Saturday 17 October 2026 Export VHC’s income statement to Excel — free account

VirnetX Holding Corp

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.

10.14 0.85 −7.73%

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Market cap: $46.1M
P/E: 0.0×
Fwd P/E: 5.1×
Dividend yield: —
F-score: 4/9
Altman Z: −7.09
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.54

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	2	—	—	—	—	—	—	—	—	2	2	—

Insider Ownership 5.84%

Capital & Financial Ratios $m

Market Cap 46.12

Revenue 0.16

Net Income (19.81)

Free Cash Flow (16.46)

Net Debt (13.89)

Current Ratio 6.24

Debt/Equity 0.00

P/E ratio 0.00

Fwd P/E 5.10

P/S ratio 235.97

P/B ratio 2.54

Past 5Y EPS Growth —

This Y EPS Growth —

Next Y EPS Growth —

Next Y revenue growth 20,399,449,900.00%

Next 5Y EPS Growth 15.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 32.88%

10-year low 10-year high

P/B against its own 10 years 53.15%

10-year low 10-year high

EV/Sales against its own 10 years 37.58%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	0.00	20.00
2022	Powerpack
2021	Powerpack
2020	0.00	20.00
2019	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	54	38	22	14
Receivables	0	—	0	—
Inventory	—	—	—	—
Other	—	—	—	—
	54	38	22	14

	2023	2024	2025	Q'26
Payables	0	0	0	0
ST’ Debt	—	—	—	—
Other	0	7	1	1
	1	7	2	2

Compound Annual Growth %

	10y	5y	3y
Sales	(20.24%)	(77.83%)	50.00%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	4.06%	(36.89%)	(47.15%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	0	0	0	0
’24	0	0	0	0	0
’23	0	0	0	—	0
’22	0	0	0	0	0
’21	0	0	0	0	0
’20	303	0	0	0	303

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(4)	(3)	—	—	—
’25	(4)	(3)	(3)	(6)	(16)
’24	(4)	(3)	(3)	(6)	(15)
’23	(3)	(12)	(3)	(7)	(25)
’22	(4)	(3)	(3)	(7)	(17)
’21	(4)	(41)	(3)	(3)	(52)
’20	426	(93)	(25)	(27)	281

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(4)	(3)	—	—	—
’25	(4)	(3)	(3)	(6)	(16)
’24	(4)	(3)	(3)	(6)	(15)
’23	(3)	(12)	(3)	(7)	(25)
’22	(4)	(3)	(3)	(7)	(17)
’21	(4)	(41)	(3)	(3)	(52)
’20	426	(93)	(25)	(27)	281

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.16)	(1.20)	—	—	—
’25	(1.01)	(0.99)	(1.18)	(1.83)	(5.00)
’24	(1.19)	(1.07)	(1.07)	(1.73)	(5.05)
’23	(1.20)	(3.20)	(1.36)	(2.00)	(7.79)
’22	(1.00)	(1.20)	(1.20)	(6.80)	(10.20)
’21	(7.40)	(1.93)	(1.00)	(1.80)	(11.20)
’20	84.00	(2.20)	(1.20)	(2.00)	78.40

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	39.00	34.00	42.00	46.80	72.00	51.20	19.80	3.50	3.55	6.55	Analyst estimates 2026–2028 Powerpack
	High	192.80	175.00	102.00	169.40	155.80	164.80	54.80	53.60	9.44	29.00
People
People	Employees	20	21	21	20	21	24	25	27	23	21
	Revenue/emp, $m	0.08	0.07	0.00	0.00	14.41	0.00	0.00	0.00	0.00	0.01
Income, $m
Income, $m	Revenue	2	2	0	0	303	0	0	0	0	0
	Gross margin, %	42.97	100.00	100.00	100.00	70.23	26,051.43	91.67	100.00	100.00	100.00
	EBT	(28)	(17)	(25)	(20)	307	(49)	(20)	(28)	(18)	(18)
	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)
	Net income	(29)	(17)	(25)	(19)	280	(43)	(36)	(28)	(18)	(18)
	Depreciation	0	0	0	0	0	0	0	0	0	0
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
	Earnings	(10.20)	(6.00)	(8.00)	(5.60)	79.20	(11.20)	(10.20)	(7.79)	(5.05)	(5.00)
	Cash flow	(7.83)	(5.12)	(7.08)	(4.40)	79.43	(14.54)	(4.74)	(6.92)	(4.26)	(4.29)
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	(0.02)	(0.01)	0.00
	Free cash flow	(7.84)	(5.12)	(7.08)	(4.40)	79.43	(14.54)	(4.74)	(6.94)	(4.27)	(4.29)
	Book value	3.98	0.53	3.14	1.64	63.36	52.12	42.71	15.65	11.02	6.16
	Shares, m	3	3	3	3	4	4	4	4	4	4
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	1.26	0.00	0.00	0.00	0.00	0.00
	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
	P/B	11.05	142.79	15.29	46.29	1.59	1.00	0.69	0.41	0.71	2.71
	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
	EV/FCF	(4.89)	(14.52)	(6.35)	(16.88)	0.48	(0.30)	2.79	1.22	0.64	(2.51)
Cash, $m
Cash, $m	Operating cash flow	(22)	(15)	(22)	(15)	281	(52)	(17)	(25)	(15)	(16)
	Capex	0	—	—	0	—	0	—	0	0	0
	Free cash flow	(22)	(15)	(22)	(15)	281	(52)	(17)	(25)	(15)	(16)
Balance, $m
Balance, $m	Working capital	11	1	8	4	214	168	152	53	31	20
	Total debt	—	—	—	—	—	—	—	—	—	—
	Net debt	(16)	(5)	(9)	(6)	(221)	(169)	(152)	(54)	(38)	(22)
	Shareholders’ equity	11	2	10	6	224	185	152	56	40	22
Returns, %
Returns, %	ROA	(139.21)	(132.67)	(268.48)	(199.28)	231.48	(20.38)	(21.36)	(26.12)	(33.04)	(45.18)
	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)
	ROE	(217.73)	(272.09)	(444.12)	(247.23)	243.78	(20.94)	(21.48)	(26.77)	(38.01)	(58.70)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Dec 2025

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
AILEQ iLearningEngines, Inc.	$59.3M	— (loss-making)	—	—	n/m	−56.61% (below 0%: shrinking)	69.13%	(62.87%)	Compare
AIFC AI Financial Corporation	$55.2M	— (loss-making)	— (loss-making)	−62.15% (below 0%: shrinking)	n/m	−16.14% (below 0%: shrinking)	97.56%	(29.33%)	Compare
LYLTQ Loyalty Ventures Inc.	$54.1M	— (loss-making)	— (loss-making)	−4.07% (below 0%: shrinking)	n/m	−235.32% (below 0%: shrinking)	17.53%	9.67%	Compare
REKR Rekor Systems, Inc.	$48.6M	— (loss-making)	— (loss-making)	+2.45% (above 0%: growing)	n/m	+69.97% (above 0%: growing)	56.16%	1.75%	Compare
AVX AVAX One Technology Ltd.	$48.1M	0.0×	—	+523.23% (above 0%: growing)	n/m	−107.94% (below 0%: shrinking)	71.88%	(1,185.02%)	Compare
VHC VirnetX Holding Corp	$46.1M	— (loss-making)	5.1×	+2,700.00% (above 0%: growing)	n/m	−13.27% (below 0%: shrinking)	100.00%	0.00%
BNAI Brand Engagement Network Inc.	$43.9M	— (loss-making)	— (loss-making)	+3,102.00% (above 0%: growing)	n/m	+27.68% (above 0%: growing)	100.00%	(2,205.43%)	Compare
XBP XBP Global Holdings, Inc.	$41.9M	0.0×	— (loss-making)	+4.71% (above 0%: growing)	n/m	+64.54% (above 0%: growing)	21.51%	(1.95%)	Compare
LIDR AEye, Inc.	$40.8M	— (loss-making)	— (loss-making)	+818.18% (above 0%: growing)	n/m	−16.60% (below 0%: shrinking)	(79.70%)	(5,324.26%)	Compare
Median of peers	$48.4M	—	—	+4.71%	—	−16.37%	62.65%	(46.10%)

All 173 Software Infrastructure stocks →

VirnetX Holding Corp (VHC) key facts

Strength: VirnetX Holding Corp’s revenue for fiscal 2025 (year ended December 2025) was $162,000.00, up 3,140.0% from fiscal 2024.
VirnetX Holding Corp (VHC) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, VHC traded at $10.14, a market capitalization of $46.1 million.
Return on equity was −58.7% and debt-to-equity 0.00.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −7.09 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.