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. In the quarter to June 2026, revenue grew 2,700.0%, EPS fell 21.2% and free cash flow fell 13.3%, each against the same quarter a year earlier.
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VirnetX Holding Corp (VHC) Altman Z-score
VirnetX Holding Corp's Altman Z-score for fiscal 2025 is −7.09, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −7.09 | (2.41) |
| FY2024 | −4.69 | (3.11) |
| FY2023 | −1.58 | (77.57) |
| FY2022 | 75.99 | (27.88) |
| FY2021 | 103.87 | 78.63 |
| FY2020 | 25.24 | (9.71) |
| FY2019 | 34.95 | 16.21 |
| FY2018 | 18.75 | 37.59 |
| FY2017 | −18.84 | (12.48) |
| FY2016 | −6.36 | (6.06) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.63 | — | 0.76 | |
| Retained earnings / total assets | (7.18) | — | −10.05 | |
| EBIT / total assets | (0.63) | — | −2.07 | |
| Market value of equity / total liabilities | 7.09 | — | 4.25 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Distress zone | −7.09 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −20.70 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AVX AVAX One Technology Ltd. compare | 1.0× |
| AIFC AI Financial Corporation compare | 0.1× |
| XBP XBP Global Holdings, Inc. compare | −0.9× |
| REKR Rekor Systems, Inc. compare | −3.0× |
| LIDR AEye, Inc. compare | −3.7× |
| VHC VirnetX Holding Corp | −7.1× |
| BNAI Brand Engagement Network Inc. compare | −8.0× |
| AILEQ iLearningEngines, Inc. compare | — |
| LYLTQ Loyalty Ventures Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets