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

Zhongchao Inc (ZCMD) reported diluted earnings per share of $-1.85 for fiscal year 2025. This represents a -86.9% 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.

Zhongchao Inc Financials

ZCMD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Zhongchao Inc (ZCMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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 ZCMD FY2025 2026-04-23

Zhongchao’s overhead-heavy model now overwhelms gross profit, while working-capital release temporarily keeps cash generation afloat.

In FY2025, operating cash flow turned positive at $845K even as net loss widened to -$6.3M, so the cash statement and income statement were moving in opposite directions. That split lines up with accounts receivable shrinking to $2.8M from $4.7M, which suggests cash improved mainly because prior sales were collected and working capital unwound, not because the underlying cost structure recovered.

Balance-sheet pressure is still mild compared with the income-statement damage: cash of $8.1M sits against just $1.5M of total liabilities. That means the company has been absorbing volatility mostly with its own capital, so the immediate issue is erosion of the equity cushion rather than dependence on lenders.

Overhead intensity, not direct service cost, drove FY2025's weak result: selling and administrative expense reached $9.8M against only $5.1M of gross profit. Gross margin remained positive, but support costs outgrew the gross-profit base, which is why FY2024's near-break-even operating result did not hold.

Financial Health Signals

Financial Profile 33/100

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 Zhongchao 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

Zhongchao Inc has an operating margin of -54.4%, meaning the company retains $-54 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -2.1% the prior year.

Growth

Zhongchao Inc's revenue declined 28.3% year-over-year, from $15.9M to $11.4M. This contraction results in a growth score of 0/100.

Leverage

100

Zhongchao 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

100

With a current ratio of 11.11, Zhongchao Inc holds $11.11 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Zhongchao Inc generates a -33.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -3.1% the prior year.

Piotroski F-Score Weak

2/9

Zhongchao Inc passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-0.13x

For every $1 of reported earnings, Zhongchao Inc generates $-0.13 in operating cash flow ($845K OCF vs -$6.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-18.0x

Zhongchao Inc earns $-18.0 in operating income for every $1 of interest expense (-$6.2M vs $343K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$11.4M

YoY-28.3%

5Y CAGR-8.8%

Zhongchao Inc generated $11.4M in revenue in fiscal year 2025. This represents a decrease of 28.3% from the prior year.

EBITDA

-$5.9M

YoY-5257.0%

Zhongchao Inc's EBITDA was -$5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5257.0% from the prior year.

Net Income

-$6.3M

YoY-881.0%

Zhongchao Inc reported -$6.3M in net income in fiscal year 2025. This represents a decrease of 881.0% from the prior year.

EPS (Diluted)

$-1.85

YoY-86.9%

Zhongchao Inc earned $-1.85 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 86.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$8.1M

YoY+3.3%

5Y CAGR-11.7%

Zhongchao Inc held $8.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

45.0%

YoY-11.2pp

5Y CAGR-21.0pp

Zhongchao Inc's gross margin was 45.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 11.2 percentage points from the prior year.

Operating Margin

-54.4%

YoY-52.3pp

5Y CAGR-79.4pp

Zhongchao Inc's operating margin was -54.4% in fiscal year 2025, reflecting core business profitability. This is down 52.3 percentage points from the prior year.

Net Margin

-55.5%

YoY-51.4pp

5Y CAGR-80.3pp

Zhongchao Inc's net profit margin was -55.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 51.4 percentage points from the prior year.

Return on Equity

-33.9%

YoY-30.8pp

5Y CAGR-47.9pp

Zhongchao Inc's ROE was -33.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 30.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$8K

YoY-96.8%

5Y CAGR-60.3%

Zhongchao Inc invested $8K in research and development in fiscal year 2025. This represents a decrease of 96.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

