The company's financial position appears vulnerable with a current ratio of 0.41 and an equity base that has shrunk to $6.3 million as of 2026Q1.
| Total Current Assets | 4.84M | 8.37M | 3.02M | 802.13K | 759.78K | 1.22M | 1.48M |
| Cash & Short-Term Investments | 1.35M | 5.27M | 326.12K | 118.73K | 230.66K | 760.01K | 775.24K |
| Cash Only | 1.35M | 5.27M | 326.12K | 118.73K | 230.66K | 760.01K | 775.24K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.67M | 2.52M | 2.25M | 628.48K | 389.45K | 286.09K | 659.04K |
| Days Sales Outstanding | 59.25 | 62.94 | 78.74 | 39.78 | 22.29 | 14.23 | 35.35 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 824K | 578.28K | 446.83K | -25K | 0 | 26.29K | 0 |
| Total Non-Current Assets | 14.18M | 14.05M | 16.97M | 3.66K | 1.85M | 116.73M | 1.25M |
| Property, Plant & Equipment | 276.13K | 345.92K | 1.06M | 3.66K | 0 | 0 | 0 |
| Fixed Asset Turnover | 26.28x | 42.26x | 9.83x | 1576.67x | - | - | - |
| Goodwill | 4.92M | 4.92M | 4.92M | 0 | 0 | 0 | 0 |
| Intangible Assets | 8.23M | 8.79M | 10.99M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 749.8K | 0 | 0 | 1.37M | 0 | 116.73M | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | -1.37M | 1.85M | 0 | 1.25M |
| Total Assets | 19.02M | 22.41M | 19.99M | 805.79K | 2.61M | 117.94M | 2.73M |
| Asset Turnover | 0.74x | 0.65x | 0.52x | 7.16x | 2.44x | 0.06x | 2.50x |
| Asset Growth % | -92.05% | 12.11% | 2381.1% | -69.16% | -97.78% | 4225.7% | - |
| Total Current Liabilities | 11.79M | 16.24M | 19.01M | 5.11M | 2.61M | 184.06K | 2.11M |
| Accounts Payable | 3.84M | 5.53M | 4.28M | 187.22K | 687.82K | 202.45K | 311.24K |
| Days Payables Outstanding | 229.88 | 277.85 | 481.98 | 35.35 | 162.74 | 52.28 | 84.75 |
| Short-Term Debt | 1.34M | 1.84M | 8.28M | 543K | 517.13K | 0 | 133.08K |
| Deferred Revenue (Current) | 5.09M | 1.32M | 417.81K | 902.52K | 0 | 0 | 0 |
| Other Current Liabilities | 2.4M | 6.26M | 2.51M | 1.5M | 1.23M | -18.39K | 1.67M |
| Current Ratio | 0.41x | 0.51x | 0.16x | 0.16x | 0.29x | 6.62x | 0.70x |
| Quick Ratio | 0.41x | 0.51x | 0.16x | 0.16x | 0.29x | 6.62x | 0.70x |
| Cash Conversion Cycle | -170.63 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 900.77K | 716.04K | 1M | 4.37M | 0 | 4.37M | 0 |
| Long-Term Debt | 781.58K | 596.85K | 593.94K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 269.34K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 373.14K | 119.19K | 67.38K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 4.37M | 0 | 4.37M | 0 |
| Total Liabilities | 12.7M | 16.96M | 20.01M | 5.11M | 2.61M | 4.55M | 2.11M |
| Total Debt | 2.14M | 2.44M | 9.55M | 543K | 517.13K | 0 | 133.08K |
| Net Debt | 789.02K | -2.83M | 9.22M | 424.27K | 286.47K | -760.01K | -642.16K |
| Debt / Equity | 0.34x | 0.45x | - | - | - | - | 0.22x |
| Debt / EBITDA | -0.31x | - | - | - | - | - | 0.33x |
| Net Debt / EBITDA | -0.11x | - | - | - | - | -1.97x | -1.59x |
| Interest Coverage | -5.75x | -4.21x | -22.15x | -0.82x | -11.62x | - | - |
| Total Equity | 6.32M | 5.45M | -18.49K | -4.3M | -2.03K | 113.39M | 614.49K |
| Equity Growth % | 29544.52% | 29591.39% | 99.57% | -211386.47% | -100% | 18352.79% | - |
| Book Value per Share | 0.13 | 0.27 | -0.00 | -0.43 | -0.00 | 11.40 | 0.06 |
| Total Shareholders' Equity | 6.32M | 5.45M | -18.49K | -3.97M | 360.72K | 113.39M | 614.49K |
| Common Stock | 12.8K | 18.94K | 1.63K | 464 | 1K | 116.73M | 985 |
| Retained Earnings | -85.02M | -82.42M | -67.7M | -10M | -5.67M | -3.33M | -5.38M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -325.28K | -362.75K | 0 | 0 |
Liquidity and solvency constraints
As reported in quarterly financial statements, VSEE's equity position has fluctuated significantly, dropping from $54.8 million in 2024Q2 to $6.3 million by 2026Q1, reflecting a persistent inability to retain earnings while navigating the integration of its recent business combination and ongoing operational losses.
The rapid contraction in equity suggests that the company's growth strategy is consuming capital faster than it can be generated through operations. Investors should monitor whether the current trajectory indicates a structural impairment of shareholder value or merely a temporary phase of aggressive investment in its tele-ICU platform.
Based on the most recent 2026Q1 data, VSEE maintains a current ratio of 0.41, which, according to reported figures, highlights a severe mismatch between short-term obligations and available liquid assets, leaving the company with minimal buffer against unexpected operational shocks or delays in project-based revenue collection.
A current ratio consistently below 1.0 indicates that the company may struggle to meet its immediate liabilities without relying on external financing or rapid asset liquidation. This liquidity profile appears to be a primary constraint on the company's ability to scale its specialized telehealth deployments effectively.
According to historical balance sheet data, VSEE carries $4.9 million in goodwill as of 2026Q1, a figure that has remained static since 2024Q3, suggesting that the company's asset base is heavily weighted toward intangible value derived from past acquisitions rather than tangible, revenue-generating infrastructure.
The reliance on goodwill as a significant portion of total assets warrants further investigation into the potential for future impairment charges, especially given the company's negative net margins. The minimal net PPE of $276.1K further underscores an asset-light model that may lack the physical scale required to dominate high-acuity hospital environments.
As indicated by the 2026Q1 financial statements, VSEE holds $2.1 million in total debt, and while the debt-to-equity ratio of 0.34 appears manageable on the surface, the company's persistent operating losses suggest that even modest leverage may pose a significant risk to long-term solvency.
The company's debt profile appears to be a necessity-driven mechanism to bridge cash flow gaps rather than a strategic tool for expansion. Investors should monitor the cost of servicing this debt, as any increase in interest rates or tightening of credit markets could further exacerbate the company's already strained financial position.
Quick answers to the most common questions about buying VSEE stock.
As of 2025, VSee Health, Inc. (VSEE) had total assets of $22.4M including $8.4M in current assets.
VSee Health, Inc. (VSEE) carries total debt of $2.4M, offset by $5.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VSee Health, Inc. (VSEE) has total shareholders' equity (book value) of $5.5M ($0.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VSee Health, Inc. (VSEE) reported a current ratio of 0.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.