021: $14.2MMRAI FY2022: $24.3MMRAI FY2023: $37.2MMRAI FY2024: $28.2MMRAI FY2025: $18.1MVMD FY2019: $64.5MVMD FY2019: $80.3MVMD FY2020: $131.3MVMD FY2021: $117.1MVMD FY2022: $138.8MVMD FY2023: $183MVMD FY2024: $224.3MVMD FY2025: $270.3MFY19FY20FY21FY22FY23FY24FY25
MRAI $18.1MVMD $270.3M
Net income
MRAI FY2021: -$3.9MMRAI FY2021: -$16MMRAI FY2022: -$26.5MMRAI FY2023: -$28.8MMRAI FY2024: -$22.1MMRAI FY2025: -$16.6MVMD FY2019: $9.5MVMD FY2019: $8.5MVMD FY2020: $31.5MVMD FY2021: $9.1MVMD FY2022: $6.2MVMD FY2023: $10.2MVMD FY2024: $11.3MVMD FY2025: $14.9MFY19FY20FY21FY22FY23FY24FY25
MRAI -$16.6MVMD $14.9M
Net margin
MRAI FY2021: -112.4%MRAI FY2022: -108.7%MRAI FY2023: -77.4%MRAI FY2024: -78.4%MRAI FY2025: -91.5%VMD FY2019: 14.7%VMD FY2019: 10.6%VMD FY2020: 24.0%VMD FY2021: 7.8%VMD FY2022: 4.5%VMD FY2023: 5.6%VMD FY2024: 5.0%VMD FY2025: 5.5%FY19FY20FY21FY22FY23FY24FY25
MRAI -91.5%VMD 5.5%
Revenue growth
MRAI FY2022: +71.1%MRAI FY2023: +52.6%MRAI FY2024: -24.2%MRAI FY2025: -35.8%VMD FY2019: +24.5%VMD FY2020: +63.6%VMD FY2021: -10.8%VMD FY2022: +18.6%VMD FY2023: +31.8%VMD FY2024: +22.5%VMD FY2025: +20.5%FY19FY20FY21FY22FY23FY24FY25
MRAI -35.8%VMD +20.5%
Free cash flow
MRAI FY2021: -$2MMRAI FY2021: -$11.1MMRAI FY2022: -$35.6MVMD FY2019: $16.3MVMD FY2019: $5.7MVMD FY2020: $22.1MVMD FY2021: $2.8MVMD FY2022: $4.9MVMD FY2023: $19.1MVMD FY2024: $1.3MVMD FY2025: $11.9MFY19FY20FY21FY22FY23FY24FY25
MRAI -$35.6MVMD $11.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Marpai and Viemed Healthcare

Which is bigger by revenue, Marpai or Viemed Healthcare?

Viemed Healthcare is bigger by revenue: $270.3M in fiscal 2025, against $18.1M for Marpai in fiscal 2025.

Which keeps more of its revenue as profit, Marpai or Viemed Healthcare?

Marpai had a net margin of -91.5% in fiscal 2025; Viemed Healthcare had 5.5% in fiscal 2025.

Which grew revenue faster, Marpai or Viemed Healthcare?

In their latest fiscal years revenue changed by -35.8% at Marpai and +20.5% at Viemed Healthcare.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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