4 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $15M | -$15M | 50.3% | -65.6% | -$3M | $2M | $5M |
| 2024 | $10M | -$58M | 68.9% | -596.4% | -$6M | $2M | $326115 |
| 2023 | $6M | -$4M | 66.5% | -32.5% | -$636930 | $220000 | $118734 |
| 2022 | — | -$3M | — | — | — | — | $106998 |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $3M | -$3M | 37.9% | -94.1% | -$2M | $2M | $1M |
| Dec '25 | $4M | -$8M | 46.7% | -87.6% | -$2M | $2M | $5M |
| Sep '25 | $4M | -$289745 | 52.1% | -51.7% | -$761848 | $3M | $472759 |
| Jun '25 | $3M | -$3M | 46.9% | -66.5% | -$328194 | $3M | $291595 |
| Mar '25 | $3M | -$4M | 56.0% | -55.1% | -$452366 | $3M | $410122 |
| Dec '24 | $4M | -$3M | 63.8% | -81.1% | -$3M | $2M | $326115 |
| Sep '24 | $3M | -$54M | 83.0% | -1737.8% | -$226028 | $2M | $2M |
| Jun '24 | $2M | -$634122 | 45.4% | -54.5% | -$3M | $2M | $1M |
| Mar '24 | $2M | $62770 | 76.2% | 6.4% | $570546 | — | $724 |
| Dec '23 | $1M | -$907734 | 71.6% | -24.6% | -$110804 | $220000 | $118734 |
| Sep '23 | $1M | -$189756 | 66.6% | -24.6% | -$48793 | — | $507 |
| Jun '23 | $1M | -$503320 | 62.7% | -54.3% | — | — | $30861 |
| Mar '23 | $2M | -$2M | 63.5% | -44.9% | — | — | $16331 |
| Dec '22 | — | -$1M | — | — | — | — | $106998 |
| Sep '22 | — | -$820759 | — | — | — | — | $44970 |
| Jun '22 | — | -$659459 | — | — | — | — | $191125 |
| Mar '22 | — | -$527360 | — | — | — | — | $509722 |
| Dec '21 | — | -$275521 | — | — | — | — | $760012 |
| Sep '21 | — | -$180 | — | — | — | — | — |
| Jun '21 | — | -$5000 | — | — | — | — | — |
How the market has priced VSEE against its own fundamentals since 2024-06 — 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.
Over the past 3 years, VSEE HEALTH, INC.'s revenue has grown 59.2% per year. These are computed facts, not advice.
As of FY2025, VSEE HEALTH, INC. reported $2M of total debt against $5M of cash; operating income covered interest expense -3.4×.
In FY2025, gross margin was 50.3%, operating margin -65.6%, and net margin -100.6%.
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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.