Concord Medical Services Holdings Limited (CCM) 10-Year Financial Performance & Capital Metrics

CCM •

HealthcareHealthcare FacilitiesSpecialty chronic care clinics

AboutConcord Medical Services Holdings Limited, together its subsidiaries, operates a network of radiotherapy and diagnostic imaging centers in the People's Republic of China. The company operates in two segments, Network and Hospital. Its services include linear accelerators external beam radiotherapy, gamma knife radiosurgery, head gamma knife systems, body gamma knife systems, and diagnostic imaging services. The company's other treatments and diagnostic services comprise computed tomography scanners. In addition, it provides clinical support services, such as developing treatment protocols for doctors, and organizing joint diagnosis between doctors in its network and clinical research, as well as helps to recruit and determine the compensation of doctors and other medical personnel. Further, the company offers radiotherapy and diagnostic equipment leasing, management services, and premium cancer and proton treatment services to hospitals, as well as teleconsultation and medical information technology services; and sells medical equipment. Additionally, it operates specialty cancer hospitals, which offer radiotherapy services, diagnostic imaging services, chemotherapy, and surgery. As of December 31, 2021, it operated a network of 16 cooperative centers based in 13 hospitals. Concord Medical Services Holdings Limited was founded in 1997 and is headquartered in Beijing, the People's Republic of China.Show more

Revenue $384M -28.6%
EBITDA -$401M -16.6%
Net Income -$308M -3.6%
EPS (Diluted) -2116.80 -3.6%
Gross Margin -20.62% -44.6%
EBITDA Margin -104.54% -63.2%
Operating Margin -138.6% -60.9%
Net Margin -80.28% -44.9%
ROE -18.32% -15.8%
ROIC -7.74% -12.3%
Debt/Equity 2.43 +28.8%
Interest Coverage -2.75 +1.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.1%
✓Trading at only 0.0x book value

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.47%

5Y14.12%

3Y-7.53%

TTM-22.46%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM56.95%

EPS CAGR

10Y-

5Y-

3Y-

TTM56.71%

ROCE

10Y Avg-8.76%

5Y Avg-9.82%

3Y Avg-10.91%

Latest-12.23%

Peer Comparison

Specialty chronic care clinics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DVADaVita Inc.	10.45B	156.30	17.23	6.46%	5.47%	64.47%	12.54%	12.99
FMSFresenius Medical Care AG & Co. KGaA	13.6B	23.46	11.84	1.51%	4.98%	6.85%		0.76
CCMConcord Medical Services Holdings Limited	166.67M	3.64	-0.01	-28.55%	-44.6%	-9.47%		2.43
TOIThe Oncology Institute, Inc.	218.88M	2.89	-4.07	21.33%	-14.38%	-213.36%		34.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	616.49M	455.04M	330.98M	190.9M	198.36M	223.01M	485.63M	472.08M	537.4M	383.96M
Revenue Growth %	1.58%	-26.19%	-27.26%	-42.32%	3.91%	12.43%	117.76%	-2.79%	13.84%	-28.55%
Cost of Goods Sold+	353.34M	286.54M	232.98M	171.14M	214.19M	209.93M	542.53M	624.49M	614.01M	463.12M
COGS % of Revenue	57.31%	62.97%	70.39%	89.65%	107.98%	94.13%	111.72%	132.28%	114.26%	120.62%
Gross Profit+	263.15M	168.5M	98M	19.76M	-15.83M	13.08M	-56.9M	-152.41M	-76.61M	-79.16M
Gross Margin %	42.69%	37.03%	29.61%	10.35%	-7.98%	5.87%	-11.72%	-32.28%	-14.26%	-20.62%
Gross Profit Growth %	-20.81%	-35.97%	-41.84%	-79.83%	-180.1%	182.65%	-534.89%	-167.87%	49.74%	-3.33%
Operating Expenses+	268.89M	337.13M	309.85M	319M	421.46M	329.08M	401.42M	372.64M	386.38M	453M
OpEx % of Revenue	43.62%	74.09%	93.62%	167.11%	212.47%	147.56%	82.66%	78.93%	71.9%	117.98%
Selling, General & Admin	245.77M	276M	281.25M	313.57M	345.38M	320.58M	401.42M	372.64M	386.38M	453M
SG&A % of Revenue	39.87%	60.65%	84.98%	164.26%	174.11%	143.75%	82.66%	78.93%	71.9%	117.98%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	23.13M	61.12M	28.6M	5.43M	76.09M	8.5M	0	0	0	0
Operating Income+	-5.74M	-168.63M	-211.86M	-299.24M	-437.29M	-316M	-458.32M	-525.05M	-462.99M	-532.16M
Operating Margin %	-0.93%	-37.06%	-64.01%	-156.76%	-220.45%	-141.7%	-94.38%	-111.22%	-86.15%	-138.6%
Operating Income Growth %	-103.13%	-2836.2%	-25.64%	-41.25%	-46.13%	27.74%	-45.04%	-14.56%	11.82%	-14.94%
EBITDA+	151.51M	-40.81M	-122.4M	-254.23M	-380.94M	-245.22M	-363.86M	-401.86M	-344.16M	-401.4M
EBITDA Margin %	24.58%	-8.97%	-36.98%	-133.17%	-192.04%	-109.96%	-74.92%	-85.12%	-64.04%	-104.54%
EBITDA Growth %	-60.31%	-126.94%	-199.9%	-107.7%	-49.84%	35.63%	-48.38%	-10.44%	14.36%	-16.63%
D&A (Non-Cash Add-back)	157.25M	127.81M	89.45M	45.02M	56.35M	70.79M	94.46M	123.19M	118.83M	130.76M
EBIT	17.38M	-107.5M	-183.26M	-293.81M	-361.2M	-307.5M	-458.32M	-525.05M	-462.99M	-476.38M
Net Interest Income+	-30.77M	-61.34M	-77.88M	-32.06M	-19.54M	-72.92M	-67.89M	-110.34M	-154.84M	-179.22M
Interest Income	22.45M	27.98M	12.08M	14.17M	9.16M	8.44M	5.89M	10.02M	10.83M	13.98M
Interest Expense	53.21M	89.33M	89.96M	46.23M	28.7M	81.36M	73.79M	120.36M	165.67M	193.2M
Other Income/Expense	489K	-35.97M	-42.04M	74M	46.22M	-125.65M	-70.92M	-314.85M	-92.61M	-137.42M
Pretax Income+	-5.25M	-204.6M	-253.9M	-225.25M	-391.08M	-441.65M	-529.24M	-839.9M	-555.59M	-669.58M
Pretax Margin %	-0.85%	-44.96%	-76.71%	-117.99%	-197.15%	-198.04%	-108.98%	-177.91%	-103.39%	-174.39%
Income Tax+	74.03M	60.49M	31.79M	34.05M	-38.99M	-37.62M	-6.57M	-70.91M	-24.57M	-17.5M
Effective Tax Rate %	1490.37%	127.99%	111.98%	104.27%	78.51%	70.19%	51.29%	58.3%	53.57%	46.04%
Net Income+	-78.3M	-261.87M	-284.32M	-234.88M	-307.05M	-309.99M	-271.43M	-489.66M	-297.66M	-308.24M
Net Margin %	-12.7%	-57.55%	-85.9%	-123.04%	-154.79%	-139%	-55.89%	-103.72%	-55.39%	-80.28%
Net Income Growth %	-162.79%	-234.42%	-8.57%	17.39%	-30.73%	-0.96%	12.44%	-80.4%	39.21%	-3.56%
Net Income (Continuing)	-79.28M	-265.08M	-285.68M	-259.3M	-352.09M	-404.03M	-522.67M	-768.99M	-531.02M	-652.08M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	43.4M	65.59M	80.87M	1.84B	2.01B	3.06B	4.11B	3.88B	3.87B	3.9B
EPS (Diluted)+	-523.80	-1804.20	-1967.10	-2484.90	-3818.10	-4600.50	-5635.50	-3362.70	-2044.20	-2116.80
