Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
VIEMED HEALTHCARE, INC. (VMD)
A forensic read on VIEMED HEALTHCARE, INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
5.4
Altman Z-score
Clean
Earnings quality
5
Forensic signals
29.9
P / E (ttm)
10.7%
ROE
$446M
Market cap
VIEMED HEALTHCARE, INC. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 5.4, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.
What the filings flag
3% of revStock-based comp load.Stock-based compensation ran 3% of revenue and 77% of free cash flow in FY2025 — about $0.22 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
+17.3%Accruals ratio.Net operating assets grew +17.3% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -28% of net operating assets.
11%Return on invested capital.Return on invested capital is 11% and rising from 7% — around its ~10% cost of capital, so growth is roughly value-neutral — watch the trend.
+0.9%/yrShare-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+0.9%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
111% of FCFShareholder returns.Returned $13M to shareholders (buybacks + dividends) in FY2025 — 111% of free cash flow, but 25% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep.
Key fundamentals
Net Margin5.5%
Debt / Equity0.09x
Free Cash Flow$11.9M
Latest Revenue$270.3M
Return on Equity10.6%
Revenue Growth YoY+20.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on VIEMED HEALTHCARE, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about VMD's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown