The company's financial performance is marked by structural margin erosion, evidenced by a negative gross margin of -2.1% and an operating margin of -72.1% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 365.76M | 460.51M | 383.96M | 537.4M | 472.08M | 485.63M | 223.01M | 198.36M | 190.9M | 330.98M | 455.04M | 616.49M | 606.88M | 563.12M | 455.65M | 450.13M | 389.52M | 292.44M | 171.79M |
| Revenue Growth % | -22.46% | 19.94% | -28.55% | 13.84% | -2.79% | 117.76% | 12.43% | 3.91% | -42.32% | -27.26% | -26.19% | 1.58% | 7.77% | 23.59% | 1.23% | 15.56% | 33.2% | 70.23% | - |
| Cost of Goods Sold | 407.61M | 434.69M | 463.12M | 614.01M | 624.49M | 542.53M | 209.93M | 214.19M | 171.14M | 232.98M | 286.54M | 353.34M | 274.56M | 217.66M | 164.52M | 159.42M | 122.7M | 87.56M | 45.6M |
| COGS % of Revenue | - | 94.39% | 120.62% | 114.26% | 132.28% | 111.72% | 94.13% | 107.98% | 89.65% | 70.39% | 62.97% | 57.31% | 45.24% | 38.65% | 36.11% | 35.42% | 31.5% | 29.94% | 26.54% |
| Gross Profit | -41.85M | 25.82M | -79.16M | -76.61M | -152.41M | -56.9M | 13.08M | -15.83M | 19.76M | 98M | 168.5M | 263.15M | 332.32M | 345.47M | 291.13M | 290.71M | 266.82M | 204.88M | 126.19M |
| Gross Margin % | -11.44% | 5.61% | -20.62% | -14.26% | -32.28% | -11.72% | 5.87% | -7.98% | 10.35% | 29.61% | 37.03% | 42.69% | 54.76% | 61.35% | 63.89% | 64.58% | 68.5% | 70.06% | 73.46% |
| Gross Profit Growth % | - | 132.62% | -3.33% | 49.74% | -167.87% | -534.89% | 182.65% | -180.1% | -79.83% | -41.84% | -35.97% | -20.81% | -3.81% | 18.67% | 0.14% | 8.95% | 30.24% | 62.35% | - |
| Operating Expenses | 437.22M | 265.15M | 453M | 386.38M | 372.64M | 401.42M | 329.08M | 421.46M | 319M | 309.85M | 337.13M | 268.89M | 148.67M | 189.17M | 103.39M | 151.85M | 87.16M | 37.5M | 24.37M |
| OpEx % of Revenue | - | 57.58% | 117.98% | 71.9% | 78.93% | 82.66% | 147.56% | 212.47% | 167.11% | 93.62% | 74.09% | 43.62% | 24.5% | 33.59% | 22.69% | 33.74% | 22.38% | 12.82% | 14.18% |
| Selling, General & Admin | 437.22M | 265.15M | 453M | 386.38M | 372.64M | 401.42M | 320.58M | 345.38M | 313.57M | 281.25M | 276M | 245.77M | 148.67M | 189.17M | 115.02M | 151.85M | 87.16M | 37.5M | 24.37M |
| SG&A % of Revenue | - | 57.58% | 117.98% | 71.9% | 78.93% | 82.66% | 143.75% | 174.11% | 164.26% | 84.98% | 60.65% | 39.87% | 24.5% | 33.59% | 25.24% | 33.74% | 22.38% | 12.82% | 14.18% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 8.5M | 76.09M | 5.43M | 28.6M | 61.12M | 23.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -479.07M | -239.33M | -532.16M | -462.99M | -525.05M | -458.32M | -316M | -437.29M | -299.24M | -211.86M | -168.63M | -5.74M | 183.65M | 156.3M | 184.05M | 138.86M | 179.67M | 167.38M | 101.83M |
| Operating Margin % | -130.98% | -51.97% | -138.6% | -86.15% | -111.22% | -94.38% | -141.7% | -220.45% | -156.76% | -64.01% | -37.06% | -0.93% | 30.26% | 27.76% | 40.39% | 30.85% | 46.12% | 57.24% | 59.27% |
| Operating Income Growth % | - | 55.03% | -14.94% | 11.82% | -14.56% | -45.04% | 27.74% | -46.13% | -41.25% | -25.64% | -2836.2% | -103.13% | 17.5% | -15.08% | 32.55% | -22.71% | 7.34% | 64.38% | - |
| EBITDA | -358.51M | -90.08M | -401.4M | -344.16M | -401.86M | -363.86M | -245.22M | -380.94M | -254.23M | -122.4M | -40.81M | 151.51M | 381.72M | 335.94M | 332.63M | 259.5M | 289.35M | 245.55M | 139.95M |
| EBITDA Margin % | -98.02% | -19.56% | -104.54% | -64.04% | -85.12% | -74.92% | -109.96% | -192.04% | -133.17% | -36.98% | -8.97% | 24.58% | 62.9% | 59.66% | 73% | 57.65% | 74.28% | 83.97% | 81.47% |
| EBITDA Growth % | 52.5% | 77.56% | -16.63% | 14.36% | -10.44% | -48.38% | 35.63% | -49.84% | -107.7% | -199.9% | -126.94% | -60.31% | 13.63% | 1% | 28.18% | -10.32% | 17.84% | 75.46% | - |
| D&A (Non-Cash Add-back) | 120.55M | 149.26M | 130.76M | 118.83M | 123.19M | 94.46M | 70.79M | 56.35M | 45.02M | 89.45M | 127.81M | 157.25M | 198.07M | 179.64M | 148.58M | 120.64M | 109.69M | 78.17M | 38.13M |
| EBIT | -479.07M | -221.03M | -476.38M | -462.99M | -525.05M | -458.32M | -307.5M | -361.2M | -293.81M | -183.26M | -107.5M | 17.38M | 183.65M | 156.3M | 184.05M | -158.58M | 182.24M | 168.11M | 109.86M |
| Net Interest Income | -199.63M | -142.64M | -179.22M | -154.84M | -110.34M | -67.89M | -72.92M | -19.54M | -32.06M | -77.88M | -61.34M | -30.77M | -32.26M | -27.06M | 0 | 6.9M | 417K | -5.94M | -7.03M |
| Interest Income | 0 | 9.68M | 13.98M | 10.83M | 10.02M | 5.89M | 8.44M | 9.16M | 14.17M | 12.08M | 27.98M | 22.45M | 21.21M | 9.83M | 6.6M | 13.36M | 7.87M | 948K | 430K |
| Interest Expense | 199.63M | 152.33M | 193.2M | 165.67M | 120.36M | 73.79M | 81.36M | 28.7M | 46.23M | 89.96M | 89.33M | 53.21M | 53.47M | 36.88M | 0 | 6.45M | 7.45M | 6.89M | 7.46M |
| Other Income/Expense | -38.72M | -134.02M | -137.42M | -92.61M | -314.85M | -70.92M | -125.65M | 46.22M | 74M | -42.04M | -35.97M | 489K | -8M | -12.03M | -2.91M | -3.73M | -4.88M | -6.16M | 578K |
| Pretax Income | -517.79M | -373.36M | -669.58M | -555.59M | -839.9M | -529.24M | -441.65M | -391.08M | -225.25M | -253.9M | -204.6M | -5.25M | 175.65M | 144.27M | 181.13M | -165.03M | 174.79M | 161.22M | 102.4M |
| Pretax Margin % | -141.56% | -81.07% | -174.39% | -103.39% | -177.91% | -108.98% | -198.04% | -197.15% | -117.99% | -76.71% | -44.96% | -0.85% | 28.94% | 25.62% | 39.75% | -36.66% | 44.87% | 55.13% | 59.61% |
| Income Tax | 28.61M | 6.06M | -17.5M | -24.57M | -70.91M | -6.57M | -37.62M | -38.99M | 34.05M | 31.79M | 60.49M | 74.03M | 80.85M | 63.84M | 54.25M | 46.32M | 43.87M | 36.4M | 23.34M |
| Effective Tax Rate % | -5.53% | -1.62% | 2.61% | 4.42% | 8.44% | 1.24% | 8.52% | 9.97% | -15.12% | -12.52% | -29.56% | -1408.93% | 46.03% | 44.25% | 29.95% | -28.07% | 25.1% | 22.57% | 22.79% |
| Net Income | -163.12M | -92.81M | -308.24M | -297.66M | -489.66M | -271.43M | -309.99M | -307.05M | -234.88M | -284.32M | -261.87M | -78.3M | 124.71M | 85.89M | 123.24M | -215M | 129.4M | 124.83M | 79.07M |
| Net Margin % | -44.6% | -20.15% | -80.28% | -55.39% | -103.72% | -55.89% | -139% | -154.79% | -123.04% | -85.9% | -57.55% | -12.7% | 20.55% | 15.25% | 27.05% | -47.77% | 33.22% | 42.69% | 46.03% |
| Net Income Growth % | 56.95% | 69.89% | -3.56% | 39.21% | -80.4% | 12.44% | -0.96% | -30.73% | 17.39% | -8.57% | -234.42% | -162.79% | 45.19% | -30.3% | 157.32% | -266.15% | 3.66% | 57.87% | - |
| Net Income (Continuing) | -546.4M | -379.42M | -652.08M | -531.02M | -768.99M | -522.67M | -404.03M | -352.09M | -259.3M | -285.68M | -265.08M | -79.28M | 94.8M | 80.43M | 126.89M | -211.35M | 130.92M | 124.83M | 79.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.48M | 10.77M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.96B | 3.95B | 3.9B | 3.87B | 3.88B | 4.11B | 3.06B | 2.01B | 1.84B | 80.87M | 65.59M | 43.4M | 2.51M | 311.72M | 311.24M | 103.6M | 96.74M | 0 | 0 |
| EPS (Diluted) | -1120.21 | -621.00 | -2116.80 | -2044.20 | -3362.70 | -5635.50 | -4600.50 | -3818.10 | -2484.90 | -1967.10 | -1804.20 | -523.80 | 658.50 | 500.70 | 80.10 | -45.30 | 26.70 | 55.80 | 41.40 |
| EPS Growth % | 56.71% | 70.66% | -3.55% | 39.21% | 40.33% | -22.5% | -20.49% | -53.65% | -26.32% | -9.03% | -244.44% | -179.54% | 31.52% | 525.09% | 276.82% | -269.66% | -52.15% | 34.78% | - |
| EPS (Basic) | - | -621.00 | -2116.80 | -2044.20 | -3362.70 | -5635.50 | -6987.00 | -3818.10 | -2484.90 | -1967.10 | -1804.20 | -523.80 | 662.40 | 500.70 | 80.10 | -45.30 | 26.70 | 55.80 | 41.40 |
| Diluted Shares Outstanding | 145.62K | 145.62K | 145.6K | 145.6K | 145.6K | 145.6K | 145.6K | 144.7K | 144.57K | 144.53K | 145.13K | 149.5K | 150.2K | 150.1K | 1.54M | 4.74M | 4.87M | 2.49M | 1.92M |