EPS Growth %	-179.54%	-244.44%	-9.03%	-26.32%	-53.65%	-20.49%	-22.5%	40.33%	39.21%	-3.55%
EPS (Basic)	-523.80	-1804.20	-1967.10	-2484.90	-3818.10	-6987.00	-5635.50	-3362.70	-2044.20	-2116.80
Diluted Shares Outstanding	149.5K	145.13K	144.53K	144.57K	144.7K	145.6K	145.6K	145.6K	145.6K	145.6K
Basic Shares Outstanding	149.5K	145.13K	144.53K	94.53K	80.43K	44.37K	48.17K	145.6K	145.6K	145.6K
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.3B	1.19B	1.11B	1.23B	282.49M	676M	584.48M	759.8M	617.21M	983.97M
Cash & Short-Term Investments	545.44M	189.91M	98.19M	454.74M	74.31M	334.26M	157.39M	158.28M	58.14M	350.85M
Cash Only	485.44M	189.91M	98.19M	404.74M	74.31M	334.26M	157.39M	158.28M	58.14M	216.22M
Short-Term Investments	60M	0	0	50M	0	0	0	0	0	134.62M
Accounts Receivable	383.54M	301.05M	296.32M	203.09M	121.15M	188.16M	383.04M	130.27M	73.5M	51.17M
Days Sales Outstanding	227.08	241.48	326.78	388.32	222.92	307.96	287.89	100.72	49.92	48.64
Inventory	3.9M	5.92M	6.28M	3.36M	4.34M	21.61M	38.09M	84.83M	40.35M	33.44M
Days Inventory Outstanding	4.03	7.54	9.84	7.16	7.4	37.57	25.62	49.58	23.98	26.36
Other Current Assets	632.54M	697.24M	855.81M	654.09M	78.42M	128.31M	3.25M	386.41M	445.23M	548.52M
Total Non-Current Assets+	2.3B	2.03B	2.35B	3.36B	4.01B	4.66B	5.65B	5.25B	5.44B	5.74B
Property, Plant & Equipment	918.82M	775.34M	793.57M	1.22B	2.55B	3.2B	3.35B	3.45B	4.13B	4.01B
Fixed Asset Turnover	0.67x	0.59x	0.42x	0.16x	0.08x	0.07x	0.15x	0.14x	0.13x	0.10x
Goodwill	0	0	0	165.17M	210.44M	213.66M	581.88M	575.43M	575.43M	572.22M
Intangible Assets	473.23M	459M	455.73M	895.17M	532.49M	522.82M	1.07B	762.09M	323.29M	680.37M
Long-Term Investments	253.14M	232.25M	754.33M	388.36M	64.95M	313.02M	390.63M	437.87M	394.71M	472.17M
Other Non-Current Assets	625.8M	65.37M	8.58M	4.89M	661.14M	107.47M	13.58M	23.19M	11.43M	5.87M
Total Assets+	3.6B	3.23B	3.47B	4.59B	4.3B	5.33B	6.23B	6B	6.05B	6.73B
Asset Turnover	0.17x	0.14x	0.10x	0.04x	0.05x	0.04x	0.08x	0.08x	0.09x	0.06x
Asset Growth %	21.64%	-10.31%	7.33%	32.32%	-6.28%	24.13%	16.79%	-3.61%	0.82%	11.11%
Total Current Liabilities+	1.31B	951.06M	1.11B	870.26M	627.45M	512.12M	804.52M	1.12B	1.95B	2.13B
Accounts Payable	808K	2.04M	4.56M	5.44M	8.28M	18.63M	102.51M	146.75M	129.24M	199.39M
Days Payables Outstanding	0.83	2.6	7.15	11.6	14.1	32.4	68.96	85.77	76.82	157.15
Short-Term Debt	716.15M	724.62M	794.47M	249.2M	0	148.88M	299.35M	512.58M	1.04B	1.03B
Deferred Revenue (Current)	1.52M	15.62M	14.55M	23.57M	3.19M	87.74M	81.03M	100.8M	59.41M	46.15M
Other Current Liabilities	149.53M	71.54M	173.88M	571M	521.7M	0	180M	250.18M	287.03M	0
Current Ratio	0.99x	1.26x	1.00x	1.41x	0.45x	1.32x	0.73x	0.68x	0.32x	0.46x
Quick Ratio	0.99x	1.25x	1.00x	1.41x	0.44x	1.28x	0.68x	0.60x	0.30x	0.45x
Cash Conversion Cycle	230.27	246.43	329.48	383.88	216.21	313.14	244.55	64.53	-2.92	-82.15
Total Non-Current Liabilities+	855.65M	1.05B	1.34B	1.44B	1.78B	2.42B	2.68B	2.87B	2.36B	2.98B
Long-Term Debt	804.1M	464.27M	799.05M	720.04M	1.29B	1.97B	2.2B	2.49B	2.01B	2.71B
Capital Lease Obligations	0	0	0	0	218.82M	223.48M	214.22M	199.95M	193.01M	138.89M
Deferred Tax Liabilities	48.51M	49.66M	73.58M	165.65M	165.44M	153.34M	184.42M	112.58M	99.54M	82.87M
Other Non-Current Liabilities	49.31M	52.6M	469.67M	555.56M	104.74M	76.73M	84.46M	64.08M	4.53M	47.83M
Total Liabilities	2.17B	2B	2.45B	2.31B	2.41B	2.93B	3.49B	3.99B	4.31B	5.11B
Total Debt+	1.52B	1.19B	1.24B	938.11M	1.52B	2.35B	2.73B	3.24B	3.3B	3.93B
Net Debt	1.03B	998.99M	1.14B	533.37M	1.45B	2.02B	2.58B	3.08B	3.24B	3.71B
Debt / Equity	1.06x	0.97x	1.22x	0.41x	0.81x	0.98x	1.00x	1.61x	1.89x	2.43x
Debt / EBITDA	10.03x	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	6.83x	-	-	-	-	-	-	-	-	-
Interest Coverage	-0.11x	-1.89x	-2.36x	-6.47x	-15.24x	-3.88x	-6.21x	-4.36x	-2.79x	-2.75x
Total Equity+	1.43B	1.23B	1.01B	2.27B	1.89B	2.4B	2.74B	2.02B	1.75B	1.62B
Equity Growth %	-20.35%	-14.09%	-17.6%	124.05%	-16.92%	27.08%	14.28%	-26.54%	-13.33%	-7.4%
Book Value per Share	9590.56	8487.18	7022.05	15729.02	13056.24	16489.22	18844.24	13843.80	11998.54	11110.91
Total Shareholders' Equity	1.39B	1.17B	934.05M	437.42M	-122.76M	-662.96M	-1.37B	-1.86B	-2.12B	-2.28B
Common Stock	105K	105K	105K	105K	105K	105K	105K	105K	105K	105K
Retained Earnings	-625.62M	-598.2M	-879.39M	-1.23B	-1.79B	-2.46B	-3.28B	-3.77B	-4.06B	-4.37B
Treasury Stock	-6K	-8K	-8K	-8K	-8K	-8K	-7K	-7K	-7K	-7K
Accumulated OCI	-46.57M	-87.97M	-47.42M	-88.62M	-97.28M	-46.43M	-29.5M	-27.77M	-65.42M	-77.35M
Minority Interest	43.4M	65.59M	80.87M	1.84B	2.01B	3.06B	4.11B	3.88B	3.87B	3.9B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-175.14M	-78.08M	26.73M	-38.59M	-195.35M	-229.77M	-359.31M	-216.69M	-276.47M	-397.75M
Operating CF Margin %	-28.41%	-17.16%	8.08%	-20.22%	-98.48%	-103.03%	-73.99%	-45.9%	-51.45%	-103.59%
Operating CF Growth %	-135.71%	55.42%	134.24%	-244.36%	-406.2%	-17.62%	-56.38%	39.69%	-27.59%	-43.87%
Net Income	-78.3M	-261.87M	-284.32M	-234.88M	-307.05M	-309.99M	-271.43M	-489.66M	-297.66M	-652.08M
Depreciation & Amortization	158.34M	129.01M	94.71M	54.63M	65.81M	80.3M	104.08M	132.81M	128.45M	130.76M
Stock-Based Compensation	8.08M	8.4M	11.64M	11.14M	20.59M	20.62M	14.68M	-5.92M	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	-15.65M
Other Non-Cash Items	47.81M	86.66M	159.14M	-2.75M	84.24M	79.67M	-90.91M	206.23M	-92.78M	288.55M
Working Capital Changes	-311.07M	-40.28M	45.56M	133.27M	-58.94M	-100.37M	-115.74M	-60.16M	-14.49M	-149.33M
Change in Receivables	43.28M	9.92M	43.41M	48.38M	3.57M	-6.17M	-64.45M	644K	36.45M	12.02M
Change in Inventory	315K	-1.92M	-554K	1.8M	-1.83M	-14.45M	-4.35M	-46.75M	44.49M	6.5M
Change in Payables	0	0	0	0	0	0	0	0	0	93.05M
Cash from Investing+	-391.08M	-74.85M	-313.01M	-1B	-1.07B	-533.88M	-565.98M	-118.79M	-47.68M	-593.44M
Capital Expenditures	-181.97M	-117.99M	-289.1M	-764.4M	-700.92M	-504.7M	-760.58M	-383.77M	-115.7M	-400.67M
CapEx % of Revenue	29.52%	25.93%	87.35%	400.42%	353.35%	226.31%	156.62%	81.29%	21.53%	104.35%
Acquisitions	-321.14M	26.2M	0	-528.74M	-525.68M	-8.34M	1.57M	0	0	-92.94M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	112.03M	16.94M	-23.91M	292.78M	155.1M	-20.84M	193.03M	264.98M	68.02M	-160K
Cash from Financing+	590.4M	-117.92M	189.9M	1.2B	513.27M	1.14B	642.45M	383.09M	257.65M	1.15B
Debt Issued (Net)	391.83M	258.35M	463.04M	-101.14M	680.58M	641.85M	144.12M	363.22M	62.81M	970.87M
Equity Issued (Net)	-1000K	-1000K	0	0	0	0	0	0	0	1000K
Dividends Paid	0	-285.83M	0	0	0	0	0	0	0	0
Share Repurchases	-19.72M	-30.4M	0	0	0	0	0	0	0	0
Other Financing	218.29M	-60.04M	-273.14M	1.3B	-167.31M	496.46M	498.32M	19.87M	194.84M	-335.36M
Net Change in Cash	6.76M	272.96M	-96.22M	164.56M	-752.42M	372.09M	-287.48M	432K	-68.92M	146.56M
Free Cash Flow+	-357.11M	-196.07M	-262.37M	-802.99M	-896.27M	-734.47M	-1.12B	-600.47M	-392.17M	-808.58M
FCF Margin %	-57.93%	-43.09%	-79.27%	-420.64%	-451.83%	-329.34%	-230.6%	-127.19%	-72.98%	-210.59%
FCF Growth %	-193.85%	45.1%	-33.82%	-206.05%	-11.62%	18.05%	-52.48%	46.38%	34.69%	-106.18%
FCF per Share	-2388.70	-1350.94	-1815.30	-5554.47	-6194.00	-5044.44	-7691.58	-4124.09	-2693.50	-5553.45
FCF Conversion (FCF/Net Income)	2.24x	0.30x	-0.09x	0.16x	0.64x	0.74x	1.32x	0.44x	0.93x	1.29x
Interest Paid	54.04M	81.49M	89.96M	59.49M	64.25M	73.85M	134.18M	145.26M	152.36M	188.3M
Taxes Paid	0	0	0	0	0	3.26M	0	3.01M	898K	148K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.84%	-19.65%	-25.31%	-14.28%	-14.75%	-14.45%	-10.55%	-20.58%	-15.82%	-18.32%
Return on Invested Capital (ROIC)	-0.18%	-5.38%	-7.24%	-9.04%	-10.67%	-6.11%	-7.06%	-7.56%	-6.89%	-7.74%
Gross Margin	42.69%	37.03%	29.61%	10.35%	-7.98%	5.87%	-11.72%	-32.28%	-14.26%	-20.62%
Net Margin	-12.7%	-57.55%	-85.9%	-123.04%	-154.79%	-139%	-55.89%	-103.72%	-55.39%	-80.28%
Debt / Equity	1.06x	0.97x	1.22x	0.41x	0.81x	0.98x	1.00x	1.61x	1.89x	2.43x
Interest Coverage	-0.11x	-1.89x	-2.36x	-6.47x	-15.24x	-3.88x	-6.21x	-4.36x	-2.79x	-2.75x
FCF Conversion	2.24x	0.30x	-0.09x	0.16x	0.64x	0.74x	1.32x	0.44x	0.93x	1.29x
Revenue Growth	1.58%	-26.19%	-27.26%	-42.32%	3.91%	12.43%	117.76%	-2.79%	13.84%	-28.55%