ZCMD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$11.4M-28.3%	$15.9M-18.4%	$19.4M+37.3%	$14.2M-13.2%	$16.3M-9.4%	$18.0M
Cost of Revenue	$6.3M-10.1%	$7.0M-36.3%	$10.9M+40.1%	$7.8M+13.7%	$6.9M+12.1%	$6.1M
Gross Profit	$5.1M-42.5%	$8.9M+4.7%	$8.5M+33.9%	$6.4M-32.7%	$9.4M-20.5%	$11.9M
R&D Expenses	$8K-96.8%	$252K-50.9%	$514K+25.0%	$412K-45.8%	$759K-7.1%	$817K
SG&A Expenses	$9.8M+96.6%	$5.0M-25.5%	$6.7M-1.5%	$6.8M+16.0%	$5.9M+87.7%	$3.1M
Operating Income	-$6.2M-1714.2%	-$341K+97.4%	-$13.3M-349.6%	-$3.0M-821.1%	-$321K-107.1%	$4.5M
Interest Expense	$343K+41.2%	$243K+2.5%	$237K+66.9%	$142K-19.3%	$176K+19.7%	$147K
Income Tax	$46K-86.2%	$335K+150.0%	-$670K-346.0%	$272K+177.9%	-$349K-172.1%	$485K
Net Income	-$6.3M-881.0%	-$643K+94.3%	-$11.3M-285.5%	-$2.9M-1332.2%	$239K-94.6%	$4.5M
EPS (Diluted)	$-1.85-86.9%	$-0.99+97.2%	$-34.83-2982.3%	$-1.13-1277.1%	$0.10-47.5%	$0.18

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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

ZCMD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$24.1M-6.7%	$25.9M+6.0%	$24.4M-36.8%	$38.6M+6.5%	$36.3M+4.2%	$34.8M
Current Assets	$17.0M-9.3%	$18.7M0.0%	$18.7M-17.6%	$22.7M-16.7%	$27.3M-7.9%	$29.6M
Cash & Equivalents	$8.1M+3.3%	$7.8M+3.9%	$7.5M-34.5%	$11.5M-17.2%	$13.9M-7.7%	$15.1M
Inventory	N/A	$586K-1.0%	$592K+213.3%	$189K	N/A	N/A
Accounts Receivable	$2.8M-40.6%	$4.7M+83.4%	$2.6M-62.3%	$6.8M-26.5%	$9.2M-10.7%	$10.3M
Goodwill	N/A	N/A	N/A	$5.8M	N/A	N/A
Total Liabilities	$1.5M-10.7%	$1.7M-48.7%	$3.4M-39.6%	$5.6M+51.2%	$3.7M+24.1%	$3.0M
Current Liabilities	$1.5M-0.2%	$1.5M-42.9%	$2.7M-35.7%	$4.2M+16.1%	$3.6M+20.3%	$3.0M
Long-Term Debt	N/A	N/A	N/A	$1.8M-30.8%	$2.7M	N/A
Total Equity	$18.6M-10.6%	$20.8M+15.7%	$18.0M-39.8%	$29.9M-8.1%	$32.6M+2.3%	$31.8M
Retained Earnings	-$14.2M-78.3%	-$8.0M-9.5%	-$7.3M-276.2%	$4.1M-42.6%	$7.2M-2.2%	$7.3M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$24.1M-8.2%	$26.3M+1.6%	$25.9M+7.7%	$24.0M-1.6%	$24.4M-20.0%	$30.5M-20.9%	$38.6M-0.1%	$38.7M
Current Assets	$17.0M-11.3%	$19.1M+2.2%	$18.7M+12.0%	$16.7M-10.7%	$18.7M+0.8%	$18.6M-18.3%	$22.7M-19.2%	$28.1M
Cash & Equivalents	$8.1M-9.1%	$8.9M+13.7%	$7.8M+24.9%	$6.3M-16.8%	$7.5M-33.1%	$11.3M-2.0%	$11.5M+0.3%	$11.5M
Inventory	N/A	N/A	$586K+95.0%	$301K-49.2%	$592K+15.4%	$513K+171.5%	$189K	N/A
Accounts Receivable	$2.8M-19.8%	$3.5M-25.9%	$4.7M+69.5%	$2.8M+8.2%	$2.6M-24.1%	$3.4M-50.3%	$6.8M-30.0%	$9.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	$5.5M-4.9%	$5.8M	N/A
Total Liabilities	$1.5M-39.5%	$2.6M+47.6%	$1.7M-47.7%	$3.3M-1.9%	$3.4M+0.7%	$3.4M-40.1%	$5.6M+3.9%	$5.4M
Current Liabilities	$1.5M-34.9%	$2.3M+53.2%	$1.5M-44.6%	$2.8M+3.2%	$2.7M+53.8%	$1.7M-58.2%	$4.2M+5.8%	$3.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$1.8M	N/A
Total Equity	$18.6M-8.1%	$20.3M-2.7%	$20.8M+18.0%	$17.7M-1.9%	$18.0M-25.9%	$24.3M-18.8%	$29.9M-10.0%	$33.3M
Retained Earnings	-$14.2M-59.5%	-$8.9M-11.8%	-$8.0M-11.9%	-$7.1M+2.1%	-$7.3M-1116.3%	-$598K-114.5%	$4.1M-43.3%	$7.3M

ZCMD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$845K+157.4%	-$1.5M-2816.7%	$54K+108.2%	-$662K-123.1%	$2.9M+375.8%	-$1.0M
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	-$827K+54.3%	-$1.8M+51.9%	-$3.8M-12.2%	-$3.3M+16.7%	-$4.0M+1.9%	-$4.1M
Financing Cash Flow	N/A	$3.8M	N/A	$1.9M	N/A	$11.5M
Dividends Paid	N/A	N/A	$13K+444.4%	$2K	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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

ZCMD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	45.0%-11.2pp	56.2%+12.4pp	43.8%-1.1pp	44.9%-13.0pp	57.9%-8.1pp	66.0%
Operating Margin	-54.4%-52.3pp	-2.1%+66.2pp	-68.3%-47.5pp	-20.9%-18.9pp	-2.0%-26.9pp	25.0%
Net Margin	-55.5%-51.4pp	-4.0%+54.3pp	-58.3%-37.6pp	-20.8%-22.2pp	1.5%-23.3pp	24.8%
Return on Equity	-33.9%-30.8pp	-3.1%+59.9pp	-62.9%-53.1pp	-9.8%-10.6pp	0.7%-13.3pp	14.0%
Return on Assets	-26.1%-23.6pp	-2.5%+44.0pp	-46.4%-38.8pp	-7.6%-8.3pp	0.7%-12.2pp	12.8%
Current Ratio	11.11-1.1	12.22+5.2	6.99+1.5	5.45-2.1	7.59-2.3	9.92
Debt-to-Equity	0.080.0	0.08-0.1	0.19+0.1	0.06-0.0	0.08-0.0	0.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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	11.11+3.0	8.15-4.1	12.22+6.2	6.05-0.9	6.99-3.7	10.66+5.2	5.45-1.7	7.14
Debt-to-Equity	0.08-0.0	0.13+0.0	0.08-0.1	0.190.0	0.19+0.0	0.14+0.1	0.06-0.1	0.16
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Zhongchao Inc's annual revenue?

Zhongchao Inc (ZCMD) reported $11.4M in total revenue for fiscal year 2025. This represents a -28.3% 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 Zhongchao Inc's revenue growing?

Zhongchao Inc (ZCMD) revenue declined by 28.3% year-over-year, from $15.9M to $11.4M in fiscal year 2025.

Is Zhongchao Inc profitable?

No, Zhongchao Inc (ZCMD) reported a net income of -$6.3M in fiscal year 2025, with a net profit margin of -55.5%.

What is Zhongchao Inc's EBITDA?

Zhongchao Inc (ZCMD) had EBITDA of -$5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Zhongchao Inc's gross margin?

Zhongchao Inc (ZCMD) had a gross margin of 45.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Zhongchao Inc's operating margin?

Zhongchao Inc (ZCMD) had an operating margin of -54.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Zhongchao Inc's net profit margin?

Zhongchao Inc (ZCMD) had a net profit margin of -55.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Zhongchao Inc's return on equity (ROE)?

Zhongchao Inc (ZCMD) has a return on equity of -33.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Zhongchao Inc's operating cash flow?

Zhongchao Inc (ZCMD) generated $845K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Zhongchao Inc's total assets?

Zhongchao Inc (ZCMD) had $24.1M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Zhongchao Inc spend on research and development?

Zhongchao Inc (ZCMD) invested $8K in research and development during fiscal year 2025.

What is Zhongchao Inc's current ratio?

Zhongchao Inc (ZCMD) had a current ratio of 11.11 as of fiscal year 2025, which is generally considered healthy.

What is Zhongchao Inc's debt-to-equity ratio?

Zhongchao Inc (ZCMD) 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.

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

Zhongchao Inc (ZCMD) had a return on assets of -26.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Zhongchao Inc's Piotroski F-Score?

Zhongchao Inc (ZCMD) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Zhongchao Inc's earnings high quality?

Zhongchao Inc (ZCMD) has an earnings quality ratio of -0.13x, considered mixed 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.

Can Zhongchao Inc cover its interest payments?

Zhongchao Inc (ZCMD) has an interest coverage ratio of -18.0x, 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.

How financially healthy is Zhongchao Inc?

Zhongchao Inc (ZCMD) scores 33 out of 100 on our Financial Profile, indicating weak 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.