VirnetX Holding Corp (VHC) Key Metrics
VHC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $42.5M
- Enterprise value
- $33.8M
- P/E (TTM)
- —
- Forward P/E
- 3.6
- PEG ratio
- 0.24
- Price / sales
- 373.2 10-yr median 109.5
- Price / book
- 3.5 10-yr median 2.2
- EV / EBITDA
- 1.7
- Dividend yield
- —
- Beta
- 2.26
VHC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVHC valuation Price multiples at each fiscal year-end price.
Price / sales
375.7
2025 · hover or tap a bar for each year
20162025
Price / book+280.2%
2.7
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+28.6 pts
−25.7%
2025 · hover or tap a bar for each year
20162025
VHC returns How much profit the business earns on the capital it uses.
Return on equity−20.7 pts
−58.7%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−63.2 pts
−252.9%
2025 · hover or tap a bar for each year
20162025
Return on assets−12.1 pts
−45.2%
2025 · hover or tap a bar for each year
20162025
Asset turnover+4,318.8%
0.00
2025 · hover or tap a bar for each year
20162025
VHC per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+3,094.7%
$0.04
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$5.00
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$4.29
2025 · hover or tap a bar for each year
20162025
Book value per share−44.1%
$6.16
2025 · hover or tap a bar for each year
20162025
Shares outstanding+1.4%
3.6M
2025 · hover or tap a bar for each year
20162025
VHC financial health Debt, liquidity and how easily interest is covered.
Net debt+$7.2M
−$21.5M
2025 · hover or tap a bar for each year
20162025
Current ratio+101.5%
10.70
2025 · hover or tap a bar for each year
20162025
VHC efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−52 days
21 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding
5,745 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle
-5,723 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−429.5 pts
10.5%
2025 · hover or tap a bar for each year
20162025
VHC valuation history
Fiscal year-endToday10-year median
VHC returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VHC debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VHC cash returned to shareholders
DividendsBuybacksFree cash flow
VHC price vs earnings per share
Share price at year-endEPS (right axis)
VHC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $60.9M | $28.2M | $25.1M | $92.7M | $185.0M | $360.9M | $260.5M | $151.2M | $215.9M | $123.2M |
| Enterprise value | $39.3M | −$506,400 | −$24.9M | −$59.3M | $15.8M | $139.7M | $255.1M | $141.8M | $211.3M | $107.3M |
| P/E ratio | — | — | — | — | — | 1.3 | — | — | — | — |
| Price / sales | 375.7 | — | — | — | — | 1.2 | — | — | 139.6 | 79.5 |
| Price / book | 2.7 | 0.7 | 0.4 | 0.6 | 1.0 | 1.6 | 46.3 | 15.3 | 139.0 | 11.0 |
| Price / free cash flow | — | — | — | — | — | 1.3 | — | — | — | — |
| Price / operating cash flow | — | — | — | — | — | 1.3 | — | — | — | — |
| EV / sales | 242.8 | -101.3 | -3,550.7 | -1,236.1 | 452.6 | 0.5 | — | — | 136.6 | 69.2 |
| EV / EBITDA | — | — | — | — | — | 0.5 | — | — | — | — |
| EV / free cash flow | — | — | — | — | — | 0.5 | — | — | — | — |
| Earnings yield | −29.9% | −64.4% | −111.2% | −39.1% | −23.2% | 77.7% | −7.4% | −16.8% | −8.0% | −23.2% |
| Free cash flow yield | −25.7% | −54.4% | −99.1% | −18.2% | −28.0% | 78.0% | −5.8% | −14.8% | −6.9% | −17.9% |
| Dividend yield | — | 0.0% | 285.1% | 77.1% | 0.0% | 19.6% | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | 0.5% | 285.2% | 77.1% | 0.1% | 19.6% | 0.1% | 0.0% | 0.0% | 0.1% |
| Share price at fiscal year-end | $16.69 | $7.85 | $7.00 | $26.00 | $52.00 | $100.80 | $76.00 | $48.00 | $74.00 | $44.00 |
| Per share | ||||||||||
| Revenue per share | $0.04 | $0.00 | $0.00 | $0.01 | $0.01 | $84.52 | $0.02 | $0.02 | $0.53 | $0.55 |
| Earnings per share | −$5.00 | −$5.05 | −$7.79 | −$10.17 | −$12.06 | $78.31 | −$5.59 | −$8.07 | −$5.92 | −$10.21 |
| Operating cash flow per share | −$4.29 | −$4.26 | −$6.92 | −$4.74 | −$14.54 | $78.58 | −$4.40 | −$7.08 | −$5.12 | −$7.86 |
| Free cash flow per share | −$4.29 | −$4.27 | −$6.94 | −$4.74 | −$14.54 | $78.58 | −$4.40 | −$7.08 | −$5.12 | −$7.87 |
| Cash per share | $5.90 | $10.59 | $14.96 | $42.64 | $47.58 | $61.79 | $1.61 | $2.99 | $1.57 | $5.67 |
| Book value per share | $6.16 | $11.02 | $15.65 | $42.71 | $52.12 | $62.68 | $1.64 | $3.14 | $0.53 | $3.98 |
| Tangible book value per share | $6.16 | $11.02 | $15.65 | $42.71 | $52.12 | $62.68 | $1.64 | $3.14 | $0.53 | $3.98 |
| Dividends per share | — | $0.00 | $19.96 | $20.04 | $0.00 | $19.78 | — | — | $0.00 | $0.00 |
| Capex per share | $0.00 | $0.01 | $0.02 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | — | $2.60 | $1.02 | $0.00 | $0.03 | $0.01 | $0.03 | $0.00 | $0.00 | $0.00 |
| Shares outstanding | 3.6M | 3.6M | 3.6M | 3.6M | 3.6M | 3.6M | 3.4M | 3.1M | 2.9M | 2.8M |
| Change in shares outstanding | +1.4% | +0.5% | +0.4% | +0.2% | −0.6% | +4.5% | +8.9% | +7.9% | +4.2% | +6.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −58.7% | −38.0% | −26.8% | −21.5% | −20.9% | 243.8% | −247.2% | −444.1% | −272.1% | −217.7% |
| Return on invested capital (ROIC) | −252.9% | −189.7% | −785.4% | −211.4% | −398.4% | — | — | — | — | — |
| Return on assets (ROA) | −45.2% | −33.0% | −26.1% | −21.4% | −20.4% | 231.5% | −199.3% | −268.5% | −132.7% | −139.2% |
| Return on tangible assets | −58.7% | −36.6% | −46.1% | −23.7% | −23.0% | 119.4% | −255.8% | −216.2% | −240.8% | −151.4% |
| Free cash flow margin | — | — | — | — | — | 93.0% | — | — | −966.0% | — |
| Income quality (OCF / net income) | — | — | — | — | — | 1.00 | — | — | — | — |
| Financial health | ||||||||||
| Total debt | — | $9.3M | $3.6M | $0 | $98,000 | $44,000 | $97,000 | $0 | $0 | $0 |
| Cash & short-term investments | $21.5M | $38.1M | $53.5M | $152.0M | $169.3M | $221.3M | $5.5M | $9.4M | $4.6M | $15.9M |
| Net debt | −$21.5M | −$28.7M | −$49.9M | −$152.0M | −$169.2M | −$221.2M | −$5.4M | −$9.4M | −$4.6M | −$15.9M |
| Debt / equity | — | 0.24 | 0.06 | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 | 0.00 |
| Debt / assets | — | 0.19 | 0.06 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 |
| Net debt / EBITDA | — | — | — | — | — | −0.72 | — | — | — | — |
| Current ratio | 10.70 | 5.31 | 42.93 | 208.29 | 166.01 | 21.67 | 3.16 | 5.44 | 1.16 | 3.15 |
| Quick ratio | 10.70 | 5.31 | 42.93 | 208.29 | 166.01 | 21.39 | 3.16 | 5.44 | 1.16 | 3.15 |
| Interest coverage | — | — | — | -11.9 | — | 0.8 | -213.8 | — | — | — |
| Working capital | $19.6M | $31.0M | $52.6M | $151.5M | $168.5M | $214.1M | $3.9M | $8.3M | $697,000 | $11.2M |
| Invested capital | $947,000 | $10.9M | $6.1M | $221,000 | $16.3M | $3.2M | $196,000 | $474,000 | −$3.0M | −$4.7M |
| Tangible asset value | $22.5M | $39.6M | $56.0M | $152.2M | $185.4M | $224.4M | $5.6M | $9.9M | $1.6M | $11.1M |
| Net current asset value | $13.1M | $28.2M | $49.4M | $151.5M | $168.4M | $214.1M | $3.9M | $8.3M | −$443,000 | $8.7M |
| Graham number | — | — | — | — | — | $332.33 | — | — | — | — |
| Graham net-net per share | $3.55 | $7.81 | $13.73 | $42.44 | $47.28 | $59.30 | $1.07 | $2.40 | −$0.35 | $2.91 |
| Capital allocation | ||||||||||
| Dividends paid | — | $0 | $71.4M | $71.4M | $0 | $70.8M | — | — | $0 | $0 |
| Share buybacks (net) | — | $129,000 | $11,000 | $29,000 | $196,000 | $0 | $145,000 | $43,000 | $42,000 | $93,000 |
| Dividend payout ratio | — | — | — | — | — | 25.3% | — | — | — | — |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 25.2% | — | — | — | — |
| Capex / revenue | 10.5% | 440.0% | 928.6% | 22.9% | 31.4% | 0.0% | 16.5% | 22.2% | 0.9% | 0.8% |
| Capex / operating cash flow | — | — | — | — | — | 0.0% | — | — | — | — |
| Capex / depreciation | 0.74 | 1.05 | 7.22 | 1.57 | 2.75 | 2.20 | 2.00 | 0.78 | 0.54 | 0.46 |
| Stock-based compensation / revenue | 1,216.0% | 38,040.0% | 39,685.7% | 6,937.5% | 11,954.3% | 1.3% | 4,365.9% | 6,436.5% | 257.7% | 348.3% |
| R&D / revenue | 3,490.1% | 120,760.0% | 138,757.1% | 13,345.8% | 15,934.3% | 2.9% | 4,523.5% | 7,642.9% | 172.9% | 161.2% |
| SG&A / revenue | 8,301.2% | 287,280.0% | 309,728.6% | 32,754.2% | 150,614.3% | 0.0% | 18,711.8% | 32,865.1% | 1,046.8% | 1,720.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 21.4 | 73.0 | 417.1 | 117.9 | 130.4 | 0.0 | 23.6 | 34.8 | — | — |
| Days of inventory on hand | — | — | — | 0.1 | -58.4 | 11.8 | — | — | — | — |
| Days payables outstanding | 5,744.8 | — | 16,485.8 | 43,252.5 | -19.9 | 4.1 | — | — | 15,582.7 | 844.2 |
| Cash conversion cycle (days) | -5,723.4 | — | -16,068.7 | -43,134.5 | 91.9 | 7.7 | — | — | — | — |
| Receivables turnover | 17.05 | 5.00 | 0.88 | 3.10 | 2.80 | 46,559.38 | 15.45 | 10.50 | — | — |
| Payables turnover | 0.06 | 0.00 | 0.02 | 0.01 | −18.30 | 90.11 | 0.00 | 0.00 | 0.02 | 0.43 |
| Inventory turnover | — | — | — | 3,000.00 | −6.25 | 31.02 | — | — | — | — |
| Asset turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 | 0.01 | 0.01 | 0.12 | 0.08 |
| Average receivables | $9,500 | $1,000 | $8,000 | $15,500 | $12,500 | $6,500 | $5,500 | $6,000 | — | — |
| Average payables | $362,000 | $388,000 | $406,500 | $355,500 | $496,000 | $1.0M | $1.2M | $732,000 | $1.1M | $2.0M |
| Average inventory | — | — | — | $1 | $1.5M | $2.9M | — | — | $0 | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from VHC's annual financial statements (latest annual report filed March 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VHC valuation and financial ratios
VirnetX earned a return on equity of −58.7% and a return on invested capital of −252.9% in fiscal 2025. The share count rose 30.3% from 2.8M to 3.6M over 9 years.
See the VHC income statement, the VHC chart for price history, or the VHC stock overview for the latest quote and news.
VHC key metrics FAQ
What is VirnetX's return on equity?
VirnetX's return on equity (ROE) was −58.7% in fiscal 2025: net income of -$18.2 million on average shareholders' equity of $31.0 million.
What is VirnetX's ROIC?
VirnetX's return on invested capital was −252.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
What is VirnetX's free cash flow yield?
VirnetX generated -$15.7 million of free cash flow in fiscal 2025, a free cash flow yield of −25.7% on its market value at year-end ($60.9 million).
What is VirnetX's current ratio?
VirnetX's current ratio was 10.70 at the end of fiscal 2025: current assets were 10.70 times current liabilities.