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Zhongchao Inc. (ZCMD) stock

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NASDAQ: ZCMD Nasdaq Education Services

E Fundamentals grade

Zhongchao Inc. is a US-listed company in the education services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.7

Revenue-to-maturity cash-flow model

Base case. Range ~$3.7–$4.2 across our lower- and higher-growth cases (0%–5% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Zhongchao Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds1 adding, 0 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Zhongchao files

Where Zhongchao stands after its latest Filing

Revenue for the twelve months was $11m, down 28.3% on a year earlier, a steeper fall than the 18.4% decline a quarter earlier. That puts it 23 of 25 for growth among the education services companies we cover. Free-cash-flow margin held at 6.1%. Operating margin narrowed to -54.4% from -2.0%. The diluted share count is up 425.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $3.69 a share, against a share price of $1.02.

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

Zhongchao Inc.'s trailing-twelve-month revenue fell 28.3% year on year, with a free-cash-flow margin of 6.1%. Where it lags: stock pay as % of revenue of 32.6% ranks 21 of 21 education services companies we cover.

Current signal Share count rising (dilution): Diluted shares outstanding rose 425.3% year over year.

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

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 28.3% over the last 12 months.
  • Growth slowing. The growth rate is 9.9 points lower than a quarter earlier.
  • Loss-making. Operating margin is -54.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 52.3 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 32.6% of revenue, against a median of 1.4% for education services companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 425.3% in a year.

Price chart

  • 1 day-10.1%
  • 1 week-21.6%
  • 1 month-50.4%
  • This year-99.9%
  • 1 year-99.9%
  • 5 years-100.0%
  • 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)
$11.4M
Operating margin
-54.4%
Net margin
-55.5%
EPS (TTM, diluted)
$-1.85

Growth

Revenue growth
−28.3%
Change in growth rate
−9.9 pts
Share count change
+425.3%

Cash

Free cash flow (TTM)
$692,830
FCF margin
6.1%
Stock pay % of revenue
32.6%

News & updates

Updated October 31, 2026

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

No recent updates are available for ZCMD from the sources we follow. See filings →

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

Zhongchao Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Zhongchao Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.88 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$3.7 ~$3.7–$4.2 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.6 ~$1.8–$6.6 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.1 ~$0.6–$3.7 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zhongchao Inc. with Education 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 202020212022202320242025
Share price$25296.00$26486.40$17097.12$5222.88$2410.56$669.60
Market value$77.2bn$82.6bn$55.6bn$17.0bn$7.8bn$2.3bn
+ Net debt (− = net cash)−$15m−$11m−$10m−$8m−$8m−$8m
Enterprise value$77.2bn$82.6bn$55.6bn$17.0bn$7.8bn$2.3bn
Multiples
Price / sales n/mn/mn/mn/mn/mn/m
Price / earnings n/mn/m————
Price / free cash flow —n/m———n/m
EV / EBITDA n/mn/m————

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 Zhongchao Inc.: too few analysts cover it.

Positioning

Short interest
1.8%
of tradable shares
Days to cover
0.41
at average volume
Short interest, 1 month
−62%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
28.9%
of shares
Employees
33
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.

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ZCMD+5%−35%−70%−54%−72%−100%
Industry peers (median)−20%−6%+26%+25%+2%−8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ZCMD58%33%25%50%25%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ZCMD−42%−44%−74%−78%−77%−100%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since February 25, 2020: 100% from February 26, 2020 to November 2, 2026. Getting back needed a 6701579% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.92 – $1090.70
From 52-week high
−99.9%
vs 50-day average
−41.7%
vs 200-day average
−99.5%
Volatility (1 year)
285%
Beta vs S&P 500
2.76

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.

Zhongchao Inc. in five measures

Fundamentals grade E
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) Zhongchao Inc.
$5M $10M $15M $20M FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY17 Q4: $9.8M Revenue (TTM), FY18 Q4: $12.9M Revenue (TTM), FY19 Q4: $14.9M Revenue (TTM), FY20 Q4: $18M Revenue (TTM), FY21 Q4: $16.3M Revenue (TTM), FY22 Q4: $14.2M Revenue (TTM), FY23 Q4: $19.4M Revenue (TTM), FY24 Q4: $15.9M Revenue (TTM), FY25 Q4: $11.4M $11.4M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY17 Q4 $9.8M
FY18 Q4 $12.9M
FY19 Q4 $14.9M
FY20 Q4 $18M
FY21 Q4 $16.3M
FY22 Q4 $14.2M
FY23 Q4 $19.4M
FY24 Q4 $15.9M
FY25 Q4 $11.4M
Revenue growth, TTM YoY Zhongchao Inc.
-40% -20% 0% 20% 40% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY18 Q4: 31.1% Revenue growth, TTM YoY, FY19 Q4: 15.7% Revenue growth, TTM YoY, FY20 Q4: 20.9% Revenue growth, TTM YoY, FY21 Q4: -9.4% Revenue growth, TTM YoY, FY22 Q4: -13.2% Revenue growth, TTM YoY, FY23 Q4: 37.3% Revenue growth, TTM YoY, FY24 Q4: -18.4% Revenue growth, TTM YoY, FY25 Q4: -28.3% -28.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY18 Q4 31.1%
FY19 Q4 15.7%
FY20 Q4 20.9%
FY21 Q4 -9.4%
FY22 Q4 -13.2%
FY23 Q4 37.3%
FY24 Q4 -18.4%
FY25 Q4 -28.3%
Operating margin (TTM) Zhongchao Inc.
-100% -50% 0% 50% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: 24.5% Operating margin (TTM), FY20 Q4: 25.0% Operating margin (TTM), FY21 Q4: -2.0% Operating margin (TTM), FY22 Q4: -20.9% Operating margin (TTM), FY23 Q4: -68.4% Operating margin (TTM), FY24 Q4: -2.2% Operating margin (TTM), FY25 Q4: -54.4% -54.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY19 Q4 24.5%
FY20 Q4 25.0%
FY21 Q4 -2.0%
FY22 Q4 -20.9%
FY23 Q4 -68.4%
FY24 Q4 -2.2%
FY25 Q4 -54.4%
FCF margin (TTM) Zhongchao Inc.
-30% -20% -10% 0% 10% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY17 Q4: -5.8% FCF margin (TTM), FY18 Q4: 5.0% FCF margin (TTM), FY19 Q4: 0.6% FCF margin (TTM), FY20 Q4: -6.7% FCF margin (TTM), FY21 Q4: 6.5% FCF margin (TTM), FY22 Q4: -16.1% FCF margin (TTM), FY23 Q4: -4.0% FCF margin (TTM), FY24 Q4: -28.5% FCF margin (TTM), FY25 Q4: 6.1% 6.1%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY17 Q4 -5.8%
FY18 Q4 5.0%
FY19 Q4 0.6%
FY20 Q4 -6.7%
FY21 Q4 6.5%
FY22 Q4 -16.1%
FY23 Q4 -4.0%
FY24 Q4 -28.5%
FY25 Q4 6.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 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 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 10 13 15 18 16 14 19 16 11
Gross profit 6 8 10 12 9 6 9 9 5
EBITDA — — 4 5 0 −3 −13 −0 −6
Operating income — — 4 4 −0 −3 −13 −0 −6
Net income 2 3 4 4 0 −3 −11 −1 −6
Diluted EPS $0.62 $1.16 $1.50 $1.46 $0.08 −$0.90 −$3.48 −$0.20 −$1.85
Growth (year on year)
Revenue — +31.1% +15.7% +20.9% −9.4% −13.2% +37.3% −18.4% −28.3%
EBITDA — — — +25.5% −99.6% — — — —
Operating income — — — +23.3% −107.1% — — — —
Net income — +97.4% +34.0% +10.2% −94.6% — — — —
Diluted EPS — +85.9% +29.0% −2.1% −94.8% — — — —
Margins
Gross margin 59.6% 65.4% 68.7% 66.0% 57.9% 44.9% 43.8% 56.2% 45.0%
EBITDA margin — — 25.0% 25.9% 0.1% −18.2% −65.7% −0.7% −51.9%
Operating margin — — 24.5% 25.0% −2.0% −20.9% −68.4% −2.2% −54.4%
Net margin 15.6% 23.5% 27.2% 24.8% 1.5% −20.8% −58.3% −4.1% −55.5%
Free-cash-flow margin −5.8% 5.0% 0.6% −6.7% 6.5% −16.1% −4.0% −28.5% 6.1%
Cash flow
Cash from operations −1 1 1 −1 3 −1 0 −1 1
Capital spending 0 1 1 0 2 2 1 3 0
Free cash flow −1 1 0 −1 1 −2 −1 −5 1
Stock-based pay — — — 0 0 0 0 0 4
Free cash flow after stock pay — — — −1 1 −2 −1 −5 −3
Balance sheet
Cash 3 8 8 15 14 12 8 8 8
Total debt 0 1 0 0 3 2 — 0 0
Net debt (negative = net cash) −3 −7 −8 −15 −11 −10 −8 −8 −8
Diluted shares 2m 3m 3m 3m 3m 3m 3m 3m 3m

