Concord Medical Services Holdings Ltd key statistics and ratios

In fiscal 2025, Concord Medical Services Holdings Ltd had an operating margin of -56.8% and a current ratio of 0.48. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Concord Medical Services Holdings Ltd: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	70.1%	68.5%	64.6%	63.9%	61.3%	54.8%	42.7%	37.0%	29.6%	10.4%	−8.0%	5.9%	−11.7%	−32.3%	−14.3%	−20.6%	5.6%
Operating margin	57.2%	46.1%	−35.8%	39.9%	27.8%	30.3%	−0.9%	−37.1%	−64.0%	−156.8%	−220.5%	−141.7%	−94.4%	−111.2%	−86.2%	−138.6%	−56.8%
Net margin	15.9%	33.2%	−47.8%	28.7%	15.3%	20.5%	−12.7%	−57.5%	−85.9%	−123.0%	−154.8%	−139.0%	−55.9%	−103.7%	−55.4%	−80.3%	−20.2%
Free-cash-flow margin	9.9%	20.5%	26.4%	42.5%	32.8%	72.3%	−36.2%	−34.5%	−19.5%	−107.0%	−215.8%	−178.4%	−131.4%	−93.1%	−72.5%	−142.9%	−56.1%
Return on equity	2.2%	5.9%	−10.4%	6.5%	4.1%	6.3%	−4.9%	−20.6%	−27.0%	−34.4%	−193.4%	—	—	—	—	—	—
Return on assets	—	4.7%	−8.5%	4.3%	2.2%	3.5%	−2.4%	−7.7%	−8.4%	−5.9%	−6.9%	−6.3%	−4.7%	−7.9%	−4.9%	−4.8%	−1.4%
Asset turnover	—	0.14	0.18	0.15	0.14	0.17	0.19	0.13	0.10	0.05	0.04	0.05	0.08	0.08	0.09	0.06	0.07
Current ratio	—	3.36	3.39	0.99	1.11	1.90	1.00	1.26	1.00	1.41	0.45	1.32	0.73	0.68	0.32	0.46	0.48
Debt to equity	0.0%	8.6%	10.4%	43.1%	51.2%	50.3%	89.3%	76.6%	106.4%	214.5%	—	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	24.3x	24.1x	n/m	14.6x	4.2x	3.4x	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
Effective tax rate	22.6%	25.1%	—	29.9%	44.2%	46.0%	—	29.6%	12.5%	15.1%	−10.0%	−8.5%	−1.2%	—	—	—	—
Capital spending as % of revenue	36.6%	28.5%	4.1%	14.5%	13.2%	8.5%	7.8%	17.3%	27.6%	86.7%	117.3%	75.3%	57.4%	47.2%	21.0%	39.3%	12.2%
Free cash flow ÷ net income	62.3%	61.7%	—	148.0%	214.8%	351.9%	—	—	—	—	—	—	—	—	—	—	—
Dividends ÷ net income	35.2%	—	—	—	—	363.7%	—	—	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	56.5%	96.2%	52.2%	22.5%	3.3%	103.3%	—	—	—	—	—	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 5 checks passed · December 31, 2025

What it owns · $936m

Short-term assets $135mLonger-term assets $802m

What it owes, and who funded it · $672m

Short-term liabilities $279mLonger-term liabilities $392mShareholders' equity $-301m

Short-term assets cover short-term liabilities $135m of assets due within a year against $279m of liabilities due within a year.
Short-term assets cover long-term liabilities $135m short-term assets against $392m of longer-dated liabilities.
More cash than debt $43m of cash against $493m of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$28m of operating cash flow against $493m of debt.
Operating profit covers interest at least five times over Operating income of −$36m against $21m of interest.

From Concord Medical Services Holdings Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

28 /100

Weak moat

How hard Concord Medical Services Holdings's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Pricing power 3 / 20

Gross margin has been a median 29.6%, moving by 31.4 percentage points (standard deviation) across 5 years.
Durability 10 / 20

Operating margin has been a median -56.8%; its worst year was -94.4%.
Cash conversion 4 / 20

Free cash flow was positive in 2 of 5 years, at a median -19.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Concord Medical Services Holdings Ltd's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Concord Medical Services Holdings Ltd.