VirnetX Holding Corp (VHC) Financial Ratios
28 years of historical data (1998–2025) · Technology · Software - Infrastructure
EV/EBITDA
N/A
—
5yr avg: N/A
30Y Low25.6·High49.6
P/FCF
N/A
—
5yr avg: N/A
30Y Low0.4·High82.0
P/B Ratio
↑
2.03
↑+131% vs avg
5yr avg: 0.88
30Y Low0.2·High160.6
ROE
↓
-58.7%
↑-77% vs avg
5yr avg: -33.2%
30Y Low-444%·High244%
Debt/EBITDA
N/A
—
5yr avg: N/A
30Y Low0.0·High0.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VHC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
VirnetX Holding Corp currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $52M | $61M | $28M | $25M | $31M | $62M | $120M | $87M | $50M | $72M | $41M |
| Enterprise Value | $37M | $45M | $14M | $2M | $-55652450 | $-80260345 | $-72549389 | $84M | $43M | $69M | $34M |
| P/E Ratio → | -2.51 | — | — | — | — | — | 0.43 | — | — | — | — |
| P/S Ratio | 323.76 | 375.73 | 5645.72 | 3579.00 | 643.93 | 1761.70 | 0.40 | 1021.61 | 799.82 | 46.53 | 26.49 |
| P/B Ratio | 2.03 | 2.71 | 0.71 | 0.45 | 0.20 | 0.33 | 0.54 | 15.43 | 5.10 | 46.35 | 3.68 |
| P/FCF | — | — | — | — | — | — | 0.43 | — | — | — | — |
| P/OCF | — | — | — | — | — | — | 0.43 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
VHC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 279.76 | 2855.92 | 343.29 | -1159.43 | -2293.15 | -0.24 | 985.87 | 679.01 | 44.50 | 22.22 |
| EV / EBITDA | — | — | — | — | — | — | -0.47 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | -0.24 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | -0.26 | — | — | — | — |
VHC Profitability
Margins and return-on-capital ratios measuring operating efficiency
VirnetX Holding Corp earns an operating margin of -11691.4%. Operating margins have expanded from -449214.3% to -11691.4% over the past 3 years, signaling improving operational efficiency. A negative ROE of -58.7% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.8% | 85.8% | 100.0% | -28.6% | 100.0% | 100.0% | 70.2% | 100.0% | 100.0% | 98.3% | 43.0% |
| Operating Margin | -11691.4% | -11691.4% | -407940.0% | -449214.3% | -45991.7% | -140497.1% | 51.5% | -23135.3% | -40407.9% | -1119.7% | -1839.0% |
| Net Profit Margin | -11250.0% | -11250.0% | -363500.0% | -398157.1% | -75541.7% | -122631.4% | 92.7% | -22564.7% | -40327.0% | -1116.9% | -1843.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -58.7% | -58.7% | -38.0% | -26.8% | -21.5% | -20.9% | 243.8% | -247.2% | -444.1% | -272.1% | -217.7% |
| ROA | -45.2% | -45.2% | -33.0% | -26.1% | -21.4% | -20.4% | 231.5% | -199.3% | -268.5% | -132.7% | -139.2% |
| ROIC | -87.1% | -87.1% | -51.8% | -47.6% | -30.3% | -98.2% | 684.0% | -606.1% | -5494.3% | -884.3% | -392.7% |
| ROCE | -53.0% | -53.0% | -40.2% | -29.7% | -13.1% | -24.0% | 135.4% | -252.8% | -404.7% | -212.0% | -188.5% |
VHC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $16M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.24 | 0.06 | — | 0.00 | 0.00 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | 0.00 | — | — | — | — |
| Net Debt / Equity | — | -0.69 | -0.35 | -0.40 | -0.57 | -0.77 | -0.86 | -0.54 | -0.77 | -2.02 | -0.59 |
| Net Debt / EBITDA | — | — | — | — | — | — | -1.24 | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -0.69 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($16M) exceeds total debt ($0)
VHC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
VirnetX Holding Corp's current ratio of 10.70x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 42.93x to 10.70x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.70 | 10.70 | 5.31 | 42.93 | 208.29 | 166.01 | 21.67 | 3.16 | 5.44 | 1.16 | 3.15 |
| Quick Ratio | 10.70 | 10.70 | 5.31 | 42.93 | 208.29 | 166.01 | 21.67 | 3.16 | 5.44 | 1.16 | 3.15 |
| Cash Ratio | 10.63 | 10.63 | 5.29 | 42.70 | 207.97 | 165.79 | 21.37 | 3.03 | 5.05 | 1.02 | 3.04 |
| Asset Turnover | — | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 1.29 | 0.01 | 0.01 | 0.22 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 42.81 | — | 104.29 | 106.46 | 177.29 | 0.01 | 21.47 | 34.76 | — | — |
VHC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
VirnetX Holding Corp does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 100.0% | — | — | 58.9% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 25.3% | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 233.1% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 233.9% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.0% | 0.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.5% | 100.0% | 0.1% | 0.3% | 58.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M |
Peer Comparison
Compare VHC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VHCYou | $52M | -2.5 | — | — | 85.8% | -11691.4% | -58.7% | -87.1% | — |
 ACTG | $469M | 22.1 | 5.3 | 8.0 | 82.5% | 2.2% | 3.8% | 1.2% | 2.0 |
 MARA | $5B | -3.9 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 IDCC | $8B | 25.1 | 13.7 | 14.4 | 80.3% | 55.3% | 41.5% | 40.9% | 0.9 |
 QCOM | $238B | 45.1 | 17.7 | 18.6 | 55.4% | 27.9% | 23.3% | 29.1% | 1.2 |
 CEVA | $1B | -113.0 | — | 2684.4 | 87.1% | -10.4% | -3.5% | -2.9% | — |
 SIFY | $1B | -132.1 | 17.5 | — | 37.5% | 5.7% | -4.1% | 3.3% | 5.0 |
 XOMA | $525M | 28.7 | 40.0 | 183.0 | 94.3% | 21.8% | 34.1% | 6.8% | 9.2 |
 AAPL | $4.4T | 39.9 | 30.8 | 44.3 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
 CSCO | $471B | 46.9 | 33.6 | 35.5 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
 MSFT | $2.8T | 27.8 | 17.8 | 39.4 | 68.8% | 45.6% | 33.3% | 24.9% | 0.7 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
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VHC — Frequently Asked Questions
Quick answers to the most common questions about buying VHC stock.
What is VirnetX Holding Corp's P/E ratio?
VirnetX Holding Corp's current P/E ratio is -2.5x. The historical average is 49.6x.
What is VirnetX Holding Corp's ROE?
VirnetX Holding Corp's return on equity (ROE) is -58.7%. The historical average is -83.8%.
Is VHC stock overvalued?
Based on historical data, VirnetX Holding Corp is trading at a P/E of -2.5x. Compare with industry peers and growth rates for a complete picture.
What are VirnetX Holding Corp's profit margins?
VirnetX Holding Corp has 85.8% gross margin and -11691.4% operating margin.