VirnetX Holding Corp (VHC) 10-Year Financial Performance & Capital Metrics

VHC • • Industrial / General

TechnologyInfrastructure SoftwareCybersecurity & Identity ManagementNetwork Security & Firewall

AboutVirnetX Holding Corporation, through its subsidiary VirnetX, Inc., operates as an Internet security software and technology company primarily in the United States. The company develops software and technology solutions, including secure domain name registry and GABRIEL Connection Technology that are designed to secure communications over the Internet using zero trust network access. It also offers a portfolio of licenses and services, such as VirnetX One, a security-as-a-service platform that protects enterprise applications, services, and infrastructure from cyber-attacks; GABRIEL Connection Technology software development kit to assist with rapid integration of its techniques into existing software implementations; and War Room software that offers safe and secure video conferencing meeting environment where sensitive communications and data is invisible to those not authorized to view it. In addition, the company provides GABRIEL Collaboration Suite that enables seamless and secure cross-platform communications between users' devices. It serves domain infrastructure and communication service providers, and system integrators; and enterprise customers, developers, and original equipment manufacturers of chips, servers, desktops, smart phones, tablets, laptops, net books, and other devices in the IP-telephony, mobility, fixed-mobile convergence, and unified communications markets. The company was incorporated in 2005 and is headquartered in Zephyr Cove, Nevada.Show more

Revenue $5K -28.6%
EBITDA -$20M +35.2%
Net Income -$18M +34.8%
EPS (Diluted) -5.05 +35.2%
Gross Margin 100% +450.0%
EBITDA Margin -407520% +9.3%
Operating Margin -407940% +9.2%
Net Margin -363500% +8.7%
ROE -38.01% -42.0%
ROIC -51.82% -8.8%
Debt/Equity 0.24 +263.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 83 (top 17%)

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Sales declining 43.3% over 5 years
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-42.42%

5Y-43.26%

3Y-47.72%

TTM2020%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM6.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM7.18%

ROCE

10Y Avg-114.69%

5Y Avg5.68%

3Y Avg-27.66%

Latest-40.16%

Peer Comparison

Network Security & Firewall

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDWRRadware Ltd.	1.07B	24.64	176	5.2%	5.66%	4.28%	6.2%	0.05
PANWPalo Alto Networks, Inc.	130.85B	187.73	117.33	14.87%	11.69%	12.89%	2.65%	0.04
FTNTFortinet, Inc.	56.76B	76.32	33.77	12.27%	28.58%	254.88%	3.31%	0.67
ATENA10 Networks, Inc.	1.26B	17.58	26.24	3.97%	17.78%	24.52%	6.2%	0.05
CHKPCheck Point Software Technologies Ltd.	20.24B	188.54	25.27	6.22%	37.62%	32.79%	5.08%	0.01
ALARAlarum Technologies Ltd.	67.12M	9.36	11.01	20.88%	3.28%	3.83%	13.1%	0.06
HUBCHUB Cyber Security Ltd.	9.93M	4.55	-0.30	-30.7%	-176.14%
INTZIntrusion Inc.	29.55M	1.47	-0.99	2.85%	-112.36%	-83.5%		0.44

