The capital structure appears increasingly fragile, with accumulated deficits reaching $37.1M and a debt-to-equity ratio of 0.69 as of 2025Q4.
| Total Current Assets | 7.39M | 4.76M | 9.99M | 7.29M | 5.72M | 3.44M |
| Cash & Short-Term Investments | 976.09K | 775.25K | 1.5M | 820.57K | 785.59K | 853.5K |
| Cash Only | 976.09K | 775.25K | 1.5M | 820.57K | 785.59K | 853.5K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 6.22M | 3.99M | 8.49M | 6.47M | 2.79M | 2.51M |
| Days Sales Outstanding | 301.67 | 176.54 | 387.86 | 261.6 | 723.12 | 100.5 |
| Inventory | 0 | 0 | 0 | -164.58K | 9.18K | 76.52K |
| Days Inventory Outstanding | - | - | - | - | 0.39 | 4.25 |
| Other Current Assets | 195.61K | 0 | 0 | 164.58K | 4.88K | 0 |
| Total Non-Current Assets | 1.94M | 2.42M | 91.08K | 301.18K | 3.51M | 5.52M |
| Property, Plant & Equipment | 231.43K | 272.78K | 53.75K | 127.71K | 220.86K | 21.48K |
| Fixed Asset Turnover | 32.50x | 30.24x | 148.67x | 70.69x | 6.38x | 424.12x |
| Goodwill | 0 | 1.12M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 926.85K | 37.33K | 173.47K | 78.15K | 99.14K |
| Long-Term Investments | 1.71M | 100.44K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 3.21M | 5.39M |
| Total Assets | 9.33M | 7.18M | 10.08M | 7.59M | 9.23M | 8.95M |
| Asset Turnover | 0.81x | 1.15x | 0.79x | 1.19x | 0.15x | 1.02x |
| Asset Growth % | 29.93% | -28.76% | 32.8% | -17.77% | 3.12% | - |
| Total Current Liabilities | 5.04M | 5.7M | 5.68M | 5.31M | 6.55M | 5.98M |
| Accounts Payable | 1.13M | 1.27M | 1.84M | 1.04M | 1.32M | 1.27M |
| Days Payables Outstanding | 71.72 | 70.66 | 105.61 | 56.12 | 55.78 | 70.74 |
| Short-Term Debt | 2.66M | 2.95M | 3.32M | 2.86M | 3.99M | 3.22M |
| Deferred Revenue (Current) | 72.38K | 11.84K | 139.34K | 59.07K | 51.71K | 717.4K |
| Other Current Liabilities | 0 | 80.14K | 0 | 0 | 0 | 0 |
| Current Ratio | 1.47x | 0.84x | 1.76x | 1.37x | 0.87x | 0.58x |
| Quick Ratio | 1.47x | 0.84x | 1.76x | 1.41x | 0.87x | 0.56x |
| Cash Conversion Cycle | - | - | - | - | 667.73 | 34.01 |
| Total Non-Current Liabilities | 155.57K | 204.95K | 208.12K | 666.72K | 111.12K | 0 |
| Long-Term Debt | 0 | 0 | 208.12K | 632.74K | 0 | 0 |
| Capital Lease Obligations | 155.57K | 204.95K | 0 | 33.98K | 111.12K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.2M | 5.9M | 5.89M | 5.97M | 6.66M | 5.98M |
| Total Debt | 2.87M | 3.21M | 3.56M | 3.59M | 4.17M | 3.24M |
| Net Debt | 1.9M | 2.43M | 2.06M | 2.77M | 3.39M | 2.38M |
| Debt / Equity | 0.69x | 2.50x | 0.85x | 2.22x | 1.62x | 1.09x |
| Debt / EBITDA | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - |
| Interest Coverage | -51.83x | -16.79x | -21.68x | -7.74x | -0.01x | -0.49x |
| Total Equity | 4.14M | 1.28M | 4.19M | 1.62M | 2.57M | 2.98M |
| Equity Growth % | 223.25% | -69.48% | 158.97% | -37.01% | -13.59% | - |
| Book Value per Share | 1.50 | 3.20 | 29.35 | 1.62 | 2.24 | 2.59 |
| Total Shareholders' Equity | 4.14M | 1.28M | 4.19M | 1.62M | 2.57M | 2.98M |
| Common Stock | 8.05M | 8.05M | 8.05M | 20 | 20 | 20 |
| Retained Earnings | -37.11M | -28.5M | -21.21M | -14.61M | -13M | -12.65M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 79.3K | 140.88K | 35.59K | 18.78K | -146.74K | -93.99K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
As reported in recent financial filings, VSME's equity base has experienced significant volatility, dropping from $4.2M in 2023Q4 to $4.1M in 2025Q4, while accumulated deficits reached $37.1M, signaling a persistent erosion of shareholder value that warrants extreme caution regarding the company's long-term viability.
The consistent accumulation of losses in retained earnings suggests that the business model has failed to achieve the scale necessary to cover its fixed cost structure. Investors should monitor whether the current equity level can support further operational losses without necessitating dilutive financing or restructuring.
Based on the latest quarterly data, VSME maintains a debt-to-equity ratio of 0.69, yet this figure appears misleading as the company's total debt of $2.9M remains high relative to its limited cash reserves of $976.1K, suggesting that leverage is a necessity for survival rather than strategic growth.
The reliance on debt in the face of negative net margins implies that the company may be struggling to access traditional credit markets on favorable terms. This debt burden creates a rigid cost structure that further constrains the company's ability to pivot its operations during periods of revenue decline.
According to the most recent balance sheet, VSME holds $976.1K in cash, which, when viewed against the backdrop of ongoing operational losses, suggests a dangerously thin liquidity buffer that may be insufficient to sustain the business through the next several quarters without external capital injections.
While the current ratio of 1.47 might appear adequate on the surface, the underlying quality of current assets remains questionable given the agency-based business model. The lack of significant liquid assets relative to the burn rate indicates that the company is highly vulnerable to any short-term disruption in cash inflows.
As indicated by the provided financial statements, the absence of meaningful goodwill or intangible assets suggests that the company's value is tied almost entirely to human capital, which poses a significant risk if key creator relationships or talent networks are disrupted by platform algorithm changes.
The reliance on human capital rather than defensible intellectual property makes the balance sheet particularly sensitive to talent churn. Investors should be wary that the reported asset values may not reflect the true economic reality of a business that lacks a durable, proprietary competitive moat.
Quick answers to the most common questions about buying VSME stock.
As of 2025, VS Media Holdings Limited Class A Ordinary Shares (VSME) had total assets of $9.3M including $7.4M in current assets.
VS Media Holdings Limited Class A Ordinary Shares (VSME) carries total debt of $2.9M, offset by $1.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VS Media Holdings Limited Class A Ordinary Shares (VSME) has total shareholders' equity (book value) of $4.1M ($1.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VS Media Holdings Limited Class A Ordinary Shares (VSME) reported a current ratio of 1.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.