VisionSys AI Inc Financials

VSA

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

2/9

VisionSys AI Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.21x

For every $1 of reported earnings, VisionSys AI Inc generates $0.21 in operating cash flow (-$16.6M OCF vs -$80.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-6306.5x

VisionSys AI Inc earns $-6306.5 in operating income for every $1 of interest expense (-$69.4M vs $11K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows VisionSys AI Inc (VSA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

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Key Financial Metrics

Revenue

$160.4M

YoY-17.2%

5Y CAGR-11.5%

VisionSys AI Inc generated $160.4M in revenue in fiscal year 2024. This represents a decrease of 17.2% from the prior year.

EBITDA

-$63.7M

YoY-850.1%

VisionSys AI Inc's EBITDA was -$63.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 850.1% from the prior year.

Free Cash Flow

N/A

Net Income

-$80.4M

YoY-5612.8%

VisionSys AI Inc reported -$80.4M in net income in fiscal year 2024. This represents a decrease of 5612.8% from the prior year.

EPS (Diluted)

$-7.32

YoY-2811.1%

VisionSys AI Inc earned $-7.32 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 2811.1% from the prior year.

Cash & Debt

$6.6M

YoY-83.2%

5Y CAGR-39.6%

VisionSys AI Inc held $6.6M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

36.2%

YoY-9.2pp

5Y CAGR-6.6pp

VisionSys AI Inc's gross margin was 36.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 9.2 percentage points from the prior year.

Operating Margin

-43.3%

YoY-44.2pp

5Y CAGR+10.3pp

VisionSys AI Inc's operating margin was -43.3% in fiscal year 2024, reflecting core business profitability. This is down 44.2 percentage points from the prior year.

Net Margin

-50.1%

YoY-50.9pp

5Y CAGR+0.5pp

VisionSys AI Inc's net profit margin was -50.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 50.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$2.6M

YoY+59.5%

5Y CAGR-32.8%

VisionSys AI Inc invested $2.6M in research and development in fiscal year 2024. This represents an increase of 59.5% from the prior year.

Share Buybacks

$1.0M

YoY+194.7%

5Y CAGR+6.8%

VisionSys AI Inc spent $1.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 194.7% from the prior year.

Capital Expenditures

N/A

VSA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$160.4M-17.2%	$193.7M-45.9%	$357.8M-4.4%	$374.5M+28.8%	$290.9M-1.3%	$294.7M
Cost of Revenue	$102.4M-3.2%	$105.8M-30.9%	$153.1M-18.8%	$188.5M+15.3%	$163.5M-3.0%	$168.6M
Gross Profit	$58.0M-34.0%	$87.9M-57.0%	$204.7M+10.1%	$186.0M+46.0%	$127.4M+1.0%	$126.0M
R&D Expenses	$2.6M+59.5%	$1.6M-84.3%	$10.4M-37.3%	$16.6M+8.1%	$15.4M-19.2%	$19.1M
SG&A Expenses	$94.4M+102.6%	$46.6M-46.8%	$87.6M-2.1%	$89.4M-7.5%	$96.6M-7.0%	$103.9M
Operating Income	-$69.4M-3760.8%	$1.9M-86.0%	$13.5M+123.3%	-$57.9M+53.1%	-$123.6M+21.7%	-$157.7M
Interest Expense	-$11K-107.2%	$153K-60.9%	$391K+6.8%	$366K+1320.0%	-$30K	N/A
Income Tax	$4.3M+484.1%	-$1.1M-137.2%	$3.0M-83.1%	$17.9M+433.4%	-$5.4M+10.1%	-$6.0M
Net Income	-$80.4M-5612.8%	$1.5M-88.2%	$12.4M+116.6%	-$74.7M+36.8%	-$118.2M+20.8%	-$149.2M
EPS (Diluted)	$-7.32-2811.1%	$0.27-74.3%	$1.05+179.5%	$-1.32+38.9%	$-2.16+22.6%	$-2.79

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VSA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$13.8M-90.4%	$143.4M-26.0%	$193.9M-24.7%	$257.6M-14.2%	$300.3M-16.8%	$360.8M
Current Assets	$7.7M-90.2%	$79.0M-18.4%	$96.8M-0.4%	$97.2M+18.3%	$82.2M-28.6%	$115.1M
Cash & Equivalents	$6.6M-83.2%	$39.4M-23.7%	$51.6M-16.0%	$61.5M+9.3%	$56.3M-31.7%	$82.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$10.0M+31.0%	$7.6M+51.3%	$5.0M+11.3%	$4.5M
Goodwill	N/A	$7.0M-9.1%	$7.7M-7.6%	$8.3M+2.4%	$8.1M+6.7%	$7.6M
Total Liabilities	$260.9M-26.5%	$354.9M-13.9%	$412.4M-18.7%	$507.5M+6.9%	$474.9M+13.4%	$418.7M
Current Liabilities	$248.4M-26.9%	$339.6M-11.8%	$385.2M-16.5%	$461.4M+12.8%	$409.1M+20.2%	$340.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$247.0M-17.1%	-$211.0M+3.0%	-$217.5M+12.5%	-$248.6M-43.3%	-$173.5M-201.9%	-$57.5M
Retained Earnings	-$413.0M-20.8%	-$342.0M+3.2%	-$353.3M+10.7%	-$395.5M-26.1%	-$313.5M-70.6%	-$183.8M

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Total Assets	$7.2M-47.7%	$13.8M-85.1%	$92.7M-35.3%	$143.4M-26.0%	$193.9M-24.7%	$257.6M-14.2%	$300.3M-16.8%	$360.8M
Current Assets	$1.1M-85.2%	$7.7M-75.6%	$31.6M-60.0%	$79.0M-18.4%	$96.8M-0.4%	$97.2M+18.3%	$82.2M-28.6%	$115.1M
Cash & Equivalents	$345K-94.8%	$6.6M-58.5%	$15.9M-59.5%	$39.4M-23.7%	$51.6M-16.0%	$61.5M+9.3%	$56.3M-31.7%	$82.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	$10.0M+31.0%	$7.6M+51.3%	$5.0M+11.3%	$4.5M
Goodwill	N/A	N/A	$6.8M-2.3%	$7.0M-9.1%	$7.7M-7.6%	$8.3M+2.4%	$8.1M+6.7%	$7.6M
Total Liabilities	$255.1M-2.2%	$260.9M-5.5%	$276.0M-22.2%	$354.9M-13.9%	$412.4M-18.7%	$507.5M+6.9%	$474.9M+13.4%	$418.7M
Current Liabilities	$255.1M+2.7%	$248.4M-3.8%	$258.2M-24.0%	$339.6M-11.8%	$385.2M-16.5%	$461.4M+12.8%	$409.1M+20.2%	$340.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$247.8M-0.3%	-$247.0M-34.8%	-$183.2M+13.2%	-$211.0M+3.0%	-$217.5M+12.5%	-$248.6M-43.3%	-$173.5M-201.9%	-$57.5M
Retained Earnings	-$419.3M-1.5%	-$413.0M-18.0%	-$349.9M-2.3%	-$342.0M+3.2%	-$353.3M+10.7%	-$395.5M-26.1%	-$313.5M-70.6%	-$183.8M

VSA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$16.6M+0.7%	-$16.8M-319.6%	-$4.0M-395.3%	$1.4M+108.1%	-$16.7M-265.9%	-$4.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$12.5M-222.9%	$10.1M+408.2%	-$3.3M-162.3%	$5.3M+5334.7%	-$101K+98.6%	-$7.4M
Financing Cash Flow	$1.5M+129.5%	-$5.0M-1547.4%	-$306K-108.4%	$3.6M+134.8%	-$10.5M-198.0%	$10.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$1.0M+194.7%	$342K-86.2%	$2.5M	N/A	N/A	$727K

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VSA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	36.2%-9.2pp	45.4%-11.8pp	57.2%+7.6pp	49.7%+5.9pp	43.8%+1.0pp	42.8%
Operating Margin	-43.3%-44.2pp	1.0%-2.8pp	3.8%+19.2pp	-15.5%+27.0pp	-42.5%+11.0pp	-53.5%
Net Margin	-50.1%-50.9pp	0.8%-2.7pp	3.5%+23.4pp	-19.9%+20.7pp	-40.6%+10.0pp	-50.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-583.5%-584.5pp	1.0%-5.4pp	6.4%+35.4pp	-29.0%+10.4pp	-39.4%+2.0pp	-41.4%
Current Ratio	0.03-0.2	0.23-0.0	0.25+0.0	0.210.0	0.20-0.1	0.34
Debt-to-Equity	-1.06+0.6	-1.68+0.2	-1.90+0.1	-2.04+0.7	-2.74+4.5	-7.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.00-0.0	0.03-0.1	0.12-0.1	0.23-0.0	0.25+0.0	0.210.0	0.20-0.1	0.34
Debt-to-Equity	-1.03+0.0	-1.06+0.5	-1.51+0.2	-1.68+0.2	-1.90+0.1	-2.04+0.7	-2.74+4.5	-7.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$247.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.03), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is VisionSys AI Inc's annual revenue?

VisionSys AI Inc (VSA) reported $160.4M in total revenue for fiscal year 2024. This represents a -17.2% 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.

How fast is VisionSys AI Inc's revenue growing?

VisionSys AI Inc (VSA) revenue declined by 17.2% year-over-year, from $193.7M to $160.4M in fiscal year 2024.

Is VisionSys AI Inc profitable?

No, VisionSys AI Inc (VSA) reported a net income of -$80.4M in fiscal year 2024, with a net profit margin of -50.1%.

What is VisionSys AI Inc's earnings per share (EPS)?

VisionSys AI Inc (VSA) reported diluted earnings per share of $-7.32 for fiscal year 2024. This represents a -2811.1% 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.

What is VisionSys AI Inc's EBITDA?

VisionSys AI Inc (VSA) had EBITDA of -$63.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is VisionSys AI Inc's gross margin?

VisionSys AI Inc (VSA) had a gross margin of 36.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is VisionSys AI Inc's operating margin?

VisionSys AI Inc (VSA) had an operating margin of -43.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is VisionSys AI Inc's net profit margin?

VisionSys AI Inc (VSA) had a net profit margin of -50.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is VisionSys AI Inc's operating cash flow?

VisionSys AI Inc (VSA) generated -$16.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are VisionSys AI Inc's total assets?

VisionSys AI Inc (VSA) had $13.8M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does VisionSys AI Inc spend on research and development?

VisionSys AI Inc (VSA) invested $2.6M in research and development during fiscal year 2024.

Does VisionSys AI Inc buy back shares?

Yes, VisionSys AI Inc (VSA) spent $1.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is VisionSys AI Inc's current ratio?

VisionSys AI Inc (VSA) had a current ratio of 0.03 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is VisionSys AI Inc's debt-to-equity ratio?

VisionSys AI Inc (VSA) had a debt-to-equity ratio of -1.06 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is VisionSys AI Inc's return on assets (ROA)?

VisionSys AI Inc (VSA) had a return on assets of -583.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is VisionSys AI Inc's cash runway?

Based on fiscal year 2024 data, VisionSys AI Inc (VSA) had $6.6M in cash against an annual operating cash burn of $16.6M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is VisionSys AI Inc's debt-to-equity ratio negative or unusual?

VisionSys AI Inc (VSA) has negative shareholder equity of -$247.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is VisionSys AI Inc's Piotroski F-Score?

VisionSys AI Inc (VSA) has a Piotroski F-Score of 2 out of 9, indicating weak 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are VisionSys AI Inc's earnings high quality?

VisionSys AI Inc (VSA) has an earnings quality ratio of 0.21x, considered low quality (accrual-driven). 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.

Can VisionSys AI Inc cover its interest payments?

VisionSys AI Inc (VSA) has an interest coverage ratio of -6306.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.