The company's liquidity is under severe strain, evidenced by a current ratio of 0.41 as of 2026Q1 and an accumulated deficit that has pushed retained earnings to -$85.0M.
| 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 |
Insufficient liquidity for operations
According to recent financial filings, VSEEW's current ratio has deteriorated to 0.41 as of 2026Q1, reflecting a severe mismatch between short-term assets and immediate liabilities that leaves the company with a precarious cash buffer of only $1.3M to support its ongoing clinical deployment activities.
The persistent decline in the current ratio suggests that the company is struggling to manage its working capital effectively while scaling its hospital-facing operations. Investors should monitor the company's ability to secure additional financing, as the current liquidity profile appears insufficient to cover sustained operating losses without significant dilution.
As reported in quarterly balance sheets, VSEEW's equity base has been severely impacted by accumulated deficits, with retained earnings reaching -$85.0M in 2026Q1, signaling that years of aggressive growth spending have failed to generate the positive shareholder value required to stabilize the company's capital structure.
The erosion of equity highlights the high cost of customer acquisition in the specialized telehealth sector. This trend suggests that the company's current business model is heavily reliant on external capital to offset operational deficits, which may continue to pressure the stock's valuation until profitability is achieved.
Based on the provided balance sheet data, VSEEW carries $4.9M in goodwill as of 2026Q1, which represents a significant portion of its $19.0M total asset base, indicating that the company's valuation is heavily dependent on past acquisitions rather than tangible, revenue-generating physical infrastructure.
The reliance on intangible assets suggests that the company's competitive moat is tied to acquired technology or market access rather than physical capital. This composition warrants further investigation into potential impairment risks, especially if the company fails to realize the expected synergies from its historical business combinations.
Analysis of historical filings reveals that VSEEW's debt-to-equity ratio has fluctuated significantly, reaching 0.34 in 2026Q1, which masks the underlying volatility of a company that has frequently operated with negative equity and a reliance on debt to bridge its substantial cash flow gaps.
The presence of debt in a company with negative retained earnings and limited cash reserves suggests a high-risk financing strategy. Investors should be wary of the potential for restrictive covenants or future refinancing difficulties that could further constrain the company's ability to execute its clinical workflow strategy.
Quick answers to the most common questions about buying VSEEW stock.
As of 2025, VSee Health, Inc. (VSEEW) had total assets of $22.4M including $8.4M in current assets.
VSee Health, Inc. (VSEEW) 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. (VSEEW) 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. (VSEEW) 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.