US Stock Screener

...

Concord Medical Services Holdings Limited (CCM) 10-Year Financial Performance & Capital Metrics

CCM •

HealthcareHealthcare FacilitiesSpecialty chronic care clinics

Revenue $384M -28.6%
EBITDA -$401M -16.6%
Net Income -$308M -3.6%
EPS (Diluted) -2116.80 -3.6%
Gross Margin -20.62% -44.6%
EBITDA Margin -104.54% -63.2%
Operating Margin -138.6% -60.9%
Net Margin -80.28% -44.9%
ROE -18.32% -15.8%
ROIC -7.74% -12.3%
Debt/Equity 2.43 +28.8%
Interest Coverage -2.75 +1.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.1%
✓Trading at only 0.0x book value

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.47%

5Y14.12%

3Y-7.53%

TTM-22.46%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM56.95%

EPS CAGR

10Y-

5Y-

3Y-

TTM56.71%

ROCE

10Y Avg-8.76%

5Y Avg-9.82%

3Y Avg-10.91%

Latest-12.23%

Peer Comparison

Specialty chronic care clinics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DVADaVita Inc.	10.45B	156.30	17.23	6.46%	5.47%	64.47%	12.54%	12.99
FMSFresenius Medical Care AG & Co. KGaA	13.6B	23.46	11.84	1.51%	4.98%	6.85%		0.76
CCMConcord Medical Services Holdings Limited	166.67M	3.64	-0.01	-28.55%	-44.6%	-9.47%		2.43
TOIThe Oncology Institute, Inc.	218.88M	2.89	-4.07	21.33%	-14.38%	-213.36%		34.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	616.49M	455.04M	330.98M	190.9M	198.36M	223.01M	485.63M	472.08M	537.4M	383.96M
Revenue Growth %	1.58%	-26.19%	-27.26%	-42.32%	3.91%	12.43%	117.76%	-2.79%	13.84%	-28.55%
Cost of Goods Sold+	353.34M	286.54M	232.98M	171.14M	214.19M	209.93M	542.53M	624.49M	614.01M	463.12M
COGS % of Revenue	57.31%	62.97%	70.39%	89.65%	107.98%	94.13%	111.72%	132.28%	114.26%	120.62%
Gross Profit+	263.15M	168.5M	98M	19.76M	-15.83M	13.08M	-56.9M	-152.41M	-76.61M	-79.16M
Gross Margin %	42.69%	37.03%	29.61%	10.35%	-7.98%	5.87%	-11.72%	-32.28%	-14.26%	-20.62%
Gross Profit Growth %	-20.81%	-35.97%	-41.84%	-79.83%	-180.1%	182.65%	-534.89%	-167.87%	49.74%	-3.33%
Operating Expenses+	268.89M	337.13M	309.85M	319M	421.46M	329.08M	401.42M	372.64M	386.38M	453M
OpEx % of Revenue	43.62%	74.09%	93.62%	167.11%	212.47%	147.56%	82.66%	78.93%	71.9%	117.98%
Selling, General & Admin	245.77M	276M	281.25M	313.57M	345.38M	320.58M	401.42M	372.64M	386.38M	453M
SG&A % of Revenue	39.87%	60.65%	84.98%	164.26%	174.11%	143.75%	82.66%	78.93%	71.9%	117.98%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	23.13M	61.12M	28.6M	5.43M	76.09M	8.5M	0	0	0	0
Operating Income+	-5.74M	-168.63M	-211.86M	-299.24M	-437.29M	-316M	-458.32M	-525.05M	-462.99M	-532.16M
Operating Margin %	-0.93%	-37.06%	-64.01%	-156.76%	-220.45%	-141.7%	-94.38%	-111.22%	-86.15%	-138.6%
Operating Income Growth %	-103.13%	-2836.2%	-25.64%	-41.25%	-46.13%	27.74%	-45.04%	-14.56%	11.82%	-14.94%
EBITDA+	151.51M	-40.81M	-122.4M	-254.23M	-380.94M	-245.22M	-363.86M	-401.86M	-344.16M	-401.4M
EBITDA Margin %	24.58%	-8.97%	-36.98%	-133.17%	-192.04%	-109.96%	-74.92%	-85.12%	-64.04%	-104.54%
EBITDA Growth %	-60.31%	-126.94%	-199.9%	-107.7%	-49.84%	35.63%	-48.38%	-10.44%	14.36%	-16.63%
D&A (Non-Cash Add-back)	157.25M	127.81M	89.45M	45.02M	56.35M	70.79M	94.46M	123.19M	118.83M	130.76M
EBIT	17.38M	-107.5M	-183.26M	-293.81M	-361.2M	-307.5M	-458.32M	-525.05M	-462.99M	-476.38M