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 · December 31, 2025
What it owns · $24m
Short-term assets $17mLonger-term assets $7m
What it owes, and who funded it · $20m
Short-term liabilities $2mLonger-term liabilities $0mShareholders' equity $19m
  • Short-term assets cover short-term liabilities $17m of assets due within a year against $2m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $17m short-term assets against $22,260 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 Zhongchao 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
+425.3%
year over year
R&D spending
0.1%
of revenue
Days sales outstanding
89 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in education services
Last 12 months unless stated ZCMD EEIQ YQ WAFU LXEH GSUN Median
Revenue, last 12 months $11m $9m $15m $6m $4m $35m $266m
Revenue growth, last 12 months −28.3% 9.6% −43.9% 2.7% −5.9% 482.8% 7.5%
Gross margin 45.0% 66.3% 47.8% 29.1% −38.7% 2.3% 54.6%
Operating margin −54.4% −46.8% −154.3% −13.5% −118.0% −5.9% 5.0%
Net margin −55.5% −27.2% −145.6% −17.4% −395.4% −14.3% 3.9%
Cash from operations / revenue 7.4% −33.0% 35.2% −21.9% <−999% −26.3% 8.4%
Free-cash-flow margin 6.1% −36.2% 28.7% −22.7% <−999% −26.3% 5.8%
Free-cash-flow margin, 3-year average 2.3% — — −10.1% — — 5.4%
Stock pay / revenue 32.6% 10.9% 29.1% — — 70.4% 1.4%
Change in share count 425.3% 22.5% 24.7% −28.4% >999% 43.8% 0.7%

Median of all 25 companies we cover in education 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

25 education services companies
Measure Company Peer median Rank
Revenue growth Growth -28.3% 7.5% 23 of 25
Change in growth rate Growth -9.9pp -0.5pp 21 of 25
Gross margin Profitability 45.0% 54.6% 13 of 19
Operating margin Profitability -54.4% 5.0% 23 of 25
Net margin Profitability -55.5% 3.9% 23 of 25
Free-cash-flow margin Cash generation 6.1% 5.8% 12 of 25
Stock pay as % of revenue Cash generation 32.6% 1.4% 21 of 21
Change in share count Balance sheet 425.3% 0.7% 23 of 24
Days sales outstanding Balance sheet 89 days 29 days 15 of 18

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

Who owns it

Funds buying and selling
Reported value
$1,025
Institutions reporting
1
Positions opened / closed
1 / 0

Top buyers and sellers, Q2 2026: 1 institutions bought and 0 sold ; the biggest buyer was UBS Group AG (+976 shares) . See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
UBS Group AG $1,025 1K 100.0% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Zhongchao Inc.'s complete shareholder register. Values are as reported by the filers .

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 Zhongchao Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
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.

Zhongchao Inc. in brief

What does Zhongchao Inc. do?
Zhongchao Inc. is a US-listed company in the education services industry. Its financial year ends in December.
What is Zhongchao Inc.'s stock ticker?
Zhongchao Inc. trades under the ticker ZCMD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zhongchao Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Zhongchao Inc. reported revenue of $11.4M, 28.3% lower than a year earlier, according to its SEC filings.
What is Zhongchao Inc.'s free cash flow?
Zhongchao Inc.'s free-cash-flow margin is 6.1% of revenue over the trailing twelve months, ranking 12 of the 25 education services companies we cover.
What is Zhongchao Inc.'s market cap?
On December 31, 2025, Zhongchao Inc.'s market capitalisation was about $2.3B and net debt of -$8.1M. Market figures come from third-party market data and may be delayed.
Who are Zhongchao Inc.'s competitors?
In our Education Services peer group, the companies closest to Zhongchao Inc. are Epicquest Education Group International Ltd, 17 Education & Technology Group Inc., Wah Fu Education & Technology Group Ltd., Lixiang Education Holding Co. Ltd. and Golden Sun Technology Group Ltd. The side-by-side comparison below sets their revenue, margins and growth against Zhongchao Inc.'s.