What is Virnetx Holding's earnings per share (EPS)?

Virnetx Holding (VHC) reported diluted earnings per share of -$5.00 for fiscal year 2025. This represents a 1.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Virnetx Holding (VHC) Financials

VHC

FY2025 annual

Revenue $162K +3140.0% YoY

Net Income -$18.2M -0.3% YoY

EPS (Diluted) -$5.00 +1.0% YoY

Free Cash Flow -$15.7M -2.0% YoY

Market Cap $49.1M as of Sep 5, 2026

Price / Sales 303x on $162K revenue, FY2025

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 3.3x on $15.1M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VHC SEC filings page.

Virnetx Holding (VHC) reported $162K in revenue for fiscal year 2025, up 3140.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VHC FY2025 2026-08-30

Development-stage economics leave VirnetX funding substantial operating costs with very little revenue scale to absorb them.

FY2025’s cash conversion is closely aligned: operating cash flow was -$15.6M versus net loss of -$18.2M, indicating the reported loss largely reflects actual resource consumption. Free cash flow was -$15.7M after only $17K of capital spending, so cash use is overwhelmingly operating rather than reinvestment-driven.

Revenue rose from $5K in FY2024 to $162K in FY2025, but the base remains too small to absorb the existing cost structure. R&D of $5.7M and SG&A of $13.4M show spending is driven by development and corporate functions rather than customer volume.

Assets fell from $49.6M to $31.1M between FY2024 and FY2025, showing that ongoing cash use is shrinking the resource base. Liabilities declined from $10.0M to $8.6M; with debt-to-equity at 0.4x and reported liquidity equal to 18 months of the latest annual operating outflow, the posture relies more on existing capital than borrowing.

Financial Health Signals

Financial health score not available

Virnetx Holding does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

-7.92

Virnetx Holding scores -7.92, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($49.1M) relative to total liabilities ($8.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/7

Virnetx Holding passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Virnetx Holding reported a net loss of $18.2M while operations used $15.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

YoY-100.0%

Virnetx Holding generated $0 in revenue in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.

EBITDA

-$4.6M

YoY-17.9%

QoQ-3.2%

Virnetx Holding's EBITDA was -$4.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.9% from the same quarter a year earlier. Against the prior quarter it is down 3.2%.

Net Income

-$4.5M

YoY-25.0%

QoQ-4.0%

Virnetx Holding reported -$4.5M in net income in Q2 2026. This represents a decrease of 25.0% from the same quarter a year earlier. Against the prior quarter it is down 4.0%.

EPS (Diluted)

-$1.20

YoY-21.2%

QoQ-3.4%

Virnetx Holding earned -$1.20 per diluted share (EPS) in Q2 2026. This represents a decrease of 21.2% from the same quarter a year earlier. Against the prior quarter it is down 3.4%.

Cash & Balance Sheet

Cash & Debt

$13.1M

YoY-24.3%

QoQ-11.4%

5Y CAGR-38.9%

10Y CAGR+2.8%

Virnetx Holding held $13.1M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

YoY-1.3%

QoQ+0.7%

5Y CAGR-43.2%

10Y CAGR-22.9%

Virnetx Holding had 4M shares outstanding in Q2 2026. This represents a decrease of 1.3% from the same quarter a year earlier. Against the prior quarter it is up 0.7%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-30.1%

YoY-19.1pp

QoQ-7.0pp

Virnetx Holding's ROE was -30.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 19.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$1.1M

YoY-7.3%

QoQ-3.1%

Virnetx Holding invested $1.1M in research and development in Q2 2026. This represents a decrease of 7.3% from the same quarter a year earlier. Against the prior quarter it is down 3.1%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

VHC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

VHC quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	N/A	$162K+3140.0%	$5K-28.6%	$7K-85.4%	$48K+37.1%	$35K-100.0%	$302.6M+355942.4%	$85K+34.9%	$63K-95.9%	$1.5M-0.2%	$1.6M	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$5.7M-6.4%	$6.0M-37.8%	$9.7M+51.6%	$6.4M+14.9%	$5.6M-36.8%	$8.8M+129.6%	$3.8M-20.1%	$4.8M+15.8%	$4.2M+0.1%	$4.2M+82.5%	$2.3M+13.6%	$2.0M+12.5%	$1.8M+14.6%	$1.6M+6.2%	$1.5M
SG&A Expenses	N/A	$13.4M-6.4%	$14.4M-33.9%	$21.7M+38.3%	$15.7M-70.2%	$52.7M+15.1%	$45.8M+188.0%	$15.9M-23.2%	$20.7M+40.8%	$14.7M-41.2%	$25.0M+7.9%	$23.2M-18.1%	$28.3M-2.4%	$29.0M-23.1%	$37.7M+136.7%	$15.9M
Operating Income	N/A	-$19.4M+4.7%	-$20.4M+35.1%	-$31.4M-42.4%	-$22.1M+55.1%	-$49.2M-131.1%	$157.9M+902.9%	-$19.7M+22.8%	-$25.5M-47.0%	-$17.3M+39.2%	-$28.5M+2.3%	-$29.2M-139.8%	-$12.2M+57.4%	-$28.6M+26.4%	-$38.9M-123.6%	-$17.4M
EBITDA	N/A	-$19.4M+4.7%	-$20.4M+35.2%	-$31.4M-42.4%	-$22.1M+55.1%	-$49.2M-131.1%	$157.9M+903.2%	-$19.7M+22.7%	-$25.4M-47.1%	-$17.3M+39.3%	-$28.5M+2.3%	-$29.2M-140.1%	-$12.1M+57.5%	-$28.6M+26.4%	-$38.8M-124.1%	-$17.3M
Income Tax	N/A	-$2K-166.7%	$3K+103.8%	-$79K-100.5%	$16.0M+358.4%	-$6.2M-123.0%	$27.0M+6976.1%	-$393K-13200.0%	$3K0.0%	$3K-97.7%	$133K+1562.5%	$8K-46.7%	$15K-98.0%	$751K+106.0%	-$12.5M-128.7%	-$5.5M
Net Income	N/A	-$18.2M-0.3%	-$18.2M+34.8%	-$27.9M+23.1%	-$36.3M+15.5%	-$42.9M-115.3%	$280.4M+1562.1%	-$19.2M+24.5%	-$25.4M-47.0%	-$17.3M+39.5%	-$28.6M+2.3%	-$29.2M-195.2%	-$9.9M+64.1%	-$27.6M-2.5%	-$26.9M-56.0%	-$17.3M
EPS (Basic)	N/A	-$5.00+1.0%	-$5.05+35.2%	-$7.79+23.4%	-$10.17-1595.0%	-$0.60-115.2%	$3.96+1514.3%	-$0.28	N/A	N/A	N/A	N/A	N/A	N/A	-$0.53-51.4%	-$0.35
EPS (Diluted)	-$5.37	-$5.00+1.0%	-$5.05+35.2%	-$7.79+23.4%	-$10.17	-$0.60-115.3%	$3.92+1500.0%	-$0.28	N/A	N/A	N/A	N/A	N/A	N/A	-$0.53-51.4%	-$0.35
Diluted Shares (Avg)	N/A	3,647+1.4%	3,596+0.5%	3,579+0.4%	3,565	71M-0.6%	72M+4.5%	69M	N/A	N/A	N/A	N/A	52M+0.7%	51M+0.5%	51M+1.8%	50M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$0-100.0%	$0	N/A	$58K+2800.0%	$48K+4700.0%	$0-100.0%	$0	$2K-33.3%
R&D Expenses	$1.1M-7.3%	$1.2M-7.7%	N/A	$1.1M-2.8%	$1.2M-0.7%	$1.3M-0.7%	$2.4M0.0%	$1.2M-3.4%
SG&A Expenses	$3.5M+27.0%	$3.3M+20.0%	N/A	$3.1M-4.8%	$2.8M-13.0%	$2.8M-23.8%	$4.3M-20.5%	$3.2M-27.3%
Operating Income	-$4.7M-18.0%	-$4.5M-11.4%	N/A	-$4.6M-5.9%	-$3.9M+10.7%	-$4.0M+17.8%	-$6.7M+14.2%	-$4.4M+22.1%
EBITDA	-$4.6M-17.9%	-$4.5M-11.4%	N/A	-$4.6M-5.9%	-$3.9M+10.7%	-$4.0M+17.9%	-$6.7M+14.3%	-$4.4M+22.2%
Income Tax	$0	$0-100.0%	N/A	$0	$0-100.0%	$2K	$0	$0+100.0%
Net Income	-$4.5M-25.0%	-$4.4M-18.3%	N/A	-$4.3M-13.3%	-$3.6M+5.5%	-$3.7M+14.3%	-$6.2M+12.6%	-$3.8M+21.9%
EPS (Basic)	-$1.20-21.2%	-$1.16-14.9%	-$1.83-5.8%	-$1.18-10.3%	-$0.99+7.5%	-$1.01+15.1%	-$1.73+13.5%	-$1.07+21.3%
EPS (Diluted)	-$1.20-21.2%	-$1.16-14.9%	-$1.83-5.8%	-$1.18-10.3%	-$0.99+7.5%	-$1.01+15.1%	-$1.73+13.5%	-$1.07+21.3%
Diluted Shares (Avg)	4M+3.0%	4M+3.5%	N/A	4M+1.9%	4M+1.9%	4M+0.3%	N/A	4M-0.2%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.

