# VSEE HEALTH, INC. (VSEE) · Edgar & Edgarette company card

> Vsee Health (VSEE) grew revenue 40.3% in FY2025 to $15 million, operating margin -65.6% against a -3.3% median for health services, equity 24.3% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1864531 · fiscal year ended 2025-12-31 · 3 audited years read · [page](https://www.pops4.com/boards/company/VSEE) · [JSON](https://www.pops4.com/boards/company/VSEE.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $15M |
| Revenue growth, 1 year | 40.3% |
| Revenue growth per year | 59.2% |
| Operating margin | -65.6% (prior year -596.4%) |
| Net margin | -100.6% |
| Operating cash flow | −$3M |
| Capital spending | $29,928 |
| Free cash flow | −$3M |
| Cash | $5M |
| Long-term debt | $3M |
| Total assets | $22M |
| Total equity | $5M |
| Equity ÷ assets | 24.3% |
| Return on equity | -269.8% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -16.83 (distress zone)
- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed debt accelerated or triggered in the last 12 months; operating cash flow was negative; operating loss: a margin of -65.6% in FY2025; revenue is hard to predict: its 80% range is ±28%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $14.6M (FY2025), total debt $2.7M. Experience: revenue up 40.3% on the year, up 59.2% a year over 2 years; operating margin -65.6%, up from -596.4%. Soundness: equity 24.3% of assets, return on equity -269.8%. Credibility: 3 audited years, moderate weight. Range: 80% of past cases like this landed between $16.1M and $28.8M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, services-health services): operating margin -65.6% against a -3.3% median; growth 40.3% against 19.2%.

Range logged 2026-09-24, receipt 9046a1709534e228, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-08-04 ([filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526003262/0001185185-26-003262-index.htm))
- Item 2.04 Debt accelerated or triggered: 1, latest 2026-06-26 ([filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526002686/0001185185-26-002686-index.htm))
- Item 5.02 Director or officer change: 2, latest 2026-08-31 ([filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526003768/0001185185-26-003768-index.htm))

## Recent filings

- S-1 · filed 2026-10-01 · [filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526004518/0001185185-26-004518-index.htm)
- 8-K · filed 2026-09-30 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 3.02 Unregistered Sales of Equity Securities; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526004440/0001185185-26-004440-index.htm)
- 8-K · filed 2026-09-23 · 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526004244/0001185185-26-004244-index.htm)
- 8-K · filed 2026-09-09 · 1.01 Entry into a Material Definitive Agreement; 3.02 Unregistered Sales of Equity Securities; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526003896/0001185185-26-003896-index.htm)
- 8-K · filed 2026-08-31 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526003768/0001185185-26-003768-index.htm)
- 8-K · filed 2026-08-26 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1864531/000118518526003729/0001185185-26-003729-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001864531.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1864531

## Cite

POPS4, Edgar & Edgarette: VSEE HEALTH, INC. (VSEE) company card, from the company's own SEC filings, accessed 2026-11-08, https://www.pops4.com/boards/company/VSEE. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.