Detailed financial statements for Akso Health Group (AHG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Akso Health Group, together with its subsidiaries, operates a social e-commerce mobile platform in the People’s Republic of China. It operates Xiaobai Maimai App, a social e-commerce mobile platform that offers food and beverage products, wine, cosmetic products, fashion and apparel, entertainment products, housewares, home appliances, and cost-saving promotions at petrol gas stations.
Analysis Summary
Akso Health Group reported revenue of $13.8M in the most recent fiscal year, growing at a 5-year CAGR of 51.1%.
Trailing-twelve-month margins: gross margin -3.9%, operating margin -7.2%, net margin -6.7%.
At the current price of $0.75, AHG has negative trailing earnings (P/E not meaningful) and an ROE of -50.15%. Market capitalisation stands at $636M.
Balance sheet quality for AHG: current ratio of 21.8, net debt of $205087. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.9M | $107.3M | $3.7M | $6.9M | $1.8M | $6.0M | $13.2M | $2.4M | $14.8M | $13.8M |
| Cost of Revenue | $5.1M | $8.5M | 0 | 0 | $544572 | $5.4M | $11.9M | $2.3M | $15.1M | $13.8M |
| Gross Profit | $17.8M | $98.8M | $3.7M | $6.9M | $1.2M | $605134 | $1.3M | $122132 | -$281526 | -$11315 |
| Research & Development | $5.1M | $8.5M | 0 | $1.0M | $441405 | $421186 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $7.9M | $22.9M | $10.9M | $22.3M | $2.1M | $3.1M | $15.5M | $8.8M | $3.6M | $4.0M |
| Operating Expenses | $7.9M | $22.9M | $10.9M | $55.0M | $28.4M | $3.9M | $15.5M | $8.8M | $166.0M | $4.0M |
| Operating Income | $9.9M | $75.9M | -$7.2M | -$48.1M | -$27.1M | -$3.3M | -$14.3M | -$8.6M | -$166.3M | -$4.0M |
| EBITDA | $10.0M | $76.7M | -$6.8M | -$44.3M | -$28.9M | -$3.2M | -$14.3M | -$8.6M | -$1.8M | -$1.6M |
| Interest Expense | 0 | 0 | 0 | $2.5M | $2.2M | $804138 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $10.1M | $76.5M | -$6.8M | -$46.9M | -$3.8M | -$4.0M | -$13.1M | -$9.1M | -$166.3M | -$20.7M |
| Income Tax | $1.5M | $11.0M | $807710 | $489955 | $482976 | $92816 | $17549 | $24988 | -$30.8M | -$2.0M |
| Net Income | $8.6M | $65.5M | $5.5M | -$71.2M | -$34.8M | -$16.8M | -$1.4M | -$9.5M | -$135.0M | -$18.7M |
| EPS | $1.62 | $12.36 | $0.93 | $-13.14 | $-0.26 | $-2.55 | $-0.06 | $-0.45 | $-0.48 | $-0.03 |
| EPS (Diluted) | $1.62 | $12.36 | $0.93 | $-13.14 | $-0.27 | $-2.55 | $-0.06 | $-0.39 | $-0.48 | $-0.03 |
| Shares Outstanding (Diluted) | $5.3M | $5.3M | $5.9M | $5.4M | $5.4M | $6.6M | $7.6M | $23.8M | $285.1M | $722.7M |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Revenue | $3.9M | $3.5M | $3.4M | $3.4M |
| Gross Profit | -$237135 | $311424 | -$317082 | -$317082 |
| Operating Income | -$82.9M | -$718660 | -$9.6M | -$9.6M |
| EBITDA | -$624702 | -$106470 | -$707750 | -$707750 |
| Net Income | -$67.2M | -$637851 | -$8.7M | -$18.7M |
| EPS | $-0.20 | $-0.00 | $-0.03 | $-0.03 |
| EPS (Diluted) | $-0.20 | $-0.00 | $-0.03 | $-0.03 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.2M | $132.6M | $57.4M | $6.7M | $15.1M | $18.4M | $7.9M | $85.2M | $176.2M | $170572 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.2M | $29.3M | $37.0M | $36.3M | $14.4M | $20.0M | $9.2M | 0 | $12.9M | $1.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $7.8M | $1.7M | $191201 | $190242 | $200135 |
| Total Current Assets | $27.6M | $163.1M | $97.7M | $52.0M | $30.1M | $62.6M | $20.5M | $142.0M | $196.1M | $189.5M |
| Property, Plant & Equipment | $427938 | $767087 | $1.3M | $763570 | $66887 | $55433 | 0 | 0 | $114544 | $28912 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $10.8M | 0 |
| Intangible Assets | 0 | $331583 | 0 | 0 | 0 | 0 | 0 | 0 | $7.9M | $58319 |
| Total Assets | $28.4M | $163.9M | $173.3M | $80.5M | $31.7M | $62.8M | $20.5M | $142.0M | $215.0M | $189.6M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | $10.0M | 0 | 0 | 0 | 0 | $350527 |
| Total Current Liabilities | $4.9M | $23.8M | $26.6M | $12.4M | $14.4M | $50.5M | $11.6M | $3.6M | $13.8M | $8.7M |
| Long-term Debt | 0 | 0 | $20.0M | $20.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $4.9M | $23.8M | $46.8M | $32.4M | $14.4M | $50.5M | $11.6M | $3.6M | $15.8M | $8.7M |
| Retained Earnings | $11.8M | $77.2M | $69.8M | -$1.4M | -$36.3M | -$53.1M | -$54.5M | -$63.9M | -$198.9M | -$217.6M |
| Total Equity | $23.5M | $140.0M | $126.5M | $48.1M | $17.3M | $12.3M | $8.7M | $138.4M | $199.1M | $180.9M |
| Total Debt | 0 | 0 | $20.0M | $20.8M | $10.0M | 0 | 0 | 0 | $81737 | $375659 |
| Net Debt | -$19.2M | -$132.6M | -$37.4M | $14.1M | -$5.1M | -$18.4M | -$7.9M | -$85.2M | -$176.1M | $205087 |
| Working Capital | $22.7M | $139.3M | $71.1M | $39.7M | $15.7M | $12.1M | $8.8M | $138.4M | $182.3M | $180.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q1 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | $176.2M | $11.1M | $170572 | $170572 |
| Total Assets | $215.0M | $212.0M | $189.6M | $189.6M |
| Total Liabilities | $15.8M | $13.7M | $8.7M | $8.7M |
| Total Equity | $199.1M | $198.3M | $180.9M | $180.9M |
| Total Debt | $81737 | $63053 | $2.4M | $375659 |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $8.6M | $65.5M | $5.5M | -$71.2M | -$34.7M | -$4.1M | -$13.1M | -$9.1M | -$135.5M | -$18.7M |
| Depreciation & Amortization | $92224 | $174384 | $406799 | $580503 | $15161 | $18390 | 0 | 0 | $2.1M | $2.4M |
| Stock-based Compensation | 0 | $1.8M | $6.6M | $347466 | $55468 | $391625 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$608985 | $20.3M | -$15.3M | -$30.9M | $21.1M | -$7.6M | -$1.2M | $2.1M | $3.0M | -$11.3M |
| Operating Cash Flow | $8.2M | $87.7M | -$1.7M | -$55.9M | $10.1M | -$8.6M | -$3.3M | $1.4M | $1.2M | -$12.8M |
| Capital Expenditure | -$287765 | -$456030 | -$944813 | -$314520 | 0 | -$4861 | 0 | 0 | -$154460 | -$175.7M |
| Acquisitions | 0 | 0 | $5901 | $7815 | 0 | 0 | 0 | 0 | -$93.8M | 0 |
| Stock Repurchased | 0 | 0 | -$1.3M | -$2.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -$19.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $7.9M | $87.3M | -$2.7M | -$56.2M | $10.1M | -$8.6M | -$3.3M | $1.4M | $1.0M | -$188.5M |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | $3.0M | $616242 | -$7.0M | -$12.8M |
| Capital Expenditure | -$12141 | -$87.8M | $87.8M | -$1638 |
| Free Cash Flow | $3.0M | -$87.2M | $80.8M | -$12.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +368.0% | -96.6% | +87.1% | -74.6% | +241.9% | +119.7% | -81.7% | +512.1% | -6.4% | |
| Net Income Growth (YoY) | +664.0% | -91.6% | -1386.9% | +51.1% | +51.6% | +91.9% | -595.5% | -1327.0% | +86.2% | |
| EPS Growth (YoY) | +663.0% | -92.5% | -1512.9% | +98.0% | -880.8% | +97.6% | -650.0% | -6.7% | +93.7% | |
| Shares Change (YoY) | -0.6% | +11.0% | -7.9% | +0.2% | +22.1% | +15.1% | +212.6% | +1096.6% | +153.5% | |
| FCF Growth (YoY) | +1004.4% | -103.1% | -1999.5% | +117.9% | -185.8% | +62.3% | +141.5% | -24.3% | -18527.4% | |
| Gross Margin | 77.5% | 92.1% | 100.0% | 100.0% | 69.0% | 10.1% | 9.6% | 5.1% | -1.9% | -0.1% |
| Operating Margin | 43.3% | 70.7% | -194.6% | -695.7% | -1547.1% | -54.3% | -108.2% | -357.8% | -1125.4% | -28.9% |
| EBITDA Margin | 43.7% | 71.5% | -183.8% | -640.0% | -1646.8% | -53.1% | -108.2% | -357.8% | -12.0% | -11.8% |
| Net Margin | 37.4% | 61.1% | 149.7% | -1029.7% | -1984.5% | -280.8% | -10.3% | -391.8% | -913.4% | -135.0% |
| FCF Margin | 34.5% | 81.4% | -72.4% | -812.5% | 573.2% | -143.8% | -24.7% | 56.0% | 6.9% | -1362.5% |
| Effective Tax Rate | 15.1% | 14.4% | -11.9% | -1.0% | -12.7% | -2.3% | -0.1% | -0.3% | 18.5% | 9.6% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.48 | $16.48 | $-0.46 | $-10.37 | $1.85 | $-1.30 | $-0.43 | $0.06 | $0.00 | $-0.26 |
| Dividends Per Share | $0.00 | $0.00 | $3.32 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5.3M | $5.3M | $5.9M | $5.4M | $5.4M | $6.6M | $7.6M | $20.8M | $285.1M | $722.7M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -50.15% |
| Return on Invested Capital | -56.74% |
| Return on Assets | -50.20% |
| Gross Margin | -3.93% |
| Operating Margin | -721.63% |
| Net Margin | -667.88% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 21.77 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 10.01 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 70.33 | 8.24 | 32.32 | -0.29 | -6.77 | -0.66 | -5.92 | -2.53 | -2.46 | -76.00 |
| P/B | 25.81 | 3.85 | 1.40 | 0.43 | 0.55 | 0.91 | 0.31 | 0.17 | 1.69 | 9.11 |
| P/S | 26.47 | 5.03 | 47.83 | 2.96 | 5.44 | 1.87 | 0.21 | 9.83 | 22.76 | 119.13 |
| Gross Margin | 77.5% | 92.1% | 100.0% | 100.0% | 69.0% | 10.1% | 9.6% | 5.1% | -1.9% | -0.1% |
| Operating Margin | 43.3% | 70.7% | -194.6% | -695.7% | -1547.1% | -54.3% | -108.2% | -357.8% | -1125.4% | -28.9% |
| Net Margin | 37.4% | 61.1% | 149.7% | -1029.7% | -1984.5% | -280.8% | -10.3% | -391.8% | -913.4% | -135.0% |
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