VSEE HEALTH, INC.
VSEE HEALTH, INC.
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Financial Statements
Values in Millions ($) | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Financial statements beyond 3 years are for subscribers only. Unlock 17+ years of income statements, balance sheets, and cash flow statements Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Series A Preferred Stock | - | 0 | - | - | - | 0 | - | - | - | - | - | - | |||||
Series B Preferred Stock | - | 0 | - | - | - | - | - | - | - | - | - | - | |||||
September2024 Convertible Note | - | 0 | 0 | -1 | 0 | 3 | 2 | 2 | - | - | - | - | |||||
Revolving Credit Facility | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | |||||
Exchange Notes | - | - | 0 | -1 | 0 | 2 | 1 | -4 | 3 | 3 | 3 | - | |||||
Extension Notes | - | - | - | - | - | - | - | - | - | 0 | 0 | - | |||||
Bridge Notes | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |||||
Investor Note | - | - | - | - | - | - | - | - | - | - | - | 0 | |||||
Related Party | - | 1 | 1 | 0 | -3 | 4 | 0 | -0 | 0 | - | 0 | 0 | |||||
Equity Line Of Credit | - | - | 0 | -0 | 0 | 0 | 0 | -1 | 1 | 0 | 50 | - | |||||
Additional Bridge Promissory Notes | - | - | - | - | - | - | - | - | - | - | 0 | - | |||||
Promissory Notes With M2B Funding Corp | - | - | - | - | - | - | - | - | - | - | 0 | - | |||||
Additional Bridge Notes | - | - | - | - | - | - | - | -0 | 0 | 0 | - | - | |||||
Exchange And Additional Bridge Notes | - | - | - | - | - | - | - | - | - | 0 | - | - | |||||
Quantum Notes | - | - | 0 | 0 | -0 | 4 | 3 | -2 | 5 | - | - | - | |||||
Nonrelated Party | - | - | - | - | - | - | - | 0 | 0 | - | - | - | |||||
Assets | |||||||||||||||||
Cash And Cash Equivalents At Carrying Value | 0 | 1 | 5 | 0 | 0 | 0 | 0 | 2 | 1 | - | 0 | 0 | |||||
Prepaid Expense Current | - | - | - | - | - | - | - | - | - | - | - | 0 | |||||
Assets Current | |||||||||||||||||
Accounts Receivable Net Current | 2 | 3 | 3 | 3 | 2 | 2 | 2 | 3 | 1 | - | 1 | - | |||||
Assets Current | 3 | 5 | 8 | 4 | 3 | 3 | 3 | 4 | 3 | 0 | 1 | 0 | |||||
Other Receivables Net Current | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | - | - | - | |||||
Prepaid Expense And Other Assets Current | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | - | 0 | - | |||||
Assets Held In Trust Noncurrent | - | - | - | - | - | - | - | - | - | 1 | 1 | 8 | |||||
Notes And Loans Receivable Net Noncurrent | - | - | - | - | - | - | - | 0 | 0 | - | - | - | |||||
Unlabeled | |||||||||||||||||
Assets Noncurrent | |||||||||||||||||
Long Term Investments | 1 | 1 | - | - | - | - | - | - | - | - | - | - | |||||
Operating Lease Right Of Use Asset | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | - | - | - | |||||
Intangible Assets Net Excluding Goodwill | 8 | 8 | 9 | 9 | 10 | 10 | 11 | 12 | 12 | - | - | - | |||||
Goodwill | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 62 | - | - | - | |||||
Property Plant And Equipment Net | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | - | 0 | - | |||||
Assets | 17 | 19 | 22 | 19 | 18 | 19 | 20 | 22 | 79 | 1 | 1 | 8 | |||||
Liabilities And Stockhold… | |||||||||||||||||
Liabilities And Stockhold… | |||||||||||||||||
Sales And Excise Tax Payable Current | - | - | - | - | - | - | - | - | - | 0 | 0 | - | |||||
Liabilities And Stockhold… | |||||||||||||||||
Interest Payable Current | - | - | - | - | - | - | - | - | - | - | 0 | - | |||||
Accounts Payable And Accrued Liabilities Current | 6 | 9 | 12 | 12 | 10 | 9 | 9 | 8 | 7 | 3 | 3 | 3 | |||||
Contract With Customer Liability Current | - | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | - | 1 | - | |||||
Deferred Revenue Current | - | 1 | - | - | - | - | - | - | - | - | - | - | |||||
Other Liabilities Current | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | |||||
Liabilities Current | |||||||||||||||||
Liabilities Current | 8 | 12 | 16 | 23 | 23 | 22 | 19 | 20 | 24 | 9 | 5 | 5 | |||||
