VSee Health Inc. Common Stock (VSEE)

FairStock Score: 18/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

VSee Health provides telehealth and intensive-care monitoring software and services. Revenue has grown—filed figures show $5.8M in FY2023, $10.4M in FY2024, and $14.6M in FY2025—but profits are another story. It lost $3.8M in FY2023, $57.7M in FY2024, and $14.7M in FY2025. In the quarter ended 2026-03-31, revenue was $3.2M with a $2.6M net loss; the quarter ended 2026-06-30 had $1.6M revenue but net income was n/a in the filed figures. Free cash flow was negative $6.3M over the trailing period, and FairStock's FCF yield is -5.3%. Those are not the marks of a business with pricing power or a moat. The balance sheet ratios raise caution: return on equity was -1,455.88% and return on capital -38.76%, though debt-to-equity is modest at 0.27. The stock at $2.10 on 2026-10-01 carries a P/B of 15.02 and a negative P/E of -4.47—no margin of safety on these figures. Piotroski F-Score 2/9 and Altman Z near zero confirm fragility. The one positive is sales growth, but growth without profit and cash generation is not value. I would need to see consistent positive earnings, positive free cash flow, and a sensible price relative to book value before calling this a sound investment.

In plain English: VSee Health sells telehealth and intensive-care monitoring services. It has grown sales, but it has lost money every year over the last four reported years and burns cash. At $2.10 on 2026-10-01, the stock looks expensive for a business with weak profits and little accounting value.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-01 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K/A (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer