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Data as of Q1 2026
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How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $14.6M 100.0% | $10.4M 100.0% | $5.8M 100.0% | — |
| Cost of Revenue | $7.3M 49.7% | $3.2M 31.1% | $1.9M 33.5% | — |
| Gross Profit | $7.4M 50.3% | $7.2M 68.9% | $3.8M 66.5% | — |
| Selling, General & Admin | $10.0M 68.7% | $6.6M 62.9% | $1.2M 20.9% | — |
| Total Operating Expenses | $16.9M 115.9% | $69.3M 665.3% | $5.7M 99.0% | — |
| Operating Income | -$9.6M -65.6% | -$62.2M -596.4% | -$1.9M -32.5% | -$3.6M |
| Interest Expense | $2.8M 19.2% | $211K 2.0% | $191K 3.3% | $126K |
| Interest & Investment Income | — | — | $359K 6.2% | $923K |
| Other Income (Expense), net | -$5.1M -34.6% | $2.8M 26.9% | -$13K -0.2% | $540K |
| Pretax Income | -$14.6M -100.2% | -$59.3M -569.5% | -$1.9M -32.7% | -$3.1M |
| Income Tax Expense | $14K 0.1% | -$1.6M -15.8% | $1.8M 31.9% | $187K |
| Net Income | -$14.7M -100.6% | -$57.7M -553.7% | -$3.8M -65.3% | -$3.2M |
| Per Share | ||||
| EPS (Basic) | $-0.73 | $-5.65 | $-0.38 | $-0.25 |
| EPS (Diluted) | $-0.73 | $-5.65 | $-0.38 | $-0.25 |
| Weighted Avg Shares (Basic) | 20.1M | 10.2M | 10.0M | 12.7M |
| Weighted Avg Shares (Diluted) | 20.1M | 10.2M | 10.0M | 12.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81 · book equity (no price)
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $44 buybacks = $44 returned on -$3M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 4 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -243%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $5M covers all $2M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-Q).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~473.4% on $593941 of debt.
Cash of $5M fully covers short-term debt of $880175.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ownership trend chart requires at least 2 quarters of data.
More quarterly data is being processed.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 13 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
No current price collected.
Where each multiple sits in its own 4-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 4-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cost of Revenue | — | 33.5 | 31.1 | 49.7 |
| Gross Profit | — | 66.5 | 68.9 | 50.3 |
| SG&A | — | 20.9 | 62.9 | 68.7 |
| Operating Income | — | -32.5 | -596.4 | -65.6 |
| Income Tax | — | 31.9 | -15.8 | 0.1 |
| Net Income | — | -65.3 | -553.7 | -100.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VSEE: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.