VHC Balance Sheet

VHC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$31.1M-37.4%	$49.6M-17.9%	$60.4M-60.5%	$153.0M-18.0%	$186.5M-20.6%	$234.8M+3031.4%	$7.5M-36.2%	$11.8M+63.8%	$7.2M-62.0%	$18.9M-14.9%	$22.2M-50.8%	$45.1M+14.4%	$39.4M-35.7%	$61.3M-17.8%	$74.6M
Current Assets	$21.7M-43.3%	$38.2M-29.0%	$53.8M-64.6%	$152.3M-10.2%	$169.5M-24.5%	$224.4M+3789.0%	$5.8M-43.1%	$10.1M+95.8%	$5.2M-68.5%	$16.5M-15.0%	$19.4M-53.8%	$41.9M+6.4%	$39.3M-35.7%	$61.2M-17.8%	$74.5M
Cash & Equivalents	$15.5M-33.3%	$23.3M-11.4%	$26.3M-69.6%	$86.6M-39.0%	$142.0M-26.4%	$192.9M+6053.4%	$3.1M-58.8%	$7.6M+142.8%	$3.1M-52.7%	$6.6M-24.1%	$8.7M-53.2%	$18.7M-2.7%	$19.2M-2.5%	$19.7M-60.3%	$49.5M
Short-Term Investments	$6.0M-59.6%	$14.8M-45.8%	$27.3M-58.4%	$65.5M+140.2%	$27.3M-3.9%	$28.3M+1084.1%	$2.4M+32.8%	$1.8M+24.1%	$1.5M-84.3%	$9.2M-7.1%	$10.0M-55.9%	$22.6M+13.9%	$19.8M-25.2%	$26.5M+83.5%	$14.4M
Accounts Receivable	$19K	$0-100.0%	$2K-85.7%	$14K-17.6%	$17K+112.5%	$8K+60.0%	$5K-16.7%	$6K	$0	N/A	N/A	N/A	N/A	N/A	$0
Long-Term Investments	$2.0M-20.0%	$2.5M0.0%	$2.5M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$8.6M-14.0%	$10.0M+127.0%	$4.4M+501.8%	$731K-31.5%	$1.1M-89.7%	$10.4M+453.8%	$1.9M+0.4%	$1.9M-66.9%	$5.6M-27.2%	$7.7M+9.1%	$7.1M-43.2%	$12.5M+131.9%	$5.4M-27.1%	$7.4M+15.9%	$6.4M
Current Liabilities	$2.0M-71.9%	$7.2M+473.8%	$1.3M+71.5%	$731K-28.4%	$1.0M-90.1%	$10.4M+467.1%	$1.8M-2.0%	$1.9M-58.4%	$4.5M-14.2%	$5.2M-6.3%	$5.6M-53.4%	$12.0M+122.6%	$5.4M-27.1%	$7.4M+15.9%	$6.4M
Non-Current Liabilities	$6.6M+135.1%	$2.8M-11.3%	$3.1M	$0-100.0%	$46K	$0-100.0%	$44K	$0-100.0%	$1.1M-54.4%	$2.5M+66.7%	$1.5M+200.0%	$500K	$0	$0	$0
Total Equity	$22.5M-43.3%	$39.6M-29.3%	$56.0M-63.2%	$152.2M-17.9%	$185.4M-17.4%	$224.4M+3887.9%	$5.6M-43.1%	$9.9M+536.7%	$1.6M-86.1%	$11.1M-26.2%	$15.1M-53.7%	$32.6M-4.1%	$34.0M-36.9%	$53.9M-21.0%	$68.3M
Retained Earnings	-$222.9M-8.9%	-$204.7M-9.7%	-$186.5M-113.9%	-$87.2M-71.2%	-$50.9M-535.6%	-$8.0M+96.3%	-$217.6M-9.7%	-$198.4M-13.1%	-$175.5M-10.9%	-$158.2M-22.0%	-$129.7M-29.1%	-$100.4M-10.9%	-$90.5M-43.9%	-$62.9M-74.8%	-$36.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$23.0M-45.1%	$26.7M-40.8%	$31.1M-37.4%	$38.0M-31.7%	$41.8M-29.1%	$45.1M-27.6%	$49.6M-17.9%	$55.6M-13.0%
Current Assets	$14.1M-55.3%	$17.6M-49.2%	$21.7M-43.3%	$28.4M-35.4%	$31.5M-33.2%	$34.6M-31.4%	$38.2M-29.0%	$44.0M-28.4%
Cash & Equivalents	$13.1M-24.3%	$14.8M-36.4%	$15.5M-33.3%	$17.1M-31.8%	$17.3M-34.2%	$23.2M-15.8%	$23.3M-11.4%	$25.1M-9.8%
Short-Term Investments	$799K-94.3%	$2.5M-77.6%	$6.0M-59.6%	$11.1M-40.6%	$13.9M-32.4%	$11.0M-51.1%	$14.8M-45.8%	$18.6M-43.9%
Accounts Receivable	$0-100.0%	$0	$19K	$19K	$48K	N/A	$0-100.0%	$0-100.0%
Long-Term Investments	$2.0M-20.0%	$2.0M-20.0%	$2.0M-20.0%	$2.0M-20.0%	$2.5M0.0%	$2.5M0.0%	$2.5M0.0%	$2.5M+25.0%
Total Liabilities	$7.9M-8.5%	$7.8M-10.4%	$8.6M-14.0%	$8.7M-13.9%	$8.6M-14.7%	$8.7M-13.3%	$10.0M+127.0%	$10.1M+530.5%
Current Liabilities	$2.3M+16.4%	$2.1M+5.5%	$2.0M-71.9%	$2.1M-71.0%	$1.9M-72.3%	$2.0M-72.2%	$7.2M+473.8%	$7.1M+345.7%
Non-Current Liabilities	$5.7M-15.8%	$5.8M-14.9%	$6.6M+135.1%	$6.6M+123.7%	$6.7M+114.2%	$6.8M+122.0%	$2.8M-11.3%	$3.0M
Total Equity	$15.1M-54.6%	$18.9M-48.2%	$22.5M-43.3%	$29.3M-35.6%	$33.2M-32.0%	$36.4M-30.3%	$39.6M-29.3%	$45.5M-27.0%
Retained Earnings	-$231.8M-9.3%	-$227.2M-9.1%	-$222.9M-8.9%	-$216.3M-9.0%	-$212.0M-8.9%	-$208.3M-9.2%	-$204.7M-9.7%	-$198.5M-10.6%

