stockrowVSee Health, Inc.
VSEE Healthcare Health Information Services
VSee Health, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.6 million, up 40.3% from fiscal 2024.
- Revenue
- −53.9%
- EPS
- +109.9%
- Free cash flow
- −257.6%
- Total debt
- +31.6%
Quarter to June 2026, against a year earlier
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VSee Health, Inc. (VSEE) Altman Z-score
VSee Health, Inc.'s Altman Z-score for fiscal 2025 is −6.06, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −6.06 | 8.96 |
| FY2024 | −15.02 | (5.06) |
| FY2023 | −9.97 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.35) | — | −0.42 | |
| Retained earnings / total assets | (3.68) | — | −5.15 | |
| EBIT / total assets | (0.43) | — | −1.41 | |
| Market value of equity / total liabilities | 0.44 | — | 0.27 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Distress zone | −6.06 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −16.83 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ZCMD Zhongchao Inc. compare | 4.3× |
| MGRX Mangoceuticals, Inc. compare | −2.1× |
| MNDR Mobile-health Network Solutions compare | −2.9× |
| MSPR MSP Recovery, Inc. compare | −3.3× |
| HCTI Healthcare Triangle, Inc. compare | −3.3× |
| ACON Aclarion, Inc. compare | −4.9× |
| WORX SCWorx Corp. compare | −5.0× |
| HLTHQ Cue Health Inc. compare | −5.7× |
| VSEE VSee Health, Inc. | −6.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets