Growth & profitability
- Revenue has declined 24.2% per year over the past 5 years.
- Operating margin has contracted, at -186.8% in the latest year.
VAI Financials Senmiao Technology Ltd
9 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2026 | $2M | -$5M | 13.6% | -186.8% | 90.3% | -100.2% | — | — | $4M |
| 2025 | $2M | -$4M | 30.2% | -104.9% | 130.5% | -64.2% | $499888 | — | $701302 |
| 2024 | $4M | -$4M | 21.4% | -101.3% | -410.0% | -37.2% | -$664438 | — | $737719 |
| 2023 | $8M | -$3M | 18.5% | -76.0% | -70.9% | -21.9% | -$593239 | — | $2M |
| 2022 | $12M | -$536624 | -17.8% | -98.5% | -6.6% | -2.7% | -$12M | — | $1M |
| 2021 | $6M | -$10M | 3.3% | -97.5% | -176.9% | -46.5% | -$6M | — | $4M |
| 2020 | $16M | -$9M | 21.4% | -35.5% | -309.4% | -55.5% | -$7M | — | $833888 |
| 2019 | $3M | -$5M | 25.3% | -35.7% | -54.3% | -36.9% | -$6M | — | $5M |
| 2018 | $494897 | -$10M | 100.0% | -1992.7% | -76.6% | -68.6% | -$778295 | — | $11M |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $360889 | -$33M | 17.1% | -174.8% | 84.9% | -222.0% | -$943522 | — | $13M |
| Mar '26 | $326499 | -$3M | -4.4% | -224.0% | 58.6% | -65.0% | — | — | $4M |
| Dec '25 | $358684 | -$3M | 13.8% | -305.7% | 69.2% | -54.6% | — | — | $4M |
| Sep '25 | $936344 | -$648743 | 29.3% | -81.0% | 20.6% | -13.9% | — | — | $676980 |
| Jun '25 | $427698 | -$164397 | 19.1% | -98.0% | 6.2% | -3.1% | — | — | $867767 |
| Mar '25 | $419933 | -$2M | 27.6% | -196.6% | 62.2% | -30.6% | -$48136 | — | $701302 |
| Dec '24 | $451447 | -$565315 | 23.5% | -91.0% | 48.5% | -7.2% | $356864 | — | $949224 |
| Sep '24 | $745880 | -$711449 | 13.0% | -82.6% | 154.9% | -8.3% | $175581 | — | $792025 |
| Jun '24 | $879009 | -$673420 | 28.8% | -88.1% | -423.1% | -7.3% | $15579 | — | $748869 |
| Mar '24 | $839578 | -$1M | 21.8% | -185.6% | -154.3% | -14.0% | -$275811 | — | $737719 |
| Dec '23 | $1M | -$933998 | 26.0% | -81.4% | -41.7% | -7.7% | -$118847 | — | $1M |
| Sep '23 | $1M | -$925957 | 15.2% | -99.1% | -36.4% | -7.3% | -$94988 | — | $1M |
| Jun '23 | $2M | -$427828 | 27.8% | -37.6% | -12.2% | -3.2% | -$174792 | — | $1M |
| Mar '23 | $2M | -$1M | 30.8% | -101.5% | -31.7% | -9.8% | $371470 | — | $2M |
| Dec '22 | $2M | -$971341 | 10.5% | -76.4% | -17.1% | -6.3% | -$1M | — | $2M |
| Sep '22 | $2M | -$1M | 13.8% | -70.7% | -17.3% | -6.8% | -$3337 | — | $2M |
| Jun '22 | $2M | $332853 | 19.6% | -61.5% | 4.3% | 1.8% | $513642 | — | $1M |
| Mar '22 | $3M | $5M | 3.9% | -56.3% | 63.5% | 25.8% | -$2M | — | $1M |
| Dec '21 | $4M | $155459 | 5.7% | -70.8% | 8.1% | 0.8% | -$2M | — | $3M |
| Sep '21 | $3M | $419926 | -15.2% | -81.0% | 17.5% | 2.4% | -$2M | — | $2M |
Valuation over time
How the market has priced VAI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 11.2× (Mar '23) to 16.6× (Nov '26).
P/S
Frequently asked questions
Is VAI growing its revenue and profit?
Over the past 5 years, Senmiao Technology Ltd's revenue has declined 24.2% per year. These are computed facts, not advice.
How much debt does VAI have?
As of FY2026, Senmiao Technology Ltd reported — of total debt against $4M of cash.
What is VAI's profit margin?
In FY2026, gross margin was 13.6%, operating margin -186.8%, and net margin -340.9%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.