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

VHC Cash Flow Statement

VHC quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$16.4M	-$15.6M-2.1%	-$15.3M+38.1%	-$24.8M-46.6%	-$16.9M+67.3%	-$51.7M-118.4%	$281.4M+1966.0%	-$15.1M+32.4%	-$22.3M-49.2%	-$14.9M+31.8%	-$21.9M+16.8%	-$26.4M-1440.0%	$2.0M+127.0%	-$7.3M+62.8%	-$19.6M-7.3%	-$18.3M
Depreciation & Amortization	N/A	$23K+9.5%	$21K+133.3%	$9K+28.6%	$7K+75.0%	$4K-20.0%	$5K-28.6%	$7K-61.1%	$18K-30.8%	$26K-7.1%	$28K+7.7%	$26K+4.0%	$25K-30.6%	$36K-49.3%	$71K+4.4%	$68K
Stock-Based Compensation	N/A	$2.0M+3.6%	$1.9M-31.5%	$2.8M-16.6%	$3.3M-20.4%	$4.2M+6.2%	$3.9M+6.1%	$3.7M-8.5%	$4.1M+1.7%	$4.0M-26.2%	$5.4M-25.8%	$7.3M-11.2%	$8.2M+8.3%	$7.6M+22.7%	$6.2M+41.1%	$4.4M
Capital Expenditures	N/A	$17K-22.7%	$22K-66.2%	$65K	$0-100.0%	$11K	$0-100.0%	$14K	$0	$0-100.0%	$13K+30.0%	$10K-71.4%	$35K+400.0%	$7K-81.1%	$37K-27.5%	$51K
Free Cash Flow	N/A	-$15.7M-2.0%	-$15.3M+38.2%	-$24.8M-47.0%	-$16.9M+67.3%	-$51.7M-118.4%	$281.4M+1964.2%	-$15.1M+32.3%	-$22.3M-49.2%	-$14.9M+31.9%	-$21.9M+16.8%	-$26.4M-1464.8%	$1.9M+126.5%	-$7.3M+62.9%	-$19.6M-7.3%	-$18.3M
Investing Cash Flow	$13.1M	$8.8M-29.6%	$12.5M-65.3%	$35.9M+193.3%	-$38.5M-3848.5%	$1.0M+104.0%	-$26.0M-4182.7%	-$606K-63.8%	-$370K-104.7%	$7.8M+1013.6%	$700K-94.4%	$12.6M	N/A	$6.6M+154.9%	-$12.1M-141.7%	$29.0M
Financing Cash Flow	-$872K	-$873K-576.7%	-$129K+99.8%	-$71.4M-246244.8%	-$29K+85.2%	-$196K+99.7%	-$65.7M-685.8%	$11.2M-58.7%	$27.1M+642.2%	$3.7M-80.9%	$19.1M+400.5%	$3.8M	N/A	$170K-90.8%	$1.9M-55.2%	$4.1M
Dividends Paid	N/A	N/A	$0-100.0%	$71.4M	$0	$0-100.0%	$70.8M	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$3.3M-13.0%	-$4.3M-10.3%	-$5.8M-5.4%	-$3.0M+6.7%	-$2.9M+4.6%	-$3.9M-10.8%	-$5.5M+21.5%	-$3.2M+2.1%
Depreciation & Amortization	$7K+40.0%	$6K+20.0%	$7K+40.0%	$6K0.0%	$5K0.0%	$5K0.0%	$5K+25.0%	$6K+200.0%
Stock-Based Compensation	N/A	$739K+71.5%	N/A	N/A	N/A	$431K-11.7%	N/A	N/A
Capital Expenditures	N/A	N/A	$0-100.0%	$17K	N/A	N/A	$11K-83.1%	$0
Free Cash Flow	N/A	N/A	-$5.8M-5.2%	-$3.0M+6.2%	N/A	N/A	-$5.5M+22.0%	-$3.2M+2.1%
Investing Cash Flow	$1.6M+155.0%	$3.5M-7.7%	$5.1M+33.9%	$2.9M+37.6%	-$3.0M-268.4%	$3.8M-20.8%	$3.8M-30.5%	$2.1M-59.9%
Financing Cash Flow	-$5K+28.6%	-$1K	-$854K-611.7%	-$12K-100.0%	-$7K	$0+100.0%	-$120K	-$6K0.0%
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0

Not reported in any period shown, so not listed: Share Buybacks.

VHC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

VHC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	-12000.0%	-407940.0%	-449214.3%	-45991.7%	-140497.1%	52.2%	-23135.3%	-40407.9%	-1119.7%	-1839.0%	N/A	N/A	N/A	N/A	N/A
Net Margin	-11250.0%	-363500.0%	-398157.1%	-75541.7%	-122631.4%	92.7%	-22564.7%	-40327.0%	-1116.9%	-1843.2%	N/A	N/A	N/A	N/A	N/A
Return on Equity	-81.1%-35.2pp	-45.9%+3.9pp	-49.8%-25.9pp	-23.8%-0.7pp	-23.1%-148.1pp	125.0%+465.8pp	-340.8%-83.9pp	-256.9%+855.6pp	-1112.6%-856.3pp	-256.3%-62.6pp	-193.7%-163.3pp	-30.3%+50.8pp	-81.1%-31.2pp	-49.9%-24.6pp	-25.3%
Return on Assets	-58.7%-22.0pp	-36.6%+9.5pp	-46.1%-22.4pp	-23.7%-0.7pp	-23.0%-142.4pp	119.4%+375.2pp	-255.8%-39.6pp	-216.2%+24.6pp	-240.8%-89.4pp	-151.4%-19.5pp	-131.8%-109.9pp	-22.0%+48.1pp	-70.1%-26.2pp	-43.9%-20.8pp	-23.1%
Current Ratio	10.70+5.4x	5.31-37.6x	42.93-165.4x	208.29+42.3x	166.01+144.3x	21.67+18.5x	3.16-2.3x	5.44+4.3x	1.16-2.0x	3.15-0.3x	3.470.0x	3.50-3.8x	7.32-1.0x	8.31-3.4x	11.72
Debt-to-Equity	0.38+0.1x	0.25+0.2x	0.08+0.1x	0.000.0x	0.010.0x	0.05-0.3x	0.33+0.1x	0.19-3.4x	3.62+2.9x	0.69+0.2x	0.47+0.1x	0.38+0.2x	0.160.0x	0.140.0x	0.09
Asset Turnover	0.010.0x	0.000.0x	0.000.0x	0.000.0x	0.00-1.3x	1.29+1.3x	0.010.0x	0.01-0.2x	0.22+0.1x	0.08	N/A	N/A	N/A	N/A	N/A
FCF Margin	-9667.3%	-306980.0%	-354828.6%	-35193.8%	-147808.6%	93.0%	-17757.7%	-35393.7%	-966.0%	-1415.2%	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	N/A	N/A	N/A	-8006.9%	-8216.7%	N/A	N/A	-219350.0%
Net Margin	N/A	N/A	N/A	-7496.6%	-7543.8%	N/A	N/A	-191950.0%
Return on Equity	-30.1%-19.1pp	-23.1%-13.0pp	N/A	-14.8%-6.4pp	-10.9%-3.1pp	-10.1%-1.9pp	-15.7%-3.0pp	-8.4%-0.6pp
Return on Assets	-19.7%-11.1pp	-16.3%-8.1pp	N/A	-11.5%-4.5pp	-8.7%-2.2pp	-8.2%-1.3pp	-12.5%-0.8pp	-6.9%+0.8pp
Current Ratio	6.24-10.0x	8.53-9.2x	10.70+5.4x	13.72+7.6x	16.26+9.5x	17.72+10.6x	5.31-37.6x	6.17-32.2x
Debt-to-Equity	0.53+0.3x	0.42+0.2x	0.38+0.1x	0.30+0.1x	0.26+0.1x	0.240.0x	0.25+0.2x	0.22+0.2x
Asset Turnover	0.000.0x	0.000.0x	N/A	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x
FCF Margin	N/A	N/A	N/A	-5208.6%	N/A	N/A	N/A	-161050.0%

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Virnetx Holding VHC	FY2025	$162K	-$18.2M	N/A	$49.1M	—
Synchronoss Technologies Inc SNCR	FY2024	$173.6M	$6.2M	3.5%	$103.6M	51/100
Hub Cyber Security Israel Ltd HUBC	FY2024	$29.6M	-$39.0M	N/A	$22.1M	28/100
Aurora Mobile Limited JG	FY2025	$53.6M	$61K	0.1%	$38.6M	60/100
Alarum Technologies ALAR	FY2025	$40.8M	$963K	2.4%	$10.2M	19/100
MicroAlgo Inc MLGO	FY2025	$60.0M	$18.1M	30.2%	$44.0M	43/100

Where Virnetx Holding Ranks

Frequently Asked Questions

What is Virnetx Holding's annual revenue?

Virnetx Holding (VHC) reported $162K in total revenue for fiscal year 2025. This represents a 3140.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Virnetx Holding's revenue growing?

Virnetx Holding (VHC) revenue grew by 3140.0% year-over-year, from $5K to $162K in fiscal year 2025.

Is Virnetx Holding profitable?

No, Virnetx Holding (VHC) reported a net income of -$18.2M in fiscal year 2025.

What is Virnetx Holding's EBITDA?

Virnetx Holding (VHC) had EBITDA of -$19.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Virnetx Holding's return on equity (ROE)?

Virnetx Holding (VHC) has a return on equity of -81.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Virnetx Holding's free cash flow?

Virnetx Holding (VHC) recorded an outflow of $15.7M in free cash flow during fiscal year 2025. This represents a -2.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Virnetx Holding's operating cash flow?

Virnetx Holding (VHC) recorded an outflow of $15.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Virnetx Holding's total assets?

Virnetx Holding (VHC) had $31.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Virnetx Holding's capital expenditures?

Virnetx Holding (VHC) invested $17K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Virnetx Holding spend on research and development?

Virnetx Holding (VHC) invested $5.7M in research and development during fiscal year 2025.

How many shares does Virnetx Holding have outstanding?

Virnetx Holding (VHC) had 4M shares outstanding as of fiscal year 2025.

What is Virnetx Holding's current ratio?

Virnetx Holding (VHC) had a current ratio of 10.70 as of fiscal year 2025, which is generally considered healthy.

What is Virnetx Holding's debt-to-equity ratio?

Virnetx Holding (VHC) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Virnetx Holding's return on assets (ROA)?

Virnetx Holding (VHC) had a return on assets of -58.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Virnetx Holding's P/E ratio?

Virnetx Holding (VHC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $49.1M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Virnetx Holding's price-to-sales ratio?

Virnetx Holding (VHC) trades at 303x sales, its market capitalization divided by revenue of $162K revenue, FY2025. The market capitalization is $49.1M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Virnetx Holding's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Virnetx Holding (VHC) held $23.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $15.6M over that year. Dividing the one by the other, the reported balance equals about 18 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Virnetx Holding's Altman Z-Score?

Virnetx Holding (VHC) has an Altman Z-Score of -7.92, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Virnetx Holding's Piotroski F-Score?

Virnetx Holding (VHC) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Virnetx Holding's earnings high quality?

Virnetx Holding (VHC) reported a net loss of $18.2M while operations used $15.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.