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

Zhongchao Inc (ZCMD) reported diluted earnings per share of -$1.85 for fiscal year 2025. 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

FY2025 annual

Revenue $11.4M -28.3% YoY

Net Income -$6.3M -881.0% YoY

EPS (Diluted) -$1.85 YoY not available

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported May 22, 2026 Currency USD FYE December

Zhongchao Inc (ZCMD) reported $11.4M in revenue for fiscal year 2025, down 28.3% from the prior fiscal year. This page shows its 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 2026-08-29

Zhongchao's dominant mechanic is cost-heavy earnings volatility: falling sales meet margin compression and an outsized SG&A burden.

Operating cash flow swung from -$1.5M in FY2024 to $845K in FY2025, while the company still reported a net loss; that divergence separates cash timing from operating profitability. The concurrent decline in accounts receivable from $4.7M to $2.8M points to working-capital release as one contributor, not recurring earnings.

Gross margin contracted to 45.0% from 56.2%, leaving less gross profit to fund overhead. SG&A reached $9.8M despite the weaker sales base, and operating loss widened to $6.2M.

Despite losses, liabilities were $1.5M against $24.1M of assets, leaving a substantial asset cushion relative to obligations. The 11.1x current ratio and 0.1x debt-to-equity indicate that the main pressure visible here is operating performance rather than leverage.

Financial Health Signals

Financial Health Score 34/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.

Cash Runway

Dilution

Not available for Zhongchao Inc, and counted as zero in the overall score.

R&D Intensity

Revenue Progress

Burn Trend

Not available for Zhongchao Inc, and counted as zero in the overall score.

Balance Sheet

Altman Z-Score Distress

1.77

Zhongchao Inc scores 1.77, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($5.7M) relative to total liabilities ($1.5M). 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.

Piotroski F-Score Partial

2/7

Zhongchao Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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

N/A

Zhongchao Inc reported a net loss of $6.3M while generating $845K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Zhongchao Inc reported an operating loss of $6.2M against $343K 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

Export CSV

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

Zhongchao Inc earned -$1.85 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$8.1M

YoY+3.3%

5Y CAGR-11.7%

Zhongchao Inc held $8.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

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

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

ZCMD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ZCMD quarterly income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Revenue	$11.4M-28.3%	$15.9M-18.4%	$19.4M+37.3%	$14.2M-13.2%	$16.3M-9.4%	$18.0M+20.9%	$14.9M+15.7%	$12.9M+31.1%	$9.8M
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+31.4%	$4.7M+4.5%	$4.5M+12.2%	$4.0M
Gross Profit	$5.1M-42.5%	$8.9M+4.7%	$8.5M+33.9%	$6.4M-32.7%	$9.4M-20.5%	$11.9M+16.1%	$10.2M+21.6%	$8.4M+43.8%	$5.8M
R&D Expenses	$8K-96.8%	$252K-50.9%	$514K+25.0%	$412K-45.8%	$759K-7.1%	$817K-5.5%	$864K-40.3%	$1.4M+53.5%	$943K
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+23.8%	$2.5M+77.0%	$1.4M+25.1%	$1.1M
Operating Income	-$6.2M-1714.2%	-$341K+97.4%	-$13.3M-349.6%	-$3.0M-821.1%	-$321K-107.1%	$4.5M+23.3%	$3.6M	N/A	N/A
Interest Expense	$343K+41.2%	$243K+2.5%	$237K+66.9%	$142K-19.3%	$176K+19.7%	$147K-30.5%	$211K+10.4%	$192K	N/A
Income Tax	$46K-86.2%	$335K+150.0%	-$670K-346.0%	$272K+177.9%	-$349K-172.1%	$485K+25.2%	$387K-22.9%	$502K+426.2%	-$154K
Net Income	-$6.3M-881.0%	-$643K+94.3%	-$11.3M-285.5%	-$2.9M-1332.2%	$239K-94.6%	$4.5M+10.2%	$4.0M+34.0%	$3.0M+97.4%	$1.5M
EPS (Diluted)	-$1.85	-$0.99	-$34.83	-$1.13-1277.1%	$0.10	$0.18	N/A	N/A	N/A

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

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).