Net Interest Income+	-30.77M	-61.34M	-77.88M	-32.06M	-19.54M	-72.92M	-67.89M	-110.34M	-154.84M	-179.22M
Interest Income	22.45M	27.98M	12.08M	14.17M	9.16M	8.44M	5.89M	10.02M	10.83M	13.98M
Interest Expense	53.21M	89.33M	89.96M	46.23M	28.7M	81.36M	73.79M	120.36M	165.67M	193.2M
Other Income/Expense	489K	-35.97M	-42.04M	74M	46.22M	-125.65M	-70.92M	-314.85M	-92.61M	-137.42M
Pretax Income+	-5.25M	-204.6M	-253.9M	-225.25M	-391.08M	-441.65M	-529.24M	-839.9M	-555.59M	-669.58M
Pretax Margin %	-0.85%	-44.96%	-76.71%	-117.99%	-197.15%	-198.04%	-108.98%	-177.91%	-103.39%	-174.39%
Income Tax+	74.03M	60.49M	31.79M	34.05M	-38.99M	-37.62M	-6.57M	-70.91M	-24.57M	-17.5M
Effective Tax Rate %	1490.37%	127.99%	111.98%	104.27%	78.51%	70.19%	51.29%	58.3%	53.57%	46.04%
Net Income+	-78.3M	-261.87M	-284.32M	-234.88M	-307.05M	-309.99M	-271.43M	-489.66M	-297.66M	-308.24M
Net Margin %	-12.7%	-57.55%	-85.9%	-123.04%	-154.79%	-139%	-55.89%	-103.72%	-55.39%	-80.28%
Net Income Growth %	-162.79%	-234.42%	-8.57%	17.39%	-30.73%	-0.96%	12.44%	-80.4%	39.21%	-3.56%
Net Income (Continuing)	-79.28M	-265.08M	-285.68M	-259.3M	-352.09M	-404.03M	-522.67M	-768.99M	-531.02M	-652.08M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	43.4M	65.59M	80.87M	1.84B	2.01B	3.06B	4.11B	3.88B	3.87B	3.9B
EPS (Diluted)+	-523.80	-1804.20	-1967.10	-2484.90	-3818.10	-4600.50	-5635.50	-3362.70	-2044.20	-2116.80
EPS Growth %	-179.54%	-244.44%	-9.03%	-26.32%	-53.65%	-20.49%	-22.5%	40.33%	39.21%	-3.55%
EPS (Basic)	-523.80	-1804.20	-1967.10	-2484.90	-3818.10	-6987.00	-5635.50	-3362.70	-2044.20	-2116.80
Diluted Shares Outstanding	149.5K	145.13K	144.53K	144.57K	144.7K	145.6K	145.6K	145.6K	145.6K	145.6K
Basic Shares Outstanding	149.5K	145.13K	144.53K	94.53K	80.43K	44.37K	48.17K	145.6K	145.6K	145.6K
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.3B	1.19B	1.11B	1.23B	282.49M	676M	584.48M	759.8M	617.21M	983.97M
Cash & Short-Term Investments	545.44M	189.91M	98.19M	454.74M	74.31M	334.26M	157.39M	158.28M	58.14M	350.85M
Cash Only	485.44M	189.91M	98.19M	404.74M	74.31M	334.26M	157.39M	158.28M	58.14M	216.22M
Short-Term Investments	60M	0	0	50M	0	0	0	0	0	134.62M
Accounts Receivable	383.54M	301.05M	296.32M	203.09M	121.15M	188.16M	383.04M	130.27M	73.5M	51.17M
Days Sales Outstanding	227.08	241.48	326.78	388.32	222.92	307.96	287.89	100.72	49.92	48.64
Inventory	3.9M	5.92M	6.28M	3.36M	4.34M	21.61M	38.09M	84.83M	40.35M	33.44M
Days Inventory Outstanding	4.03	7.54	9.84	7.16	7.4	37.57	25.62	49.58	23.98	26.36
Other Current Assets	632.54M	697.24M	855.81M	654.09M	78.42M	128.31M	3.25M	386.41M	445.23M	548.52M
Total Non-Current Assets+	2.3B	2.03B	2.35B	3.36B	4.01B	4.66B	5.65B	5.25B	5.44B	5.74B
Property, Plant & Equipment	918.82M	775.34M	793.57M	1.22B	2.55B	3.2B	3.35B	3.45B	4.13B	4.01B
Fixed Asset Turnover	0.67x	0.59x	0.42x	0.16x	0.08x	0.07x	0.15x	0.14x	0.13x	0.10x
Goodwill	0	0	0	165.17M	210.44M	213.66M	581.88M	575.43M	575.43M	572.22M
Intangible Assets	473.23M	459M	455.73M	895.17M	532.49M	522.82M	1.07B	762.09M	323.29M	680.37M
Long-Term Investments	253.14M	232.25M	754.33M	388.36M	64.95M	313.02M	390.63M	437.87M	394.71M	472.17M
Other Non-Current Assets	625.8M	65.37M	8.58M	4.89M	661.14M	107.47M	13.58M	23.19M	11.43M	5.87M
Total Assets+	3.6B	3.23B	3.47B	4.59B	4.3B	5.33B	6.23B	6B	6.05B	6.73B
Asset Turnover	0.17x	0.14x	0.10x	0.04x	0.05x	0.04x	0.08x	0.08x	0.09x	0.06x
Asset Growth %	21.64%	-10.31%	7.33%	32.32%	-6.28%	24.13%	16.79%	-3.61%	0.82%	11.11%
Total Current Liabilities+	1.31B	951.06M	1.11B	870.26M	627.45M	512.12M	804.52M	1.12B	1.95B	2.13B
Accounts Payable	808K	2.04M	4.56M	5.44M	8.28M	18.63M	102.51M	146.75M	129.24M	199.39M
Days Payables Outstanding	0.83	2.6	7.15	11.6	14.1	32.4	68.96	85.77	76.82	157.15
Short-Term Debt	716.15M	724.62M	794.47M	249.2M	0	148.88M	299.35M	512.58M	1.04B	1.03B
Deferred Revenue (Current)	1.52M	15.62M	14.55M	23.57M	3.19M	87.74M	81.03M	100.8M	59.41M	46.15M
Other Current Liabilities	149.53M	71.54M	173.88M	571M	521.7M	0	180M	250.18M	287.03M	0
Current Ratio	0.99x	1.26x	1.00x	1.41x	0.45x	1.32x	0.73x	0.68x	0.32x	0.46x
Quick Ratio	0.99x	1.25x	1.00x	1.41x	0.44x	1.28x	0.68x	0.60x	0.30x	0.45x
Cash Conversion Cycle	230.27	246.43	329.48	383.88	216.21	313.14	244.55	64.53	-2.92	-82.15
Total Non-Current Liabilities+	855.65M	1.05B	1.34B	1.44B	1.78B	2.42B	2.68B	2.87B	2.36B	2.98B
Long-Term Debt	804.1M	464.27M	799.05M	720.04M	1.29B	1.97B	2.2B	2.49B	2.01B	2.71B
Capital Lease Obligations	0	0	0	0	218.82M	223.48M	214.22M	199.95M	193.01M	138.89M
Deferred Tax Liabilities	48.51M	49.66M	73.58M	165.65M	165.44M	153.34M	184.42M	112.58M	99.54M	82.87M
Other Non-Current Liabilities	49.31M	52.6M	469.67M	555.56M	104.74M	76.73M	84.46M	64.08M	4.53M	47.83M
Total Liabilities	2.17B	2B	2.45B	2.31B	2.41B	2.93B	3.49B	3.99B	4.31B	5.11B
Total Debt+	1.52B	1.19B	1.24B	938.11M	1.52B	2.35B	2.73B	3.24B	3.3B	3.93B
Net Debt	1.03B	998.99M	1.14B	533.37M	1.45B	2.02B	2.58B	3.08B	3.24B	3.71B
Debt / Equity	1.06x	0.97x	1.22x	0.41x	0.81x	0.98x	1.00x	1.61x	1.89x	2.43x
Debt / EBITDA	10.03x	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	6.83x	-	-	-	-	-	-	-	-	-
Interest Coverage	-0.11x	-1.89x	-2.36x	-6.47x	-15.24x	-3.88x	-6.21x	-4.36x	-2.79x	-2.75x
Total Equity+	1.43B	1.23B	1.01B	2.27B	1.89B	2.4B	2.74B	2.02B	1.75B	1.62B
Equity Growth %	-20.35%	-14.09%	-17.6%	124.05%	-16.92%	27.08%	14.28%	-26.54%	-13.33%	-7.4%
Book Value per Share	9590.56	8487.18	7022.05	15729.02	13056.24	16489.22	18844.24	13843.80	11998.54	11110.91
Total Shareholders' Equity	1.39B	1.17B	934.05M	437.42M	-122.76M	-662.96M	-1.37B	-1.86B	-2.12B	-2.28B
Common Stock	105K	105K	105K	105K	105K	105K	105K	105K	105K	105K
Retained Earnings	-625.62M	-598.2M	-879.39M	-1.23B	-1.79B	-2.46B	-3.28B	-3.77B	-4.06B	-4.37B
Treasury Stock	-6K	-8K	-8K	-8K	-8K	-8K	-7K	-7K	-7K	-7K
Accumulated OCI	-46.57M	-87.97M	-47.42M	-88.62M	-97.28M	-46.43M	-29.5M	-27.77M	-65.42M	-77.35M
Minority Interest	43.4M	65.59M	80.87M	1.84B	2.01B	3.06B	4.11B	3.88B	3.87B	3.9B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-175.14M	-78.08M	26.73M	-38.59M	-195.35M	-229.77M	-359.31M	-216.69M	-276.47M	-397.75M
Operating CF Margin %	-28.41%	-17.16%	8.08%	-20.22%	-98.48%	-103.03%	-73.99%	-45.9%	-51.45%	-103.59%
Operating CF Growth %	-135.71%	55.42%	134.24%	-244.36%	-406.2%	-17.62%	-56.38%	39.69%	-27.59%	-43.87%
Net Income	-78.3M	-261.87M	-284.32M	-234.88M	-307.05M	-309.99M	-271.43M	-489.66M	-297.66M	-652.08M
Depreciation & Amortization	158.34M	129.01M	94.71M	54.63M	65.81M	80.3M	104.08M	132.81M	128.45M	130.76M
Stock-Based Compensation	8.08M	8.4M	11.64M	11.14M	20.59M	20.62M	14.68M	-5.92M	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	-15.65M
Other Non-Cash Items	47.81M	86.66M	159.14M	-2.75M	84.24M	79.67M	-90.91M	206.23M	-92.78M	288.55M
Working Capital Changes	-311.07M	-40.28M	45.56M	133.27M	-58.94M	-100.37M	-115.74M	-60.16M	-14.49M	-149.33M
Change in Receivables	43.28M	9.92M	43.41M	48.38M	3.57M	-6.17M	-64.45M	644K	36.45M	12.02M
Change in Inventory	315K	-1.92M	-554K	1.8M	-1.83M	-14.45M	-4.35M	-46.75M	44.49M	6.5M
Change in Payables	0	0	0	0	0	0	0	0	0	93.05M
Cash from Investing+	-391.08M	-74.85M	-313.01M	-1B	-1.07B	-533.88M	-565.98M	-118.79M	-47.68M	-593.44M
Capital Expenditures	-181.97M	-117.99M	-289.1M	-764.4M	-700.92M	-504.7M	-760.58M	-383.77M	-115.7M	-400.67M
CapEx % of Revenue	29.52%	25.93%	87.35%	400.42%	353.35%	226.31%	156.62%	81.29%	21.53%	104.35%
Acquisitions	-321.14M	26.2M	0	-528.74M	-525.68M	-8.34M	1.57M	0	0	-92.94M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	112.03M	16.94M	-23.91M	292.78M	155.1M	-20.84M	193.03M	264.98M	68.02M	-160K
Cash from Financing+	590.4M	-117.92M	189.9M	1.2B	513.27M	1.14B	642.45M	383.09M	257.65M	1.15B
Debt Issued (Net)	391.83M	258.35M	463.04M	-101.14M	680.58M	641.85M	144.12M	363.22M	62.81M	970.87M
Equity Issued (Net)	-1000K	-1000K	0	0	0	0	0	0	0	1000K
Dividends Paid	0	-285.83M	0	0	0	0	0	0	0	0
Share Repurchases	-19.72M	-30.4M	0	0	0	0	0	0	0	0
Other Financing	218.29M	-60.04M	-273.14M	1.3B	-167.31M	496.46M	498.32M	19.87M	194.84M	-335.36M
Net Change in Cash	6.76M	272.96M	-96.22M	164.56M	-752.42M	372.09M	-287.48M	432K	-68.92M	146.56M
Free Cash Flow+	-357.11M	-196.07M	-262.37M	-802.99M	-896.27M	-734.47M	-1.12B	-600.47M	-392.17M	-808.58M
FCF Margin %	-57.93%	-43.09%	-79.27%	-420.64%	-451.83%	-329.34%	-230.6%	-127.19%	-72.98%	-210.59%
FCF Growth %	-193.85%	45.1%	-33.82%	-206.05%	-11.62%	18.05%	-52.48%	46.38%	34.69%	-106.18%
FCF per Share	-2388.70	-1350.94	-1815.30	-5554.47	-6194.00	-5044.44	-7691.58	-4124.09	-2693.50	-5553.45
FCF Conversion (FCF/Net Income)	2.24x	0.30x	-0.09x	0.16x	0.64x	0.74x	1.32x	0.44x	0.93x	1.29x
Interest Paid	54.04M	81.49M	89.96M	59.49M	64.25M	73.85M	134.18M	145.26M	152.36M	188.3M
Taxes Paid	0	0	0	0	0	3.26M	0	3.01M	898K	148K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.84%	-19.65%	-25.31%	-14.28%	-14.75%	-14.45%	-10.55%	-20.58%	-15.82%	-18.32%
Return on Invested Capital (ROIC)	-0.18%	-5.38%	-7.24%	-9.04%	-10.67%	-6.11%	-7.06%	-7.56%	-6.89%	-7.74%
Gross Margin	42.69%	37.03%	29.61%	10.35%	-7.98%	5.87%	-11.72%	-32.28%	-14.26%	-20.62%
Net Margin	-12.7%	-57.55%	-85.9%	-123.04%	-154.79%	-139%	-55.89%	-103.72%	-55.39%	-80.28%
Debt / Equity	1.06x	0.97x	1.22x	0.41x	0.81x	0.98x	1.00x	1.61x	1.89x	2.43x
Interest Coverage	-0.11x	-1.89x	-2.36x	-6.47x	-15.24x	-3.88x	-6.21x	-4.36x	-2.79x	-2.75x
FCF Conversion	2.24x	0.30x	-0.09x	0.16x	0.64x	0.74x	1.32x	0.44x	0.93x	1.29x
Revenue Growth	1.58%	-26.19%	-27.26%	-42.32%	3.91%	12.43%	117.76%	-2.79%	13.84%	-28.55%

Concord Medical Services Holdings Limited (CCM) 10-Year Financial Performance & Capital Metrics

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Growth Metrics

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Revenue History

Financial Ratios

Concord Medical Services Holdings Limited (CCM) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CCM vs Peers

vs FMS

vs DVA

Compare Top 4

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios