VisionSys AI (VSA) Financials
Ticker history: TCTM became VSA (VisionSys AI Inc) on . Earlier news and filings retain their original names and dates. View TCTM history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed May 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VSA SEC filings page.
VisionSys AI Inc (VSA) reported $149K in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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 (20-F and 6-K reports).
FY2025 reports only $149K of revenue, yet free cash flow was -$37.8M alongside liabilities of just $546K .
Revenue fell99.9% from FY2023 to FY2025, but FY2025 still used$26.9M in operations and$10.9M in capital expenditures. That combination points to a business whose reported cash needs are dominated by investment and operating commitments rather than its current sales base;$20.0M of financing cash flow only partly offset those uses.
Gross margin compressed by
The financing structure changed sharply: liabilities fell from
Financial Health Signals
We do not publish a peer-relative financial health score for VisionSys AI Inc, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
VisionSys AI Inc scores -12.95, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $185.3M against total assets of $15.2M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
VisionSys AI Inc reported an operating loss of $5.7M against $14K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
VisionSys AI Inc generated $149K in revenue in fiscal year 2025.
VisionSys AI Inc's EBITDA was -$5.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 241.4% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
VisionSys AI Inc recorded an outflow of $37.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex.
VisionSys AI Inc held $7.9M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
VisionSys AI Inc's gross margin was 22.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
VisionSys AI Inc invested $10.9M in capex in fiscal year 2025, funding long-term assets and infrastructure.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
VSA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F | FY1320-F | FY1220-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $149K | N/A | $193.7M-4.6% | $203.0M+4.6% | $194.0M-33.3% | $290.9M-1.3% | $294.7M-2.9% | $303.3M+12.5% | $269.5M+23.1% | $218.9M+20.4% | $181.9M+34.8% | $134.9M+45.3% | $92.8M+63.4% | $56.8M |
| Cost of Revenue | $116K | N/A | $105.8M+0.1% | $105.6M-15.4% | $124.9M-23.6% | $163.5M-3.0% | $168.6M+26.2% | $133.6M+46.6% | $91.1M+42.7% | $63.9M+24.0% | $51.5M+33.1% | $38.7M+33.1% | $29.1M+63.7% | $17.8M |
| Gross Profit | $33K-99.9% | $58.0M-34.0% | $87.9M-9.7% | $97.3M+40.8% | $69.1M-45.7% | $127.4M+1.0% | $126.0M-25.7% | $169.7M-4.9% | $178.4M+15.1% | $155.1M+18.9% | $130.4M+35.5% | $96.2M+50.9% | $63.8M+63.3% | $39.1M |
| R&D Expenses | N/A | $2.6M+59.4% | $1.6M-44.1% | $2.9M-53.6% | $6.3M-58.9% | $15.4M-19.2% | $19.1M-21.7% | $24.3M+58.2% | $15.4M+62.7% | $9.4M+21.2% | $7.8M+44.6% | $5.4M+41.6% | $3.8M+112.5% | $1.8M |
| SG&A Expenses | $5.7M-82.2% | $32.4M-17.9% | $39.4M-59.9% | $98.2M-21.4% | $125.1M-46.9% | $235.5M-11.0% | $264.7M+14.2% | $231.9M+42.1% | $163.2M+43.7% | $113.6M+15.6% | $98.2M+36.8% | $71.8M+342.6% | $16.2M+63.1% | $9.9M |
| Operating Income | -$5.7Mn/m | -$2.0Mn/m | -$1.6Mn/m | -$3.8Mn/m | -$62.2Mn/m | -$123.6Mn/m | -$157.7Mn/m | -$86.5Mn/m | -$196K-100.6% | $32.0M+31.6% | $24.3M+28.1% | $19.0M+41.0% | $13.5M+29.1% | $10.4M |
| EBITDA | -$5.2M-241.4% | $3.7M-26.3% | $5.0M-17.2% | $6.0Mn/m | -$51.0Mn/m | -$96.4Mn/m | -$129.8Mn/m | -$63.4M-514.6% | $15.3M-64.1% | $42.6M+29.9% | $32.8M+26.2% | $26.0M+43.4% | $18.1M+40.9% | $12.9M |
| Interest Expense | $14K-78.8% | $64K-51.1% | $131K-67.9% | $408K+2120.6% | $18K-97.6% | $773K+853.1% | $81K+2836.8% | $3Kn/m | $0 | N/A | N/A | N/A | N/A | $6K |
| Income Tax | N/A | $4.3Mn/m | -$1.1Mn/m | -$2.1M-111.5% | $18.3Mn/m | -$5.4Mn/m | -$6.0Mn/m | -$708K-118.1% | $3.9M-4.0% | $4.1M+563.7% | $612K-74.3% | $2.4M+5.0% | $2.3M+2.4% | $2.2M |
| Net Income | N/A | N/A | N/A | $12.1Mn/m | -$74.5Mn/m | -$117.5Mn/m | -$148.8Mn/m | -$85.8Mn/m | -$23K-100.1% | $32.6M+18.0% | $27.6M+15.4% | $23.9Mn/m | -$30.3Mn/m | -$17.0M |
| EPS (Basic) | -$7.38 | -$9.48n/m | -$7.51-777.9% | $1.11n/m | -$6.62n/m | -$10.81 | -$2.79n/m | -$1.56n/m | $0.00-100.0% | $0.59+14.4% | $0.51+2.3% | $0.50 | -$2.77n/m | -$1.57 |
| EPS (Diluted) | -$7.38 | -$9.48n/m | -$7.51-816.3% | $1.05n/m | -$6.62n/m | -$10.81 | -$2.79n/m | -$1.56n/m | $0.00-100.0% | $0.55+17.6% | $0.47+8.3% | $0.43 | -$2.77n/m | -$1.57 |
| Diluted Shares (Avg) | 194M | 50M-7.1% | 54M-6.7% | 58M+0.2% | 58M+6.1% | 54M | 53M-2.8% | 55M-3.4% | 57M-3.7% | 59M+0.4% | 59M+23.0% | 48M | 11M+0.7% | 11M |
VSA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F | FY1320-F | FY1220-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.2M+10.5% | $13.8M-90.4% | $143.4M-26.0% | $193.9M-24.7% | $257.6M-14.2% | $300.3M-16.8% | $360.8M+32.1% | $273.2M-12.0% | $310.2M+3.3% | $300.3M+17.6% | $255.3M | N/A | $73.7M | N/A |
| Current Assets | $7.9M-42.8% | $13.8M-82.5% | $79.0M-18.4% | $96.8M-0.4% | $97.2M+18.3% | $82.2M-28.6% | $115.1M-14.5% | $134.6M-34.3% | $205.0M-1.9% | $209.0M+2.0% | $204.8M | N/A | $46.2M | N/A |
| Cash & Equivalents | $7.9M+18.8% | $6.6M-83.2% | $39.4M-23.7% | $51.6M-22.3% | $66.5M+35.5% | $49.1M-36.5% | $77.2M-2.7% | $79.4M-24.8% | $105.5M-9.6% | $116.8M+47.2% | $79.3M+88.6% | $42.1M+61.0% | $26.1M+61.4% | $16.2M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Inventory | N/A | $1.4M+8.8% | $1.3M+26.7% | $1.0M+13.0% | $921K+29.9% | $709K-7.3% | $765K+196.4% | $258K | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | $10.0M+31.1% | $7.6M+51.3% | $5.0M+11.3% | $4.5M-22.2% | $5.8M-26.9% | $7.9M-43.4% | $14.0M-38.2% | $22.7M | N/A | $15.0M | N/A |
| Long-Term Investments | $0-100.0% | $3.1M-47.0% | $5.9M-11.9% | $6.7Mn/m | $0n/m | $0n/m | $0n/m | $0n/m | $0-100.0% | $2.2M-41.7% | $3.7Mn/m | $0n/m | $0n/m | $0 |
| Goodwill | N/A | N/A | $7.0M-2.9% | $7.2M-13.5% | $8.3M+2.4% | $8.1M+6.7% | $7.6M-1.2% | $7.7M+1384.3% | $517K+6.7% | $485K | N/A | N/A | N/A | N/A |
| Total Liabilities | $546K-99.8% | $260.9M-26.5% | $354.9M-13.9% | $412.4M-18.7% | $507.5M+6.9% | $474.9M+13.4% | $418.7M+120.4% | $190.0M+65.1% | $115.1M+64.2% | $70.1M+44.1% | $48.7M | N/A | $137.0M | N/A |
| Current Liabilities | $546K-99.8% | $260.9M-23.2% | $339.6M-11.8% | $385.2M-16.5% | $461.4M+12.8% | $409.1M+20.2% | $340.3M+79.9% | $189.1M+65.3% | $114.4M+65.6% | $69.1M+46.3% | $47.2M | N/A | $25.3M | N/A |
| Non-Current Liabilities | $0-100.0% | $12.5M-17.9% | $15.2M-43.8% | $27.1M-41.2% | $46.2M-29.9% | $65.8M-16.1% | $78.4M+8908.6% | $870K+30.8% | $665K-34.4% | $1.0M-29.6% | $1.4M | N/A | $111.6M | N/A |
| Total Equity | $14.7Mn/m | -$247.0Mn/m | -$211.0Mn/m | -$217.5Mn/m | -$248.6Mn/m | -$173.5Mn/m | -$57.9M-169.6% | $83.1M-57.4% | $195.1M-4.1% | $203.6M+12.8% | $180.5M+0.1% | $180.4Mn/m | -$63.3Mn/m | -$35.0M |
| Retained Earnings | -$185.3Mn/m | -$413.0Mn/m | -$342.0Mn/m | -$353.3Mn/m | -$395.5Mn/m | -$313.5Mn/m | -$183.8Mn/m | -$35.4M-159.0% | $59.9M-34.8% | $91.9M+32.2% | $69.5M | N/A | -$64.9M | N/A |
Not reported in any period shown, so not listed: Long-Term Debt.
VSA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F | FY1320-F | FY1220-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$26.9Mn/m | -$16.6Mn/m | -$16.8Mn/m | -$4.0M-395.4% | $1.4Mn/m | -$16.7Mn/m | -$4.6M-119.2% | $23.7M-48.8% | $46.4M-35.1% | $71.4M+33.1% | $53.7M+89.9% | $28.3M-4.9% | $29.7M+299.1% | $7.4M |
| Depreciation & Amortization | $545K-90.3% | $5.6M-14.7% | $6.6M-32.7% | $9.8M-12.6% | $11.2M-58.7% | $27.2M-2.8% | $28.0M+21.2% | $23.1M+49.1% | $15.5M+46.0% | $10.6M+25.0% | $8.5M+21.1% | $7.0M+50.6% | $4.7M+91.8% | $2.4M |
| Stock-Based Compensation | N/A | $184K-52.4% | $386K-76.6% | $1.7M-25.5% | $2.2M-60.1% | $5.6M-34.6% | $8.5M-53.0% | $18.1M+51.9% | $11.9M+21.8% | $9.8M+92.2% | $5.1M+26.2% | $4.0M+426.4% | $765K+490.9% | $129K |
| Capital Expenditures | $10.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $27.2M-50.5% | $55.0M+256.5% | $15.4M+97.8% | $7.8M-14.4% | $9.1M+26.7% | $7.2M |
| Free Cash Flow | -$37.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $19.1M+16.4% | $16.4M-57.0% | $38.2M+86.9% | $20.5M-0.7% | $20.6M+7984.4% | $255K |
| Investing Cash Flow | -$10.9Mn/m | -$12.5M-222.9% | $10.1Mn/m | -$3.3M-162.3% | $5.3Mn/m | -$101Kn/m | -$7.4Mn/m | -$13.4Mn/m | -$36.4Mn/m | -$18.5Mn/m | -$11.2M | N/A | N/A | N/A |
| Financing Cash Flow | $20.0M+1243.5% | $1.5Mn/m | -$5.0Mn/m | -$305K-108.4% | $3.6Mn/m | -$10.5M-197.9% | $10.7Mn/m | -$32.4Mn/m | -$28.3Mn/m | -$11.2Mn/m | -$4.2M | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $6.2M-35.6% | $9.7M+24.6% | $7.8M | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $1.0M+194.8% | $342K-86.2% | $2.5M | N/A | N/A | $727K-97.5% | $28.6M+30.0% | $22.0M+244.6% | $6.4M-16.1% | $7.6M | N/A | N/A | N/A |
VSA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F | FY1320-F | FY1220-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.0% | N/A | 45.4%-2.6pp | 48.0%+12.3pp | 35.6%-8.2pp | 43.8%+1.0pp | 42.8%-13.2pp | 56.0%-10.2pp | 66.2%-4.6pp | 70.8%-0.8pp | 71.7%+0.4pp | 71.3%+2.6pp | 68.7%-0.1pp | 68.7% |
| Operating Margin | -3848.0% | N/A | -0.9%+1.0pp | -1.9%+30.2pp | -32.1%+10.4pp | -42.5%+11.0pp | -53.5%-25.0pp | -28.5%-28.4pp | -0.1%-14.7pp | 14.6%+1.2pp | 13.4%-0.7pp | 14.1%-0.4pp | 14.5%-3.9pp | 18.4% |
| Net Margin | N/A | N/A | N/A | 6.0%+44.4pp | -38.4%+2.0pp | -40.4%+10.1pp | -50.5%-22.2pp | -28.3%-28.3pp | 0.0%-14.9pp | 14.9%-0.3pp | 15.2%-2.5pp | 17.7%+50.4pp | -32.6%-2.7pp | -29.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -103.2%-103.2pp | 0.0%-16.0pp | 16.0%+0.7pp | 15.3%+2.0pp | 13.3% | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | 6.2%+35.1pp | -28.9%+10.2pp | -39.1%+2.1pp | -41.3%-9.8pp | -31.4%-31.4pp | 0.0%-10.9pp | 10.8%0.0pp | 10.8% | N/A | -41.1% | N/A |
