VisionSys Ai Inc. (VSA) intrinsic value & 10-year financials
VisionSys Ai Inc. (VSA) has a Graham intrinsic value of $14.53 per share. Over the last 10 fiscal years revenue shrank 55.5% a year to $1.0M, with an average return on invested capital of 34.8%.
- Graham intrinsic value
- $14.53
- Revenue (FY2025)
- $1.0M
- Revenue growth (10-yr CAGR)
- -55.5%
- ROIC (10-yr avg)
- 34.8%
- Free cash flow (FY2025)
- -$264.4M
VSA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.0M | $245.8M | — | -$264.4M | -3848.0% | -14.0% |
| FY2024 | $1.2B | -$587.1M | — | — | -43.2% | 29.5% |
| FY2023 | $1.4B | $10.4M | — | — | 1.0% | -0.8% |
| FY2022 | $2.5B | $85.2M | $1.81 | — | 3.8% | -4.3% |
| FY2021 | $2.4B | -$475.8M | -$2.11 | — | -15.5% | 26.8% |
| FY2020 | $1.9B | -$771.2M | -$3.53 | — | -42.5% | 103.9% |
| FY2019 | $2.1B | -$1.0B | -$4.85 | — | -53.5% | 244.5% |
| FY2018 | $2.1B | -$592.2M | -$2.69 | — | -28.5% | -64.1% |
| FY2017 | $1.8B | $184.8M | $0.78 | — | 9.6% | 11.1% |
| FY2016 | $1.5B | $241.9M | $1.02 | — | 15.1% | 15.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
VisionSys AI Inc is facing top-line stagnation, with revenue contracting over the decade.
VisionSys AI Inc has earned high returns on invested capital, averaging 20.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, VisionSys AI Inc shows that management has aggressively returned capital to shareholders by retiring 17.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, VisionSys AI Inc is modeled at 2.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $14.53 per share.