| Basic Shares Outstanding | 143.57K | 145.62K | 145.6K | 145.6K | 145.6K | 48.17K | 44.37K | 80.43K | 94.53K | 144.53K | 145.13K | 149.5K | 189.4K | 171.6K | 1.54M | 4.74M | 4.87M | 2.49M | 1.92M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 13.09% | - |
Regulatory and Utilization Headwinds
As evidenced by the most recent quarterly data, CCM's revenue has experienced a sustained decline, with a year-over-year contraction of 8.3% in 2025Q2, reflecting significant challenges in maintaining patient volume and service demand across its specialized oncology network and self-owned hospital facilities in China.
The consistent downward trajectory in revenue suggests that the company's transition toward a self-owned hospital model has not yet offset the erosion of its legacy network business. Investors should monitor whether this decline represents a structural loss of market share or a temporary disruption caused by the tightening regulatory environment for private-public medical partnerships.
According to the provided financial statements, the company's gross margin has remained persistently negative, reaching -2.1% in 2025Q2, which highlights a fundamental misalignment between the high fixed costs of radiotherapy equipment and the current level of patient throughput across the company's medical facilities.
The inability to achieve positive gross margins indicates that the cost of maintaining high-end medical infrastructure is currently outpacing the revenue generated from treatment fees. This suggests that the company's current asset-heavy strategy may be unsustainable without a substantial increase in patient volume or a significant reduction in depreciation-related expenses.
Based on reported figures, CCM's operating income remains deeply negative, with an operating margin of -72.1% in 2025Q2, demonstrating that SG&A expenses continue to overwhelm the company's gross profit and prevent the realization of any meaningful operating leverage despite the scale of its medical operations.
The persistent gap between revenue and operating expenses suggests that the company is struggling to manage the overhead associated with its premium hospital projects. The lack of scalability in the current cost structure warrants further investigation into whether management can effectively rationalize SG&A without compromising the quality of care.
As reported in financial filings, the company's reliance on high-complexity radiotherapy assets creates a precarious financial position, where the persistent operating losses and negative margins may indicate that the business model is fundamentally ill-suited for the current regulatory and competitive landscape in the Chinese healthcare sector.
Short-sellers would likely focus on the company's inability to reach a break-even point despite its established market presence. The ongoing cash burn and negative profitability suggest that the company may face significant liquidity risks if it cannot successfully pivot its strategy to improve asset utilization and cost efficiency.
Quick answers to the most common questions about buying CCM stock.
For fiscal year 2025, Concord Medical Services Holdings Limited (CCM) reported total revenue of $460.5M. This represents a 168.1% increase compared to $171.8M in 2008.
Concord Medical Services Holdings Limited (CCM) reported a net loss of $92.8M for the fiscal year ending 2025.
Concord Medical Services Holdings Limited (CCM) reported an operating income of $-239.3M, resulting in an operating profit margin of -52.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Concord Medical Services Holdings Limited (CCM) generated $25.8M in gross profit for the year, representing a gross profit margin of 5.6%. This demonstrates the company's core pricing power and production efficiency.