Operating Lease Liability Current | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | |||||
Finance Lease Liability Current | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | - | - | - | |||||
Accrued Income Taxes Current | - | - | - | - | - | - | - | 0 | - | 0 | 0 | 0 | |||||
Temporary Equity Carrying Amount Attributable To P… | - | - | - | - | - | - | - | - | - | 1 | 1 | - | |||||
Senior Notes Current | - | - | - | - | - | - | - | 0 | 1 | - | - | - | |||||
Loans Payable Current | - | - | - | - | - | - | - | - | 0 | - | - | - | |||||
Liabilities Noncurrent | |||||||||||||||||
Long Term Debt Noncurrent | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | - | - | - | |||||
Operating Lease Liability Noncurrent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | |||||
Finance Lease Liability Noncurrent | - | - | - | - | - | - | - | 0 | 0 | - | - | - | |||||
Contract With Customer Liability Noncurrent | - | - | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | |||||
Deferred Income Tax Liabilities Net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | |||||
Liabilities | 9 | 13 | 17 | 24 | 24 | 23 | 20 | 21 | 25 | 6 | 5 | 9 | |||||
Commitments And Contingencies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | |||||
Preferred Stock Value | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | |||||
Common Stock Value | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | |||||
Stockholders Equity | |||||||||||||||||
Stockholders Equity Inclu… | |||||||||||||||||
Stockholders Equity | 8 | 6 | 5 | -6 | -6 | -3 | -0 | 5 | 55 | -13 | -12 | -9 | |||||
Additional Paid In Capital | 92 | 91 | 88 | 69 | 69 | 68 | 68 | 65 | 64 | 1 | 6 | 1 | |||||
Retained Earnings Accumulated Deficit | -84 | -85 | -82 | -75 | -74 | -72 | -68 | -64 | -11 | -10 | -10 | -10 | |||||
Minority Interest | - | - | - | - | - | - | - | - | - | - | -0 | - | |||||
Shares Subject To Mandatory Redemption Settlement … | - | - | - | - | - | - | - | - | - | - | 0 | - | |||||
Business Combination Contingent Consideration Liab… | - | - | - | - | - | - | - | - | - | - | 1 | - | |||||
Liabilities And Stockholders Equity | 17 | 19 | 22 | 19 | 18 | 19 | 20 | 22 | 79 | 1 | 1 | 8 | |||||
Common Stock Subject To Redemption | - | - | - | - | - | - | - | - | - | 0 | 0 | -1 | |||||
Common Stock Not Subject To Possible Redemption | - | - | - | - | - | - | - | - | - | - | - | 0 | |||||
Common Stock Not Subject To Redemption | - | - | - | - | - | - | - | - | - | 3 | 3 | - | |||||
Allowance For Doubtful Accounts Receivable Current | 2 | 1 | 1 | 3 | 3 | 3 | 2 | 2 | 2 | - | 0 | - | |||||
Preferred Stock Par Or Stated Value Per Share | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | 0 | - | |||||
Preferred Stock Shares Authorized | - | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | - | 10 | - | |||||
Preferred Stock Shares Outstanding | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | 0 | - | |||||
Preferred Stock Shares Issued | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | 0 | - | |||||
Common Stock Par Or Stated Value Per Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | 0 | - | |||||
Common Stock Shares Authorized | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | - | 100 | - | |||||
Shares Outstanding | 56 | 47 | 33 | 17 | 16 | 16 | 16 | 15 | 15 | - | 5 | - | |||||
Common Stock Shares Issued | 56 | 47 | 33 | 17 | 16 | 16 | 16 | 15 | 15 | - | 5 | - | |||||
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Earnings Market Reaction
| Fiscal Year | Q1 1 Month | Q1 2 Month | Q1 3 Month | Q2 1 Month | Q2 2 Month | Q2 3 Month | Q3 1 Month | Q3 2 Month | Q3 3 Month | Q4 1 Month | Q4 2 Month | Q4 3 Month |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -10.67% | -38.20% | -55.62% | - | - | - | - | - | - | - | - | - |
| 2025 | - | - | - | 62.73% | -8.65% | -29.78% | -26.01% | -43.13% | -51.35% | -14.80% | -36.00% | -53.60% |
| 2024 | 34.90% | -25.11% | -64.08% | -0.61% | -18.18% | -9.70% | 21.21% | 3.79% | 27.27% | -16.88% | -38.05% | -3.64% |
| 2023 | - | - | - | -1.67% | -0.42% | 5.67% | -2.44% | -2.68% | -7.16% | 0.00% | 41.67% | -27.08% |
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Performance and Valuation Metrics
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Metrics | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Metric history beyond 3 years is for subscribers only. Unlock 17+ years of history across 90+ calculated metrics Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Liquidity Ratios | |||||||||||||||||
| Current Ratio | 0.40 | 0.41 | 0.51 | 0.16 | 0.11 | 0.14 | 0.16 | 0.22 | 0.13 | 0.00 | 0.16 | 0.00 | |||||
| Quick Ratio | 0.37 | 0.37 | 0.50 | 0.14 | 0.09 | 0.12 | 0.14 | 0.19 | 0.12 | 0.00 | 0.14 | 0.00 | |||||
| Working Capital | -4.83M | -6.95M | -7.88M | -19.70M | -20.50M | -18.90M | -15.99M | -15.86M | -21.04M | -8.97M | -4.30M | -5.00M | |||||
Leverage & Debt | |||||||||||||||||
| Debt to Equity | 1.20 | 2.01 | 3.11 | -4.36 | -4.17 | -6.55 | -1,082.38 | 22.90 | 0.48 | -0.43 | -0.42 | -9.53 | |||||
| Interest Coverage TTM | -5.78 | -4.89 | -3.41 | -4.31 | -48.89 | -44.41 | -81.42 | -101.97 | -2.67 | -3.43 | -4.78 | -8.79 | |||||
| Debt Ratio | 0.55 | 0.67 | 0.76 | 1.30 | 1.32 | 1.18 | 1.00 | 0.96 | 0.32 | 4.06 | 6.34 | 1.15 | |||||
Efficiency & Turnover | |||||||||||||||||
| Asset Turnover TTM | 0.86 | 0.75 | 0.69 | 0.59 | 0.24 | 1.17 | 1.00 | 0.64 | 0.18 | 1.63 | 1.37 | 0.04 | |||||
| Days Sales Outstanding TTM | 46.93 | 57.08 | 52.90 | 78.36 | 40.43 | 55.72 | 40.63 | 98.22 | 43.16 | - | 38.20 | - | |||||
| Receivables Turnover TTM | 7.78 | 6.39 | 6.90 | 4.66 | 9.03 | 6.55 | 8.98 | 3.72 | 8.46 | - | 9.55 | - | |||||
Per Share Metrics | |||||||||||||||||
| Diluted EPS TTM | -0.26 | -0.28 | -0.73 | -0.61 | -3.88 | -3.79 | -5.65 | -3.70 | -0.38 | -0.38 | -0.38 | -0.37 | |||||
| Free Cash Flow Per Share TTM | -0.08 | -0.12 | -0.17 | -0.25 | -0.22 | -0.42 | -0.57 | -0.20 | -0.53 | 0.06 | -0.06 | -0.12 | |||||
| Dividend Per Share TTM | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Margin Metrics | |||||||||||||||||
| Gross Profit Margin TTM | 42.00% | 46.30% | 50.32% | 57.31% | 66.64% | 64.37% | 68.87% | 70.44% | 64.40% | 68.60% | - | - | |||||
| Operating Profit Margin TTM | -79.31% | -74.19% | -65.55% | -70.07% | -564.39% | -528.68% | -596.38% | -611.71% | -17.72% | -14.38% | -32.49% | -101.88% | |||||
| Net Profit Margin TTM | -92.60% | -92.37% | -100.65% | -83.29% | -555.61% | -509.46% | -553.69% | -574.96% | -25.76% | -24.01% | -65.26% | -133.37% | |||||
Growth Metrics | |||||||||||||||||
| Net Revenue Growth (1Y) | 30.51% | 19.26% | 40.27% | 24.51% | 46.84% | 64.10% | 80.74% | 254.20% | 505.18% | - | - | - | |||||
| Net Income Growth (1Y) | -78.25% | -78.38% | -74.50% | -81.96% | 3,067.65% | 3,382.09% | 1,433.43% | 1,426.91% | -54.07% | -61.53% | 16.05% | - | |||||
| EPS Growth (1Y) | -93.34% | -92.64% | -87.07% | -83.57% | 922.76% | 890.39% | 1,401.21% | 912.55% | -59.81% | -65.43% | 47.89% | - | |||||
Valuation Metrics | |||||||||||||||||
| P/E TTM | -0.45 | -0.90 | -0.51 | -1.00 | -0.30 | -0.32 | -0.24 | -0.40 | -23.07 | -30.84 | -32.42 | -32.57 | |||||
| P/B TTM | 0.82 | 1.89 | 1.38 | -1.81 | -3.32 | -5.60 | -751.28 | 24.08 | 0.87 | -4.13 | -9.94 | -120.87 | |||||
| P/S TTM | 0.42 | 0.83 | 0.52 | 0.83 | 1.66 | 1.61 | 1.33 | 2.31 | 5.94 | 7.41 | 21.16 | 43.43 | |||||
| Market Cap | 6.22M | 11.98M | 7.53M | 10.10M | 19.05M | 19.57M | 13.89M | 22.47M | 46.40M | 54.70M | 121.98M | 119.08M | |||||
| Enterprise Value | 6.55M | 11.41M | 4.17M | 10.40M | 19.59M | 20.04M | 14.49M | 20.92M | 46.86M | 54.01M | 121.86M | 118.92M | |||||
Calculated Values | |||||||||||||||||
| Free Cash Flow TTM | -4.41M | -5.55M | -3.52M | -4.12M | -3.57M | -6.87M | -5.84M | -2.98M | -2.80M | 274.28K | -636.93K | -1.20M | |||||
| Net Debt | 327.43K | -564.55K | -3.37M | 300.72K | 537.02K | 466.70K | 596.66K | -1.54M | 467.16K | -689.28K | -118.73K | -159.54K | |||||
Per-Share and Margin | |||||||||||||||||
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| Adjusted EPS TTM | |||||||||||||||||
| Cash Flow Per Share TTM | |||||||||||||||||
| Pretax Margin TTM | |||||||||||||||||
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Turnover Ratios and Averages | |||||||||||||||||
| Average Assets | |||||||||||||||||
| Average Equity | |||||||||||||||||
| Average Inventory | |||||||||||||||||
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| Inventory Turnover TTM | |||||||||||||||||
| Payables Turnover TTM | |||||||||||||||||
| Days Inventory Outstanding TTM | |||||||||||||||||
| Days Payables Outstanding TTM | |||||||||||||||||
| Cash Conversion Cycle TTM | |||||||||||||||||
| Working Capital to Revenue | |||||||||||||||||
| Deferred Revenue to Revenue | |||||||||||||||||
Growth Rates | |||||||||||||||||
| Total Assets Growth (1Y) | |||||||||||||||||
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| Total Assets Growth (5Y) | |||||||||||||||||
| Dividends Paid Growth (1Y) | |||||||||||||||||
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| Dividends Paid Growth (5Y) | |||||||||||||||||
| EPS Growth (3Y) | |||||||||||||||||
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| Net Income Growth (3Y) | |||||||||||||||||
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| Net Profit Margin Growth (1Y) | |||||||||||||||||
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| Net Revenue Growth (3Y) | |||||||||||||||||
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| Deferred Revenue Growth (1Y) | |||||||||||||||||
| Retained Earnings Growth (1Y) | |||||||||||||||||
Credit, Liquidity, Returns, Payout | |||||||||||||||||
| Cash Ratio | |||||||||||||||||
| Net Working Capital | |||||||||||||||||
| Debt to EBITDA TTM | |||||||||||||||||
| Net Debt to EBITDA TTM | |||||||||||||||||
| Net Debt to Equity | |||||||||||||||||
| Altman A | |||||||||||||||||
| Altman B | |||||||||||||||||
| Altman C | |||||||||||||||||
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| Altman E | |||||||||||||||||
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| ROA TTM | |||||||||||||||||
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| Dilution Ratio | |||||||||||||||||
| Retained Earnings to Equity | |||||||||||||||||
| Treasury Stock to Equity | |||||||||||||||||
| Treasury Stock Change (1Y) | |||||||||||||||||
| Accrued to Current Liabilities | |||||||||||||||||
| NCAV | |||||||||||||||||
| NCAV Per Share TTM | |||||||||||||||||
Valuation Ratios | |||||||||||||||||
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| Total Debt | |||||||||||||||||
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Insider Transactions
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Institutional Ownership
VSEE HEALTH, INC. (VSEE) — SEC Financial Statements & Analysis
VSEE HEALTH, INC. (VSEE) is a services-health services company, incorporated in DE. VSEE HEALTH, INC. trades on Nasdaq as: VSEE, VSEEW. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), VSEE HEALTH, INC. reported a 30.51% year-over-year revenue growth, a Gross Profit Margin of 42.00% (TTM), a Debt-to-Equity ratio of 1.20x, a Price-to-Sales (P/S) ratio of 0.42x (TTM), a Price-to-Book (P/B) ratio of 0.82x (TTM), at a market cap of $6.22M. Figures below are sourced from SEC EDGAR, as-filed.
- Net Revenue TTM Growth 1Y
- 30.51%
- Gross Profit Margin TTM
- 42.00%
- Debt To Equity
- 1.20x
- P/S TTM
- 0.42x
- P/B TTM
- 0.82x
- Market Cap
- $6.22M
Data as of 2026-06-30 · Source: SEC EDGAR
Frequently Asked Questions
What industry is VSEE HEALTH, INC. in?
VSEE HEALTH, INC. (VSEE) operates in the Services-Health Services industry.
What is VSEE's market cap?
VSEE HEALTH, INC. (VSEE) has a market capitalization of $6.22M as of 2026-06-30.
What exchange does VSEE trade on?
VSEE HEALTH, INC. (VSEE) trades on the Nasdaq.
Where is VSEE HEALTH, INC. incorporated?
VSEE HEALTH, INC. is incorporated in DE.