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Viemed Healthcare Inc Financials

VMD
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Viemed Healthcare Inc (VMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VMD FY2025

Viemed’s growth engine is cash-generative but equipment-hungry, with operating cash flow rising far faster than free cash flow.

The jump in free cash flow from $1.3M in FY2024 to $11.9M in FY2025 was not a move toward an asset-light model. Capital expenditures still ran near $40.0M, while operating cash flow rebounded to $51.9M; that pattern fits a depreciation-heavy business where reported earnings understate cash generation, but much of that cash must be reinvested to sustain growth.

FY2025’s margin improvement happened despite gross margin compression to 57.5% from 62.7% in FY2021. That points less to richer unit economics and more to overhead absorption, with SG&A falling to 44.9% of revenue from 49.1% in FY2022 as scale improved.

The balance sheet remains lightly levered at 0.1x debt-to-equity, even after goodwill reached $58.9M. But liquidity headroom is thinner than earlier years, with cash at $13.5M and the current ratio at 1.2x.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 50 / 100
Financial Profile 50/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Viemed Healthcare Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
40

Viemed Healthcare Inc has an operating margin of 8.5%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is up from 8.0% the prior year.

Growth
69

Viemed Healthcare Inc's revenue surged 20.5% year-over-year to $270.3M, reflecting rapid business expansion. This strong growth earns a score of 69/100.

Leverage
100

Viemed Healthcare Inc carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
19

Viemed Healthcare Inc's current ratio of 1.18 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
36

Viemed Healthcare Inc has a free cash flow margin of 4.4%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
33

Viemed Healthcare Inc's ROE of 10.9% shows moderate profitability relative to equity, earning a score of 33/100. This is up from 8.7% the prior year.

Altman Z-Score Safe
6.59

Viemed Healthcare Inc scores 6.59, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($379.2M) relative to total liabilities ($55.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Viemed Healthcare Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
3.37x

For every $1 of reported earnings, Viemed Healthcare Inc generates $3.37 in operating cash flow ($51.9M OCF vs $15.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$270.3M
YoY+20.5%
5Y CAGR+15.5%

Viemed Healthcare Inc generated $270.3M in revenue in fiscal year 2025. This represents an increase of 20.5% from the prior year.

EBITDA
$51.6M
YoY+19.2%
5Y CAGR+7.2%

Viemed Healthcare Inc's EBITDA was $51.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.2% from the prior year.

Net Income
$15.4M
YoY+35.1%
5Y CAGR-13.4%

Viemed Healthcare Inc reported $15.4M in net income in fiscal year 2025. This represents an increase of 35.1% from the prior year.

EPS (Diluted)
$0.37
YoY+32.1%
5Y CAGR-13.9%

Viemed Healthcare Inc earned $0.37 per diluted share (EPS) in fiscal year 2025. This represents an increase of 32.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$11.9M
YoY+805.2%
5Y CAGR-11.6%

Viemed Healthcare Inc generated $11.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 805.2% from the prior year.

Cash & Debt
$13.5M
YoY-23.0%
5Y CAGR-15.3%

Viemed Healthcare Inc held $13.5M in cash against $11.3M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
38M
YoY-2.8%
5Y CAGR-0.8%

Viemed Healthcare Inc had 38M shares outstanding in fiscal year 2025. This represents a decrease of 2.8% from the prior year.

Margins & Returns

Gross Margin
57.5%
YoY-1.9pp
5Y CAGR-3.5pp

Viemed Healthcare Inc's gross margin was 57.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.

Operating Margin
8.5%
YoY+0.5pp
5Y CAGR-11.9pp

Viemed Healthcare Inc's operating margin was 8.5% in fiscal year 2025, reflecting core business profitability. This is up 0.5 percentage points from the prior year.

Net Margin
5.7%
YoY+0.6pp
5Y CAGR-18.3pp

Viemed Healthcare Inc's net profit margin was 5.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.6 percentage points from the prior year.

Return on Equity
10.9%
YoY+2.2pp
5Y CAGR-27.7pp

Viemed Healthcare Inc's ROE was 10.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.2 percentage points from the prior year.

Capital Allocation

R&D Spending
$3.0M
YoY-1.7%
5Y CAGR+22.7%

Viemed Healthcare Inc invested $3.0M in research and development in fiscal year 2025. This represents a decrease of 1.7% from the prior year.

Share Buybacks
$13.2M

Viemed Healthcare Inc spent $13.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$40.0M
YoY+5.9%
5Y CAGR+25.1%

Viemed Healthcare Inc invested $40.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 5.9% from the prior year.

VMD Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $75.4M-1.0% $76.2M+5.9% $71.9M+14.0% $63.1M+6.6% $59.1M-2.6% $60.7M+4.6% $58.0M+5.5% $55.0M
Cost of Revenue $32.6M+1.6% $32.1M+4.9% $30.6M+16.1% $26.3M+1.8% $25.9M+5.3% $24.6M+3.9% $23.6M+7.1% $22.1M
Gross Profit $42.8M-2.9% $44.1M+6.7% $41.3M+12.6% $36.7M+10.4% $33.3M-7.9% $36.1M+5.1% $34.4M+4.5% $32.9M
R&D Expenses $579K-3.2% $598K-22.8% $775K-8.5% $847K+6.3% $797K-0.7% $803K+6.1% $757K-0.1% $758K
SG&A Expenses $34.8M+8.0% $32.2M+0.9% $31.9M+10.8% $28.8M+1.3% $28.4M+0.8% $28.2M+5.8% $26.7M+0.6% $26.5M
Operating Income $4.3M-48.7% $8.4M+48.4% $5.6M+10.7% $5.1M+32.6% $3.8M-40.5% $6.5M+14.6% $5.6M+55.6% $3.6M
Interest Expense $305K N/A N/A N/A $179K N/A N/A N/A
Income Tax $1.3M-41.7% $2.2M+42.7% $1.5M-10.4% $1.7M+79.9% $952K-49.4% $1.9M+18.0% $1.6M+107.6% $768K
Net Income $2.6M-57.7% $6.1M+73.8% $3.5M+11.3% $3.2M+20.3% $2.6M-41.0% $4.5M+14.8% $3.9M+164.2% $1.5M
EPS (Diluted) $0.06 N/A $0.09+12.5% $0.08+33.3% $0.06 N/A $0.10+150.0% $0.04

VMD Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $197.4M-0.9% $199.2M-1.6% $202.4M+9.6% $184.6M+3.7% $178.1M+0.6% $177.1M+4.4% $169.5M+3.4% $163.9M
Current Assets $49.8M+2.7% $48.5M-3.0% $50.0M-9.6% $55.3M+12.6% $49.1M-7.1% $52.9M+10.9% $47.7M+6.1% $45.0M
Cash & Equivalents $9.8M-27.7% $13.5M+21.4% $11.1M-44.4% $20.0M+97.0% $10.2M-42.1% $17.5M+54.6% $11.3M+28.8% $8.8M
Inventory $5.2M+2.7% $5.0M-4.2% $5.3M+21.9% $4.3M-4.1% $4.5M+4.4% $4.3M+0.2% $4.3M-2.6% $4.4M
Accounts Receivable $31.2M+21.9% $25.6M-6.7% $27.4M+3.3% $26.5M-0.9% $26.8M+7.5% $24.9M-7.9% $27.1M0.0% $27.1M
Goodwill $58.9M0.0% $58.9M+0.8% $58.5M+77.2% $33.0M0.0% $33.0M0.0% $33.0M0.0% $33.0M0.0% $33.0M
Total Liabilities $51.6M-7.3% $55.6M-16.8% $66.9M+55.6% $43.0M+4.0% $41.3M-5.6% $43.8M+2.4% $42.7M-0.1% $42.8M
Current Liabilities $40.7M-0.9% $41.1M-7.1% $44.2M+18.6% $37.3M+5.0% $35.5M-4.9% $37.3M+2.4% $36.4M+15.8% $31.5M
Long-Term Debt $8.3M-26.2% $11.3M-42.3% $19.6M+465.2% $3.5M-1.8% $3.5M-1.6% $3.6M-1.7% $3.6M-58.1% $8.7M
Total Equity $143.9M+1.6% $141.5M+5.9% $133.6M-4.4% $139.7M+3.7% $134.8M+2.6% $131.4M+5.1% $125.0M+4.7% $119.4M
Retained Earnings $105.5M+2.5% $102.9M+5.8% $97.3M+3.6% $93.8M+3.4% $90.7M+1.2% $89.7M+5.1% $85.4M+4.6% $81.6M

VMD Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $8.1M-56.2% $18.4M+0.4% $18.4M+49.9% $12.3M+329.4% $2.9M-81.0% $15.0M+17.6% $12.7M+25.2% $10.2M
Capital Expenditures $6.7M-23.2% $8.7M+14.4% $7.6M-6.1% $8.1M-47.5% $15.5M+30.9% $11.8M+7.5% $11.0M+23.1% $8.9M
Free Cash Flow $1.4M-86.0% $9.7M-9.6% $10.7M+160.1% $4.1M+132.7% -$12.6M-499.9% $3.2M+81.2% $1.7M+39.7% $1.2M
Investing Cash Flow -$5.5M+27.9% -$7.6M+76.4% -$32.3M-1770.1% -$1.7M+79.8% -$8.5M+7.3% -$9.2M-85.1% -$5.0M+55.5% -$11.2M
Financing Cash Flow -$6.3M+25.2% -$8.5M-267.8% $5.0M+850.7% -$671K+60.6% -$1.7M-521.8% $404K+107.7% -$5.2M-310.9% $2.5M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $1.4M $0-100.0% $11.6M+594.8% $1.7M $0 $0 $0 N/A

VMD Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 56.8%-1.1pp 57.9%+0.4pp 57.5%-0.8pp 58.3%+2.0pp 56.3%-3.3pp 59.5%+0.3pp 59.3%-0.6pp 59.8%
Operating Margin 5.7%-5.3pp 11.0%+3.1pp 7.8%-0.2pp 8.1%+1.6pp 6.5%-4.1pp 10.6%+0.9pp 9.7%+3.1pp 6.6%
Net Margin 3.4%-4.6pp 8.0%+3.1pp 4.9%-0.1pp 5.0%+0.6pp 4.4%-2.9pp 7.3%+0.6pp 6.7%+4.0pp 2.7%
Return on Equity 1.8%-2.5pp 4.3%+1.7pp 2.6%+0.4pp 2.3%+0.3pp 1.9%-1.4pp 3.4%+0.3pp 3.1%+1.9pp 1.2%
Return on Assets 1.3%-1.8pp 3.1%+1.3pp 1.7%+0.0pp 1.7%+0.2pp 1.5%-1.0pp 2.5%+0.2pp 2.3%+1.4pp 0.9%
Current Ratio 1.22+0.0 1.18+0.1 1.13-0.4 1.48+0.1 1.38-0.0 1.42+0.1 1.31-0.1 1.43
Debt-to-Equity 0.06-0.0 0.08-0.1 0.15+0.1 0.020.0 0.030.0 0.030.0 0.03-0.0 0.07
FCF Margin 1.8%-10.9pp 12.7%-2.2pp 14.9%+8.4pp 6.5%+27.9pp -21.4%-26.6pp 5.2%+2.2pp 3.0%+0.7pp 2.3%

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Frequently Asked Questions

Viemed Healthcare Inc (VMD) reported $270.3M in total revenue for fiscal year 2025. This represents a 20.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Viemed Healthcare Inc (VMD) revenue grew by 20.5% year-over-year, from $224.3M to $270.3M in fiscal year 2025.

Yes, Viemed Healthcare Inc (VMD) reported a net income of $15.4M in fiscal year 2025, with a net profit margin of 5.7%.

Viemed Healthcare Inc (VMD) reported diluted earnings per share of $0.37 for fiscal year 2025. This represents a 32.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Viemed Healthcare Inc (VMD) had EBITDA of $51.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Viemed Healthcare Inc (VMD) had $13.5M in cash and equivalents against $11.3M in long-term debt.

Viemed Healthcare Inc (VMD) had a gross margin of 57.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Viemed Healthcare Inc (VMD) had an operating margin of 8.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Viemed Healthcare Inc (VMD) had a net profit margin of 5.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Viemed Healthcare Inc (VMD) has a return on equity of 10.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Viemed Healthcare Inc (VMD) generated $11.9M in free cash flow during fiscal year 2025. This represents a 805.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Viemed Healthcare Inc (VMD) generated $51.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Viemed Healthcare Inc (VMD) had $199.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Viemed Healthcare Inc (VMD) invested $40.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Viemed Healthcare Inc (VMD) invested $3.0M in research and development during fiscal year 2025.

Yes, Viemed Healthcare Inc (VMD) spent $13.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Viemed Healthcare Inc (VMD) had 38M shares outstanding as of fiscal year 2025.

Viemed Healthcare Inc (VMD) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.

Viemed Healthcare Inc (VMD) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Viemed Healthcare Inc (VMD) had a return on assets of 7.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Viemed Healthcare Inc (VMD) has an Altman Z-Score of 6.59, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Viemed Healthcare Inc (VMD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Viemed Healthcare Inc (VMD) has an earnings quality ratio of 3.37x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Viemed Healthcare Inc (VMD) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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