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.55M	1.55M	1.55M	63K	85K	302.64M	35K	48K	7K	5K
Revenue Growth %	0.24%	-0%	-0%	-0.96%	0.35%	3559.42%	-1%	0.37%	-0.85%	-0.29%
Cost of Goods Sold+	5.26M	884K	26K	0	0	90.11M	0	0	9K	0
COGS % of Revenue	3.39%	0.57%	0.02%	-	-	0.3%	-	-	1.29%	-
Gross Profit+	-3.71M	666K	1.52M	63K	85K	212.53M	35K	48K	-2K	5K
Gross Margin %	-2.39%	0.43%	0.98%	1%	1%	0.7%	1%	1%	-0.29%	1%
Gross Profit Growth %	0.24%	1.18%	1.28%	-0.96%	0.35%	2499.35%	-1%	0.37%	-1.04%	3.5%
Operating Expenses+	25.47M	29.17M	18.87M	25.52M	19.75M	56.75M	49.21M	22.12M	31.44M	20.4M
OpEx % of Revenue	16.38%	18.82%	12.2%	405.08%	232.35%	0.19%	1405.97%	460.92%	4491.86%	4080.4%
Selling, General & Admin	23.19M	26.67M	16.19M	20.7M	15.9M	47.92M	52.72M	15.72M	21.73M	14.36M
SG&A % of Revenue	14.91%	17.21%	10.47%	328.65%	187.12%	0.16%	1506.14%	327.54%	3104.29%	2872.8%
Research & Development	2.28M	2.5M	2.67M	4.82M	3.85M	8.83M	5.58M	6.41M	9.71M	6.04M
R&D % of Revenue	1.46%	1.61%	1.73%	76.43%	45.24%	0.03%	159.34%	133.46%	1387.57%	1207.6%
Other Operating Expenses	0	0	0	0	0	0	-9.08M	-4K	0	0
Operating Income+	-29.18M	-28.5M	-17.32M	-25.46M	-19.66M	155.78M	-49.17M	-22.08M	-31.45M	-20.4M
Operating Margin %	-18.76%	-18.39%	-11.2%	-404.08%	-231.35%	0.51%	-1404.97%	-459.92%	-4492.14%	-4079.4%
Operating Income Growth %	-1.4%	0.02%	0.39%	-0.47%	0.23%	8.92%	-1.32%	0.55%	-0.42%	0.35%
EBITDA+	-29.15M	-28.48M	-17.3M	-25.44M	-19.66M	155.78M	-49.17M	-22.07M	-31.44M	-20.38M
EBITDA Margin %	-18.75%	-18.37%	-11.18%	-403.79%	-231.27%	0.51%	-1404.86%	-459.77%	-4490.86%	-4075.2%
EBITDA Growth %	-1.4%	0.02%	0.39%	-0.47%	0.23%	8.92%	-1.32%	0.55%	-0.42%	0.35%
D&A (Non-Cash Add-back)	26K	28K	26K	18K	7K	5K	4K	7K	9K	21K
EBIT	-29.18M	-28.5M	-17.32M	-25.46M	-19.57M	307.45M	-49.13M	-22.08M	-27.95M	-20.4M
Net Interest Income+	68K	69K	46K	54K	92K	108.29M	48K	1.85M	3.5M	2.23M
Interest Income	68K	69K	46K	54K	92K	108.29M	48K	1.85M	3.5M	2.23M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-49K	69K	46K	54K	92K	151.67M	48K	1.85M	3.5M	2.23M
Pretax Income+	-29.23M	-28.44M	-17.27M	-25.4M	-19.57M	307.45M	-49.13M	-20.23M	-27.95M	-18.17M
Pretax Margin %	-18.79%	-18.35%	-11.17%	-403.22%	-230.27%	1.02%	-1403.6%	-421.42%	-3992.86%	-3634.4%
Income Tax+	8K	133K	3K	3K	-393K	27.02M	-6.21M	16.03M	-79K	3K
Effective Tax Rate %	1%	1%	1%	1%	0.98%	0.91%	0.87%	1.79%	1%	1%
Net Income+	-29.23M	-28.57M	-17.28M	-25.41M	-19.18M	280.43M	-42.92M	-36.26M	-27.87M	-18.18M
Net Margin %	-18.8%	-18.43%	-11.17%	-403.27%	-225.65%	0.93%	-1226.31%	-755.42%	-3981.57%	-3635%
Net Income Growth %	-1.95%	0.02%	0.4%	-0.47%	0.25%	15.62%	-1.15%	0.16%	0.23%	0.35%
Net Income (Continuing)	-29.23M	-28.57M	-17.28M	-25.41M	-19.18M	280.43M	-42.92M	-36.26M	-27.87M	-18.18M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-11.16	-10.21	-5.92	-8.07	-5.59	78.31	-12.06	-10.17	-7.79	-5.05
EPS Growth %	-1.91%	0.09%	0.42%	-0.36%	0.31%	15.01%	-1.15%	0.16%	0.23%	0.35%
EPS (Basic)	-11.16	-10.21	-5.92	-8.07	-5.59	79.16	-12.06	-10.17	-7.79	-5.05
Diluted Shares Outstanding	2.62M	2.8M	2.92M	3.15M	3.43M	3.58M	3.56M	3.56M	3.58M	3.6M
Basic Shares Outstanding	2.62M	2.8M	2.92M	3.15M	3.43M	3.54M	3.56M	3.56M	3.58M	3.6M
Dividend Payout Ratio	-	-	-	-	-	0.25%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	19.36M	16.46M	5.18M	10.14M	5.77M	224.43M	169.49M	152.26M	53.83M	38.2M
Cash & Short-Term Investments	18.68M	15.88M	4.59M	9.41M	5.53M	221.26M	169.27M	152.02M	53.55M	38.08M
Cash Only	8.73M	6.63M	3.13M	7.61M	3.13M	192.91M	142.02M	86.56M	26.29M	23.3M
Short-Term Investments	9.95M	9.25M	1.45M	1.8M	2.39M	28.35M	27.25M	65.46M	27.26M	14.79M
Accounts Receivable	0	0	0	6K	5K	8K	17K	14K	2K	0
Days Sales Outstanding	-	-	-	34.76	21.47	0.01	177.29	106.46	104.29	-
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	2.9M	0	224K	0	0
Total Non-Current Assets+	2.81M	2.41M	2M	1.61M	1.73M	10.36M	17.02M	714K	6.58M	11.4M
Property, Plant & Equipment	48K	33K	7K	9K	1.62M	1.26M	966K	56K	3.9M	8.81M
Fixed Asset Turnover	32.40x	46.97x	221.00x	7.00x	0.05x	240.38x	0.04x	0.86x	0.00x	0.00x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	2.5M	2.5M
Other Non-Current Assets	2.76M	2.37M	1.99M	1.6M	107K	9.1M	16.06M	658K	186K	94K
Total Assets+	22.17M	18.87M	7.17M	11.75M	7.5M	234.79M	186.52M	152.97M	60.41M	49.61M
Asset Turnover	0.07x	0.08x	0.22x	0.01x	0.01x	1.29x	0.00x	0.00x	0.00x	0.00x
Asset Growth %	-0.51%	-0.15%	-0.62%	0.64%	-0.36%	30.31%	-0.21%	-0.18%	-0.61%	-0.18%
Total Current Liabilities+	5.58M	5.22M	4.48M	1.86M	1.83M	10.36M	1.02M	731K	1.25M	7.2M
Accounts Payable	2.28M	1.81M	414K	1.05M	1.35M	654K	338K	373K	440K	336K
Days Payables Outstanding	158.27	745.69	5.81K	-	-	2.65	-	-	17.84K	-
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	11K	0	0	536K	140K	9.44M	361K	47K	4K	46K
Current Ratio	3.47x	3.15x	1.16x	5.44x	3.16x	21.67x	166.01x	208.29x	42.93x	5.31x
Quick Ratio	3.47x	3.15x	1.16x	5.44x	3.16x	21.67x	166.01x	208.29x	42.93x	5.31x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.5M	2.5M	1.14M	0	44K	0	46K	0	3.15M	2.79M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	44K	0	46K	0	3.15M	2.79M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	140K	0	0	0	1	0	0	0
Total Liabilities	7.08M	7.72M	5.62M	1.86M	1.87M	10.36M	1.07M	731K	4.4M	9.99M
Total Debt+	0	0	0	0	97K	44K	98K	0	3.64M	9.35M
Net Debt	-8.73M	-6.63M	-3.13M	-7.61M	-3.04M	-192.86M	-141.92M	-86.56M	-22.65M	-13.95M
Debt / Equity	-	-	-	-	0.02x	0.00x	0.00x	-	0.06x	0.24x
Debt / EBITDA	-	-	-	-	-	0.00x	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-1.24x	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	15.1M	11.15M	1.55M	9.89M	5.63M	224.44M	185.45M	152.24M	56.01M	39.62M
Equity Growth %	-0.54%	-0.26%	-0.86%	5.37%	-0.43%	38.88%	-0.17%	-0.18%	-0.63%	-0.29%
Book Value per Share	5.76	3.98	0.53	3.14	1.64	62.68	52.12	42.71	15.65	11.02
Total Shareholders' Equity	15.1M	11.15M	1.55M	9.89M	5.63M	224.44M	185.45M	152.24M	56.01M	39.62M
Common Stock	5K	6K	6K	7K	7K	7K	7K	7K	0	0
Retained Earnings	-129.67M	-158.24M	-175.52M	-198.42M	-217.6M	-8.01M	-50.94M	-87.19M	-186.5M	-204.67M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-19K	-12K	-13K	-14K	-14K	-13K	-68K	-314K	-12K	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-26.41M	-22.02M	-14.94M	-22.3M	-15.08M	281.39M	-51.72M	-16.89M	-24.77M	-15.33M
Operating CF Margin %	-16.98%	-14.2%	-9.66%	-353.94%	-177.41%	0.93%	-1477.77%	-351.94%	-3539%	-3065.4%
Operating CF Growth %	-14.43%	0.17%	0.32%	-0.49%	0.32%	19.66%	-1.18%	0.67%	-0.47%	0.38%
Net Income	-29.23M	-28.57M	-17.28M	-25.41M	-19.18M	280.43M	-42.92M	-36.26M	-27.87M	-18.18M
Depreciation & Amortization	26K	28K	26K	18K	7K	5K	4K	7K	9K	21K
Stock-Based Compensation	7.28M	5.4M	3.99M	4.05M	3.71M	3.94M	4.18M	3.33M	2.78M	1.9M
Deferred Taxes	117K	0	34.02M	0	-3.43M	-9.05M	-6.9M	16.03M	0	0
Other Non-Cash Items	91K	30K	-34.02M	3.46M	3.43M	69K	34K	0	15K	1K
Working Capital Changes	-4.68M	1.1M	-1.68M	-965K	382K	6M	-6.12M	-2K	296K	924K
Change in Receivables	0	0	0	-6K	1K	-3K	-9K	3K	-3K	1K
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-1.04M	-477K	-1.39M	636K	296K	-692K	-316K	35K	67K	-104K
Cash from Investing+	12.6M	700K	7.79M	-370K	-606K	-25.95M	1.03M	-38.53M	35.94M	12.46M
Capital Expenditures	-10K	-13K	0	0	-14K	0	-11K	-11K	-65K	-22K
CapEx % of Revenue	0.01%	0.01%	-	-	0.16%	-	0.31%	0.23%	9.29%	4.4%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	12.61M	713K	7.79M	-370K	-592K	0	1.04M	11K	0	0
Cash from Financing+	3.87M	19.22M	3.66M	27.14M	11.21M	-65.66M	-196K	-29K	-71.44M	-129K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-70.84M	0	0	-71.43M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	596K	20K	-20K	92K	671K	690K	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-26.42M	-22.03M	-14.94M	-22.3M	-15.09M	281.39M	-51.73M	-16.9M	-24.84M	-15.35M
FCF Margin %	-16.99%	-14.21%	-9.66%	-353.94%	-177.58%	0.93%	-1478.09%	-352.17%	-3548.29%	-3069.8%
FCF Growth %	-14.67%	0.17%	0.32%	-0.49%	0.32%	19.64%	-1.18%	0.67%	-0.47%	0.38%
FCF per Share	-10.09	-7.87	-5.12	-7.08	-4.40	78.58	-14.54	-4.74	-6.94	-4.27
FCF Conversion (FCF/Net Income)	0.90x	0.77x	0.86x	0.88x	0.79x	1.00x	1.21x	0.47x	0.89x	0.84x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	6K	126K	5K	3K	4K	38.98M	2K	2K	0	3K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-122.52%	-217.73%	-272.09%	-444.12%	-247.23%	243.78%	-20.94%	-21.48%	-26.77%	-38.01%
Return on Invested Capital (ROIC)	-215.19%	-392.67%	-884.33%	-5494.32%	-606.07%	683.98%	-98.21%	-30.32%	-47.62%	-51.82%
Gross Margin	-238.59%	42.97%	98.32%	100%	100%	70.23%	100%	100%	-28.57%	100%
Net Margin	-1880%	-1843.16%	-1116.87%	-40326.98%	-22564.71%	92.66%	-122631.43%	-75541.67%	-398157.14%	-363500%
Debt / Equity	-	-	-	-	0.02x	0.00x	0.00x	-	0.06x	0.24x
FCF Conversion	0.90x	0.77x	0.86x	0.88x	0.79x	1.00x	1.21x	0.47x	0.89x	0.84x
Revenue Growth	24.5%	-0.32%	-0.19%	-95.93%	34.92%	355942.35%	-99.99%	37.14%	-85.42%	-28.57%

Frequently Asked Questions

Growth & Financials

VirnetX Holding Corp (VHC) reported $0.1M in revenue for fiscal year 2024. This represents a 430% increase from $0.0M in 2011.

VirnetX Holding Corp (VHC) saw revenue decline by 28.6% over the past year.

VirnetX Holding Corp (VHC) reported a net loss of $17.9M for fiscal year 2024.

Dividend & Returns

VirnetX Holding Corp (VHC) has a return on equity (ROE) of -38.0%. Negative ROE indicates the company is unprofitable.

VirnetX Holding Corp (VHC) had negative free cash flow of $15.4M in fiscal year 2024, likely due to heavy capital investments.

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VirnetX Holding Corp (VHC) 10-Year Financial Performance & Capital Metrics

VHC • • Industrial / General

TechnologyInfrastructure SoftwareCybersecurity & Identity ManagementNetwork Security & Firewall

Revenue $5K -28.6%
EBITDA -$20M +35.2%
Net Income -$18M +34.8%
EPS (Diluted) -5.05 +35.2%
Gross Margin 100% +450.0%
EBITDA Margin -407520% +9.3%
Operating Margin -407940% +9.2%
Net Margin -363500% +8.7%
ROE -38.01% -42.0%
ROIC -51.82% -8.8%
Debt/Equity 0.24 +263.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 83 (top 17%)

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Sales declining 43.3% over 5 years
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-42.42%

5Y-43.26%

3Y-47.72%

TTM2020%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM6.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM7.18%

ROCE

10Y Avg-114.69%

5Y Avg5.68%

3Y Avg-27.66%

Latest-40.16%

Peer Comparison

Network Security & Firewall

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDWRRadware Ltd.	1.07B	24.64	176	5.2%	5.66%	4.28%	6.2%	0.05
PANWPalo Alto Networks, Inc.	130.85B	187.73	117.33	14.87%	11.69%	12.89%	2.65%	0.04
FTNTFortinet, Inc.	56.76B	76.32	33.77	12.27%	28.58%	254.88%	3.31%	0.67
ATENA10 Networks, Inc.	1.26B	17.58	26.24	3.97%	17.78%	24.52%	6.2%	0.05
CHKPCheck Point Software Technologies Ltd.	20.24B	188.54	25.27	6.22%	37.62%	32.79%	5.08%	0.01
ALARAlarum Technologies Ltd.	67.12M	9.36	11.01	20.88%	3.28%	3.83%	13.1%	0.06
HUBCHUB Cyber Security Ltd.	9.93M	4.55	-0.30	-30.7%	-176.14%
INTZIntrusion Inc.	29.55M	1.47	-0.99	2.85%	-112.36%	-83.5%		0.44

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.55M	1.55M	1.55M	63K	85K	302.64M	35K	48K	7K	5K
Revenue Growth %	0.24%	-0%	-0%	-0.96%	0.35%	3559.42%	-1%	0.37%	-0.85%	-0.29%
Cost of Goods Sold+	5.26M	884K	26K	0	0	90.11M	0	0	9K	0
COGS % of Revenue	3.39%	0.57%	0.02%	-	-	0.3%	-	-	1.29%	-
Gross Profit+	-3.71M	666K	1.52M	63K	85K	212.53M	35K	48K	-2K	5K
Gross Margin %	-2.39%	0.43%	0.98%	1%	1%	0.7%	1%	1%	-0.29%	1%
Gross Profit Growth %	0.24%	1.18%	1.28%	-0.96%	0.35%	2499.35%	-1%	0.37%	-1.04%	3.5%
Operating Expenses+	25.47M	29.17M	18.87M	25.52M	19.75M	56.75M	49.21M	22.12M	31.44M	20.4M
OpEx % of Revenue	16.38%	18.82%	12.2%	405.08%	232.35%	0.19%	1405.97%	460.92%	4491.86%	4080.4%
Selling, General & Admin	23.19M	26.67M	16.19M	20.7M	15.9M	47.92M	52.72M	15.72M	21.73M	14.36M
SG&A % of Revenue	14.91%	17.21%	10.47%	328.65%	187.12%	0.16%	1506.14%	327.54%	3104.29%	2872.8%
Research & Development	2.28M	2.5M	2.67M	4.82M	3.85M	8.83M	5.58M	6.41M	9.71M	6.04M
R&D % of Revenue	1.46%	1.61%	1.73%	76.43%	45.24%	0.03%	159.34%	133.46%	1387.57%	1207.6%
Other Operating Expenses	0	0	0	0	0	0	-9.08M	-4K	0	0
Operating Income+	-29.18M	-28.5M	-17.32M	-25.46M	-19.66M	155.78M	-49.17M	-22.08M	-31.45M	-20.4M
Operating Margin %	-18.76%	-18.39%	-11.2%	-404.08%	-231.35%	0.51%	-1404.97%	-459.92%	-4492.14%	-4079.4%
Operating Income Growth %	-1.4%	0.02%	0.39%	-0.47%	0.23%	8.92%	-1.32%	0.55%	-0.42%	0.35%
EBITDA+	-29.15M	-28.48M	-17.3M	-25.44M	-19.66M	155.78M	-49.17M	-22.07M	-31.44M	-20.38M
EBITDA Margin %	-18.75%	-18.37%	-11.18%	-403.79%	-231.27%	0.51%	-1404.86%	-459.77%	-4490.86%	-4075.2%
EBITDA Growth %	-1.4%	0.02%	0.39%	-0.47%	0.23%	8.92%	-1.32%	0.55%	-0.42%	0.35%
D&A (Non-Cash Add-back)	26K	28K	26K	18K	7K	5K	4K	7K	9K	21K
EBIT	-29.18M	-28.5M	-17.32M	-25.46M	-19.57M	307.45M	-49.13M	-22.08M	-27.95M	-20.4M
Net Interest Income+	68K	69K	46K	54K	92K	108.29M	48K	1.85M	3.5M	2.23M
Interest Income	68K	69K	46K	54K	92K	108.29M	48K	1.85M	3.5M	2.23M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-49K	69K	46K	54K	92K	151.67M	48K	1.85M	3.5M	2.23M
Pretax Income+	-29.23M	-28.44M	-17.27M	-25.4M	-19.57M	307.45M	-49.13M	-20.23M	-27.95M	-18.17M
Pretax Margin %	-18.79%	-18.35%	-11.17%	-403.22%	-230.27%	1.02%	-1403.6%	-421.42%	-3992.86%	-3634.4%
Income Tax+	8K	133K	3K	3K	-393K	27.02M	-6.21M	16.03M	-79K	3K
Effective Tax Rate %	1%	1%	1%	1%	0.98%	0.91%	0.87%	1.79%	1%	1%
Net Income+	-29.23M	-28.57M	-17.28M	-25.41M	-19.18M	280.43M	-42.92M	-36.26M	-27.87M	-18.18M
Net Margin %	-18.8%	-18.43%	-11.17%	-403.27%	-225.65%	0.93%	-1226.31%	-755.42%	-3981.57%	-3635%
Net Income Growth %	-1.95%	0.02%	0.4%	-0.47%	0.25%	15.62%	-1.15%	0.16%	0.23%	0.35%
Net Income (Continuing)	-29.23M	-28.57M	-17.28M	-25.41M	-19.18M	280.43M	-42.92M	-36.26M	-27.87M	-18.18M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-11.16	-10.21	-5.92	-8.07	-5.59	78.31	-12.06	-10.17	-7.79	-5.05
EPS Growth %	-1.91%	0.09%	0.42%	-0.36%	0.31%	15.01%	-1.15%	0.16%	0.23%	0.35%
EPS (Basic)	-11.16	-10.21	-5.92	-8.07	-5.59	79.16	-12.06	-10.17	-7.79	-5.05
Diluted Shares Outstanding	2.62M	2.8M	2.92M	3.15M	3.43M	3.58M	3.56M	3.56M	3.58M	3.6M
Basic Shares Outstanding	2.62M	2.8M	2.92M	3.15M	3.43M	3.54M	3.56M	3.56M	3.58M	3.6M
Dividend Payout Ratio	-	-	-	-	-	0.25%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	19.36M	16.46M	5.18M	10.14M	5.77M	224.43M	169.49M	152.26M	53.83M	38.2M
Cash & Short-Term Investments	18.68M	15.88M	4.59M	9.41M	5.53M	221.26M	169.27M	152.02M	53.55M	38.08M
Cash Only	8.73M	6.63M	3.13M	7.61M	3.13M	192.91M	142.02M	86.56M	26.29M	23.3M
Short-Term Investments	9.95M	9.25M	1.45M	1.8M	2.39M	28.35M	27.25M	65.46M	27.26M	14.79M
Accounts Receivable	0	0	0	6K	5K	8K	17K	14K	2K	0
Days Sales Outstanding	-	-	-	34.76	21.47	0.01	177.29	106.46	104.29	-
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	2.9M	0	224K	0	0
Total Non-Current Assets+	2.81M	2.41M	2M	1.61M	1.73M	10.36M	17.02M	714K	6.58M	11.4M
Property, Plant & Equipment	48K	33K	7K	9K	1.62M	1.26M	966K	56K	3.9M	8.81M
Fixed Asset Turnover	32.40x	46.97x	221.00x	7.00x	0.05x	240.38x	0.04x	0.86x	0.00x	0.00x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	2.5M	2.5M
Other Non-Current Assets	2.76M	2.37M	1.99M	1.6M	107K	9.1M	16.06M	658K	186K	94K
Total Assets+	22.17M	18.87M	7.17M	11.75M	7.5M	234.79M	186.52M	152.97M	60.41M	49.61M
Asset Turnover	0.07x	0.08x	0.22x	0.01x	0.01x	1.29x	0.00x	0.00x	0.00x	0.00x
Asset Growth %	-0.51%	-0.15%	-0.62%	0.64%	-0.36%	30.31%	-0.21%	-0.18%	-0.61%	-0.18%
Total Current Liabilities+	5.58M	5.22M	4.48M	1.86M	1.83M	10.36M	1.02M	731K	1.25M	7.2M
Accounts Payable	2.28M	1.81M	414K	1.05M	1.35M	654K	338K	373K	440K	336K
Days Payables Outstanding	158.27	745.69	5.81K	-	-	2.65	-	-	17.84K	-
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	11K	0	0	536K	140K	9.44M	361K	47K	4K	46K
Current Ratio	3.47x	3.15x	1.16x	5.44x	3.16x	21.67x	166.01x	208.29x	42.93x	5.31x
Quick Ratio	3.47x	3.15x	1.16x	5.44x	3.16x	21.67x	166.01x	208.29x	42.93x	5.31x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.5M	2.5M	1.14M	0	44K	0	46K	0	3.15M	2.79M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	44K	0	46K	0	3.15M	2.79M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	140K	0	0	0	1	0	0	0
Total Liabilities	7.08M	7.72M	5.62M	1.86M	1.87M	10.36M	1.07M	731K	4.4M	9.99M
Total Debt+	0	0	0	0	97K	44K	98K	0	3.64M	9.35M
Net Debt	-8.73M	-6.63M	-3.13M	-7.61M	-3.04M	-192.86M	-141.92M	-86.56M	-22.65M	-13.95M
Debt / Equity	-	-	-	-	0.02x	0.00x	0.00x	-	0.06x	0.24x
Debt / EBITDA	-	-	-	-	-	0.00x	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-1.24x	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	15.1M	11.15M	1.55M	9.89M	5.63M	224.44M	185.45M	152.24M	56.01M	39.62M
Equity Growth %	-0.54%	-0.26%	-0.86%	5.37%	-0.43%	38.88%	-0.17%	-0.18%	-0.63%	-0.29%
Book Value per Share	5.76	3.98	0.53	3.14	1.64	62.68	52.12	42.71	15.65	11.02
Total Shareholders' Equity	15.1M	11.15M	1.55M	9.89M	5.63M	224.44M	185.45M	152.24M	56.01M	39.62M
Common Stock	5K	6K	6K	7K	7K	7K	7K	7K	0	0
Retained Earnings	-129.67M	-158.24M	-175.52M	-198.42M	-217.6M	-8.01M	-50.94M	-87.19M	-186.5M	-204.67M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-19K	-12K	-13K	-14K	-14K	-13K	-68K	-314K	-12K	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-26.41M	-22.02M	-14.94M	-22.3M	-15.08M	281.39M	-51.72M	-16.89M	-24.77M	-15.33M
Operating CF Margin %	-16.98%	-14.2%	-9.66%	-353.94%	-177.41%	0.93%	-1477.77%	-351.94%	-3539%	-3065.4%
Operating CF Growth %	-14.43%	0.17%	0.32%	-0.49%	0.32%	19.66%	-1.18%	0.67%	-0.47%	0.38%
Net Income	-29.23M	-28.57M	-17.28M	-25.41M	-19.18M	280.43M	-42.92M	-36.26M	-27.87M	-18.18M
Depreciation & Amortization	26K	28K	26K	18K	7K	5K	4K	7K	9K	21K
Stock-Based Compensation	7.28M	5.4M	3.99M	4.05M	3.71M	3.94M	4.18M	3.33M	2.78M	1.9M
Deferred Taxes	117K	0	34.02M	0	-3.43M	-9.05M	-6.9M	16.03M	0	0
Other Non-Cash Items	91K	30K	-34.02M	3.46M	3.43M	69K	34K	0	15K	1K
Working Capital Changes	-4.68M	1.1M	-1.68M	-965K	382K	6M	-6.12M	-2K	296K	924K
Change in Receivables	0	0	0	-6K	1K	-3K	-9K	3K	-3K	1K
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-1.04M	-477K	-1.39M	636K	296K	-692K	-316K	35K	67K	-104K
Cash from Investing+	12.6M	700K	7.79M	-370K	-606K	-25.95M	1.03M	-38.53M	35.94M	12.46M
Capital Expenditures	-10K	-13K	0	0	-14K	0	-11K	-11K	-65K	-22K
CapEx % of Revenue	0.01%	0.01%	-	-	0.16%	-	0.31%	0.23%	9.29%	4.4%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	12.61M	713K	7.79M	-370K	-592K	0	1.04M	11K	0	0
Cash from Financing+	3.87M	19.22M	3.66M	27.14M	11.21M	-65.66M	-196K	-29K	-71.44M	-129K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-70.84M	0	0	-71.43M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	596K	20K	-20K	92K	671K	690K	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-26.42M	-22.03M	-14.94M	-22.3M	-15.09M	281.39M	-51.73M	-16.9M	-24.84M	-15.35M
FCF Margin %	-16.99%	-14.21%	-9.66%	-353.94%	-177.58%	0.93%	-1478.09%	-352.17%	-3548.29%	-3069.8%
FCF Growth %	-14.67%	0.17%	0.32%	-0.49%	0.32%	19.64%	-1.18%	0.67%	-0.47%	0.38%
FCF per Share	-10.09	-7.87	-5.12	-7.08	-4.40	78.58	-14.54	-4.74	-6.94	-4.27
FCF Conversion (FCF/Net Income)	0.90x	0.77x	0.86x	0.88x	0.79x	1.00x	1.21x	0.47x	0.89x	0.84x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	6K	126K	5K	3K	4K	38.98M	2K	2K	0	3K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-122.52%	-217.73%	-272.09%	-444.12%	-247.23%	243.78%	-20.94%	-21.48%	-26.77%	-38.01%
Return on Invested Capital (ROIC)	-215.19%	-392.67%	-884.33%	-5494.32%	-606.07%	683.98%	-98.21%	-30.32%	-47.62%	-51.82%
Gross Margin	-238.59%	42.97%	98.32%	100%	100%	70.23%	100%	100%	-28.57%	100%
Net Margin	-1880%	-1843.16%	-1116.87%	-40326.98%	-22564.71%	92.66%	-122631.43%	-75541.67%	-398157.14%	-363500%
Debt / Equity	-	-	-	-	0.02x	0.00x	0.00x	-	0.06x	0.24x
FCF Conversion	0.90x	0.77x	0.86x	0.88x	0.79x	1.00x	1.21x	0.47x	0.89x	0.84x
Revenue Growth	24.5%	-0.32%	-0.19%	-95.93%	34.92%	355942.35%	-99.99%	37.14%	-85.42%	-28.57%

Frequently Asked Questions

Growth & Financials

VirnetX Holding Corp (VHC) reported $0.1M in revenue for fiscal year 2024. This represents a 430% increase from $0.0M in 2011.

VirnetX Holding Corp (VHC) saw revenue decline by 28.6% over the past year.

VirnetX Holding Corp (VHC) reported a net loss of $17.9M for fiscal year 2024.

Dividend & Returns

VirnetX Holding Corp (VHC) has a return on equity (ROE) of -38.0%. Negative ROE indicates the company is unprofitable.

VirnetX Holding Corp (VHC) had negative free cash flow of $15.4M in fiscal year 2024, likely due to heavy capital investments.