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Saturday 7 November 2026
Export VHC’s income statement to Excel — free account
VirnetX Holding Corp
VHC Technology Software Infrastructure
VirnetX Holding Corp’s revenue for fiscal 2025 (year ended December 2025) was $162,000.00, up 3,140.0% from fiscal 2024.
- Revenue
- +2,700.0%
- EPS
- −21.2%
- Free cash flow
- −13.3%
Quarter to June 2026, against a year earlier
9.71
0.27
+2.86%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2 | 2 | 0 | 0 | 303 | 0 | 0 | 0 | 0 | 0 | 0 | (22.2%) | — | — | — | — | |
| Gross margin, % | 42.97 | 100.00 | 100.00 | 100.00 | 70.23 | 26,051.43 | 91.67 | 100.00 | 100.00 | 100.00 | 100.00 | +57.0 pt | ||||||
| EBT | (28) | (17) | (25) | (20) | 307 | (49) | (20) | (28) | (18) | (18) | (20) | (4.8%) | ||||||
| EBT margin, % | (1,834.58) | (1,116.68) | (40,322.22) | (23,027.06) | 101.59 | (140,360.00) | (42,141.67) | (399,285.71) | (363,440.00) | (11,251.23) | 0.00 | (9,416.6) pt | ||||||
| Net income | (29) | (17) | (25) | (19) | 280 | (43) | (36) | (28) | (18) | (18) | (20) | (4.9%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.55 | 0.53 | 0.02 | 0.02 | 85.43 | 0.01 | 0.01 | 0.00 | 0.00 | 0.04 | 0.00 | (24.5%) | |||||
| Earnings | (10.20) | (6.00) | (8.00) | (5.60) | 79.20 | (11.20) | (10.20) | (7.79) | (5.05) | (5.00) | (5.37) | (7.6%) | ||||||
| Cash flow | (7.83) | (5.12) | (7.08) | (4.40) | 79.43 | (14.54) | (4.74) | (6.92) | (4.26) | (4.29) | (4.36) | (6.5%) | ||||||
| Capex | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.02) | (0.01) | 0.00 | (0.01) | +0.2% | ||||||
| Free cash flow | (7.84) | (5.12) | (7.08) | (4.40) | 79.43 | (14.54) | (4.74) | (6.94) | (4.27) | (4.29) | (4.37) | (6.5%) | ||||||
| Book value | 3.98 | 0.53 | 3.14 | 1.64 | 63.36 | 52.12 | 42.71 | 15.65 | 11.02 | 6.16 | 4.00 | +5.0% | ||||||
| Shares, m | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | +3.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 1.26 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.1 | |||||
| P/S | 79.46 | 143.34 | 2,399.47 | 3,065.21 | 1.18 | 5,286.17 | 2,183.56 | 1,935.64 | 5,645.72 | 375.73 | 225.97 | 2,111.5 | ||||||
| P/B | 11.05 | 142.79 | 15.29 | 46.29 | 1.59 | 1.00 | 0.69 | 0.41 | 0.71 | 2.71 | 2.43 | 22.3 | ||||||
| EV/Sales | 69.22 | 140.37 | 2,250.04 | 3,000.17 | 0.45 | 449.83 | (983.58) | (2,526.61) | (1,970.68) | 242.85 | 140.23 | 67.2 | ||||||
| EV/FCF | (4.89) | (14.52) | (6.35) | (16.88) | 0.48 | (0.30) | 2.79 | 1.22 | 0.64 | (2.51) | (1.38) | (4.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (22) | (15) | (22) | (15) | 281 | (52) | (17) | (25) | (15) | (16) | (16) | (3.7%) | |||||
| Capex | 0 | — | — | 0 | — | 0 | — | 0 | 0 | 0 | 0 | +3.0% | ||||||
| Free cash flow | (22) | (15) | (22) | (15) | 281 | (52) | (17) | (25) | (15) | (16) | (16) | (3.7%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 11 | 1 | 8 | 4 | 214 | 168 | 152 | 53 | 31 | 20 | 12 | +6.4% | |||||
| Net debt | (16) | (5) | (9) | (6) | (221) | (169) | (152) | (54) | (38) | (22) | (14) | +3.4% | ||||||
| Shareholders’ equity | 11 | 2 | 10 | 6 | 224 | 185 | 152 | 56 | 40 | 22 | 15 | +8.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (139.21) | (132.67) | (268.48) | (199.28) | 231.48 | (20.38) | (21.36) | (26.12) | (33.04) | (45.18) | (61.14) | +94.0 pt | |||||
| ROIC | 0.00 | 0.00 | (3,356.67) | (12,414.77) | 3,102.27 | (189.98) | (6,245.48) | (796.96) | (827.26) | (1,283.00) | (1,098.09) | (1,283.0) pt | ||||||
| ROE | (217.73) | (272.09) | (444.12) | (247.23) | 243.78 | (20.94) | (21.48) | (26.77) | (38.01) | (58.70) | (82.13) | +159.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 20 | 21 | 21 | 20 | 21 | 24 | 25 | 27 | 23 | 21 | — | +0.5% | |||||
| Revenue/emp, $m | 0.08 | 0.07 | 0.00 | 0.00 | 14.41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | — | (22.6%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Dec 2025
VirnetX Holding Corp vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| AIB AIB Data Centers Inc. | $50.0M | — (loss-making) | — | −35.21% (below 0%: shrinking) | n/m | −410.39% (below 0%: shrinking) | (17.74%) | (122.79%) | Compare |
| AVX AVAX One Technology Ltd. | $42.1M | — (loss-making) | — | +523.23% (above 0%: growing) | n/m | −107.94% (below 0%: shrinking) | 71.88% | (1,185.02%) | Compare |
| LIDR AEye, Inc. | $41.3M | — (loss-making) | — (loss-making) | +912.00% (above 0%: growing) | n/m | −31.35% (below 0%: shrinking) | (35.18%) | (2,232.02%) | Compare |
| VHC VirnetX Holding Corp | $39.6M | — (loss-making) | 5.1× | +2,700.00% (above 0%: growing) | n/m | −13.27% (below 0%: shrinking) | 100.00% | 0.00% | |
| XBP XBP Global Holdings, Inc. | $38.6M | 0.0× | — (loss-making) | +4.71% (above 0%: growing) | n/m | +64.54% (above 0%: growing) | 21.51% | (1.95%) | Compare |
| MBAI MBody AI Ltd. | $37.2M | — (loss-making) | — | — | n/m | +122.08% (above 0%: growing) | 0.00% | 0.00% | Compare |
| BBCI Bradbury Capital Inc. | $32.2M | 11.1× | — | — | 0.00% | −1,451.46% (below 0%: shrinking) | — | — | Compare |
| BNAI Brand Engagement Network Inc. | $32.1M | — (loss-making) | — (loss-making) | +3,102.00% (above 0%: growing) | n/m | +27.68% (above 0%: growing) | 100.00% | (2,205.43%) | Compare |
| SLMT Solmate Infrastructure Public Limited Company | $31.7M | — (loss-making) | — | −53.00% (below 0%: shrinking) | n/m | −327.77% (below 0%: shrinking) | (704.45%) | 0.00% | Compare |
| Median of peers | $37.9M | — | — | +263.97% | — | −69.64% | 0.00% | (122.79%) |
Pay and ownership Proxy statement filed 24 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.57m | 2.86m | 187.74 |
| 2024 | 1.80m | 1.91m | 88.30 |
| 2023 | 2.10m | 2.02m | 78.74 |
Ownership
Directors and executive officers, together
15.74%
Kendall Larsen
12.31%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement