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Versus Systems Inc. (VS) stock

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NASDAQ: VS Nasdaq Interactive Media & Services

C Fundamentals grade

Versus Systems Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Versus Systems Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: cash-flow, stock-pay or share-count figures missing or out of date. We'll show the comparison once resolved.

Versus Systems Inc. valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Versus Systems files

Where Versus Systems stands after its latest 10-Q

Versus Systems has little or no product revenue yet. That growth ranks 1 of 34 among the interactive media & services companies we cover. The diluted share count is up 28.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks.

Our model value for Versus Systems is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Where it stands out: revenue growth of 7931.3% ranks 1 of 63 interactive media & services companies we cover. Where it lags: days sales outstanding of 267 days ranks 54 of 54 interactive media & services companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 7931.3% (+7161.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 7931.3% over the last 12 months, against a median of 2.4% for interactive media & services companies we cover.
  • Growth speeding up. The growth rate is 7161.6 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 6417.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Loss-making. Operating margin is -98.5%: costs exceed revenue.
  • Share dilution. Diluted shares rose 28.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 77% and a beta of 1.1 against the S&P 500.
  • Below peers: days sales outstanding. Days sales outstanding of 267 days ranks 54 of 54 interactive media & services companies we cover (median 49 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 14, 2026
Earnings per share
-$0.31 against an average estimate of -$0.68: beat by 54.5%
Revenue
$0m

Versus Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.3%
  • 1 week-17.6%
  • 1 month-28.2%
  • This year-36.0%
  • 1 year-60.7%
  • 5 years-99.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.2M
Operating margin
-98.5%
Net margin
-78.4%
EPS (TTM, diluted)
$-0.35

Growth

Revenue growth
+7931.3%
Change in growth rate
+7161.6 pts
Share count change
+28.1%

Cash

Stock pay % of revenue
3.7%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Versus Systems Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: cash-flow, stock-pay or share-count figures missing or out of date.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Versus Systems Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.1 ~$0.2–$1.0 Left out: out of range vs price (0.13x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Versus Systems Inc. with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202320242025Now
Share price$3.03$2.20$1.22$0.78
Market value$8m$6m$6m$4m
+ Net debt (− = net cash)−$5m−$3m−$527388−$1m
Enterprise value$4m$3m$5m$2m
Multiples
Price / sales 30.6x100.9x2.7x1.8x
Price / earnings ————
Price / free cash flow ————
EV / EBITDA ————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

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

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Versus Systems Inc.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2024 −$0.68 −$0.31 +54.5%
Jun 2024 −$0.69 −$0.74 −8.0%
Mar 2024 −$0.67 −$0.72 −8.3%
Dec 2023 −$1.53 −$13.55 −782.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
0.2%
of tradable shares
Days to cover
0.4
at average volume
Short interest, 1 month
+37%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
50.6%
of shares
Employees
5
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −60.7%

$1.98 on October 31, 2025 to $0.78

ThenNowEffect
Revenue (last 12 months) $27196 $2m +7931.3%
P/S multiple n/m 1.8x −99.4%
Share count 4m 5m −21.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VS−83%−99%−61%−27%−45%−36%
Industry peers (median)−25%−54%−2%−19%−7%−22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VS25%33%42%33%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VS−85%−99%−91%−64%−57%−54%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 100% from December 16, 2020 to November 2, 2026. Getting back needed a 385009% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.78 – $1.77
From 52-week high
−56.1%
vs 50-day average
−28.1%
vs 200-day average
−34.5%
Volatility (1 year)
77%
Beta vs S&P 500
1.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Versus Systems Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Versus Systems Inc.
$0 $1M $2M $3M FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue (TTM), FY23 Q4: $271.2K Revenue (TTM), FY24 Q1: $241.6K Revenue (TTM), FY24 Q2: $110.6K Revenue (TTM), FY24 Q3: $91.5K Revenue (TTM), FY24 Q4: $57.3K Revenue (TTM), FY25 Q1: $230.1K Revenue (TTM), FY25 Q2: $27.2K Revenue (TTM), FY25 Q3: $23.3K Revenue (TTM), FY25 Q4: $2.2M Revenue (TTM), FY26 Q1: $2M Revenue (TTM), FY26 Q2: $2.2M $2.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $271.2K
FY24 Q1 $241.6K
FY24 Q2 $110.6K
FY24 Q3 $91.5K
FY24 Q4 $57.3K
FY25 Q1 $230.1K
FY25 Q2 $27.2K
FY25 Q3 $23.3K
FY25 Q4 $2.2M
FY26 Q1 $2M
FY26 Q2 $2.2M
Revenue growth, TTM YoY Versus Systems Inc.
-5000% 0% 5000% 10000% FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue growth, TTM YoY, FY24 Q4: -78.9% Revenue growth, TTM YoY, FY25 Q1: -4.8% Revenue growth, TTM YoY, FY25 Q2: -75.4% Revenue growth, TTM YoY, FY25 Q3: -74.5% Revenue growth, TTM YoY, FY25 Q4: 3711.3% Revenue growth, TTM YoY, FY26 Q1: 769.7% Revenue growth, TTM YoY, FY26 Q2: 7931.3% 7931.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q4 -78.9%
FY25 Q1 -4.8%
FY25 Q2 -75.4%
FY25 Q3 -74.5%
FY25 Q4 3711.3%
FY26 Q1 769.7%
FY26 Q2 7931.3%
Operating margin (TTM) Versus Systems Inc.
-10000% -5000% 0% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Operating margin (TTM), FY23 Q4: -4059.0% Operating margin (TTM), FY24 Q1: -4220.5% Operating margin (TTM), FY24 Q2: -9375.8% Operating margin (TTM), FY24 Q3: -9845.8% Operating margin (TTM), FY24 Q4: -7923.5% Operating margin (TTM), FY25 Q1: -1829.6% Operating margin (TTM), FY25 Q2: -6516.0% Operating margin (TTM), FY25 Q3: -8563.7% Operating margin (TTM), FY25 Q4: -99.0% Operating margin (TTM), FY26 Q1: -90.3% Operating margin (TTM), FY26 Q2: -98.5% -98.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -4059.0%
FY24 Q1 -4220.5%
FY24 Q2 -9375.8%
FY24 Q3 -9845.8%
FY24 Q4 -7923.5%
FY25 Q1 -1829.6%
FY25 Q2 -6516.0%
FY25 Q3 -8563.7%
FY25 Q4 -99.0%
FY26 Q1 -90.3%
FY26 Q2 -98.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A, 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 0 0 2 2
Gross profit 0 0 0 2 2
EBITDA — −11 −5 — —
Operating income −23 −11 −5 −2 −2
Net income −22 −10 −4 −2 −2
Diluted EPS −$64.30 −$3.48 −$1.54 −$0.37 −$0.35
Growth (year on year)
Revenue — −75.5% −78.9% +>999% +>999%
Margins
Gross margin 44.4% 62.0% 29.7% 99.2% 69.3%
EBITDA margin — <−999% <−999% — —
Operating margin <−999% <−999% <−999% −99.0% −98.5%
Net margin <−999% <−999% <−999% −82.1% −78.4%
Free-cash-flow margin −829.1% <−999% <−999% −94.0% —
Cash flow
Cash from operations −9 −6 −5 −2 −1
Capital spending 0 0 0 0 —
Free cash flow −9 −6 −5 −2 —
Stock-based pay 2 −1 0 0 0
Free cash flow after stock pay −11 −4 −5 −2 —
Balance sheet
Cash 1 5 3 1 1
Total debt 0 0 0 0 0
Net debt (negative = net cash) −1 −5 −3 −1 −1
Diluted shares — 3m 3m 5m 5m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $4m
Short-term assets $3mLonger-term assets $1m
What it owes, and who funded it · $13m
Short-term liabilities $1mLonger-term liabilities $0mShareholders' equity $12m
  • Short-term assets cover short-term liabilities $3m of assets due within a year against $761,499 of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3m short-term assets against $0 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • 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 Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Versus Systems Inc.'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.

Dividends, buybacks and capital spending

Diluted share count
+28.1%
year over year
R&D spending
2.2%
of revenue
Sales & admin spending
166.2%
of revenue
Days sales outstanding
267 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated VS JF CNET DJT IPDN SLE Median
Revenue, last 12 months $2m $2m $3m $5m $6m $12m $615m
Revenue growth, last 12 months >999% −66.8% −55.1% 21.6% −5.1% −14.3% 2.4%
Revenue growth, 3-year average — — −50.1% — −8.0% −16.5% 5.0%
Revenue growth, latest quarter −91.3% — 19.0% 89.0% −28.0% 0.3% 2.4%
Gross margin 69.3% 71.5% 6.4% 23.9% 37.9% 37.9% 60.4%
Operating margin −98.5% −83.9% −28.8% <−999% −144.3% −121.0% 0.3%
Operating margin, 3-year average <−999% — −32.3% <−999% −74.9% −111.6% −0.4%
Net margin −78.4% −82.9% −23.9% <−999% −143.9% −190.3% 3.8%
Cash from operations / revenue −40.1% 9.1% −29.9% 188.4% −36.9% −98.0% 11.4%
Free-cash-flow margin — −2.8% −29.9% 187.8% −36.9% −98.0% 7.5%
Free-cash-flow margin, 3-year average — — −16.7% −648.8% −38.6% −70.1% 7.2%
Stock pay / revenue 3.7% 0.9% 8.7% 962.7% 59.3% 31.1% 3.7%
Change in share count 28.1% 4.9% 43.3% 26.0% 20.8% 40.7% 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth 7931.3% 2.4% 1 of 63
Change in growth rate Growth +7161.6pp -0.2pp 1 of 63
Gross margin Profitability 69.3% 60.9% 25 of 54
Operating margin Profitability -98.5% 0.3% 57 of 63
Net margin Profitability -78.4% 3.8% 56 of 63
Stock pay as % of revenue Cash generation 3.7% 3.9% 29 of 61
Change in share count Balance sheet 28.1% 1.7% 50 of 55
Days sales outstanding Balance sheet 267 days 49 days 54 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Versus Systems Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Versus Systems Inc. in brief

What does Versus Systems Inc. do?
Versus Systems Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is Versus Systems Inc.'s stock ticker?
Versus Systems Inc. trades under the ticker VS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Versus Systems Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Versus Systems Inc. reported revenue of $2.2M, 7931.3% higher than a year earlier, according to its SEC filings.
What is Versus Systems Inc.'s market cap?
On November 2, 2026, Versus Systems Inc.'s market capitalisation was about $3.8M and net debt of -$1.4M. Market figures come from third-party market data and may be delayed.
Who are Versus Systems Inc.'s competitors?
In our Interactive Media & Services peer group, the companies closest to Versus Systems Inc. are J & Friends Holdings Ltd, ZW Data Action Technologies Inc., Trump Media & Technology Group Corp., Professional Diversity Network, Inc. and Super League Enterprise, Inc. The side-by-side comparison below sets their revenue, margins and growth against Versus Systems Inc.'s.