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The Moat Index

VSee Health, Inc.

VSEE · Healthcare · $3.2M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

45/ 100
Shallow moat

The four filters

Pricing power85

Median gross margin 66.5% over 3y, stable.

Returns on capital0

Median ROIC -3779.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$0.10
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

5 years of fundamentals

The business, in plain English

VSee Health, Inc. booked $14.6M of revenue in FY2025 in the Healthcare sector and kept 50.3% of it as gross profit — a solid-margin business by that measure. After every other cost, −100.6% of each revenue dollar reached the bottom line.

The balance sheet carried $1.8M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.

Put together: Pricing Power is the strongest of the four filters (85/100) and Returns on Capital the weakest (0/100), which is how VSEE lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2021–FY2025 · 5 fiscal years, normalized from VSEE’s SEC filings

RevenueSales, as filed$14.6M FY2025
$0$10M202120232025
Gross marginRevenue kept after cost of goods50.3% FY2025
0%25%50%202120232025
Return on invested capitalOperating profit on the capital employed−374.4% FY2025
−5000%0%202120232025
Owner earningsCash an owner could take out−$12.2M FY2025
−$50M−$25M$0202120232025

Gaps in a line mean that item isn’t in VSEE’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.4 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — VSEE has read Shallow moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How VSee Health, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of scores 2022–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored VSEE on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score100Indexed price · log scale 2022202320242025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, VSEE did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Healthcare context

#177 of 461 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #175INGN Inogen Inc45.5Shallow moat
  2. #176MMSI MERIT MEDICAL SYSTEMS INC45.4Shallow moat
  3. #178SDGR Schrodinger, Inc.45.1Shallow moat
  4. #179ADUS Addus HomeCare Corp45.0Shallow moat

Compare VSEE with its nearest peers →All Healthcare companies on the Index →

Common questions about VSEE

Does VSee Health, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores VSee Health, Inc. (VSEE) 45.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 85, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has VSEE's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 45.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VSEE. See the disclaimer.