MeritValue

VSEE HEALTH, INC.

VSEEdata completeness 100%4 fiscal years on file
The thesis, from the filings

VSEE HEALTH, INC. earns about -1017% on invested capital, but has diluted owners by 58% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue—$5.77M1$10.4M2$14.6M2
Net income−$3.24M3−$3.76M4−$57.7M5−$14.7M5
Operating cash flow−$1.39M6−$632,5957−$5.79M8−$3.45M8
Capital expenditure—$4,3359$55,26710$29,92810
Free cash flow (derived)—−$636,9307−$5.84M8−$3.48M8
Total debt—$440,00011$2.96M12$4.58M12
Cash & equivalents$106,99813$118,73414$326,11515$5.27M15
Diluted shares12.7M10.0M10.2M20.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2.71
your share of equity
Profit it earned you last year
−$7.3
Free cash flow it threw off
−$1.73
Debt you’d be carrying
$2.27

10 shares is a claim on $2.71 of net worth that earned you −$7.3 and generated −$1.73 of cash last year, against $2.27 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1017% avg · 4y
FY22 —FY23 —FY24 -1791%FY25 -243%

It earned an average -1017% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+58% shares · 4y

Share count is up 58% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 941% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011815 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001185185-26-001202 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001104659-24-046607 (NetIncomeLoss)
  4. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011815 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001185185-26-001202 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001104659-24-046607 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011815 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001185185-26-001202 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011815 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001185185-26-001202 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011815 (LongTermDebtCurrent)
  12. 10-K · period ending 2024-12-31 · accession 0001185185-26-001202 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001104659-24-046607 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011815 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001185185-26-001202 (CashAndCashEquivalentsAtCarryingValue)