Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -541.5%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $2M | $8M | $14M | — | — | — | — |
| Enterprise Value | $-1057055 | $5M | $23M | — | — | — | — |
| P/E Ratio → | -0.15 | — | — | — | — | — | — |
| P/S Ratio | 0.12 | 0.52 | 1.33 | — | — | — | — |
| P/B Ratio | 0.40 | 1.38 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.32 | 2.22 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 50.3% | 50.3% | 68.9% | 66.5% | 75.8% | 80.7% | 80.3% |
| Operating Margin | -65.6% | -65.6% | -596.4% | -32.5% | -26.3% | 3.4% | 5.9% |
| Net Profit Margin | -100.6% | -100.6% | -553.7% | -65.3% | -13.1% | 6.5% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -541.5% | -541.5% | — | — | -1.5% | 0.8% | 42.1% |
| ROA | -69.4% | -69.4% | -554.9% | -220.2% | -1.4% | 0.8% | 9.5% |
| ROIC | -121.6% | -121.6% | -1749.8% | — | -2.2% | 0.3% | — |
| ROCE | -268.0% | -268.0% | -6327.9% | — | -2.9% | 0.4% | 65.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | — | — | — | — | 0.22 |
| Debt / EBITDA | — | — | — | — | — | — | 0.33 |
| Net Debt / Equity | — | -0.52 | — | — | — | -0.01 | -1.05 |
| Net Debt / EBITDA | — | — | — | — | — | -1.97 | -1.59 |
| Debt / FCF | — | — | — | — | — | — | -0.81 |
| Interest Coverage | -4.21 | -4.21 | -22.15 | -0.82 | -11.62 | — | — |
Net cash position: cash ($5M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.51 | 0.51 | 0.16 | 0.16 | 0.29 | 6.62 | 0.70 |
| Quick Ratio | 0.51 | 0.51 | 0.16 | 0.16 | 0.29 | 6.62 | 0.70 |
| Cash Ratio | 0.32 | 0.32 | 0.02 | 0.02 | 0.09 | 4.13 | 0.37 |
| Asset Turnover | — | 0.65 | 0.52 | 7.16 | 2.44 | 0.06 | 2.50 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 62.94 | 78.74 | 39.78 | 22.29 | 14.23 | 35.35 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $20M | $10M | $10M | $10M | $10M | $10M |
Liquidity and solvency constraints
Based on current market data, VSEE trades at a price-to-sales multiple of 0.12, which, according to recent financial disclosures, suggests that investors are heavily discounting the company's future growth potential due to persistent net losses and the absence of a clear path to positive earnings.
The extremely low P/S ratio relative to peers like Doximity suggests the market views VSEE as a distressed asset rather than a growth-stage software provider. This valuation implies that the market is pricing in significant execution risk regarding the integration of the iDoc hardware business and the sustainability of its current revenue model.
As reported in historical financial statements, VSEE's ROIC has consistently remained in negative territory, reaching -28.1% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its investments in tele-ICU infrastructure and proprietary software development.
The persistent negative return on invested capital highlights a fundamental inability to generate returns that exceed the cost of capital. This trend suggests that the company's aggressive expansion strategy is not yet yielding the operational efficiencies required to justify the capital deployed into its specialized hardware and software platforms.
According to recent quarterly filings, VSEE's days sales outstanding reached 74 days in 2026Q1, which, when compared to historical averages, suggests that the company is facing increasing difficulty in converting its project-based revenue into cash, thereby exacerbating its already constrained liquidity position.
The extended collection cycle appears to be a byproduct of the complex procurement processes inherent in hospital-grade telehealth deployments. Investors should monitor whether these elevated DSO levels represent a structural shift in customer payment behavior or merely temporary delays in the implementation of new tele-ICU endpoints.
Based on the 2026Q1 balance sheet, VSEE maintains a current ratio of 0.41, which, as reported in financial statements, indicates a severe mismatch between short-term liabilities and liquid assets, leaving the firm with minimal margin for error in managing its ongoing operational cash burn.
This liquidity profile suggests that the company is highly dependent on external financing or rapid revenue conversion to meet its immediate obligations. The lack of a sufficient quick ratio buffer warrants further investigation into the company's ability to sustain operations without further dilutive capital raises in the near term.
While analysts frequently use price-to-sales multiples to value VSEE, this metric is fundamentally misapplied because it ignores the high hardware-to-software revenue mix, which, according to reported gross margins of 50.32%, significantly overstates the company's true long-term earnings power and scalability compared to pure-play SaaS peers.
Using P/S ratios for a hybrid hardware-software model like VSEE obscures the underlying margin pressure caused by the capital-intensive nature of iDoc hardware deployments. A more appropriate metric would be a gross-profit-adjusted valuation or a focus on recurring SaaS revenue growth, which would better reflect the company's potential to transition toward a higher-margin platform model.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying VSEE stock.
VSee Health, Inc.'s current P/E ratio is -0.1x. This places it at the 50th percentile of its historical range.
VSee Health, Inc.'s return on equity (ROE) is -541.5%. The historical average is 13.8%.
Based on historical data, VSee Health, Inc. is trading at a P/E of -0.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VSee Health, Inc. has 50.3% gross margin and -65.6% operating margin.