ZCMD Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ZCMD quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Total Assets	$24.1M-6.7%	$25.9M+6.0%	$24.4M-36.8%	$38.6M+6.5%	$36.3M+4.2%	$34.8M+96.3%	$17.7M+26.3%	$14.0M	N/A
Current Assets	$17.0M-9.3%	$18.7M0.0%	$18.7M-17.6%	$22.7M-16.7%	$27.3M-7.9%	$29.6M+104.0%	$14.5M+15.5%	$12.6M	N/A
Cash & Equivalents	$8.1M+3.3%	$7.8M+3.9%	$7.5M-34.5%	$11.5M-17.2%	$13.9M-7.7%	$15.1M+92.4%	$7.8M-1.1%	$7.9M+165.9%	$3.0M
Inventory	N/A	$586K-1.0%	$592K+213.3%	$189K	N/A	N/A	N/A	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+103.2%	$5.1M+154.8%	$2.0M	N/A
Goodwill	N/A	N/A	N/A	$5.8M	N/A	N/A	N/A	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+24.3%	$2.4M-9.8%	$2.7M	N/A
Current Liabilities	$1.5M-0.2%	$1.5M-42.9%	$2.7M-35.7%	$4.2M+16.1%	$3.6M+20.3%	$3.0M+26.5%	$2.4M+1.0%	$2.3M	N/A
Long-Term Debt	N/A	N/A	N/A	$1.8M-30.8%	$2.7M	N/A	N/A	N/A	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+107.5%	$15.3M+34.7%	$11.4M+119.0%	$5.2M
Retained Earnings	-$14.2M-78.3%	-$8.0M-9.5%	-$7.3M-276.2%	$4.1M-42.6%	$7.2M-2.2%	$7.3M+124.7%	$3.3M+950.1%	-$384K	N/A

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

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ZCMD quarterly cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	$845K+157.4%	-$1.5M-2816.7%	$54K+108.2%	-$662K-123.1%	$2.9M+375.8%	-$1.0M-173.7%	$1.4M+7.3%	$1.3M+344.1%	-$538K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$1.3M+96.5%	$668K+1973.5%	$32K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$95K-85.2%	$645K+213.1%	-$570K
Investing Cash Flow	-$827K+54.3%	-$1.8M+51.9%	-$3.8M-12.2%	-$3.3M+16.7%	-$4.0M+1.9%	-$4.1M-1916.3%	-$203K+59.7%	-$504K+72.5%	-$1.8M
Financing Cash Flow	N/A	$3.8M	N/A	$1.9M	N/A	$11.5M+1064.5%	-$1.2M-127.5%	$4.3M+58.7%	$2.7M
Dividends Paid	N/A	N/A	$13K+444.4%	$2K	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

Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

ZCMD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

ZCMD quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Gross Margin	45.0%-11.2pp	56.2%+12.4pp	43.8%-1.1pp	44.9%-13.0pp	57.9%-8.1pp	66.0%-2.7pp	68.7%+3.4pp	65.4%+5.8pp	59.6%
Operating Margin	-54.4%-52.3pp	-2.1%+66.2pp	-68.3%-47.5pp	-20.9%-18.9pp	-2.0%-26.9pp	25.0%+0.5pp	24.5%	N/A	N/A
Net Margin	-55.5%-51.4pp	-4.0%+54.3pp	-58.3%-37.6pp	-20.8%-22.2pp	1.5%-23.3pp	24.8%-2.4pp	27.2%+3.7pp	23.5%+7.9pp	15.6%
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%-12.4pp	26.4%-0.1pp	26.5%-2.9pp	29.4%
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%-10.0pp	22.8%+1.3pp	21.5%	N/A
Current Ratio	11.11-1.1x	12.22+5.2x	6.99+1.5x	5.45-2.1x	7.59-2.3x	9.92+3.8x	6.15+0.8x	5.38	N/A
Debt-to-Equity	0.080.0x	0.08-0.1x	0.19+0.1x	0.060.0x	0.080.0x	0.09-0.1x	0.16-0.1x	0.23	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	0.6%-4.4pp	5.0%+10.8pp	-5.8%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Current Ratio	11.11+3.0x	8.15-4.1x	12.22+6.2x	6.05-0.9x	6.99-3.7x	10.66+5.2x	5.45-1.7x	7.14
Debt-to-Equity	0.080.0x	0.130.0x	0.08-0.1x	0.190.0x	0.190.0x	0.14+0.1x	0.06-0.1x	0.16

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.

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Where Zhongchao Inc Ranks

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 Altman Z-Score?

Zhongchao Inc (ZCMD) has an Altman Z-Score of 1.77, 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.

What is Zhongchao Inc's Piotroski F-Score?

Zhongchao Inc (ZCMD) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $6.3M while generating $845K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $6.2M against $343K 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.

How financially healthy is Zhongchao Inc?

Zhongchao Inc (ZCMD) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.