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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.

10.14 0.85 −7.73%
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 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E 5.10
P/S ratio 235.97 (above 10: high)
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% (at or above 10%: strong)
Next 5Y EPS Growth 15.00% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 150×, against a ten-year median of 124×; over the ten years it ranged from −3,901× in 2024 to 6,508× in 2019.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

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stockrow.com/VHC · Data as of Dec 31, 2025 · For information only; not investment advice. · © 2026 stockrow.com