| Current Ratio | 14.43+14.4x | 0.05-0.2x | 0.230.0x | 0.250.0x | 0.210.0x | 0.20-0.1x | 0.34-0.4x | 0.71-1.1x | 1.79-1.2x | 3.02-1.3x | 4.34 | N/A | 1.82 | N/A |
| Liabilities-to-Equity | 0.04 | N/A | N/A | N/A | N/A | N/A | N/A | 2.29+1.7x | 0.59+0.2x | 0.34+0.1x | 0.27 | N/A | N/A | N/A |
| Asset Turnover | 0.01 | N/A | 1.35+0.3x | 1.05+0.3x | 0.75-0.2x | 0.97+0.2x | 0.82-0.3x | 1.11+0.2x | 0.87+0.1x | 0.730.0x | 0.71 | N/A | 1.26 | N/A |
| FCF Margin | -25444.3% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.1%-0.4pp | 7.5%-13.5pp | 21.0%+5.9pp | 15.2%-7.0pp | 22.2%+21.7pp | 0.4% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| VisionSys AI Inc VSA | FY2025 | $149K | N/A | N/A | $4.3M | — |
| Ambow Education Holding Ltd. AMBO | FY2025 | $9.5M | $1.4M | 14.3% | $4.2M | 29/100 |
| EpicQuest Education Group International Limited EEIQ | FY2025 | $8.9M | -$2.4M | -27.2% | $6.8M | 48/100 |
| Wah Fu Education & Technology Group Ltd. WAFU | FY2026 | $6.4M | -$1.1M | -17.4% | $6.3M | 62/100 |
| Lixiang Education Holding Co., Ltd. LXEH | FY2025 | $4.4M | -$17.4M | N/A | $2.6M | 11/100 |
| JIADE Limited JDZG | FY2025 | $3.7M | -$1.5M | -41.2% | $2.2M | 60/100 |
Where VisionSys AI Inc Ranks
Frequently Asked Questions
VisionSys AI Inc (VSA) reported $149K in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
VisionSys AI Inc (VSA) had EBITDA of -$5.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
VisionSys AI Inc (VSA) had a gross margin of 22.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
VisionSys AI Inc (VSA) recorded an outflow of $37.8M in free cash flow during fiscal year 2025. 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.
VisionSys AI Inc (VSA) recorded an outflow of $26.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
VisionSys AI Inc (VSA) had $15.2M in total assets as of fiscal year 2025, including both current and long-term assets.
VisionSys AI Inc (VSA) invested $10.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
VisionSys AI Inc (VSA) had a current ratio of 14.43 as of fiscal year 2025, which is generally considered healthy.
VisionSys AI Inc (VSA) had a liabilities-to-equity ratio of 0.04 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
VisionSys AI Inc (VSA) has no price-to-earnings ratio at the moment: no net income reported. The market capitalization is $4.3M as of Nov 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
VisionSys AI Inc (VSA) trades at 28.9x sales, its market capitalization divided by $149K revenue, FY2025. The market capitalization is $4.3M as of Nov 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2025, VisionSys AI Inc (VSA) held $7.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $26.9M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
VisionSys AI Inc (VSA) has an Altman Z-Score of -12.95, placing it in the Distress Zone (elevated 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.
VisionSys AI Inc (VSA) reported an operating loss of $5.7M against $14K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.