VSee Health, Inc. Financials
This page shows VSee Health, Inc. (VSEE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue growth is being financed by external capital, while each added dollar now carries lower gross margin.
The latest year shows top-line growth did not create more gross profit: gross margin fell from68.9% to50.3% , so a larger revenue base produced almost no extra gross dollars. Because operating cash flow remained negative at-$3.4M , scale still has not turned the business into a self-funding model.
Balance-sheet repair was real, not cosmetic: cash rose to
Financing rather than operations supplied the year's flexibility, with financing cash flow of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of VSee Health, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
VSee Health, Inc. has an operating margin of -65.5%, meaning the company retains $-66 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -596.4% the prior year.
VSee Health, Inc.'s revenue surged 40.3% year-over-year to $14.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
VSee Health, Inc. carries a low D/E ratio of 0.11, meaning only $0.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
VSee Health, Inc.'s current ratio of 0.52 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While VSee Health, Inc. generated -$3.4M in operating cash flow, capex of $30K consumed most of it, leaving -$3.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
VSee Health, Inc. generates a -269.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
VSee Health, Inc. passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, VSee Health, Inc. generates $0.23 in operating cash flow (-$3.4M OCF vs -$14.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
VSee Health, Inc. earns $-3.4 in operating income for every $1 of interest expense (-$9.6M vs $2.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
VSee Health, Inc. generated $14.6M in revenue in fiscal year 2025. This represents an increase of 40.3% from the prior year.
VSee Health, Inc.'s EBITDA was -$7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 88.5% from the prior year.
VSee Health, Inc. reported -$14.7M in net income in fiscal year 2025. This represents an increase of 74.5% from the prior year.
VSee Health, Inc. earned $-0.73 per diluted share (EPS) in fiscal year 2025. This represents an increase of 87.1% from the prior year.
Cash & Balance Sheet
VSee Health, Inc. generated -$3.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 40.5% from the prior year.
VSee Health, Inc. held $5.3M in cash against $594K in long-term debt as of fiscal year 2025.
VSee Health, Inc. had 33M shares outstanding in fiscal year 2025. This represents an increase of 103.7% from the prior year.
Margins & Returns
VSee Health, Inc.'s gross margin was 50.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 18.6 percentage points from the prior year.
VSee Health, Inc.'s operating margin was -65.5% in fiscal year 2025, reflecting core business profitability. This is up 530.8 percentage points from the prior year.
VSee Health, Inc.'s net profit margin was -100.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 453.0 percentage points from the prior year.
VSee Health, Inc.'s ROE was -269.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
VSee Health, Inc. spent $44 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.1% from the prior year.
VSee Health, Inc. invested $30K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 45.8% from the prior year.
VSEE Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.9M-1.4% | $4.0M+17.4% | $3.4M+2.1% | $3.3M-11.1% | $3.7M+11.3% | $3.4M+96.0% | $1.7M+5.6% | $1.6M |
| Cost of Revenue | $2.1M+9.7% | $1.9M+5.9% | $1.8M+23.3% | $1.5M+2.2% | $1.4M+51.8% | $941K+93.4% | $487K+26.0% | $386K |
| Gross Profit | $1.8M-11.5% | $2.1M+30.5% | $1.6M-14.6% | $1.9M-21.9% | $2.4M-14.5% | $2.8M+258.4% | $777K-37.1% | $1.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.9M-0.1% | $2.9M+34.3% | $2.2M+6.9% | $2.0M-42.9% | $3.6M+60.3% | $2.2M+290.2% | $568K+169.7% | $211K |
| Operating Income | -$3.4M-67.2% | -$2.1M+8.7% | -$2.3M-23.1% | -$1.8M+39.5% | -$3.0M+94.8% | -$58.3M-6151.3% | -$933K-996.1% | $104K |
| Interest Expense | $1.1M+43.5% | $756K+214.2% | $241K-67.1% | $731K+386.5% | -$255K-321.1% | $115K-66.2% | $342K+3571.7% | $9K |
| Income Tax | $50K | $0-100.0% | $4K-66.8% | $14K-49.4% | $27K+203.2% | $9K+100.5% | -$1.7M | $0 |
| Net Income | -$7.9M-2609.4% | -$290K+88.9% | -$2.6M+34.0% | -$4.0M-23.4% | -$3.2M+94.1% | -$53.9M-8403.5% | -$634K-1110.2% | $63K |
| EPS (Diluted) | N/A | $-0.02+87.5% | $-0.16+33.3% | $-0.24 | N/A | $-3.58-2883.3% | $-0.12 | $0.01 |
VSEE Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $22.4M+19.8% | $18.7M+2.7% | $18.2M-6.1% | $19.4M-3.0% | $20.0M-10.3% | $22.3M-71.6% | $78.6M+5565.2% | $1.4M |
| Current Assets | $8.4M+125.0% | $3.7M+45.3% | $2.6M-16.9% | $3.1M+1.9% | $3.0M-31.0% | $4.4M+42.3% | $3.1M+424755.4% | $724 |
| Cash & Equivalents | $5.3M+1013.9% | $473K+62.1% | $292K-28.9% | $410K+25.8% | $326K-86.0% | $2.3M+110.4% | $1.1M+152658.4% | $724 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.5M-2.2% | $2.6M+59.5% | $1.6M-12.6% | $1.9M+7.8% | $1.7M+67.8% | $1.0M+10.8% | $923K | N/A |
| Goodwill | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M-92.0% | $61.6M | N/A |
| Total Liabilities | $17.0M-30.2% | $24.3M+1.4% | $23.9M+4.6% | $22.9M+14.4% | $20.0M-6.3% | $21.4M-16.2% | $25.5M+74.3% | $14.6M |
| Current Liabilities | $16.2M-30.6% | $23.4M+1.6% | $23.1M+4.9% | $22.0M+15.6% | $19.0M-6.0% | $20.2M-16.1% | $24.1M+168.9% | $9.0M |
| Long-Term Debt | $594K+0.8% | $589K-0.8% | $594K0.0% | $594K0.0% | $594K0.0% | $594K0.0% | $594K | N/A |
| Total Equity | $5.5M+197.8% | -$5.6M+2.8% | -$5.7M-64.0% | -$3.5M-18815.0% | -$18K-102.0% | $933K-98.2% | $53.1M+501.3% | -$13.2M |
| Retained Earnings | -$82.4M-10.5% | -$74.6M-0.4% | -$74.3M-3.6% | -$71.7M-5.8% | -$67.7M-5.0% | -$64.5M-510.0% | -$10.6M-6.4% | -$9.9M |
VSEE Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.9M-155.3% | -$755K-132.5% | -$325K+26.3% | -$440K+85.2% | -$3.0M-1245.6% | -$221K+93.0% | -$3.2M-647.8% | $579K |
| Capital Expenditures | $7K-2.2% | $7K+103.5% | $4K-69.7% | $12K+149.4% | $5K-4.7% | $5K-86.4% | $37K+320.7% | $9K |
| Free Cash Flow | -$1.9M-153.8% | -$762K-132.1% | -$328K+27.4% | -$452K+84.8% | -$3.0M-1218.0% | -$226K+93.0% | -$3.2M-662.7% | $571K |
| Investing Cash Flow | -$7K+2.2% | -$7K-103.5% | -$4K+69.7% | -$12K-149.4% | -$5K+4.7% | -$5K+34.7% | -$8K+12.5% | -$9K |
| Financing Cash Flow | $6.7M+613.3% | $943K+349.8% | $210K-60.9% | $536K-45.1% | $978K-32.4% | $1.4M-59.8% | $3.6M | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | N/A | N/A | N/A | $5K | N/A | N/A | N/A |
VSEE Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.7%-5.4pp | 52.1%+5.2pp | 46.9%-9.1pp | 56.0%-7.8pp | 63.8%-19.3pp | 83.0%+37.6pp | 45.4%-30.8pp | 76.2% |
| Operating Margin | -87.6%-35.9pp | -51.7%+14.8pp | -66.5%-11.4pp | -55.1%+25.9pp | -81.1%+1656.8pp | -1737.8%-1683.4pp | -54.5%-60.9pp | 6.4% |
| Net Margin | -200.0%-192.7pp | -7.3%+69.8pp | -77.1%+42.1pp | -119.2%-33.3pp | -85.9%+1521.6pp | -1607.5%-1570.5pp | -37.0%-40.9pp | 3.9% |
| Return on Equity | -144.0% | N/A | N/A | N/A | N/A | -5778.7%-5777.5pp | -1.2% | N/A |
| Return on Assets | -35.0%-33.5pp | -1.6%+12.8pp | -14.3%+6.1pp | -20.4%-4.4pp | -16.1%+225.8pp | -241.8%-241.0pp | -0.8%-5.3pp | 4.5% |
| Current Ratio | 0.52+0.4 | 0.16+0.0 | 0.11-0.0 | 0.14-0.0 | 0.16-0.1 | 0.22+0.1 | 0.13+0.1 | 0.00 |
| Debt-to-Equity | 0.11+0.2 | -0.110.0 | -0.10+0.1 | -0.17+32.0 | -32.13-32.8 | 0.64+0.6 | 0.01+1.1 | -1.10 |
| FCF Margin | -49.2%-30.1pp | -19.1%-9.5pp | -9.7%+3.9pp | -13.6%+66.1pp | -79.8%-73.0pp | -6.7%+180.8pp | -187.6%-222.8pp | 35.2% |
Note: The current ratio is below 1.0 (0.52), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is VSee Health, Inc.'s annual revenue?
VSee Health, Inc. (VSEE) reported $14.6M in total revenue for fiscal year 2025. This represents a 40.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is VSee Health, Inc.'s revenue growing?
VSee Health, Inc. (VSEE) revenue grew by 40.3% year-over-year, from $10.4M to $14.6M in fiscal year 2025.
Is VSee Health, Inc. profitable?
No, VSee Health, Inc. (VSEE) reported a net income of -$14.7M in fiscal year 2025, with a net profit margin of -100.6%.
What is VSee Health, Inc.'s EBITDA?
VSee Health, Inc. (VSEE) had EBITDA of -$7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does VSee Health, Inc. have?
As of fiscal year 2025, VSee Health, Inc. (VSEE) had $5.3M in cash and equivalents against $594K in long-term debt.
What is VSee Health, Inc.'s gross margin?
VSee Health, Inc. (VSEE) had a gross margin of 50.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is VSee Health, Inc.'s operating margin?
VSee Health, Inc. (VSEE) had an operating margin of -65.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is VSee Health, Inc.'s net profit margin?
VSee Health, Inc. (VSEE) had a net profit margin of -100.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is VSee Health, Inc.'s return on equity (ROE)?
VSee Health, Inc. (VSEE) has a return on equity of -269.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is VSee Health, Inc.'s free cash flow?
VSee Health, Inc. (VSEE) generated -$3.5M in free cash flow during fiscal year 2025. This represents a 40.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is VSee Health, Inc.'s operating cash flow?
VSee Health, Inc. (VSEE) generated -$3.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are VSee Health, Inc.'s total assets?
VSee Health, Inc. (VSEE) had $22.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are VSee Health, Inc.'s capital expenditures?
VSee Health, Inc. (VSEE) invested $30K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is VSee Health, Inc.'s current ratio?
VSee Health, Inc. (VSEE) had a current ratio of 0.52 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is VSee Health, Inc.'s debt-to-equity ratio?
VSee Health, Inc. (VSEE) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is VSee Health, Inc.'s return on assets (ROA)?
VSee Health, Inc. (VSEE) had a return on assets of -65.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is VSee Health, Inc.'s cash runway?
Based on fiscal year 2025 data, VSee Health, Inc. (VSEE) had $5.3M in cash against an annual operating cash burn of $3.4M. This gives an estimated cash runway of approximately 18 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is VSee Health, Inc.'s Piotroski F-Score?
VSee Health, Inc. (VSEE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are VSee Health, Inc.'s earnings high quality?
VSee Health, Inc. (VSEE) has an earnings quality ratio of 0.23x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can VSee Health, Inc. cover its interest payments?
VSee Health, Inc. (VSEE) has an interest coverage ratio of -3.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is VSee Health, Inc.?
VSee Health, Inc. (VSEE) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.