The company's financial foundation remains in extreme distress, evidenced by a 0.22 price-to-book ratio that reflects significant uncertainty regarding the true value of its remaining assets.
| Metric | 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 |
|---|
| Total Current Assets | 55.13M | 56.21M | 560.6M | 667.55M | 619.33M | 536.25M | 801.25M | 925.57M | 1.33B | 1.45B | 1.33B | 1.13B | 279.89M | 213.82M |
| Cash & Short-Term Investments | 53.45M | 15.3M | 220.99M | 198.53M | 430.02M | 326.44M | 620.78M | 689.57M | 1.12B | 1.23B | 963.82M | 927.33M | 158.41M | 101.1M |
| Cash Only | 53.45M | 15.3M | 220.69M | 198.53M | 423.77M | 320.18M | 537.7M | 530.98M | 686.69M | 810.67M | 513.94M | 264.62M | 158.41M | 101.1M |
| Short-Term Investments | 0 | 0 | 300K | 0 | 6.26M | 6.26M | 83.08M | 158.59M | 432.54M | 416.72M | 449.88M | 662.71M | 0 | 0 |
| Accounts Receivable | 0 | -43.14M | 44K | 92K | 49.3M | 53.52M | 68.09M | 90.18M | 83.78M | 108.29M | 160.77M | 162.38M | 93M | 93.61M |
| Days Sales Outstanding | - | - | 0.01 | 0.02 | 14.55 | 10.29 | 12.11 | 15.78 | 17.44 | 26 | 49.81 | 70.82 | 60.34 | 96.34 |
| Inventory | 0 | 10.47M | 0 | 0 | 5.87M | 4.63M | 5.33M | 1.77M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | 5.12 | - | - | 2.69 | 1.58 | 1.66 | 0.7 | - | - | - | - | - | - |
| Other Current Assets | 0 | 33.97M | 339.56M | 468.93M | 72.95M | 66.13M | 27.43M | 32.12M | 27.22M | 12.08M | 155.84M | 4.67M | 14.81M | 7.35M |
| Total Non-Current Assets | 51.43M | 44.41M | 457.65M | 669.95M | 1.02B | 1.42B | 1.71B | 952.47M | 684.91M | 634.15M | 326.97M | 226.69M | 166.59M | 78.74M |
| Property, Plant & Equipment | 0 | 21.59M | 328.64M | 353.57M | 852.35M | 1.11B | 1.42B | 687.59M | 547.03M | 437.34M | 127.86M | 82.96M | 77.6M | 51.01M |
| Fixed Asset Turnover | - | 54.23x | 4.18x | 3.96x | 1.45x | 1.71x | 1.44x | 3.03x | 3.21x | 3.48x | 9.21x | 10.09x | 7.25x | 6.95x |
| Goodwill | 0 | 0 | 49.42M | 49.42M | 52.78M | 52.78M | 52.78M | 52.78M | 3.37M | 3.37M | 0 | 0 | 0 | 0 |
| Intangible Assets | 51.43M | 0 | 5.29M | 7.03M | 9.91M | 13.44M | 17.67M | 19.05M | 4.75M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 22.82M | 41.86M | 46.29M | 46.57M | 67.59M | 68.18M | 60.17M | 77.67M | 100.43M | 138.23M | 107.39M | 73.7M | 4.97M |
| Other Non-Current Assets | 0 | -44.41M | 3.97M | 195.01M | 19.84M | 33.95M | 52.13M | 79.13M | 46.47M | 93.03M | 60.88M | 36.34M | 15.28M | 22.76M |
| Total Assets | 106.56M | 100.62M | 1.02B | 1.34B | 1.64B | 1.96B | 2.51B | 1.88B | 2.02B | 2.09B | 1.65B | 1.35B | 446.48M | 292.56M |
| Asset Turnover | 0.01x | 11.64x | 1.35x | 1.05x | 0.75x | 0.97x | 0.82x | 1.11x | 0.87x | 0.73x | 0.71x | 0.62x | 1.26x | 1.21x |
| Asset Growth % | 5.91% | -90.12% | -23.87% | -18.53% | -16.2% | -22% | 33.76% | -6.95% | -3.19% | 26.07% | 22.33% | 202.81% | 52.61% | - |
| Total Current Liabilities | 3.82M | 1.81B | 2.41B | 2.66B | 2.94B | 2.67B | 2.37B | 1.3B | 744.59M | 479.75M | 305.94M | 207.36M | 153.53M | 90.85M |
| Accounts Payable | 0 | 5.97M | 4.99M | 5.26M | 8.91M | 10.29M | 16.56M | 18.53M | 11.35M | 4.5M | 4.41M | 1.98M | 1.32M | 504.55K |
| Days Payables Outstanding | - | 2.92 | 2.42 | 2.64 | 4.09 | 3.52 | 5.15 | 7.36 | 6.99 | 3.71 | 4.83 | 3.01 | 2.73 | 1.66 |
| Short-Term Debt | 0 | 26.29M | 0 | 30M | 30M | 10.71M | 89.16M | 13.73M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 1.36B | 1.44B | 1.47B | 2.08B | 1.99B | 1.55B | 830.02M | 352.26M | 266.06M | 164.52M | 119.57M | 93.86M | 60.27M |
| Other Current Liabilities | 0 | 184.48M | 759.96M | 894.29M | 200.45M | 111.93M | 114.16M | 84.79M | 108.3M | 28.36M | 24.09M | 13.25M | 12.65M | 3.7M |
| Current Ratio | 14.43x | 0.03x | 0.23x | 0.25x | 0.21x | 0.20x | 0.34x | 0.71x | 1.79x | 3.02x | 4.34x | 5.43x | 1.82x | 2.35x |
| Quick Ratio | 14.43x | 0.03x | 0.23x | 0.25x | 0.21x | 0.20x | 0.34x | 0.71x | 1.79x | 3.02x | 4.34x | 5.43x | 1.82x | 2.35x |
| Cash Conversion Cycle | - | - | - | - | 13.16 | 8.35 | 8.62 | 9.13 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 91.41M | 108.24M | 187.24M | 294.12M | 429.39M | 545.75M | 5.98M | 4.33M | 7.04M | 9.33M | 10.16M | 676.46M | 419.96M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 91.41M | 107.8M | 109.11M | 272.57M | 406.25M | 508.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -91.41M | 433K | 64.07M | 4.77M | 5.08M | 5.4M | 5.98M | 4.33M | 7.04M | 9.33M | 10.16M | 676.46M | 419.96M |
| Total Liabilities | 3.82M | 1.9B | 2.52B | 2.84B | 3.23B | 3.1B | 2.92B | 1.31B | 748.92M | 486.79M | 315.28M | 217.52M | 829.99M | 510.81M |
| Total Debt | 0 | 223.2M | 219.64M | 287.69M | 542.51M | 616.04M | 839.68M | 13.73M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -53.45M | 207.9M | -1.04M | 89.17M | 118.75M | 295.87M | 301.98M | -517.26M | -686.69M | -810.67M | -513.94M | -264.62M | -158.41M | -101.1M |
| Debt / Equity | - | - | - | - | - | - | - | 0.02x | - | - | - | - | - | - |
| Debt / EBITDA | - | - | 1.21x | 1.61x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | -0.01x | 0.50x | - | - | - | - | -6.90x | -2.74x | -2.42x | -1.64x | -1.44x | -1.26x |
| Interest Coverage | - | -6459.73x | - | - | - | -4052.16x | - | - | - | - | - | - | - | 1973.83x |
| Total Equity | 102.74M | -1.8B | -1.5B | -1.51B | -1.59B | -1.14B | -403.06M | 571.64M | 1.27B | 1.6B | 1.34B | 1.13B | -383.52M | -218.26M |
| Equity Growth % | 105.7% | -20.13% | 0.35% | 5.38% | -39.78% | -182.65% | -170.51% | -54.97% | -20.57% | 19.39% | 18% | 395.81% | -75.72% | - |
| Book Value per Share | 132.51 | -162.97 | -135.66 | -130.49 | -141.52 | -104.83 | -37.75 | 52.03 | 106.50 | 135.43 | 113.92 | 117.61 | -37.85 | -21.54 |
| Total Shareholders' Equity | 102.74M | -1.8B | -1.5B | -1.5B | -1.58B | -1.13B | -400.05M | 572.62M | 1.27B | 1.6B | 1.34B | 1.13B | -383.52M | -218.26M |
| Common Stock | 4.03M | 444K | 438K | 433K | 429K | 423K | 411K | 405K | 401K | 388K | 374K | 325.32K | 74.09K | 67.73K |
| Retained Earnings | -1.3B | -3.01B | -2.43B | -2.44B | -2.52B | -2.05B | -1.28B | -243.16M | 389.97M | 638.17M | 450.35M | 280.67M | -393.5M | -221.35M |
| Treasury Stock | -486.71M | -486.71M | -479.35M | -476.92M | -459.81M | -459.81M | -457.17M | -457.17M | -255.1M | -93.76M | -49.35M | 0 | 0 | 0 |
| Accumulated OCI | 54.85M | 54.27M | 48.22M | 49.66M | 48.7M | 49.12M | 51.39M | 50.47M | 39.37M | 58.2M | 30.23M | 10.56M | 9.91M | 3.02M |
| Minority Interest | 0 | -737K | -3.57M | -6.79M | -8.5M | -7.27M | -3.02M | -975K | 0 | 0 | 0 | 0 | 0 | 0 |
Total business model collapse
As reported in recent financial disclosures, the absence of comprehensive balance sheet data for VSA suggests a significant lack of transparency, which, when combined with a 99.91% revenue decline, indicates that the company's financial foundation is currently in a state of extreme, unquantifiable distress and structural instability.
The lack of historical balance sheet data prevents a meaningful assessment of the company's asset quality or liability profile during its transition to the TCTM Kids IT model. Investors should monitor whether the company's remaining resources are sufficient to support its pivot or if the balance sheet is merely a shell awaiting further liquidation.
According to recent SEC filings, VSA maintains a cash balance of $53.4 million, yet the lack of detailed liquidity metrics makes it difficult to determine if this capital provides a sufficient buffer against the ongoing operational losses associated with the company's pivot to K-12 STEM education.
While the cash position appears substantial relative to a near-zero revenue base, the absence of current or quick ratio data leaves the company's short-term solvency in question. The inability to verify the burn rate against these reserves suggests that the liquidity position may be more precarious than the headline cash figure implies.
Based on reported figures, the extreme net margin of 165,436% suggests that the balance sheet is likely distorted by non-recurring accounting events, which may mask significant legacy liabilities or deferred tuition obligations that could impair the company's actual net asset value in a liquidation scenario.
The disconnect between the company's operational reality and its reported financial figures warrants extreme caution regarding the true value of its equity. Analysts should investigate whether these accounting anomalies hide potential off-balance-sheet risks related to the shuttered adult vocational training business that could emerge as future claims.
Quick answers to the most common questions about buying VSA stock.
As of 2025, VisionSys AI Inc. (VSA) had total assets of $106.6M including $55.1M in current assets.
VisionSys AI Inc. (VSA) carries total debt of $0.0M, offset by $53.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VisionSys AI Inc. (VSA) has total shareholders' equity (book value) of $102.7M ($132.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VisionSys AI Inc. (VSA) reported a current ratio of 14.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.